4 Solutions to Take Your Retail Business Global

Until now, most small business owners have had very limited opportunities to expand internationally. It was simply too hard to manage. But by 2014, billions of consumers were buying online, and sales volumes reached over $1.5 trillion. This tremendous growth in cross-border ecommerce created new markets for sellers worldwide.

This opens the door for small and midsize businesses (SMBs) and mom and pop merchants to take their business global, accessing new geographies and customers.

But how do you tap into this giant, unknown international market while overcoming the complexities involved? Here are four key aspects of a successful global expansion strategy:

1. Leverage local marketplaces.

Online marketplaces offer small businesses the ability to expand into new markets quickly and cost effectively. Following the incredible success of Amazon in the U.S., marketplaces all over the world have seen an explosion over the last four years. Players like Linio and MercadoLibre in Latin America, Lazada in South East Asia and Jumia in Africa are opening doors to consumers worldwide.

Let’s understand why selling on a marketplace can be a good strategy. Marketplaces have lots of customers who are looking to buy a wide variety of merchandise, so they provide a platform for small businesses to offer products to their customers and generate more sales. There is no need to invest in branding, website design or marketing, so startup costs are low. And, you can get on the market quickly. You can easily setup a catalog, and start selling immediately.

In short, marketplaces allow easy access to new consumers and keep overhead and customer acquisition costs low.
Read More: https://www.entrepreneur.com/article/273963
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