Creating new markets or establishing a wider customer base is an important consideration for all businesses. In an age where the internet crosses borders and has very few boundaries, moving a business or opening a new, international market could be as simple as launching a new website.
Online business goes international
If your business has exhausted the local market or you have a new business idea that is addressing a global need, there is no reason why your business cannot access an international market online. Ecommerce is the fastest growing business sector globally, and for good reason, more people interact online now than ever before.
By definition, the internet is global, and you can easily shop, gather information and interact socially on international platforms. However, if your business has pinpointed an opportunity, it may be worth setting up a specific online shop, outlet, social community, and geographically based information and news platform in the specific country.
You will need to think about:-
Language
Depending on where you intend to branch out, you will need to consider the language that your business will need to use. A great example of this is those businesses from the UK who have set up multi-language business websites in German; they simply translate English to German, and away they go. Brexit forced them to consider having a presence on the continent, and the best way to do so was to have a foreign language-based online marketing process. These businesses are now able to interact and participate in the largest economy in the European Union without being a member or being there physically. Using the right language is key to build an understanding of the brand in foreign markets.
It is currently quite common for international businesses to have a translation option on their sites, apps, and social media platforms. Not only does this make the business more accessible to more customers, but it provides a clear message that it is a global brand with global ambitions. A great selling point.
Legislation/legality
Before your business begins to trade from an international market position or selling your products and services from a multi-national website, you need to ensure that you have the relevant registration. National policies and legislation may vary from country to country, and depending on the specific sector in which you operate; you may need to register with industry bodies. Be aware of this and plan ahead. Doing your research early will stand you in good stead and ensure that you are prepared.
Networks
Research all new markets as you would have your current market. Admittedly you would not be moving assets or shifting resources to make a foreign move that you have not researched and done feasibility work for. Yet you would be surprised at how many businesses simply open avenues for international online sales without having thought through the logistics, taxes, and supply chain issues and possibilities.
Launching a website in another country or providing access to customers from an international market must be well planned, budgeted for, and based on actual customer demand for your products and services.
