Cross-Border Commerce: A Rapidly Expanding Opportunity
Nikki LanzerJanuary 7, 2020
Making the decision to become an international seller is one of the defining factors of a successful business. When cross-border commerce is done right, businesses can increase their profits, dramatically boost their visibility, and reach an entirely new market of potential customers.
Although expanding into another country may seem intimidating and risky, the online marketplace actually makes it easier than ever for retailers to go cross-border. People from hundreds of countries regularly shop online for products, and there are a variety of technologies to handle complicated processes, from translating languages to handling multiple payment methods. If you do your research before selecting a country to do business in and choose the best technologies for your company, you’ll be amazed at how quickly your business will succeed when you go abroad.
Common Concerns and Risks
Internet Retailer and the Global eCommerce Leaders Forum conducted a survey last year among 111 retailers and found that the biggest concerns about cross-border commerce included complying with product safety, data privacy, and tax regulations in different countries. In addition, all brands must be aware of the ways customers in each country prefer to shop, pay, and take in product information. Difficulties can arise if brands fail to:
- Effectively translate product information, sizing details, and other crucial information.
- Conduct enough research before entering a new market.
- Consider shipping costs and delivery options.
- Choose the right fraud protection technology.
- Use automated tax collection software.
These potential issues might make you think twice about international commerce, but these risks are normally associated with brands that try to enter multiple countries all at once. If you take a measured approach, adding one new market at a time, your chance of success will skyrocket.
Best Practices and Strategies
Keeping the common challenges and fears of merchants in mind, Wagento is preparing to launch a new program to encourage retailers in Mexico and the US to begin cross-border selling in 2020. In the meantime, business owners can download this free eBook, which addresses helpful tips that all stores can use to maximize their success in other countries, including:
- Tools that can keep up with thousands of tax jurisdictions around the globe.
- Checkout optimization strategies.
- Ways to increase conversions and reliably detect fraud.
- Technologies for managing hundreds of payment methods.
- How to support local languages.
Big changes are on the horizon, so make sure you stay tuned to see what else Wagento has in store for 2020!
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