Ugo Aliogo examines the Global Ecommerce marketplace concept
The word “Global Village” was first coined by a Canadian philosopher – Marshall McLuhan, in 1964. This concept describes a world where people are connected globally through innovative technologies to communicate, disseminate knowledge, and engage in trade and commerce. People, cities, and economies are integrating every day to form an interdependent global economic system, resultant from the lower barriers to entering new markets, all thanks to the internet! Therefore, “Going Global” is no longer an option for businesses – it’s a crucial business strategy to be adopted for growth and to remain competitive.
It is no longer news that many industries suffered from acute economic losses because of the pandemic, and local businesses were not immune. Many business owners are still grappling to recover financially. As we gradually move into the “new normal”, it is vital for entrepreneurs to make agile decisions to transform their enterprises to reap the right returns and expand for growth. The power of e-commerce in connecting local businesses to global markets can prove a beneficial tool for a swifter recovery and building resilience for tomorrow.
Interested in successfully leveraging e-commerce to reach customers around the world? Here are a few tips to hack this:
1. First off, utilize the power of Omni channels and social media marketing: If there is one lesson 2020 taught us, it is that having multiple channels to run your business is imperative. The advantage of this is that your products are only a click or a direct message away, and you can reach as many customers as possible regardless of their geolocations or their preferred shopping channel. Many small businesses who did not have an online presence pre-lockdown found themselves in isolation from their customer base and this had a devastating impact on their business. Not only can you literally set up a shop on several social media platforms, but it is also a great way to reach new customers, communicate with the current ones, and stay up to date about their needs and evolving lifestyles.
2. Set up an e-commerce website and upgrade your logistics: Your e-commerce website is your marketplace. With it, you can find new customers faster through the right SEO (“Search Engine Optimisation”), market directly to them, learn their shopping habits, and strengthen brand awareness and credibility – yes, people tend to trust businesses with websites more than those without. Also, seek out and work with a trustworthy logistics partner who can deliver your customers’ orders in your target markets in a timely and secure way. Keep them informed about their deliveries and try to use tracking numbers so processes and more automated and seamless.
3. Incorporate a seamless, secure, and constantly evolving e-Payment Solution: This is a critical step to take because many times, international customers will abandon their shopping carts if they get to the payment gateway and their preferred modes of payment are not available, or it does not feel secure. All the hard work of establishing an online business and providing a great shopping experience will be for nothing without an ideal payment solutions gateway that can effectively accept global payments from your international customers.
When choosing a payment gateway, ensure that it works in your preferred markets, accepts a wide range of local payment methods, meets the latest encryption standard, and is easy to use. Incorporating a seamless e-payment solution will improve the customer experience in many ways: faster checkout, payment security, and convenience. In other words, making it easy for your customers to pay is important to keep the local and international customers you attract.
With a payment solutions provider like Unlimint , which offers multiple payment methods accessible across the globe, businesses can successfully enter new markets by making it easier for their customers to transact in the many different ways. By blurring the line between traditional banking, digital wallets, and card payments, Unlimint is ensuring that people can accept and receive payments anywhere in the world and at any time.
By taking these steps and more, your business will be well-positioned to capitalize on the future growth opportunities and the all-round benefits that come with expanding to global markets. Contact Unlimint today for more information on how to access its global acquiring solutions for your international expansion.
