In the last few years, business enterprises have seen an exponential growth in their operations which has allowed merchants around the world to expand the scope of their business outside their borders and tap into a much larger market.
However, with a wider customer base also comes several different challenges that a business should address before opening its doors globally. You must create an effective and strong strategy that best suits your business when planning to expand your brand’s global reach. Here are five tips you can employ as part of your global expansion strategy that will help you avoid scams and fraudulent payments, boost your business’s success, and take your business to new horizons.
Tailor Your Business on a Local Level
Remember to do your homework and research the local trends, demand patterns, markets, competition, laws, and payment options of the countries you are selling to. Identify which locations you should target based on which of them have promised the highest demand for your niche and research every aspect of that country’s market and its regulations.
When customers are approached with familiar marketing communications, they are more likely to buy what you are selling. Create local versions of your online business with multiple language options to make your store accessible to a wider demographic. Facilitate your customers by offering them multiple local payment options in their own currency for a better user experience so that your customers are more satisfied while checking out. BridgerPay’s AI payment processing services can help boost your sales by offering local payment solutions for every location without redirecting users to other payment providers.
Study Tax Rules and Regulations
With a completely different international market comes a completely new set of regulations that you need to be aware of before selling internationally. Make sure to research and comply with the e-commerce legal and financial regulations of the countries you intend on selling to and determine the effect of any duties or international taxes on the selling price of your products.
Also, find out if any free-trade agreements exist between your country and the country you are selling to, and if your product category is covered in the agreement. If yes, then you can save up on tariffs significantly.
Think About Your Returns Policy
When dealing in cross-border e-commerce, there is always the possibility of receiving a returns request for your product from across state lines. International returns can be difficult to handle depending on the shipping charges and local market laws. Make sure that you take these into consideration when establishing a return policy that is clear and precise.
A well-defined returns policy will better facilitate your customers in making a decision and help them feel more secure about your services. To make the returns process more convenient and efficient, establishing local returns centers to help speed up and streamline the refund process is definitely an option worth considering. Remember to always be there to answer any queries your customers might have because excellent customer service is the key to retaining your customers.
Consider Your Payment Options
Different customers have different preferred payment options depending upon the country they reside in. Hence, it’s important to search up the different types of preferred payment methods for each market you are selling to in order to reduce cart abandonment rates and provide a more convenient customer payment experience.
Only choose payment providers that facilitate merchants and customers with secure payment processing and are preferably regulated by the FCA (Financial Conduct Authority) so that your shopper and you feel confident in the security of every transaction and steer clear of any scam. Make sure to offer multiple payment options to your customers to accommodate everyone. Unfortunately, most merchants have neither the necessary expertise nor the technology needed to manage so many payment gateways. APaaS company like BridgerPay that is equipped with the necessary AI tools needed to improve a retailer’s operations can make processing payments significantly easier for online merchants across the globe.
Set Clear Shipping Policies
When delivering to customers across the globe, it is important to set out clear shipping policies and follow the best practices to prevent any inconvenience for your customers. Calculate how much shipping internationally might cost you and communicate upfront shipping costs to your customers to avoid any surprise charges. Setting realistic expectations and warning your shoppers that their shipment might be delayed is also an important step towards gaining your customer’s trust.
Go Global With BridgerPay
Running a cross-border e-commerce business is no joke and can be a very complex and intimidating challenge. Luckily for you, BridgerPay is here to support you on your global journey towards success as we help you process all your payments and take away the hassles associated with receiving payments internationally. By bridging the gap between payment providers and merchants, we enable merchants to manage their payments through a single connection, thus enhancing our customer’s payment experience and improving their business’s financial efficiency. With BridgerPay’s unique software features and secure technology, merchants can save up on valuable tech resources, avoid scams, and reduce their failed transaction and cart abandonment rates.