Ever found yourself contemplating the global market? Wondering if your products could reach customers beyond borders? You're not alone. Many e-commerce brands miss out on this extra revenue stream and reach a point where they ask: should I take my business international?
The global B2C e-commerce market is estimated to reach 7.9 trillion U.S. dollars by 2030. If you're not expanding your international selling capabilities, you might be missing out on a world of loyal customers.
Now, how do you overcome the many hurdles of global e-commerce, like navigating customs clearance and dealing with foreign currencies, or grappling with shipping costs and handling returns? In this article, we’ll discuss the challenges and benefits of selling online internationally, and we’ll dive into the easiest way to expand across borders using Ryder and Global-e’s integration.
Expanding your e-commerce business internationally opens a world of possibilities. Let's talk about the benefits and challenges you might encounter along the way.
Benefits
Expanded Customer Base: When you venture into international markets, you're tapping into a vast pool of potential customers. By breaking down geographical barriers, you can reach consumers who might otherwise never have bought directly from your brand. This expanded reach can significantly boost your D2C sales and revenue streams.
Competitive Advantage: By offering international shoppers a seamless experience, just like they’re accustomed to when buying from domestic websites, you’re set to win customers beyond borders and cater to their preference to buy directly from the brand. Customers appreciate the convenience of buying from a seller that caters to their location, giving you a competitive edge in the market.
Challenges:
Currency Conversion: Dealing with multiple currencies can be a headache – it adds complexity to your pricing strategy and financial transactions. Fluctuations in exchange rates can impact your profit margins and pricing competitiveness. By implementing robust currency conversion tools and staying updated on exchange rate fluctuations, you can make this challenge completely manageable.
Customs Clearance: Navigating the complexities of customs clearance isn’t easy if you don’t have experience. Each country has its own set of regulations and procedures, and failing to comply with them can result in delays, fines, or even seized shipments. Partnering with a provider with expertise in international logistics, that handles the clearance process for you, will streamline the process and minimize potential disruptions.
Fraud: International transactions are inherently riskier due to the lack of familiarity with foreign markets and customers. As an e-commerce seller, you must be vigilant against fraudulent activities such as payment fraud and identity theft. Implementing robust fraud detection measures and staying informed about common fraud schemes can help you mitigate this risk.
Returns: Dealing with returns is a challenge for any e-commerce business, but it becomes even more complex when shipping internationally. High return shipping costs, longer transit times, and differing return policies across countries can complicate the returns process and impact customer satisfaction. Implementing a streamlined returns policy and offering localized return options can help alleviate these challenges.
To sum up, while international trading offers huge opportunities for e-commerce sellers, it also comes with its fair share of challenges. By understanding and addressing these challenges proactively, you can unlock the full potential of international markets and take your business to new heights.
Ryder and Global-e have partnered to launch the easiest cross-border solution for businesses leveraging the RyderShip platform and looking to expand internationally. This simple integration is a one-stop-shop allowing RyderShip users to do business in more than 200 destinations more seamlessly than ever before.
This comprehensive approach handles all the logistical aspects of global e-commerce selling, so that you don’t have to worry about shipping options, customs handling, local returns, localized browsing and checkouts, or pricing in local currencies.
Through the combination of advanced technology and fulfillment execution excellence, Ryder and Global-e make it easy to sell beyond borders and deliver outstanding customer experiences for your brand, worldwide.
End-to-End Localized Customer Experience: Using Ryder and Global-e’s comprehensive e-commerce solution, you can offer shoppers a seamless experience in over 200 destinations worldwide, tailored to their market and to your business strategy, and drive international traffic conversions. Allow your global customers to browse and pay in their local currency, using their preferred payment method, with over 150 alternative and local payment methods supported. Provide shoppers with a guaranteed final cost of purchase, including all local tax and duties, as well as multiple shipping options at competitive rates.
Easy Currency Conversion: No need to worry about currency conversions and local pricing. Product prices are presented in the local currency, with over 100 currencies supported, and are rounded in accordance with market conventions. Your customers pay in their local currency, saving them unexpected transaction fees, while for you – the merchants – transactions are made in your market’s currency, reducing the risk of currency fluctuation. With Global-e’s advanced pricing capabilities, you can adjust your pricing strategy to each market, optimizing your offering.
International Payments Fraud Management: Leverage a best in class AI-based fraud prevention solution, which enables optimized payment acceptance rates and zero payment fraud risk for merchants.
Local Regulation and Tax Compliance: Customs processes, including tax and duty collection and submission, are handled by Global-e, as well as product classifications and ongoing compliance with local regulation in every market.
Streamlined Logistics for Hassle-free Global Expansion: Global-e’s extensive global operations and hands-on, day-to-day operational management gives you the peace of mind to focus on your core business.
End-to-end Support and Guidance: On-going support provided by dedicated teams, from integration to go-live and beyond, helps make global expansion as easy as possible for you. Global e-commerce intelligence and best practices based on local market data, generated from Global-e’s extensive database across over 1000 merchants and billions of international transactions, help you optimize drive further growth.
Expanding your e-commerce business internationally unlocks vast growth opportunities. However, to grow sales in international markets, you need to overcome the barriers that prevent shoppers from buying, and navigate international trading challenges as well as the dynamic market trends and changes to consumer preferences. Leveraging RyderShip and taking advantage of Ryder and Global-e’s integration, makes these hurdles manageable, and ensures seamless global expansion, while allowing you to better address global demand. Ready to drive sales in key markets, access new markets around the world and boost profitability? Explore our partnership with Global-e here and elevate your e-commerce venture to new heights, with decades of expertise by your side.
