As you take up the transition of making your online store go global, you must be probably brimming with excitement for the upcoming developments. It is no less an adventure to assess the prospects of sharing the entire bunch of your awesome products with a whole new world of customers. Reaching out to the top international marketplaces is undoubtedly a great initiative to boost your sales and net profit. However, there are some significant points that should be kept in mind right from the start.
- Marketplaces make rules:
To ensure that a steady stream of potential buyers is flowing in, adhering to the rules and regulations that are set by the marketplaces is really important. After all, who wouldn’t want to enjoy all the privileges as a seller! Every marketplace has got its own set of rules and regulations and the only way to get a grip over it is by taking the time to read and understand all user agreements and policies. This way a seller can actually ensure the retention of his or her account on the marketplaces for long.
- Profits are two-way thing:
Marketplaces are concerned about their profits just the way sellers are. So, it is prudent for a seller to estimate the price of his or her products accordingly on these marketplaces. Many times, sellers face difficulty in pricing their products correctly for acquiring decent levels of profits. Seeking help from an Ecommerce enabler can help a seller determine the final price that should be quoted for a particular product on these marketplaces to keep up with the profit levels.
- Results take time to show up:
On entering a new marketplace, a seller has to have patience and endurance. Buyers on these platforms are way too apprehensive and cautious with any brand and its products. In order to make million dollars from selling online on international marketplaces, you need to work really hard on your products that go live on the platforms and undoubtedly it takes time to assess the best optimised price for these products. Expecting a sudden rush of customers for your products and selling out the entire stock in a day is quite a difficult task.
- Customer comes first:
Handling the marketplace customers with care is vital because they are customers for the marketplaces as well and marketplaces want their customers to keep coming repeatedly. At times, it is common to bump into an irate or unruly customer but it is advisable not to threaten or be abusive; it is good to lose a part of your revenue in making a customer happy rather than losing on a marketplace customer completely. This way your image as a competent seller remains intact.
- Nothing like Inorganic Marketing:
In order to be better than the rest of your peers, you need to build yourself first. This way you don’t have to frantically try doing everything and still crib about not achieving desired results. At first, plan your big sale events on the marketplaces and execute them accordingly. Once done, invest money for paid marketing to increase your brand visibility for long-term returns on your investment.
- Reinvest on constant growth:
Before starting off selling on international marketplaces, determining the long-term business goals is essential. Reinvesting the profits back into your business is the best idea until a particular milestone is achieved. Disbursing of profits would only make sense when the ability to purchase as well as restock is acquired comfortably.
- Assess your competitors:
Competitive research is crucial for you as an online seller on international marketplaces. Ecommerce is mostly price-based and what can be better than actually fixing up prices for your items competitively. Taking out the time to assess your competition will help you get insights on how you should estimate prices for your products. A Competitive Pricing Tool helps a seller fetch data from different marketplaces based on category. It offers visibility of multiple marketplaces’ competitive pricing based on the category of the product.
- Automate for growth:
It is a fact that you cannot grow your business as long as you are chained down performing the same old repetitive tasks every time. So, until and unless you automate your processes for selling online on the international marketplaces, you will be held back from moving forward and taking your business to new heights. What you can probably do is look for an Ecommerce enabler that provides sophisticated technology to support exponential growth on your sales.
- Have a proper insurance plan:
Having a supportive insurance plan is a must. This way you can safeguard the investment you made for your products against all types of natural and man-made calamities. Try to opt an insurance plan that is relevant for all domestic and international deliveries so that you don’t lose too much of your revenue for any undesired consequences.
Most online international marketplaces provide good channels for the businesses to generate more sales that can leverage the existing traffic and customers for their products. Try your luck today!