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Operating in different countries also comes with certain risks and challenges that your business will need to prepare for or overcome. These can include;
Opening your business up to international sales can present some communication barriers. If your customers have any questions or concerns about your products or need help resolving an issue, you will need to be able to communicate with them to solve the issue. Hiring a translator, installing a translator chatbot or hiring international customer service representatives can be costly, but it can help your business to create a positive customer experience in every country you operate within.
Transaction fees and taxes
The majority of cross-currency and international payments are subject to payment processing fees as credit card issuing companies often charge fees for currency exchange and money may have to be transferred between intermediary banks. Additionally, many countries impose taxes or fees on imported products to protect their economies and your products may also be subject to different customs processing fees. To avoid any surprise expenses, it is important to be aware of these fees and stay up to date with any changes.
Keeping up with different markets
To be able to sell internationally successfully, you will need to maintain a good understanding of the socio-economic climate of each country, and any changes to your industry’s market. Keeping up to date with changes in market conditions can be time-consuming, but failing to do so could mean missing out on potential sales, new gaps in the market and decreased customer satisfaction.
Lengthy payment processing and shipping times
As multiple-currency payments can require intermediary banks or currency exchange, the payment process can take several days longer than a domestic transaction. This can potentially pose cash flow issues for your business, so it is important to accommodate this additional waiting time in cash flow forecasts. Additionally, customers can face longer waiting times for their items as products may have to be shipped across borders and have to travel much further. To help solve this, consider hiring local distributors or using local drop shipping methods to get your products to your customers faster.
Selling internationally is becoming a more accessible way for many ecommerce businesses to expand, and presents some excellent opportunities for businesses to grow their customer base and revenue. For your business to break into the international market successfully, it is important to keep up to date with any significant market changes and prepare for fees accordingly.