Rithum recently presented at the E-Commerce Expo in Singapore, at the fantastic Marina Bay Sands. The two days were filled with lively and passionate discussion (and sometimes debate!) about the latest technologies and trends in the e-commerce space.
Our presentation, Global Expansion: The Marketplace Opportunity and Cross-Border Trade was extremely well received. Below are some key takeaways:
- Know where we’re headed
According to Forrester Research, by 2022 cross-border shopping will make up 20 percent of all e-commerce—with sales forecast to reach $630 billion. With the rise of marketplaces, geographical boundaries are becoming less and less important to consumers.
- Know the WHY
When asked why they buy from foreign websites, 76 percent of cross-border shoppers from Europe said they were looking for the best price. Being able to buy a specific brand or product that isn’t available in their home market is another strong driver for CBT.
- Know the value of marketplaces as part of your global strategy
A recent eMarketer study revealed that 25 percent of CBT digital buyers worldwide made their most recent purchase on Amazon—followed by eBay at 18 percent. Many of our customers are already selling on Amazon and eBay at a local level. Make the leap to list your items on their local country sites.
- Don’t limit your reach
Having a global, multi-marketplace approach makes sense. Cross-border growth is not as daunting as you might first think. Many marketplaces (not just Amazon and eBay!) will consolidate and ship your orders, take care of tax issues and provide local customer services on your behalf. This means you aren’t putting added strain on your internal processes and procedures.
- Know your market
Promotions that work in the APAC region won’t necessarily translate across borders. Make sure you know your audience. For example…did you know that Father’s Day is the third Sunday in June in the US, the first Sunday in September in Australia and the second Sunday in November in Scandinavia? While Singles’ Day is popular in China, it’s not a shopping event in Western countries. Know the different seasons in different regions so that your products and promotions align. And don’t forget to make sure that seasonality is a part of your CBT strategy so you can extend the life cycle of your products.