Tony Preedy of Fruugo considered the advantages of cross-border trade at Internet Retailing Expo 2019 for marketplace sellers.
Speaking at IRX Expo 2019 on Wednesday, Tony said that international trading currently presents opportunities for UK sellers as they can take advantage of English-speaking territories such as the US and Australia. Tony shared eight practical approaches for those who wish to expand into foreign markets:
- Localise intent and pricing, keep both up to date
- Be prepared to accept currency variation, or buy currency protection
- Ensure payment systems are localised and provide fraud protection
- Translate correspondence with consumers
- Set shipping prices carefully, there are shipping cost are the most significant drivers of conversion. Choose logistics companies who can ship economically to the countries you want to address. Also, don’t forget about returns
- Consider whether to ship “delivery Duty Paid”
- The advice on local tax registration requirements & product conformity
- Generate demand
Tony said that the most frictionless route to expand a business is via marketplaces. However, with increased competition from other merchants, sellers should have a strong competitive edge to avoid being a ‘replica seller.’ He encourages merchants to ask themselves the below questions to create a strong brand image:
- Does your brand and value proposition resonate?
- Demand for product? Are other selling my product?
- How intense is my local competition? Are you competitive?
- How do I stand out against competition; SEO rich copy and images
- What price policy will you use for your product pages and shipping?
- Do I have well organised and structured product data? Do I need a data management for my company? Can I synchronise my stock, pricing and order fulfilment?
- Do I have a process for customer enquiries ?
Read here more about Fruugo marketplace.