Capitalizing on today’s cross-border e-commerce business requires brands to reassess their strategies to be successful in the new “normal.
The pandemic has served as a fertile ground for cross-border commerce. In fact, as per a 2020 report from International Post Corporation titled “Cross-Border E-commerce Shopper Survey,” around 32% of the global customers made more cross-border transactions than usual the previous year. Moreover, 51% of the customers stated they plan to buy more from cross-border merchants in the coming future. This highlights the promising future for cross-border e-commerce since it enables merchants to gain access to bigger addressable markets, enabling them to achieve their economic and growth objectives across the value chain.
A few strategies that can empower merchants to successfully launch the cross-border e-commerce business include:
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Use machine learning (ML) and artificial intelligence (AI) to personalize marketing
Tapping into a different marketplace with a diverse customer base requires brands to deliver personalized marketing. Therefore, they should leverage tools such as ML and AI to automate processes for matching products with customers that are most likely to buy them across geographies. Even with a broad international customer base, businesses are in a position to reach the most relevant people, irrespective of where they are in the situation as well as what motivates them to buy the specific product.
Test the new market
Before taking the decision to go “all-in,” brands should first test the international market and see how their products will be received. They should also consider introducing a few products at a time instead of releasing them all at once. This enables the brand to quietly leave the market without having much loss if it proves unsuccessful. Additionally, by testing the market before diving first into the marketplace, brands will be in a better position to optimize their listing before they need to go live.
Effectively localize the product information
Having a complete channel portfolio will not enable the brand to achieve its objectives if its cross-border efforts are incomplete without distributing localized as well as channel-ready product feeds across every touch point. Therefore, brands should ensure that the content of the products is tailored to ideal customers in their target region. This also enables them to build deeper connections with their customers.
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Review the product restrictions of that specific region
Another vital aspect before entering the market of e-commerce cross border is to know whether the product complies with the restrictions that have been imposed on the selling as well as distribution of certain products. Brands should review and find out what they can and cannot sell in the countries they are planning for expansion. While there may be a huge market for the products or services, brands will need to consider other options if the regulations restrict those products from being sold.
Measure outcomes by designated regions
For making an impact, it is equally essential for brands to measure the critical metrics for the region. They should have the ability to effectively navigate the complexities of reaching international customers. It is not enough just the number of clicks, shares, or views but the customer experience. By continuously testing and learning from feedback, brands will be better positioned to evolve their global expansion strategy.
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