You may be hearing and reading more and more about “cross border trade.” It has become a hot topic in the online business world, and with good reason.
Don’t have an international online sales strategy yet? Don’t worry, you are not alone.
New research we released this week has found that only 56%
[i] of British online businesses are currently selling abroad. And it seems online businesses in some of our neighbouring countries are edging ahead. 64% of online businesses in France are capitalising on international sales, and 61% of respondents in Spain are too.
However, there is higher consumer demand for British goods than for goods from other major European markets.
What are the barriers holding UK online businesses back? According to our research, 25% of British retailers are put off selling goods overseas due to concerns about high international shipping costs. Meanwhile, 20% cited concerns about foreign customs and duties.
The most successful overseas online sellers adapt their business and marketing strategies for the markets they’re going after. 38% of international shoppers rely on search engines when looking to buy from abroad. This means it is vital to get to grips with SEO, as well as powerful foreign social media networks like WeChat in China. And make sure your online store lets customers browse in their own native language and pay in their local currency – overseas shoppers are far more likely to buy abroad if they trust and are comfortable with these touch points.
Navigating the complex world of international trade can be daunting. But it doesn’t have to be.
PayPal Passport helps business owners understand and target international shoppers through country-specific guidance and global sales tools. It can also keep you up-to-date with the latest international export and customs developments.
[i]Source of all statistics included in this post unless otherwise indicated: PayPal Cross-Border Merchant Research 2016 conducted by Ipsos MORI. Full report available on request.