Almost every e-commerce entrepreneur dreams of going global at some point. After all, the entire internet is an equalizer that presents every business with equal opportunities.
However, you don’t just wake up and decide to take your business global. You must be well prepared with sophisticated technology, outstanding human resources, high-quality products or services, and excellent marketing.
But worry not, as this post offers tips that can help you know when you are ready for the global market.
Your E-Commerce Site Is Global-Ready
The first step when going global is e-commerce localization. In other words, you must adapt your e-commerce website for different global markets.
For example, if you only use English as a language on your site, you will only reach an English-speaking audience. But you could reach more if all your website content is available in other languages.
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The same case applies to paying options.
In some countries, Visa cards may be the preferred payment option, while others may prefer PayPal or another option. According to a consumer market insight for Germany, payment by invoice is still the most popular method for many Germans. Payment options vary from country to country. Therefore, you want to make sure that you allow your audiences from every location to have the most favorable options.
However, e-commerce localization does not stop at translating your website content and localizing the checkout experience. It also applies to your branding and marketing as different countries will have varying holidays, sales trends, values, etc.
You Have Outgrown the Local Market
There is always room for growth until you outgrow your market. The local market is huge, so you’d better exhaust it first before going global.
If you have already conquered locally, you have quite a good thing going, and it is time you went global.
However, you must realize that the global market dynamics are different from the local ones. So you must adapt your business for the global reach and align your expectations to match the new market.
The best approach is to test the waters first by starting small before going full-blown global. For example, you could focus on South America or Canada and then move to the rest of the world once you get a handle on it.
Your Sales Are Seasonal or Event-Driven
Having a season-driven business is another reason you may want to go global. For example, if you sell sunscreen lotions, your sales will increase as the temperatures rise and drop in cooler seasons.
But different regions have varying seasons.
For instance, when it’s winter in the northern hemisphere, nations in the southern hemisphere and around the equator will enjoy some sunshine. Getting hold of such markets could mean that your business will not go down with the change of seasons.
You Are Confident About Your Prospects in a Given Market
Having your business perform exceptionally well in one geographical area does not mean that it will do the same in a different region. But there are situations where a brand could attract orders from locations they have not set up a base.
If you notice significant traffic coming from a region you hadn’t given much consideration to, it could indicate that your brand can do well in such an area. So, it would be an excellent idea to explore the market.
However, before diving in, you may need to ask yourselves questions like if you have a solid market base in the location and whether it is possible to reach that market base. If yes, you could be ready to launch out to that market.
Traditionally the global market was for the big names. Thanks to technology, every e-commerce entrepreneur can go global, but you must get the timing right. If your business has met one or all of the listed items, you should consider expanding beyond the local market.