6 tips to boost cross-border trade
Expanding into neighbouring countries/territories is a great way for businesses to boost revenue and compete with bigger businesses.
Revenue made from exporting now accounts for 65% of total revenue for small to medium-sized businesses (SMEs), according to FedEx Express’ latest SME Export Report. We further discovered that online sales are becoming a major source of income for 80% of SMEs, while 72% recognise the importance of their logistics provider in helping them grow. Whether you’re only just expanding into new markets or are looking for advice to increase your exports, make better cross-border connections with these top tips.
Increase your presence
Make your products available in as many territories as possible
Shoppers are influenced by a variety of factors when making cross-border purchases, with a major concern being whether or not items are available in their home country/territory. Make your products available in as many territories as possible to stand out.
List your products on a trusted online marketplace
Sell through a high-profile online marketplace to reach more customers
One of the best ways to boost your exports is to sell through a high-authority site with cross-border opportunities, such as Amazon. Every marketplace has something different to offer, so make sure you choose a platform that reflects your objectives and customers’ needs.
Leverage logistics expertise
Major logistics suppliers can offer speed, global coverage and local expertise
Work closely with at least one major logistics company. Such providers can supply global coverage, delivery speed/consistency and competitive cost. What really distinguishes the preferred providers, though, is the service and support in calculating taxes and duties, filling out paperwork, allowing a merchant to bill upfront for duties and simplifying cross-border returns.
Crunch those numbers
International customers are more likely to find you via the web
Study your current international traffic and business. Many merchants start their cross-border business unintentionally, as international customers found them through easily accessible methods such as web search and online ads.
Going broad or narrow will have a big impact on your entry approach
Decide whether to go broad or narrow. Are you going to try to serve many markets, or focus on a few? Does your merchandise have broad appeal or is it more attractive to certain countries/territories? If you are focusing on a few markets, consider whether it’s worth investing more in services such as website translations, web advertising and broader payment offerings.
The best results will come from having a reliable logistics provider with global network expertise
Identify the right resources based on your strategy and future needs. Think about services and offerings that will make a difference to the customers you want to reach. Whether your customers find retailers through word of mouth, search engines or ads, the best results will no doubt come from having a reliable logistics provider with global network expertise.
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