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Accepting multiple currencies and selling products internationally can have a range of benefits for ecommerce stores, which can include the following:
Larger potential customer base
With more people able to view and access your products, selling internationally immediately opens up your store to a wider pool of potential customers. Offering your products to more people can increase awareness of your brand and products and allow you to build your brand’s reputation.
As your product is available to more people, this opens up the potential for more sales and increased revenue. Although preparing to sell internationally can take some time and financial investment, it can be a great opportunity for you to increase your revenue by expanding into new markets, rather than having to invest in the development of new products for your local market.
Selling internationally can also give your brand a competitive advantage. Your business may have stiff competition in your domestic market which could make it more challenging for you to generate increased sales. Expanding internationally allows you to develop your brand’s reputation and increase your revenue in different markets. This revenue can be reinvested into your business and combined with global awareness of your brand, can help you become more competitive across all of the markets you operate in.
Be seasonal all year round
Selling seasonal products domestically can mean that you may only be able to generate a profit when your products are in seasonal demand. Selling internationally could allow your business to generate a profit all year round. For example, selling garden furniture or barbeques may only allow you to generate a profit from May to August in the United Kingdom, but selling these products to countries such as Australia has the potential to create demand for your product year-round.