- Online retail sales have more than doubled to surpass $5 trillion globally.
- Expanding your online store to the worldwide market offers increased earning potential and a competitive edge.
- Accessing a broader global market with over 3.4 billion potential customers provides new growth opportunities.
- 24/7 availability lets you make money even when your business is not open physically.
- Researching international markets, creating a local presence, and building an international team are key steps when expanding your online store globally.
With the advent of e-commerce, online retail stores have increased in recent years, providing businesses with a valuable tool to reach customers worldwide. While the domestic market remains lucrative, expanding your online retail store into a global brand offers significant benefits that can contribute to business growth and long-term success. Here’s what you need to know about e-commerce sales, why you should take your online retail store worldwide, and how to get started.
Online Retail Sales Worldwide Worth
Online retail sales have reached $5 trillion worldwide. This is more than double the figure for 2020, and it’s expected to reach $6.5 trillion by 2023. This growth in online retail sales can be attributed to several factors, including increasing internet access, better payment methods, and the rising popularity of mobile shopping.
Taking Your Online Store International
One of the best ways to improve your online store is by taking it into the worldwide market. Here are some reasons to take your online store global:
Increased Earning Potential
Expanding your online retail store into a global brand comes with increased earning potential. Accessing a broader audience can increase your customer base, driving sales revenue. You get to make more sales worldwide and even charge a premium for your products in some regions since expenses in production are lowered. Moreover, increased earning potential allows you to generate and use more revenue to expand your business further.
Expanding your online retail store globally puts you ahead of the game by providing you a competitive edge over other businesses yet to expand to the global market. Your brand gains an opportunity to be discovered by new demographics, and because people love to gravitate toward new products, the probability of retaining your new customers becomes high. This translates to a growing customer base, repeat customers for future purchases, and the potential to capture the market and position your store uniquely.
Access to a Broader Market
Taking your online retail store global allows you to access a broader market. Nearly 300 million people make e-commerce purchases in the United States alone, but the global market has over 3.4 billion potential customers. By expanding into the global market, you can increase your customer base exponentially, providing you with new buyers who have never heard of your brand before. The more diverse your customer base becomes, the more potential your online retail business has to sell higher quantities of products.
Online retail stores that have expanded globally can offer customers 24-hour availability, seven days a week. This means you can make money even when your business is not physically open, which can lead to increased sales revenue in a shorter amount of time. This is especially important because your customers will have different time zones, and because the Internet never sleeps, creating an online presence that offers customer support and purchasing options to cater to everyone round the clock is essential.
Exposure to New Markets
When you take your online retail store global, you increase the potential for exposure to new markets. This means you can target new industries, leading to more significant revenue and brand awareness. Diversification in sales and monitoring the changing market trends worldwide can help your business stay in the lead and avoid losing out to more aggressive competition. Moreover, you can incorporate unique aspects of different cultures and better shape and diversify your brand.
How to Get Started
Now you know what to expect when taking your online retail store international, it’s time to start planning. Here are four tips to help you get started:
Know a Reliable Logistics Company
You must know someone who can ship internationally. Reliable delivery companies can make a difference in your online store greatly. First, they can ensure that your orders are delivered on time and in perfect condition. Furthermore, they should provide you with real-time tracking information so you can follow up if something goes wrong.
Do Your Research
Researching the international market is key to success when taking your online retail store global. You must understand various countries’ unique laws, regulations, shipping restrictions, and cultural differences. Additionally, research potential payment methods and shipping costs for different areas to ensure your customers can access convenient payment options when shopping from your store.
Create a Local Presence
Creating a local presence helps build trust among customers unfamiliar with your brand. Setting up social media accounts associated with specific countries or regions is an excellent way to engage with customers and promote your products in their native language. Additionally, you can create localized versions of your website or online store that cater specifically to new markets.
Build an International Team
Creating a team of employees that understand the culture and customs of international markets is essential for successful expansion. Your team should have members from various countries who can help you tailor your business’s approach to different regions while ensuring compliance with local regulations.
By following these steps, you can expand your online retail store into a global brand and take advantage of the worldwide market’s tremendous opportunities. With careful planning and research, taking your e-commerce business worldwide will bring many rewards for increased sales, customer loyalty, and long-term success.