Growth is great for business, it means more opportunities, more partnerships, and more more sales
Due to complicated logistics, expansion is also one of the biggest risks of online businesses. For e-commerce stores looking to expand, international markets are prime opportunities. Countries like Germany and Brazil also have some of the fastest growing markets in the world, which makes them a tempting target for expansion. Buyers in certain countries may also be unable to source American products locally, and turn to international sellers to fill their needs. If your brand manufactures a unique product, there may be more international demand than you expected.
International markets are exciting and full of potential, but they also present expenses that could make or break your profits. The largest of those is international logistics; Warehousing, shipping, customs, and other costs. You can overcome these expenses by making smart choices for logistics partners, shipping solutions, and scaling at a reasonable pace. Many e-commerce businesses can scale internationally with no warehouse footprint, and greatly reduce the costs and risks of expanding into a new market. Without warehousing costs, even small businesses could successfully expand into new markets without the traditional risks.
Research your opportunities
Analytics: The first step into expanding is to ascertain demand in your new target markets. It doesn’t matter how affordable the logistics are if there’s no demand. It is crucial that you spend a significant amount of time in market research before expanding into any new channel. This is doubly true for international sales, which present more risks than moving to a new sales channel or selling in another state. If you want to succeed, take the time to identify your market demand, marketing opportunities, your target audience, potential consumers, and your international channels and opportunities. Read more