Choosing the Right Foreign Markets for your E-Commerce Business
Miloš MatovićThe world is big and replete with possibilities. The Internet is constantly growing more multilingual by the hour and reflecting these possibilities. Yet, picking the right one for your business may be tricky.
The world is big and replete with possibilities. The Internet, as its most perfect image in the modern times, is constantly growing more multilingual by the hour and reflecting these possibilities. Yet, picking the right one for your business may be tricky. This article may help you where to look for direction for your business expansion.
International e-Business Possibilities
While customers are traditionally more likely to purchase products presented in their own language and in accordance with their own culture, recent studies show that at least 40% of the EU citizens will not purchase goods from a foreign website. This leaves roughly 60% of those who might, but detecting where these potential clients come from to properly target and convert website hits may be a tricky business.
Look at the Analytics
Website analytics can show you where the interest for your content comes from. This is always a good place to start as it may help you determine not only the territories of your potential interests, but also the type of your content of interest in those territories. Are these the products and services you want to develop further? Is the foreign interest in your site a result of linguistic similarity or is there a genuine interest in your business? Answering these questions on the basis on analytics is a good place to start.
Consider the Real Foreign Market Potential
The real potential of a foreign market can be assessed by combining figures such as per capita GDP, number of speakers of certain language, number of internet users and other figures related to your particular business, such as cultural and legal environment and presence of similar businesses on the market.
Website analytics can show you where the interest for your content comes from.
Consider the Logistics
Shipping costs or additional fees can seriously affect prices of your products or services, as well as the entire shopping experience. Considering how to deliver your goods to foreign clients in a safe, fast and cheap way is the last, but certainly not the least important aspect to consider. Delivery methods and legal requirements of the foreign market should be carefully examined before the entry on a new market.