With the boom of Amazon and online marketplaces, it’s becoming more attainable for online retailers to sell all over the world. Retail as we know it is rapidly developing with more products purchased online rather than in-store. Internet Retailer is calling for online sales projections to triple in 2017, and e-commerce still only makes up for 10% of overall commerce. With this increased growth, more sellers are expanding beyond borders. Amazon is making this opportunity easy with its 11 global marketplaces and customers in 180+ countries.
WorldFirst works closely with brands looking to tackle the global markets. Selling internationally allows brands to access loosely tapped markets, reach new customers, and drive sales across multiple channels. Those who have expanded successfully tell us that having the correct tools in place before you start is vital. You need everything from a cost-effective shipping strategy, the correct tax documentation, proper e-commerce management and importantly, an easy and safe way to move money globally.
The size of the markets alone are worth expanding your e-commerce business. On Amazon, the UK/EU are collectively the same size as the Amazon.com market. In China, it’s projected that more than a quarter of the population will be shopping for foreign products on e-commerce platforms. For those counting at home, that’s roughly 455 million potential customers! This reveals your products to millions of new viewers, and better still, the upcoming launch of Amazon in Australia can expand your sales potential exponentially. Each new market brings a plethora of new customers for your products.
It has been noted that more re-sellers and private label brands who sell globally are becoming market leaders. Brands like Anker manage their own e-commerce storefronts and are relatively unknown in the brick and mortar space. Death Wish Coffee is a brand that is dependent upon e-commerce selling for the majority of their sales. Their goal was to create a great tasting, incredibly strong brand of coffee and rather than relying on a brick and mortar coffee shop to launch their brand, they strove for 90-95% of their sales to be from e-commerce channels. Their decision to expand globally was no easy feat.
“Expanding to new markets was a huge learning curve for us,’ said Eric Donovan, Death Wish’s Production and Shipping Manager. ‘It required us to work out how to manage inventory worldwide, streamline processes, register for VAT, and figure out a way to manage money across all of those channels. It didn’t take long before 10%+ of our sales were driven from international channels.’
WorldFirst works alongside thousands of global brands to move their currencies at competitive rates with award winning customer service. Their service has saved their clients hundreds, if not thousands, of dollars on their money transfers, and this is why GEE has partnered with WorldFirst.