Cross-border eCommerce has grown exponentially over the last few years, taking the entire world by storm. Merchants are now expanding their market beyond their borders to make their business stronger, more successful, and more profitable.
In addition, the internet and technology have made it easier for people attracted to foreign brands to access their websites and purchase products.
If you are considering venturing out of your comfort zone to reach out to potential customers globally but can't seem to make up your mind, this article will show a few benefits of cross-border eCommerce.
What is cross-border eCommerce?
Before we forge ahead, let's talk about what cross-border eCommerce is. Also known as international commerce, cross-border eCommerce refers to selling products to customers beyond your nation's geographical boundaries. It may happen between a business and a consumer (B2C) or between two businesses (B2B).
Cross-border eCommerce has become a favorite for businesses and shoppers alike. For example, in 2020, U.S. consumers purchased roughly $975 billion in retail goods online. Of those, $270.1 billion were cross-border purchases, representing 34% of the total. In a similar vein, it is estimated that consumers in China will purchase $34 billion in retail goods from other countries in 2020.
5 Benefits of cross-border eCommerce
Can't seem to decide whether or not selling internationally is worth it for your business? Here are five of the top benefits of cross-border eCommerce you should know.
1. Expanded market reach
Cross-border eCommerce benefits both sellers and brands in that there is access to new markets. No matter how healthy your sales volume is at the moment, cross-border selling can skyrocket it higher by opening your online storefront to more untapped markets.
In addition, you get to conquer new territories by extending access to your products to millions of potential customers who haven't had the chance to buy your products.
2. Increased sales and revenue
Perhaps, the most popular reason many business owners adopt cross-border eCommerce is that it opens them up to increased sales and higher revenue. By taking your business global, you are positioning it to reach a much larger base of customers. The more people know about your brand, the higher the demand for your products.
Every country you add to your list potentially represents a new pathway to business growth and increased revenue. Cross-border eCommerce could be the shot of life your company needs to take its revenue to new heights.
3. Demand all year-round
By penetrating markets in different climates and seasons, you can enjoy consistent demand throughout the year. Businesses that sell in the same country often get confined in the same season, climate, occasions, and more.
Still, when you sell to an international market, you get to take advantage of peaks in demand for your product all year round. Your business benefits from the seasonal surges that occur at different times of the year in different countries and their weather conditions.
4. Brand visibility
Another top advantage of cross-border commerce is brand awareness. Merchants who sell to customers in other countries get brand awareness in the international market.
In many countries, quite many foreign products (especially those from the West) are believed to be of better quality. If you offer unique and high-quality products, they may appeal to enthusiastic shoppers eager to choose a product that represents the West.
By selling products that meet the needs and requirements of customers beyond your country, you're increasing your brand visibility and recognition, which helps create a global brand.
5. Competitive advantage
Many companies engage in cross-border eCommerce to gain a competitive advantage over their rivals. You're probably aware that if you don't fill a gap in the market, your competitors will. If there's an opportunity for your products to penetrate international markets and you don't quickly seize it, someone else will.
The benefit of this type of selling is that you gain the first-mover advantage, which allows you to build strong brand awareness with potential customers before your competitors do. It's vital to keep one step ahead of the competition, and cross-border eCommerce allows you to do just that.
5 must-have features for your business with cross-border eCommerce
Now that you know the different benefits of cross-border eCommerce, you might be wondering how to get a functional and powerful eCommerce website. You don't have to worry, as DG1 can help in that regard. Many business owners rely on DG1 to power their cross-border eCommerce business because of its array of helpful features.
Here are the top 5 must-have features for your business with cross-border eCommerce:
1. Multiple currency support
Multiple currency support means that your customers can pay for your products using currencies they are comfortable with. This feature makes cross-border payment easier for shoppers since they have different payment options to choose from, and you will also benefit from it since you can capture more sales and grow your revenue. It's a win-win!
2. Multiple tax support
Another challenge that comes with cross-border eCommerce is different tax rules in other countries. When you sell to your customers in other countries, the income is subject to tax from your government and the buyer. Multiple taxes can be confusing and overwhelming for even experienced business owners, but DG1 takes away the burden by providing multiple tax support so you can focus on other critical parts of your business, like sales.
3. Multi-Language Support
When customers from other countries visit your site, they need to be able to read the content in the language they're familiar with. You don't have to worry about the language barrier as DG1 provides all the translations your potential shoppers might need inside the content management system (CMS).
4. AI translations inside CMS
DG1 CMS includes an AI translation engine so your content will be translated while you are creating it and properly indexed into global search engines. With DG1 new management mobile app SMEs can monitor their complete online business on the go.
5. Multi-site support
Imagine having a platform where just a single subscription provides you with two standalone websites. Whether you are interested in building a site for your business or want to run a different operation, DG1 has got you covered. You can manage these sites just with one login.
Wrap-up: Complete Control of Your Business
Imagine having a platform that allows you to learn one interface instead of six, where you can own and control your data and use it for advanced digital growth. This is what DG1 offers.
DG1 provides a complete E-Business inside a single environment where you can manage all online assets like Website, Ecommerce, Bookings or Scheduling, Campaign management with multichannel distribution over newsletters, browser/mobile push notifications, mobile app, and big data that is instantly ready for use.
Cross-border selling is an effective way to reach more customers, boost sales and grow revenue. Thanks to the internet and mobile devices, there's no better way to start selling internationally than now.
Ready to set up your store and enter new markets? Get started by building your cross-border eCommerce website with DG1 now.