The Promise and Perils of Taking Your eCommerce Business International

If you raised your eyebrows at such a sum, you are not alone. OFX customers in the online marketplace increasingly ask about how to take advantage of such opportunities. While running an eCommerce strategy abroad can be very profitable, there are numerous factors to consider before making the leap.

While some of these barriers are more acute in certain markets — China can be particularly difficult — consider the below three factors as a starting point in approaching your first (or next) international market:

• Cultural shopping differences: The expectations for customer service vary widely across markets in Asia and Europe. Some expect near-instant communication with third-party sellers, while others may have an expectation of bargaining. If you’re selling abroad in a non-English language market, having someone able to interact with customers in their native tongue is a must.

• Market research: In China, for example, competing on cost wouldn’t be smart, but opportunities for selling higher-quality items can be found. Whichever market you select, ensure you understand the differences in demographics and economic conditions that will make or break your offer.

• Currency management: Even a high volume of profitable sales can be undercut by surprise currency fluctuations. Working with a third-party solution that plugs into your ecommerce strategy can save on fees and lock in more competitive rates, which is especially crucial when you consider the additional costs already facing online sellers doing business abroad.

While going international with your eCommerce shop can seem intimidating, it’s clear that those who account for some key differences in doing business abroad have a massive opportunity before them. Just as the shift to online and mobile retail sales changed the buying landscape, the ability to profitably sell abroad may be the next seismic shift we see for small and large retailers alike.