Today News
A+ A A-

3 steps to international selling

 

As the Christmas rush is already in full speed, countless shoppers are looking for new ways to shop to escape the dreaded holiday traffic and jam-packed malls.
With the convenience of the Internet, this could create big opportunities for online and social sellers who are looking to expand their businesses.
Beyond the borders of the archipelago, waves of customers throughout the region are also seeking products they can buy this yuletide season. Asia Pacific is a hotbed of online shoppers, as per the study released by eMarketer. 
The study projected that sales are expected to climb $2.725 trillion by 2020. Globally, the retail e-commerce sales are estimated to top $27 trillion by 2020.
These figures present good prospects for online sellers in the Philippines, especially since the local online market for trade goods and services could swell up to $19 billion by 2025. The same research also said opportunities for e-commerce will climb to $9.5 billion by 2025.
Before a business takes its venture out to the global stage, it is best to lay out some solid groundwork to ensure that the business will run smoothly and seamlessly. Here are three steps that can help business-savvy entrepreneurs get ready to conquer the international market this holiday season.
First things first. Put a plan in place. A plan is essential for entrepreneurs before they open their businesses to the world. Businesses who are just starting out may want to begin small by selling a few items in the market. Testing some key products and knowing more about the market can help them better identify the next steps for the business. Once they feel they are ready to expand, they can now invest more heavily.
Find your target markets. Like any new venture, it pays to do the homework. First step is to learn about the preferences and profiles of international customers, what they buy and how they shop.
Gather market intelligence. Start by looking at internal data to see from which countries people are already buying the products. Then, try further expanding reach into these markets, even if only to test selling specific products.
Research demand and local buying trends.
To help develop target markets, research the top countries that have strong demand for the products or niche specialty. Is there demand or a gap in the market? Try to learn as much about consumers’ spending patterns and from which countries they typically buy from.
Consider how customers want to pay. With the initial market research out of the way, start thinking about how to get paid. This is an important step, because checkout is the point at which international shoppers tend to abandon their purchases — either because their preferred payment method isn’t available or because they don’t feel confident their payment will be handled securely.
 Buyers’ preferred payment methods. It is important to be aware of the preferred payment mode by buyers in the market. Also, in general, people prefer paying in a familiar currency; so for products sold internationally, it is important to think about being able to accept different currencies. And, if the payment is not being offered in local currency, make sure a clear currency conversion is shown so customers can see what they’re paying.

 

Leave a comment

Make sure you enter the (*) required information where indicated.Basic HTML code is allowed.

Commentaries

A failure?

18-12-2017 Aldrin Cardona

A failure?

Did President Duterte just admit himself to being a fai...

Giving up?

18-12-2017 Dinah S. Ventura

Giving up?

Last August at the Philippine Development Forum: Sulong...

On the trail of London’s serial cat kill…

18-12-2017 AFP and Tribune Wires

On the trail of London’s serial cat killer

LONDON — In what has become a grim ritual, Tony Jenkins...

In Kashmir, Pakistan and India race to t…

18-12-2017 AFP and Tribune Wires

In Kashmir, Pakistan and India race to tap the Himalayas

  MUZAFFARABAD, Pakistan — Several hundred meters unde...

Fraternal bond

18-12-2017 Tribune Editorial

Fraternal bond

The Philippines’ brotherhood with its Asian neighbors w...

File raps vs Noy in August

18-12-2017 Ninez Cacho-Olivares

File raps vs Noy in August

Sen. Richard Gordon, whom the evidently yellow netizens...

Business

Headlines

Nation

Metro

Sports

Life Style

Etcetera

Motoring

business

Unit 102, 1020 Bel-Air apartment, Roxas Blvd, Ermita, Manila Copyright 2000-2017 All rights reserved, The Daily Tribune Publishing Inc.