Do you ever wonder why some companies are so successful at selling overseas — while others struggle to list a single product outside of domestic marketplaces?
Here’s one company’s story:
For years, Scarpetta Shoes sold solely on its own website. Then one day, management realised how many opportunities the company was missing. So they started listing products on Amazon and eBay.
So far, it’s the same story you’ve probably heard many times before. But then things took a turn:
After dealing with some initial growth pains, Scarpetta Shoes decided to make a much bigger leap. They found a way to add 19 more marketplaces to the mix, and within a year saw international sales increase by more than 1,000%.
The key to Scarpetta’s success? Cross-border trade. It’s a growth tactic that all online sellers should be considering.
But don’t worry. If the thought of currency conversions, language translations and international taxes seems more trouble than it’s worth, you’ll be glad to hear that international selling isn’t the complicated endeavor it once was. Most major marketplaces now offer entry-level programs to help brands and retailers get started with cross-border trade.
In fact, if you want to sell more in the modern e-commerce landscape, at some point you’ll probably have to go global.
Why sell to international consumers?
As long as you list domestically, there will always be limits to how many people can discover and buy your products. But tap into the opportunities of cross-border trade, and you can instantly open the floodgates to millions more consumers who are eager to purchase the products you sell.
With worldwide retail e-commerce sales projected to top $4.9 trillion by 2021, there’s never been a better time to go global. According to the latest research from eMarketer, more than 80% of retailers worldwide agree that cross-border e-commerce has been profitable.
From Asia to Latin America, countless consumers are eager to buy from international sellers. One recent survey found that seven in 10 online shoppers make cross-border purchases.
There are other benefits unique to international selling, too. For example, some sellers have had success pricing products at a premium when selling to foreign markets — particularly when an item isn’t as readily available there. And in China, where cross-border retail e-commerce sales are expected to reach an astounding $199 billion by 2022, international sellers can tap into the massive revenue potential of Singles Day.
Ready to get started with cross-border trade?
There’s no reason to wait. Like Scarpetta Shoes, international expansion may be precisely what you need to propel your business forward.
For details on the latest opportunities and suggestions on how to get started, download the white paper: Taking Your E-Commerce Business Global. Based on Rithum’s experiences with over $10 million GMV across more than 2,800 sellers, you’ll find answers to common questions, such as:
- What can you do today to start selling internationally?
- How can you make the process of cross-border trade efficient and affordable?
- Which international channels will be most profitable for your products?