PayPal is now sharing the secrets to sell internationally. If you haven’t tapped into the international market yet, you will soon realize it’s a challenging area. For those that are able to succeed with international sales, it’s a huge benefit.
Since PayPal has so much experience in online sales, it’s a great resource for small businesses to learn from. It’s time to take your product beyond the border and to learn about a new market with different cultures and customs. Here is a look at what PayPal is telling businesses about how to sell internationally.
What to know
Before you begin, it’s important to first understand that while there is a world of potential customers out there, there are some differences in selling outside of your country compared to selling nationally. You’ll be dealing with new cultures, new customs and an entirely different market.
Make sure you understand too that you’ll have to deal with some technical nuances, you’ll have to learn about the local shipping regulations and the local laws when it comes to collecting your payment. For those that want to sell internationally in places like China, you’ll want to check out the two free books that PayPal released on how to do it.
General information on how to sell internationally
Once you’ve made the decision to sell internationally, you need to understand more about your potential markets. People want to buy what you’re selling around the world but they need access to the product. Don’t limit your product nationally when it has major potential around the world. In fact, almost 2 billion people will enter the class of consumers in the next ten years spending around $30 trillion annually which is half of the world’s consumption.
What are the guidelines?
You’ll need to get some information before you attempt to sell overseas. For starters, you’ll need to gather market intelligence and figure out how to make it easy for your customers to pay you. Do your research on the customs, taxes and duties, as well as the regulations of the area you want to sell to. Make sure you have a solid plan for how you will delivery and allow for returns. Then, plan where you’d like to grow in the future.
Selling in China
Many people decide to sell in China since the rise of the middle class is happening there. Middle income earners have risen 15% in ten years which has led to more discretionary income for spending. With the rapid economic growth, it’s the best time for businesses to target their market.
Learning about the demographic composition and marketplace in regards to the purchasing habits among different consumer classes is a great way place to start. Then, learn about business operation processes such as the international logistics and position yourself well for the best outcome. PayPal has actually created a book that discusses selling in China and it includes information on the top product categories dominating across-the-border commerce, demographic profiles of those who tend to shop online in China and a guide to the shipping and logistics.
Consider selling internationally to increase sales, expand your horizons and grow your business into a worldwide success. You never know who could benefit from your product across the globe!