International Sales: Are You Ready to Grow Global?
by Colleen Quattlebaum, on September 15, 2016
The Amazon marketplace has opened doors for global citizens all over the world. If you're ready to grow your brand, increase sales, and diversify your business, you may want to consider expanding into international marketplaces.
Selling your products internationally could provide a number of benefits for your business. We recently hosted a webinar on the topic with FirstChoice Shipping and WorldFirst. In this post, we'll share some international sales insight from that webinar.
International Sales Perks
Selling your products internationally offers a way to increase brand recognition and get your items into other marketplaces. In many areas, you’ll face less competition in addition to a high volume of traffic. In a pool of fewer sellers, your likelihood of snagging the buy box for a product often increases.
Depending on your product, you may have between 50-100% less competition in another market. This allows you to sell your items at higher margins. You may find that items that have been selling slowly in your home market sell very quickly in another market. Diversifying your business by selling internationally also gives you an opportunity to take advantage of diverse cultural norms and holidays.
Things to Consider
Research your new marketplace(s) prior to listing products for sale. This allows you to get an idea of what items are performing well in that marketplace. You can also identify gaps that may be filled by your products. Expand slowly and test your items in various markets.
Because the currency market is always changing, your profits will fluctuate. If you’re buying items in another country where the dollar is strong, you have more purchasing power. Selling in a country where the dollar is weak allows you to make more money since the exchange rate is in your favor.
International shipping may seem like a major hassle. After all, as an eCommerce merchant you know that speedy delivery is highly sought after by your customers. However, it’s actually more efficient—not to mention faster!—to ship by air than by sea. But when it comes to making sure your items reach buyers quickly, local shipping regulations can become a stumbling block. Check for local companies in your chosen marketplaces that work with international shippers. These companies can manage tasks such as customs clearance, duty, VAT, and more.
It Takes a Team
Expanding your sales internationally can be very beneficial for your business, but it can also add extra work to your day. That’s why eComEngine’s suite of tools was developed to help you increase efficiency while growing your revenue. Think of FeedbackFive, RestockPro, and MarketScout as members of your virtual team and put them to work!
FeedbackFive offers the ability for sellers to prevent sending feedback solicitations to international orders. The platform also offers professional email templates in a number of languages to support each marketplace. You can link your FeedbackFive accounts with a single login in order to manage multiple accounts/marketplaces.
RestockPro offers suggestions for what to restock and when based on sales velocity. You can also calculate expected profits as well as shipping costs.
MarketScout provides intelligence about the FBA market. ReStockPro currently serves both the U.S. and U.K. marketplaces.
Get Started With International Sales
To get the full scoop on an international sales strategy, watch the full webinar here. If you haven’t already signed up for a free trial of FeedbackFive, ReStockPro, and MarketScout, what are you waiting for?