Selling internationally means having a potential customer base of 8 billion people. On the flip side, of course, is that selling internationally also means you’re competing against a global network of brands all vying for the same thing. You’ll not just be competing for sales, you’ll also be competing for awareness and attention.
Thankfully, there are many ways to expand your business internationally and sell to a global client base. From simple options like international shipping to establishing international supply chains to better serve customers overseas, this guide will help you understand your options and which one is best for your company at this time.
Selling Internationally: Your Options
You have two main options when it comes to selling internationally. The first is to simply expand your shipment options. Though it may take a long time, the fact that you can offer tracking and can insure your shipments means you can sell to those anywhere in the world.
There are issues with this option, as it’s not proactive. You will only sell the offhand item since many customers won’t want to deal with the wait, the customs charges, or even the uncertainty of dealing with an overseas business.
The second option, and the more proactive one, is establishing a headquarters in new markets. It means adapting your business to appeal to new audiences.
Expanding Your Supply Chain
When it comes to expanding internationally, know that your supply chain will also need to grow. This may mean physically if your demand increases, for example you might find it better to have two factories producing your products to cut down on lead times.
As for services, you’ll want to hire local experts. This way you can offer services in the local language. This also applies to any sales or marketing efforts since everything will need to be catered to each audience.
Making Payments
Small business owners don’t usually need to worry too much about making payments. Small sums are easy for banks to handle, and traditional routes are still going to be the best option for them. If you manage a large enterprise or alternatively have seen massive new investment to facilitate your expansion, however, then you will also need to consider how you intend to make payments. Paying your supplier, transferring funds from your main headquarters to other offices overseas, and in general, keeping your money agile is all going to be crucial to setting up a thriving international brand. When you have complex needs like that, you’ll need a fluid method to facilitate cross-border payments. Yes, you can still use banks, but increasingly companies are turning to enterprise crypto for its low fees and faster speeds.
Accepting Payments
One of the biggest hiccups in expanding your business’s reach internationally is the issue of payments. Most international payments take time to process, so if there is a large fee attached to the transaction, you may not get the same value out of focusing on your national audience.
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