Selling products, even if it is an eraser or fashion range is a challenging task. The work becomes all the more difficult when it comes to selling in the international market. However, a well thought about strategy can bring this desired change and improve your chances of performing better in the international market.
1. Finding the target market
It always works to do your homework intelligently. You need to gather the necessary market intelligence and find out the countries in which the demand for products being produced by people like you is on the higher side. Identify the supply and gap index in this region and work out a suitable strategy.
2. Consider payment choices of customers
When you begin trading in the international market, it always makes sense to give choices to your customers on the ways they can pay for the product you intend to sell. Some people prefer to pay out in their local currency and you should have an option for such people. Arrange for appropriate currency conversion options so that your customers are always in good spirits. Moreover, give widely accepted platform as PayPal to your customers for payment and you will find that the reach of your business will increase by leaps and bounds.
3. Keep an eye on regulations
When it comes to selling in the international market, a keen eye for all regulations needs to be kept. You should know about the different kind of duties and taxes that are applicable to the product range you are planning to sell in the international market. Take advantage of a free trade agreement which eliminates the need for tariff on some of the products. For example, US has these agreements with over 20 countries and you should always see if you can take advantage of such agreements.
4. Shipping and return policy
Have clearly defined shipping and return policy in mind as it inspires the trust of the customer in your range of services. It would be great if you are able to set up clear delivery estimates for the customers. Having a clear return policy also helps in building confidence among international buyers and they would like to buy your products.
5. Plan the market entry
It will always benefit you if a proper market entry is planned. You can begin on a small scale by selling on platforms like eBay as sites like this give a widely accepted platform at a small price. You can also think of setting up a dedicated website for customers in different countries as the need of a buyer in the US will be different from the one based in Australia.
Keep the above-listed points in mind and you are sure to reap benefits in the long run.