When you own an e-commerce website there's a variety of markets that you can choose from. Have you ever considered gaining more profits by changing or extending the area of your business? The statistics tell you precisely which region to target for extreme profits. Obviously, there's much more to that than just sheer data. You need to choose what's best for your business in particular and it's probably not a good idea to turn your back on customers you already have!
Selling woolly hats in India
Lately I have been reading about the booming e-commerce in India. The numbers clearly show that there are many possibilities on that market and they encourage entrepreneurs to take action. Before you decide on anything analyze carefully your products. There are many factors to take into account, you can't really offer customers winter garments, as it will probably fail to interest anyone out there. So, have you got anything to offer to new clients? Do you follow the latest fashions of the targeted region? If your answer is yes, then off you go, select as many countries as you wish. However, if you have doubts, maybe it's best to expand gradually or stick to the local market for a start.
Don't be fooled
According to latest calculations Asia has the fastest growing e-commerce business in the world. The leaders of this statistical ladder are India, Saudi Arabia and Indonesia. Although the numbers, you should take into account that the competition over there is also growing fast. For that reason maybe it's the right time to strengthen your webshops business on the local market to show that you're loyal and dedicated? Pushing towards the fastest developing markets it's a brilliant idea but only if you have a good plan, as the competition will definitely turn out huge! Not to mention, that it's still the western countries that spend more online, about 34% of global online sales come from Europe and 29% from USA in comparison to 27% of Asian sales. The numbers don't have to mean the same thing to everyone. Use them wisely and interpret them with regard to your business.
What needs to be done before getting international is also the most boring stuff, like choosing the delivery company or a drop shipping one. Also check if you can for sure send your products to the certain area and if that's not possible directly choose an intermediary on the way. Also adjust your prices to the new clients, mind you, not every employee earns like an American or British! Don't forget about communication, make sure that your customer care service will be able to communicate with new clients. It's not reasonable to take English for granted in some parts of the world! Some experts say it's good to locate your domain on a local server and speaking of a domain, don't forget that one connected to the specific country will be more SEO friendly.
The language is not the only thing to consider here. If you're about to make business abroad, it is good to learn the customs. Trade has always been some sort of a cultural event that is restricted with socially agreed rules. The rules may vary from region to region. Do your homework, without it you may not gain the desired respect! That concerns the law as well, you may need to change your shop's statute according to the conditions in a certain country.
If you think there's more to be considered before expanding your business, then share with us! What do you think about going international? Can you find advantages or risks connected to that?