Online sales are booming worldwide. eCommerce is overtaking traditional retail. Global retail sales were estimated to reach almost 26.7 trillion U.S. dollars by 2022. In 2019, the amount was about 24.8 trillion U.S. dollars. Are you looking to branch out into new markets? What should you do to succeed? Who can help you with the best eCommerce merchant account?
International Success for Your eCommerce Business
The internet is eliminating the borders between countries. Almost 1/2 of all U.S. shoppers complete cross-border purchases. According to eMarketer, 80% of retailers worldwide state that cross-border trade is profitable.
The global retail market was valued at almost $20,331.1 billion in 2020. The growth rate has accounted for a CAGR of 2.4% since 2015. Now, the market is anticipated to grow at a CAGR of 7.7% from 2020, thus reaching $29,446.2 billion in 2025.
If you aim to grow your business internationally, you should take into account the challenges you’ll meet on your way. Let’s move on to discuss how you can overcome these challenges.
Expanding Your Business Internationally: Best eCommerce Merchant Account
Taking your business to international markets will bring you greater success. Only, you’re likely to face several challenges. Here’s what you should focus on:
- Implement multiple payment options for your customers and a specific payment option for every country. Otherwise, you can’t expect a smooth user journey and a high conversion.
For this, turn to a payment comparison expert that can help you with the right merchant processing services, including the best eCommerce merchant account in the industry. A reputable merchant services comparison company that’s particular about terms, integration, and complaints, can help you find the best deal for your business.
- Make sure to have a highly automated accounts receivable management system in place. This is especially important during peak times so you can better and more quickly handle invoices and transactions.
- Be prepared to deal with tax regulations that vary from country to country.
- Offer transparent pricing in the local currency.
- Choose competitive shipping prices.
- Translate your website content into the local language.
- Be inventory-aware across different countries so you can ship products efficiently from the nearest warehouse.
- Adjust the customer experience so you can boost conversion for the local audience.
- Syndicate your products through localized product feed.
- Provide a seamless checkout experience.
- Don’t spend your whole budget on one big change. E.g., start with creating an account with DHL, FedEx, UPS, or USPS.
Growing Your eCommerce Business Internationally
Cross-border eCommerce is growing, and this comes as no shock. After all, people are increasingly getting more comfortable with the idea of shopping online from brands in other countries. To grow your eCommerce business, you should expand to international markets and work with a trustworthy payment comparison specialist.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the bet eCommerce merchant account providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.