Cross-Border eCommerce (International Electronic Commerce) makes it possible for companies of all sizes to reach the markets of other countries more quickly and efficiently, optimizing costs in the process.

In an increasingly connected world, this strategy is a must for retailers and B2B.

Benefits of International eCommerce

The research firm, Forrester, predicts that the value of international e-commerce will rise to $627 billion by 2022, accounting for about 20% of all e-commerce sales. The global interest in online shopping is fueled by younger generations relying on technology for their needs, as well as the fact that the internet is becoming more accessible in countries across Latin America, Africa and Asia.

In addition, smartphones have also become more affordable for people in those regions, so that those who previously could not regularly experience the convenience of eCommerce can now do so with ease.

Along with the ability to open up your business to a whole new audience, Cross-Border eCommerce also benefits businesses in the following ways:

Costs reduction

Manufacturing prices may cost less in other countries. Not only will this make your brand more competitive, but customers looking for friendly prices will be much more likely to choose your products.

Expertise and authority

Multinational companies are seen as more reputable by consumers. A company that is able to adapt to the needs and wants of consumers around the world can provide unmatched value to its customers.

Dream team

Going beyond borders not only gives you a new audience, it allows you to find the best possible candidates for your workforce. Entering a different country can help you diversify your team with workers who can offer you additional perspectives and solutions, as well as a deeper insight into what consumers in the region want.

More sales and capital diversification

Expanding to another country can give your business an immediate boost with the right marketing strategy. If people in the region have never heard of your business, but you’re offering a product that people in that area really want, new customers will flock to your e-commerce site.

Checklist to grow your international Ecommerce

According to Tim Berry, a renowned branding expert and president of Palo Alto Software, there are six key areas every entrepreneur should address in their cross-border business plan. Whether you are planning to seek additional financing or designing your business goals for the next 3 to 5 years, these are the elements that your internationalization plan should consider:

• Executive Summary: This section is typically the first part of your business plan, but Berry recommends writing the executive summary last. The summary should clearly wrap all the other findings that he presents in more detail in the rest of his plan.
• Opportunity: This part should focus primarily on customer needs. Ask yourself what people in this area want, how your products can meet this need, and how your business is projected to grow.
• Market research and analysis: Paul Williams is the founder of Idea Sandbox; an international marketing company that helps companies defines and grows their brands. He explains that considering where your company will fit in the market, how it will compete with other vendors, and what makes your product different is crucial to moving to the frontier. “The secret is to do your homework,” says Williams. “Like any long-distance relationship, it has to be managed and takes more work than something you can physically see and touch, but it’s not impossible.”
• Execution: The execution section covers the details that explain how you will deliver products to your customers, how you will market to this new audience, and the actual logistics of running your business in another country. It might also be a good idea to highlight the key metrics you’ll be tracking to determine the overall success of your cross-border launch.
• Company and Management Summary: In this section, tell the story of your business, as well as the core team of people behind the operation of the company. Be sure to note when your company was founded, where it was first launched, who is in charge of managing specific tasks, and other information about your team. You can also attach resumes of key management personnel to further highlight their skills and accomplishments.
• Financial Plan: For this part of your business plan, Tim Berry writes that business leaders should make sure they provide:
• Your projected sales forecast
• Profit and loss statement
• Cash Flow Statement
• balance sheet
• A break-even analysis

At Abdelahad we are experts in scalable Ecommerce, contact us for advice.