“It’s a small world” is a saying that’s becoming more and more true each day. The advent of the internet brought about a change in how we communicate, do business, and even shop.
Small business owners expanded their client base by making their products and services available online, and soon there was a whole new world of ecommerce business opportunities. Ecommerce sites are more popular today than ever, in part due to the emerging international markets. With commerce expanding and the world shrinking, this is the best time to present your offerings on a global scale.
International Ecommerce Opportunities
In most businesses, one of the problems is saturation of customer growth. Basically, this means there are no new customers interested and you’re unable to get the next foothold you need to expand. This can lead to the growth of your company becoming stagnated. Even with a healthy client-base, that can be frustrating. By opening your ecommerce businesses up to the international market, you enter countries where the potential is yet untapped. In the next five years we can expect to see India, South Korea, and much of Latin America become the leading spenders on ecommerce sales.
When a discussion of international ecommerce comes up, most people might think of outsourcing or moving operations to another region. In some cases this is useful, but not always. In many cases, businesses may look to open an office in another region or focus their energies on building their brands in a new country. However, some of the emerging markets like Indonesia and parts of Southeast Asia might not have the infrastructure for businesses looking to have a physical presence there yet.
There can also be issues with banking or taxes that business owners are unprepared for. Growing in an international market will have its challenges, but those who get in early and carve out a niche for themselves will be the front runners when these regions start to take off.
Identifying Your Market
Aside from the obvious challenges, there is also the question of appealing to an international audience. It can be hard to present a brand that’s embraced by a variety of cultures, and a lot of website themes stay pretty close to home in that regard. Coming up with a concept for your site that’s easy to navigate, but also eye catching and engaging isn’t easy . It’s a good idea to consult with other entrepreneurs who have already done this. Observe some of the businesses that are already leaders in international markets to see what can work on such a large scale.
If you’re unsure whether there is a global need for what you’re selling, it’s important to do some research before expanding. You may be pleasantly surprised. A lot of what is being bought internationally are goods such as jewelry, shoes, and luxury items. Many countries need to have things shipped in regularly, like Australia, so these are good markets in which to get a foothold. Areas where production is limited will have plenty of opportunities for a savvy business owner to make a name for themselves. Avoid limiting your thinking. If a region seems worthwhile, gather some market intel and start making moves.
The smaller the world, the bigger your business opportunities. Expanding internationally won’t happen overnight but getting started now will put you ahead of the pack for the next few years. Look for unsaturated markets, find gaps in already existing international markets. Don’t get left behind when the global ecommerce explosion takes off. You’ve worked too hard to let that happen.