Tips for running an international store

International trade is growing rapidly, and for a good reason. Consumers around the world are looking for quality products at a great price and businesses that can sustain them for success. If you want to start selling internationally or are already doing so, you can use some help to optimize your process, so read these seven tips.

1) Know your target market:

This may seem obvious, but it is important to do your research before expanding into new areas. For example, which product is popular in your target country? Is there any cultural sensitivity that you need to be aware of? Knowing the answers to these questions will help you better serve your customers and build their loyal, repetitive customer potential.

2) Make sure your website is international friendly:

Make sure your website can be easily translated into different languages ​​and the prices are displayed in local currency. You should have a customer service team who can communicate with customers in their local language. If you make it easy for customers to make purchases from you, they are more likely to do so.

3) Use trusted shipping and logistics partners:

It is important to work with a reputable shipping company when selling internationally. They can help you navigate customs regulations, ensure your products arrive safely and on time, and track your shipments, so you always know where they are. In addition, using a reliable logistics partner will give you peace of mind and allow you to focus on other aspects of your business.

4) Offer competitive price:

Price is always a major consideration for consumers, so it is important to make sure you are offering a competitive rate. Consider shipping costs, duties and taxes when determining your price and confirm the value of your product accordingly. You don’t want to lose potential customers because your price is too high.

5) Has a LEI number:

You will need a LEI (Legal Entity Identifier) ​​number if you sell in the European Union. This is a requirement for businesses looking to sell goods or services in the EU and helps ensure that you are a legitimate company. You can apply for a LEI number through a recognized provider such as LEI Kart

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6) Get acquainted with Incoterm:

An incoterm is a set of international rules that indicate who is responsible for what is shipped. There are 11 different incotorms, each with different effects for buyers and sellers. Therefore, it is important to understand which incotorm applies to your situation so that there are no surprises down the road.

7) Understand VAT:

Value Added Tax (VAT) is a tax levied on most goods and services in the European Union. VAT rates vary from country to country, so it is important to be aware of your target market rates. If you sell goods or services in the EU, you may have to register for VAT.

Following these tips can set your business up for success when selling internationally. Keep in mind that expanding into a new market takes time and effort, but it can be a rich experience. With a little planning and preparation, you can take your business worldwide!

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