Cracking the World’s Largest Ecommerce Markets, a new study by OC&C Strategy Consultants, PayPal and Google, has analysed search and transaction data from Google and PayPal whilst also surveying the views and shopping habits of online consumers in the US, China, UK and Germany. Excitingly, the results show we can expect cross-border ecommerce to increase by £320bn across all four countries in the next three years.
What’s more, this explosion of growth is sure to be felt strongly here in the UK. British products are considered hot property by consumers in the world’s largest economies, particularly China and Germany, with ‘Made in the UK’ increasingly seen as a stamp of quality. That means the future looks bright for any online retailer able to keep up.
But how can small businesses meet this rising demand and make the most of a new era of borderless opportunity? Here are five top tips for cashing in on the thriving world of international ecommerce.
1. Go native
Many retailers still just do the basics when it comes to localising their offer for consumers overseas. Yet our research shows they could increase earnings by as much as 60 per cent* simply by doing business like a native in the markets they serve. That ranges from: investing in localising your website by translating the content for local markets; offering a simple returns system; and responding to local payment preferences.
2. Take stock
The biggest pull for cross-border customers is being able to buy things they can’t find at home. Researching the goods most likely to appeal to an international audience (remembering, of course, that this will vary from market to market) is key to success. Make sure you have them in stock too. Nothing puts an international shopper off more than an ‘out of stock’ message next to the item they’ve been searching long and hard for.
3. Be secure
For customers who already shop cross-border, data protection and payment security are paramount. Putting in place a purchasing system that users can trust will encourage them to buy with you time and time again. The best way to do that is by partnering with an internationally recognised payment platform.
4. Don’t forget your mobile
Globally, the mobile marketplace is booming. In the UK alone, 59 per cent of online transactions are now made via mobile, a trend being replicated in many other countries too. And as more people begin to shop on the move, ensuring you’re well-equipped to handle mobile payments has never been more imperative to success - no matter where you do business.
5. Just ask
For any small or medium sized business, navigating the complex world of cross-border trade can be daunting. From local logistics to international tax laws, there’s a lot to get right if you’re to reap the rich rewards on offer. Fortunately, there’s plenty of advice out there to help, including PassPort, our own website designed to equip businesses with the tools and knowledge to grow their international sales.
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