Key Factors for Successful International E-commerce
Written by Max Riis Christensen
Launching a webshop in a new country requires careful planning, execution, and dedication to achieve success.
Unfortunately, many web shops enter new markets without the necessary commitment, resulting in broken dreams and financial losses, or at best, delayed success.
To thrive in a new country, three crucial elements are needed:
1. Competitive Market SelectionChoose a market where your products and prices can compete effectively and remain relevant. Understanding your target market is key, and often, launching in neighbouring countries with similarities can lead to success.
2. Seamless Buying Experience
Providing a smooth and hassle-free purchasing journey is essential. This involves understanding the specific requirements and preferences of each country. Having a knowledgeable "local hero" who understands the local mindset and is an ecommerce specialist can help reduce cart abandonment and build trust.
3. Sufficient Funding
Before diving into translation and localization, develop a comprehensive business case and secure the necessary funding. Create a roadmap that outlines localisation tasks and any required IT developments. Additionally, estimate the costs associated with delivering a seamless buying experience and implementing a professional, localised marketing effort.
By considering operational costs for customer support, shop maintenance, and localised marketing, you can gauge the financial requirements. This approach will help you determine the break-even point based on income per order (IPO) and operational expenses.
Following these steps increases your chances of succeeding in international markets, which benefits both your brand and online retail business.