According to eGrowth Partners, Amazon’s European marketplaces receive 93.9 million unique visitors a month, representing a massive opportunity for US sellers looking to increase their sales. That’s why World First USA, Inc. has teamed up with Feedvisor and other eCommerce experts to create Beyond Borders: Expanding your Amazon Business to Europe. This e-book will help online sellers understand 8 aspects of selling in Europe, from marketing and logistics, to FBA and pricing. But that’s not all. In the e-book, we also talk about how to bring your profits home after you’ve put all that thorough planning and great marketing into action and seen a jump in sales.
Did you know that the way you buy from overseas suppliers, price your goods abroad, and bring your revenue home could be costing you significant profits every month? In Beyond Borders, we look at some of the ways in which currency can affect online merchants trading on international marketplaces, and reveal how you could save money simply by managing your international payments the right way.
Here’s a sneak peek at the topics we cover:
How Marketplaces Convert Your Funds
Many marketplace operators will offer a service to transfer your sales revenues back to a bank account in your home country and in local currency. What you may not be aware of, however, is that you don’t have complete control over when the transfer happens and the exchange rate you are given. It’s not uncommon for a marketplace to charge higher exchange rates compared to international payments companies — and that’s not including the selling fees that you need to pay directly to the marketplace. That’s why securing a better rate through an international payments company could help you save money.
Making Sure the Price is Right
When you’re competing with many other sellers on the same marketplace, often selling the same products, the onus is on you to be as competitive as you can be. The exchange rate could be one of the key factors that decides how competitive you’re prepared to be. If the rates are in your favor — and your money goes further — you may decide to lower your prices to make them more appealing to consumers. We walk through how tools like spot and forward contracts can help you create a competitive pricing strategy.
Buying from International Suppliers
The amount you end up paying for stock from overseas suppliers will depend on the exchange rate you’re getting. The rates are always fluctuating, so if you get your timing wrong, you could end up paying much more. Rates can change dramatically in a matter of weeks, days, or even hours, and if they move against you, you could seriously end up paying out of pocket.
How to Avoid Marketplace Transfer Fees
The key is to work with an international payments company like World First USA, Inc. to help you set up native receiving accounts into which you can receive sales revenues in the country where you’re selling. Once the marketplace transfers your sales into that local receiving account, you’ll be in control of when to move money back to your home country/currency.
Eager to learn more? Download the eBook here for free to manage your international payments in the most effective way. Because before long, your online business will take off, and your attention will turn to getting your funds back home.
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