Expanding Online Markets: Global eCommerce
Selling products or services internationally can seem daunting. Often, small business ask the question: Is international business possible for me? The answer is YES it certainly is! 20 years ago, international selling seemed only possible for the largest corporations. Today, businesses of all sizes have the opportunity to do cross-border selling via international ecommerce — without a billion-dollar budget, a multinational team, and a physical presence that they own and operate themselves.
According to Oberlo.com, global ecommerce sales reached $2.5 trillion worldwide in 2019. In 2023, it’s estimated to reach $6.5 trillion. These numbers tell us that the opportunity is there, but you have to be willing and ready to make changes to your current fulfillment strategy to meet the needs and demands of your international customers.
As a small business owner, you are juggling many responsibilities and challenges. Just because international business is possible for small businesses, doesn’t mean you are convinced it is right for you. So why should your small business sell products abroad?
When selling internationally, small businesses are able to:
- Stay competitive in the marketplace
- Expand market reach
- Explore untapped markets via the internet
- Create Economies of Scale
- Create opportunities for growth
How do small businesses sell products (or services) abroad? The short answer: Get your products online! Of course, the answer is not that simple. There are many options for you to choose from.
- Sell on Current Website, Ship from U.S.
- Sell Your Products on an International Marketplace
- Ship Internationally Using a Third-Party Service
- Drop Ship Internationally
- Partner with an Overseas Company to Stock and Ship your Products
- Support International Payment Methods
- Support International Currencies
- Offer Local Customer Service
- Localize your Site
As you decide which option might make the most sense for you, review the below key considerations and notice that they span an array of factors.