When it comes to expanding overseas, most e-commerce sellers want to enter a new marketplace, but they don’t know the best way to go about it.
Ecommerce sellers are letting things like product research and selection, logistics and fulfillment, taxes and international regulations get in their way of increasing their online sales.
While not everyone is cut out for selling on marketplaces overseas, these hurdles aren’t high enough to prevent sellers from getting a piece of the international ecommerce market. WorldFirst offers resources to understand new marketplaces and the steps necessary to start selling overseas.
In a November 2017 survey by WorldFirst of 110 U.S.-based ecommerce sellers, we found that 78% are considering entering a new marketplace. Among survey respondents who were WorldFirst clients specifically, that number is a little higher at 80%.
Given that they are using our international payments service, WorldFirst clients are more likely to already sell on a foreign Amazon site, making the prospects of entering a new market less daunting. The most popular foreign marketplaces for U.S. WorldFirst sellers are Amazon Canada, Amazon U.K. and Amazon Spain. The wider U.S. online sellers surveyed are pretty much sticking with Amazon and Ebay here in the United States.
Of the U.S. online sellers wanting to enter a new market, Amazon U.K. is the most popular next place they are considering selling. For U.S. WorldFirst sellers, Amazon Japan is the next frontier.
So what’s stopping them? For some, it’s purely the time it takes to investigate and research a new market. However, WorldFirst offers a series of guides that compile the need-to-know information for expansions to specific markets.
For sellers looking to enter the Amazon Japan market, our guide offers tips on testing product demand, shipping strategies and translating product pages. For those looking to stick with English language sites, our Amazon Australia guide offers tax guidance, logistic partner information and tips on seasonal product rotation.
These markets offer their own unique opportunities for online sellers looking to increase revenues. In Japan, 80% of the population shops online, so they are used to how Amazon works from a customer perspective. In Australia, consumers have few online shopping options and Amazon just launched in December 2017. There is a lot of opportunity for U.S. sellers to make their mark in a new marketplace that isn’t too crowded yet.
Right now, the majority of online sellers aren’t taking advantage of the international ecommerce landscape and the demand for U.S. products overseas, according to our survey. The majority (68%) of U.S. online sellers said that less than 25% of their total sales come from overseas. For WorldFirst clients, that number was lower, around 56%.
But both groups know there is opportunity out there for U.S. ecommerce sellers. More than 80% of all respondents are confident their business will grow in 2018.
With the help of WorldFirst’s online international payments solution, ecommerce sellers enjoy speedy transfers, competitive exchange rates and a dedicated account manager. All of these things, plus our knowledge of international expansion, make it even easier for online sellers to add another marketplace to their roster.