There’s no doubt that E-commerce has opened up trade all across the world. So, if your business is in any way successful, you may find that there are foreign markets interested in taking up your offer. But how do you take advantage of your new opportunities? In this guide, we’re going to take a look at how you can develop your foreign markets, expand your reach, and make the most of the service that you provide.
Look into domain names
First thing’s first, look at buying a domain name that includes the suffix of the country that you are generating interest from. Try and find one that fit’s your current name exactly, although you can choose a similar alternative if that is already taken. However, you must check out whether the company using your ideal domain name is successful in any way. If so, you may run into problems at a later date – particularly if you serve different markets. As ever in business, it’s best not to step on anyone’s toes. So if you feel you have to, then choosing a keyword that is is in line with your business is the best alternative.
Check local regulations
Every country has different rules and regulations for trade and commerce, and if you want to become a presence in foreign climes, you must find out what they are. You’ll need to know about their rules on advertising standards, copyrights, taxes and much more. It’s a lot to take in, so you might be better off finding an international business developer to give you a hand and point you in the right direction.
Investigate payment options
Another vital thing you have to think about is the way you take payment. Different countries use different payment systems – and some won’t trust your preferred method. With this in mind, make sure you look closely into your options for whichever country you are serving. You will also need to consider local exchange rates and pricing. It might not be as simple as charging the equivalent of your standard prices, and you may make more sales by dropping the price in real terms, as well as changing the currency. It’s murky waters, for sure, so it might be an idea to get an accountant with experience in the international market on board.
Set up an office
Finally, to really cement yourself in a foreign country, it is a good idea to establish a physical presence there. Now, if you fancy a move abroad, then you could go down this route. However, it is possible to find virtual offices for rent. It will give you an address and phone number in your host country, and you can even get a full-cover service that will answer phones for you. It will give you a professional edge that could make the difference between making a lot of sales and just doing OK. After all, most people trust businesses that are present in their own country, especially when they haven’t encountered them before.
With any luck, these ideas will have your E-commerce business up and running in a different country in no time at all. I’d love to hear how you got on, so let me know in the comments section below.