Developing a strategy to effectively scale a fast-growing company is hard.
Throw in plans to expand into international markets and you have an even more complicated situation.
Is my digital business liable for international taxes? How can I improve the shopping experience for customers whose native language isn’t English? And what is the best strategy to maximize sales?
Focusing on a global strategy is not enough. You also need to make sure you partner with the right ecommerce platform that can help you efficiently (and compliantly) grow global sales without losing revenue.
With cross-border shopping expected to rise to $627 Billion by 2020, capitalizing on this new wave of ecommerce growth can help grow your business even further. Wondering how you can expand into international markets? We’re covering the three essential elements of cross-border sales below.
1. Ecommerce Personalization is now a Must-Have
It’s no surprise that personalized shopping experiences perform better than a “one size fits all” model. Today’s online shoppers expect more than just targeted messaging, they now expect their shopping experiences to be built around their geographical location too. From the moment they start viewing your products to the end of the checkout process, customers expect product descriptions in their native language, prices reflected in their local currency with any applicable taxes included, and a wide variety of accepted payment options to make paying for their products easier. Remember, your customers want fast, frictionless shopping experiences that allow them to get their hands on your products as soon as possible! Avoid overcomplicating the checkout process and you’ll be sure to delight your customers and capture more sales.
2. Interest in Subscription/SaaS Grows
Customers are shifting away from traditional ownership and gravitating towards buying access. Credit Suisse reports that $420 billion dollars were spent on subscriptions in the US alone in 2015, and that number continues to rise.
Introducing a subscription-based revenue model to your business can benefit your business by increasing customer loyalty and the lifetime value of each customer. Multitiered subscription pricing allows customers the flexibility to select the plan that best fits their need and budget. And recurring billing option allows your customers to conveniently access your digital product without having to worry about making sporadic payments.
3. Trust is Integral for Good Purchase Experience
Customers want to have confidence in their checkout experience and that includes the belief that their shopping experience is both secure and reliable. Thanks to FastSpring’s PCI compliant platform, your customers can shop with confidence knowing that their payment information is protected according to proper Payment Card Industry Standards to help minimize credit card fraud.
While customers are willing to provide their personal data to receive more tailored shopping experiences, they still want to know that your business is adhering to all guidelines and regulations for data privacy and security. If you’re expanding to key markets like the European Union, your digital business must also be compliant with the new General Data Protection Regulation (GDPR).
Global Sales are Key to Accelerating Growth
Whether your business is selling software downloads, SaaS, or digital content—like ebooks, videos, online courses, or WordPress themes—your business needs to establish a successful online store in order to grow. Today’s shoppers are no longer confined to their physical location when making an online purchase. In order to capitalize on this growing trend of cross-border commerce, your online store should remember to:
- Simplify the shopping experience with localized languages, payments, and currencies.
- Allow customers to easily access your product with flexible subscription options.
- Instill greater trust in the checkout process by adhering to data and security standards.
Want more in-depth tips on how to successfully increase global sales? Download our whitepaper, 7 Ways to Increase Global Sales for Digital Products to help grow your business revenue.