Have you had success with your Ecommerce business in your domestic market? If so, the chances are you are thinking of further scaling your business and expanding to international markets. Considering that we live in a highly globalized world, such businesses can be very profitable. However, whether or not this will be the case depends on various factors.
Here are some factors that you must consider before going international with your business.
Your current Ecommerce platform
Have you had immense success by using your current Ecommerce platform? Just because the platform you chose is the best Ecommerce platform for startups doesn’t mean it will be the best Ecommerce platform 2018 for international markets. You see, the international market differs from domestic markets. Here, the features required are different. For instance, you need currency support that not all Ecommerce platforms deliver. This is why before going international, you must consider the usability of your current platform on an international level. If you think it won’t fare well, then conduct an Ecommerce platforms comparison and select from the best international Ecommerce platforms available. In most cases, Shopify is preferred because of its convenient features along with ease of scalability.
Just because your business is ready to take the leap doesn’t mean it is the right time to do so. You must also consider the various micro and macroeconomic factors before you decide to expand. For instance, is the exchange rate of your currency strong enough compared to the currency of other countries? Are there any trade sanctions that should worry you? Are export tariffs too high? Or maybe the GDP of the countries you are thinking to sell to is decreasing, thereby reducing customer’s ability to purchase items. Additionally, you must also alter your business model according to the norms of the country you serve in. For instance, in India, COD is the default payment option for Ecommerce businesses. Can you afford to do so?
There is always a trade-off between offering low-cost, standardized services to all or tailoring the experience as per the needs of the customers but charging a premium for it. You must decide whether the countries you wish to expand to respond well to standardization or do they require localization.
Analyze your decision to expand internationally. If you want to do so, pick the right platform.