Growth opportunities abound for brands and retailers expanding their e-commerce businesses internationally. However, there are challenges to navigate such as managing inventory across multiple countries. Cross-border e-commerce entails managing complex logistical and regulatory requirements that differ from country to country.
Here are five ways brands, retailers, and suppliers can optimize selling to consumers globally.
- Use automation to manage inventory, product information and catalog translations at scale.
It can be challenging to manage inventory across diverse markets. Ensuring your product information such as product sizes, weight, and category are accurate can significantly impact shipping costs and compliance with local regulations. Translating product catalogs to suit local languages may also be necessary. - Optimize cross-border payments: Understand currency valuations and pricing in local currencies.
As part of a seller’s pricing strategy, you should understand how currency valuations compare from country to country. Setting product prices in the target country’s currency ensures competitiveness and market relevance. - Track global logistics and shipping paths through one platform.
It is necessary to accurately track inventory once the customer makes a purchase until they receive it. - Understand international legal entity, taxation and logistics requirements.
Each country has its own tax and entity requirements that must be met to avoid legal complications. - Use technology to compete in cross-border e-commerce.
Sellers must assess and analyze competitors in each market they are selling in. Consumer preferences can differ greatly from country to country. There is no blanket strategy to stand out against competitors.
“Selling cross-border is a strong growth opportunity for retailers and brands but it’s not without challenges. One of the biggest obstacles for businesses is converting local currencies. Each country has unique taxation and entity requirements. Businesses need a unified solution to help streamline their operations across geographies. Rithum can help sellers convert cross-border payments in real-time,” said Christian Gees, director, sales, EMEA at Rithum.
How to prepare for the global peak shopping season
The holiday season kicks off as early as October worldwide. By preparing early, brands, retailers, and suppliers can optimize their online retail and digital marketing strategies. The demand is there – 44% of global shoppers are willing to purchase an item from a retail site or online marketplace in a different country from where they reside, according to the 2023 Online Consumer Behavior Global Report by Rithum and Dynata.
Rithum partners with a network of the world’s leading fulfillment and logistics companies to facilitate seamless cross-border e-commerce expansion. The majority of Rithum’s brands in EMEA sell cross border e-commerce. These partnerships ensure that sellers’ products are efficiently tracked from purchase to fulfillment and delivery. Rithum’s network gives sellers the ability to leverage localized expertise to manage the complexities of selling internationally.
Localize product content
Selling cross border involves localizing content. Rithum’s features like Business Rules and Look Up List, can help brands ensure they are using the most searchable keywords for product titles and descriptions. For example, when an EU brand is selling into a US market or vice versa, Rithum must account for different keywords for items such as trousers vs. pants, or sneakers vs. trainers, etc. Rithum’s Replace Word List function also adapts translations to be more search friendly.
Using artificial intelligence, Rithum’s AI Magic Mapper feature helps brands reduce time-to-site by automating categorization. This helps reduce the time for sellers to onboard onto new global marketplaces.
Other ways Rithum can help include:
- Use Rithum’s team of experts. Experts with more than 20 years of experience in global e-commerce provide invaluable insights and guidance. For example, Rithum can help EMEA sellers and suppliers navigate complexities with VAT, local entity requirements, and picking the right channels to sell through. These also are hurdles for sellers selling from the UK into EMEA as well as US and APAC sellers.
- Receive extensive support by country. Rithum supports sales in numerous countries with platform support in local languages and currencies. Rithum’s conversion function is accurate, which is helpful for seller and supplier finance teams in reconciliation.
- Take advantage of strategic partnerships. Extensive collaborations with major global shipping carriers and third-party logistics companies enhance the efficiency and reliability of your international distribution.
- Receive marketplace guidance. Determine the potential and fit of various marketplace channels for your products.
- Use automated system logic. Thousands of automated rules ensure that products are listed appropriately based on compliance and profitability.
By automating inventory management, using global logistics networks, and providing expert guidance, Rithum helps you overcome challenges while unlocking new growth opportunities in the international marketplace. Learn how Rithum can empower your business to manage the intricacies of cross-border e-commerce here.
