Being a successful online business entrepreneur is an arduous task. In order to receive overwhelming success, Indian online sellers should not restrict themselves to the national boundaries rather look forward to selling on the best international online marketplaces. Cross-border eCommerce, as such is rapidly growing and is expected to increase manifold by 2020. As per a report presented by the Federation of Indian Export Organisations (FIEO), the total export value for cross-border eCommerce has risen to $1.4 Billion (equivalent to 400%) over the last three years. For starting off, Indian online sellers need to extensively study the underlying facts and figures related to exporting overseas to the top international online marketplaces. Here listed below are some of the fundamental tips for enabling them with the same:
- Analyzing export potential: In order to be successful in the international arena, it is very important to judge the suitability of the export business. For that, having a clear picture of the export potential is crucial which will further help in understanding whether the products are ready to be exported or not.
- Selecting marketplaces: For setting foothold on the most noteworthy international online marketplaces, it is necessary to be careful in the selection of the marketplaces. By doing this, the job of making an estimate for prospective customers and total revenue that can be earned for the range of products being exported for every marketplace becomes easier.
- Making comprehensive marketplace analysis: Gather as much information as possible regarding the targeted audience, products to be sold, business culture, pricing & payments for every marketplace to be on-boarded on. This is beneficial for promoting the products on the marketplaces in the best possible ways for outnumbering the closest competitors.
- Finding valid and meaningful trading name: The trading name may be referred to as the index of an online business on an international online marketplace. For Indian online sellers seeking to go global, it is important to figure out whether the currently used local trading name will be valid and meaningful internationally. Also, it is equally important to check the marketplace’s response to copyright and trademark from beforehand.
- Assessing customs duties and taxes: Before embarking on the global export of products, scrutinizing the customs duties and taxes applicable in the destination countries should be made a priority. This will help in calculating the final prices to be quoted (different for every marketplace) for the products.
- Deciding packaging of products: Packaging products in a way that will impress customers and help in acquiring added selling points are crucial. It paves way for acquiring repeat orders in near future.
- Fixing delivery distribution channel: An integral part of exporting is its distribution channel that helps sellers in reaching the products safe and sound to customers sitting miles away. It is extremely important to decide on the distribution strategies before setting hands at exporting.