There are so many considerations for anyone selling globally online, whether you are new to online marketplaces completely, taking your business to the next level with international sales, or an old hand at the international selling game. Who better to turn to for tips on using global selling marketplaces than the very people who have been there and done that? Here are our favorite suggestions from World First customers:
1. Think like a buyer
When listing your products on a marketplace, be sure to take a step back and think about how it looks from a potential buyer’s point of view. Put yourself in his or her shoes and ask yourself: “What would I like to see if I was the buyer?”
2. ‘Busy’ and ‘successful’ are not the same thing
The aim is to make sure that you are profitable and not just busy fulfilling orders, dealing with returns, and looking after admin. Successful sellers ensure that their busy is efficient.
3. Get your pricing right
Sounds obvious, right? But how do you know when the price is ‘right’? Work out your margin carefully and make sure you are competitive while also factoring in all your costs. Don’t forget that your time is a ‘cost’, so make sure you allow for that.
4. Keep stocked. Golden rule: do not oversell!
Successful businesses are able to fulfil every order that comes in quickly and efficiently. If you can’t, your reviews and ratings will suffer and that can damage your brand. Get your back office as automated as your funds will allow.
5. Look after your public image
It can’t be overstated: high-quality, hi-res images of your products are essential. It might be a good idea to invest in a quality camera – or even a quality photographer – to present yourself and your products in the best possible light.
6. Commit to selling internationally
It may seem to make sense to test things out by ‘going international’ on a very small scale at first, but it is important to really commit to it in every area of your business. If your translation service, distribution, and return policy, for example, are not up to scratch, you’re unlikely to succeed. Set yourself up for success!
7. Protect your earnings
If, like lots of marketplace sellers, yours is a low-margin, high-volume business, unnecessary fees and uncompetitive exchange rates can damage your overall earnings significantly. Through World First’s great exchange rates, we can help you easily save money compared to using a bank (or the marketplace’s default currency option) when bringing back your hard-earned sales.