With the strong dollar over the last few years, many retailers have shied away from looking at cross-border ecommerce. However, even with some minor fluctuations in the foreign exchange markets, it is still best to have the right cross-border enabled infrastructure and mechanics so you can take advantage of a smart growth opportunity and be ready to act no matter the exchange rate.
For many businesses, it seems obvious. Broadening the aperture to expand into new markets is one of the best ways to grow your business and increase profits. The real challenge is fully optimizing the potential of cross-border ecommerce. For businesses currently offering a cross-border experience, it’s imperative to constantly be improving the experiences and thinking about what you can be doing better.
Many U.S. companies focus too much on the traditional markets including the UK, Canada and Australia. Instead, consider which countries are priority markets and which could provide new opportunities for growth.
Cross-border experiences are popping up all over the web, but simply offering it doesn’t mean consumers will recognize your brand or are seeking you out. In some markets they will shop directly on a retailer’s site, while others simply prefer to shop on an in-country online marketplace that offers cross-border merchandise.
Getting the cross-border shopper to hit submit means recognizing their preferences as well as what’s right for your business. Payment options also impact the consumer experience and are continually evolving as technology advances.
Cross border can contribute to topline growth but expectations need to be set as margins will not be the same as domestic. Be realistic when setting your strategy and don’t forget that reaching new consumers, while potentially expensive up front, can be foundational to future growth.
In this day and age, it is important to understand country-specific duties, taxes and compliance while not being limited by them. Having a partner work with you can make all the difference for an ecommerce company.
Courtesy of MultiChannelMerchant