The unending demand for exotic goods from across distant lands has taken over the human minds since time immemorial. It won’t be too wrong to say that the concept of cross-border E-commerce has emerged from camel trains and ships carrying goods across distant lands for over several thousand years. The urge to acquire more ‘alluring’ and ‘unique’ goods from all over the world has triggered the present day competition in the sector of cross-border. Hence, it is extremely important that you are aware of all the significant tips for running a successful cross-border E-commerce set-up.
The CNP (Card Not Present) Expo offers a common meeting place for vendors, banks, anti-fraud software dealers, legal advisors, alternate payment providers etc. to educate them about the leveraging of CNP related payments in an ever-expanding multi-channel sales environment. The CNP Expo was conducted this year in Orlando, between 24-26th May at the Loews Pacific Resort and a lot of limelight was given to Global Ecommerce. Here are some of the most influential tips for carrying out a successful cross-border business as stated by the CNP Expo speakers:
- Aim one country or region at a time: You should always target one country or region at a time rather than multiple ones altogether. Try selecting the targeted country or region with a lot of foresight. Achieve perfection in your business goals in one country or region before moving on with the next one. This will help you justify the imposition of extra charges like shipping, VAT, taxes, customs duties etc. to your customers. This way you will be able to make your stronghold in each and every targeted country.
- Assess what products to be sold: Research properly whenever you plan for global E-commerce. While targeting one specific country, find out whether the kitty of your products belongs to the most widely purchased product categories in that country. If so, possibly the country is an appropriate pick for your business. Thereafter, you can assess the opportunities as well as threats of your business in that country.
- Target top local marketplaces: Always get hold of a local leader in E-commerce who is localized to the place of your business. It is easy and convenient to get in touch with such a service provider who knows about cross-border payments. However, you should ensure that the local service provider functions well with the overseas merchant in a way that no discrepancies in your business protocol take place.
- Have cultural empathy: Cross-cultural competence is very necessary for a robust professional future as well as the viability of your company. In order to promote your brand and your products successfully in a targeted country, you need to associate and understand the culture of that particular country so that your products are liberally accepted. You need to possess cultural sensitivity towards your customers by taking cultural empathy on them.
- Decide upon the methods of payment: Though it has been noted worldwide that Cash on Delivery (COD) makes up the most favorable mode of payment for Ecommerce and is still considered the king, yet it is advisable to keep alternatives of prepaid payment open when you intend to sell beyond the domestic borders. This will actually reduce the chances of returns of your products from disappointed customers and thereby depreciate the costs for reverse logistics.
- Logistics: Being partnered with a renowned and reliable international logistics partner is valuable. It will guarantee successful delivery of your products to your customers within stipulated deadlines without any sort of loss or damage thereby making your customers happy and satisfied.