It’s all over the news, or your social media feeds. Perhaps, you heard the about e-commerce many times in different copywriting hooks? That’s the same reason why your inner entrepreneur made a dropshipping website or you are encouraged to start your online store. Maybe, you’re itching to enroll in an “Advance Online Ecommerce Course” that’s getting the rave reviews.
It’s normal to get excited about doing International E-commerce. You SHOULD get excited. After all, people around the world are ditching their crowded supermarkets for online stores. Mobile apps are becoming everyone’s new best friend.
Cross-border e-commerce and its promise of fast-growing trillion industry are a future e-commerce store owners want to achieve. It’s “the dream” that some people are already living.
As a result, interested and budding e-commerce entrepreneurs are told fairy tales than facts. Many are lured that it’s a quick money scheme rather than a legit business endeavor— with great opportunities and challenges along the way.
CULTURE is a big deal. It dictates shopping differences.
There’s a reason why customers if not always right, are expected to expect something. The whole point of e-commerce is convenience. Thus, when we discuss convenience, it’s different from one country to another.
If you’re Philippine-based and you plan on doing a dropshipping store that’ll take advantage of Black Friday and Cyber Monday in the USA, you must prepare convenient payment channels that work. It’s also a different story when it comes to making sure that order fulfillment and delivery are in place.
This goes the same way if you are in USA or UK eyeing to bring your business in Asia. Asian customers might expect bargaining chances or cash on delivery payment option. Other vital expectations include seamless and instant customer service and finding ways to communicate despite language barriers.
Your CURRENCY knowledge is important
So you know where your niche is, and you know how they shop. You start your online store. The ads are bringing in the ‘kachings.’ Why are you not seeing your first million in the bank?
Foreign currency fluctuates. You might see sales coming in. However, when expenses to fulfill and ship a product are calculated on top of currency changes, you might end up spending than earning. If you are not careful with your pricing or budget allocation, you’ll be very well out of business before you even dream of its success.
Many international e-commerce store owners would use third-party services that offer excellent payment gateway with low rates and faster payouts. It will surprise you how investing in services like these will solve these problems while making sure your e-commerce business works for you.
The MARKET research data you’re too lazy to read will cost you
Do people tell you to find the winning product?
It might be true in some cases, but most of the time, it’s annoying and doesn’t always deliver results. Winning products do not always win.
For instance, the anti-theft bag might be a hit for American shoppers, but Chinese shoppers might be less receptive.
When it comes to fulfillment and delivery, shoppers in some countries might be more particular. Giving them the slightest hint that delivery might take the time could result in disappointed customers.
Knowing the updated market research data is power when you start your online store. It gives you access to what affects the purchasing decision of consumers. More importantly, it provides a forecast on eCommerce challenges like product sourcing when platforms like Aliexpress fails to cater to your needs.