Online retail is big business these days, particularly since the onset of the pandemic prompted a paradigm shift in consumer shopping habits. Enforced lockdowns and social distancing meant that many more customers turned online to purchase items, ranging from household essentials to luxury products.
In fact, research revealed that, in 2020, cross-border e-commerce sales from the UK increased by a dramatic 57%, and the market doesn’t look like slowing down any time soon.
As a result, with such high demand and significant growth potential, it seems like there’s no better time than the present to consider running a cross-border e-commerce business. However, you may be wondering how to make it happen and what tools and strategies you can implement to give your business the best chance of success.
To find out, read on, and you will discover some top tips relating to various aspects of the cross-border e-commerce business and how you can hopefully launch and maintain a successful venture, despite current challenges such as Brexit and the ongoing conflict in Europe.
Stand Out from the Crowd
Before discussing the specifics of running a cross-border enterprise, you need to focus on the more general aspects of running an e-commerce store.
Arguably the most important element you need to consider is your business proposition – in other words, what you have to offer and how to make it appealing to customers. With so much competition out there in the world of retail e-commerce, you have to find a way to make your products stand out and attract attention.
To help you accomplish this, it’s vital that you carry out market research in your particular niche. Find out what your competitors are selling and how they present themselves. That way, you can customise your own business to provide a more tailored approach that will help your store seem more appealing.
Optimise Your Pricing and Payments
Another way to help your business stand out from the others is to make sure your pricing is competitive. Once again, market research will help you. It’s important to find ways to provide more value for money than your competitors do; for instance, perhaps you can include a free gift wrapping option or free postage if they spend a certain amount.
You also need to ensure that your store’s payment processes are straightforward and efficient, so that customers can easily pay by card on their laptops or phones. Because you will be receiving payments from a range of countries, it’s a good idea to set up a UK multi-currency account, which makes taking international payments and converting currency hassle-free.
Using a financial technology specialist such as Silverbird, you can easily set up an account that will make running a cross-border e-commerce store much easier than if you opted for a traditional bank account.
Staying on the Right Side of the Law
As well as being able to offer multiple currency payments, you also need to ensure that the legal aspects of your e-commerce store are accounted for, particularly your tax payments.
Because you will be earning money from consumers residing in different countries, you will be subject to a potentially bewildering array of tax laws. As a result, it’s recommended that you acquire multiple tax support for your business. This vital legal support, provided by knowledgeable experts, will ensure that you don’t make any errors and that you pay the appropriate amount of tax.
Make Your Store Easy to Understand
As a cross-border enterprise, it’s important that you cater to non-native English speakers, particularly if a certain country is responsible for a large number of sales. However, offering a multilingual website doesn’t merely involve typing your existing content into Google Translate and hoping for the best.
In order to provide a high-quality, accurate translation, it’s best to hire native-speaking writers from the countries you are targeting. That way, you can rest assured that your multilingual e-commerce website is of a high standard, represents your brand values, and provides an equally enjoyable experience with no matter who is viewing it.
Engage Your Audiences
Reaching out to your target audience in different countries can seem like a tall order, but it will be easier if you focus on forging mutually beneficial relationships with local influencers.
Influencer marketing is a hot topic in the advertising world, and cross-border influencer marketing in particular can help to create a crucial bridge that will benefit both sides.
When you link up with influencers from different countries, you can provide them with products to promote in their native language, using cultural cues from their own country, and this will instantly make your products more accessible. Research has revealed that 55% of consumers prefer social media advertising that reflects their own culture, so forming influencer relationships across borders will give your business an even better chance of success.
Final Thoughts
There’s no denying that creating a successful cross-border e-commerce business will bring many challenges. However, with the help of these tips and plenty of determination and innovation, you can reap some substantial benefits by reaching out to an international audience.
