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Research published by the International Omni Retailing Markets Association states that UK online exports are on course to hit £60bn by 2018. Even businesses that do not trade in retail require an optimised digital presence in order to realise their full potential when trading internationally.
Here are some tips on how to harness the digital sphere in the race to international business success.
Research your markets
You will still have to research international markets using some traditional techniques, for example, by taking into account demand and supply, lead times and regulations. However, it is important to think about these in digital terms: Will a significant proportion of your potential customers be shopping online or researching products on the Internet? What effect do available payment terms have on your cash flow? Does the market allow for scaling up in the future
Register trademarks, copyrights and patents
Trademarks, copyrights and patents may vary from country to country, so ensure that you have registered yours in the country that you are planning on trading in. This is to protect the rights of your business and its products or services from conflicting trademarks or intellectual property theft.
Plan your online strategy
Will you be selling to customers directly online, or are you simply establishing a digital presence in another country? If you are planning on engaging in e-Commerce, will you have your own online shopping platform, or will you be accessing an overseas market through an existing website? China’s Alibaba, for instance, allows users to find manufacturers, suppliers, exporters, importers, buyers, wholesalers, products and trade leads. If you are selling via your own website, remember to secure a domain name with the relevant country code.
Set up for E-commerce
If you are selling your products or services overseas on your own website, it usually helps to work with a platform that integrates both your domestic and overseas websites. Features to note when selecting a platform include a variety of options for languages, payment systems, currencies, taxes and delivery. Ensure that your website is fully integrated with your current finance, stock, marketing and customer relationship management systems.
Choose convenient payment systems
Whether you are selling directly or through a third party, review all of the payment systems available to you. This will help you to select an option – or several options – which manage the balance between convenience to customers and costs for your business.
Marketing your products and services
Whether you are establishing brand presence, selling on your own website or optimising your product and business descriptions on a third-party website, bear in mind search engine optimisation (SEO), a process for getting your products or services noticed in a crowded digital arena. Make sure to research your keywords rather than translating the ones that you are currently using, as translations may not provide you with the most efficient keywords. This is important even for overseas countries in which the official language is the same as your own – American English and Australian English, for instance, may favour different phrases than in British English when all three are referring to the same thing.
Seek guidance
There is a wealth of support available for business looking to trade online internationally, or for companies currently doing so. For example, government body UK Trade & Investment (UKTI) has recently launched an e-Exporting programme designed to help brands identify customers, analyse search data and build brand awareness. There are also other organisations and businesses that provide information on specific topics – Smart Currency, for example, specialises in currency, with a wider view on international business.
A final note
As the digital sphere expands, it is more important now than ever for most businesses to have an online presence when trading internationally, and even to sell online, where possible. This matters whether you are running a small, medium or micro enterprise, or a mammoth multinational company.
Smart Currency Business is an international payment specialist. To find out more about how you can optimise your currency purchases for international growth, call us
