One of the best ways to grow your business is to sell products in foreign markets. Shipping your products around the world will enable you to reach new customers and could increase your revenue substantially.
By 2022, cross-border shopping is expected to make up 20% of total ecommerce sales. If you want to get a slice of those profits. Read on to learn how to export your products to other countries.
Use an Online Marketplace
Although you can sell products in foreign markets through your own website. Many online marketplaces have tools to make it easier to reach customers around the world.
Amazon, for example, has a free program for sellers called FBA Export that handles shipping, customer service, import duties, and customs clearance for you. That way you won’t have to spend a bunch of time learning about import laws. You can just focus on attracting new customers and growing your business.
The only downside of online marketplaces is that they take a cut of all of your sales. But hopefully being able to sell your products to a wider base of customers will increase your revenue and make up for the fees.
Sell Through Your Own Website
If you don’t want to give up a percentage of every sale to Amazon, you can market your products through your own ecommerce website.
But you’ll have to do some research to make sure you stay compliant with import laws. Here are a few things you should look into before you try to sell products in foreign markets.
Find Out If There’s Demand
Before you start researching import laws and international shipping options, it’s important to determine if there’s demand for your product in the countries you want to expand your business into.
After all, if there isn’t a strong market for your product in other countries, there’s no point trying to market to international consumers.
One way to gauge the level of demand is to survey customers in your target countries. If you get a positive response, it may be worth moving forward.
You should also look up the average income of consumers in the countries you’re considering. If they earn significantly less than people in your home country, you may have trouble converting them into customers.
Research Import Laws, Duties, and Shipping Costs
Every country has its own import regulations, so it’s important to do your research and make sure you understand what’s required. You may need to include documentation with your shipment, label your products a certain way, or obtain certifications to be able to sell in another country.
A great resource for learning about different import laws is Export.gov. It has guides on more than 140 countries that cover the laws and regulations that exporters need to know.
Another factor to consider is import duties and international shipping costs. Figure out how much it will cost you to export your products to other countries and how those expenses will affect your profit margins.
Don’t Forget About Translation
If customers in the country you want to expand into speak a different language, don’t forget to install a translation tool on your website. GTranslate is a great option that integrates seamlessly with Shopify and translates web copy into more than 100 different languages.
Thanks to the internet, it’s easier than ever to reach international customers and sell products in foreign markets. Hopefully these tips will help you expand your business and start exporting your goods around the world.
Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.