[dropcap]T[/dropcap]he internet has provided businesses with the ability to unlock the previously difficult challenge of expanding into new markets. Every day, consumers buy products from all over the world without a thought to borders other than the most cursory glance at shipping fees. For businesses, that has opened a very literal world of opportunity. By focusing on international operating, your business can capitalize on the breaking down of geographical limitations, and improve your chances of positive expansion. If you’re building from a solid foundation and are considering global growth, then here are the essential aspects that you will need to consider.
Where are you expanding?
It’s all well and good stating that you want to be a global business, but you will need to focus your attention on specific markets. There are any number of options, and every country will bring with it both benefits and negatives that you will need to assess. This is why your market research is so important. You will need to consider how much of a market there is for your product, whether there is already an established market for that product, and how you intend to tap into that market. Always think long-term when it comes to any kind of business growth so that you minimize the risk of falling short in your estimations and negatively affecting your existing model.
How will customers pay?
If you have an immediate impact in your new market and your site visitor figures are showing high volumes, those visits could still fail to convert into actual sales. You are going to need to make certain that your customers are going to be able to pay you. This can be as complicated as you make it. If you are using an established website-builder platform like WordPress, then you will be able to add some of the payment functions that you need. However, if you have gone this route, then you will benefit greatly from moving to a dedicated eCommerce platform that has much wider scope in terms of available payment options. Using sites like Shopify will make your global expansion grow much more fluidly, and by using a professional Shopify developer, your conversion rates will naturally improve. While a good marketing campaign can increase your brand reach, it will mean nothing if site visitors are unable to pay.
Understanding the culture
Once you have decided on the country or countries that you’re planning to target, you will need a team on the ground. Use local professionals so that you do not fall victim to potentially costly marketing errors. You are not expected to know about the nuances of the local language or the cultural differences from country to country, but you will need a member of your team who is. Not every element of your branding or business culture is going to translate well. It is far too easy to make an error in judgment that will reflect negatively on your business, so it’s essential that you take steps to encourage an understanding of the cultural dynamics in order to capitalize on them successfully.
Once you have these basics in place, you are a step closer to global trading. The more work that you put in before launch, the easier your company will grow into its new environment, and your business will expand much more fluidly.
