When it comes to catering to an international customer base, there are a few key factors that you need to keep in mind. While some international customers will be happy to pay the conversion rate, customs,s or import taxes and wait for international shipping, most won’t. They won’t trust you or won’t think that shopping internationally is worth it. That’s why selling internationally means more than just offering worldwide shipping. To really expand globally, you’ll want to follow these three steps:
Offering Payment Options
One of the biggest obstacles to any purchase is around the payment. People are wary of shopping online from platforms they don’t trust. This doesn’t mean that they’re scared when it comes to shopping with new brands, but if your international payment method at the moment is a bank transfer or a service that isn’t used where they live, then they’re likely not going to feel comfortable with it. That’s why it’s important to give options that are popular and known on a global scale.
When it comes to transferring money in the B2B world, however, things are slightly different. The payments are larger, the fees are higher, and using traditional routes can tie up your money for days. When it comes to businesses like this, expanding or exchanging your financial system to a digital platform is a must. Simplifying cross-border payments is one of the fundamental reasons behind Ripple’s crypto means business program.
Crypto services like this are set to revolutionize business finances for the better. And when it comes to international audiences, accepting payment in cryptocurrency can be the most efficient way to handle large purchases, making it ideal for luxury companies and those offering B2B solutions.
Facilitating payments is just one of the roadblocks that you need to smooth over before you can successfully start to sell internationally. The next issue is marketing. If you think that your current marketing approach is going to work in every market or with every demographic, think again. Not completing thorough marketing research to understand the values, needs, and even trends of new markets is one of the biggest reasons why international companies fail when they try to expand.
If you aren’t having much luck marketing and gaining traction, it’s best to hire a local firm in the area to take the lead. This way, they can help frame your business so that it appeals to those new audiences.
Setting up a Supply Chain
Supply chain concerns are going to exist regardless of whether you offer a service or product. With products, the issues are more clear-cut. After all, you need to expand production, find new transportation services, and, of course, find a warehouse and distribution center on the ground.
With services, you need to consider the language barrier. Technically, when it comes to offering services, one of the best approaches is to hire experts from these new markets who you can then train to offer the same level of service as your main team. They will then be able to better connect to your new customers than your original team ever could.