The global e-commerce market
Global e-commerce has had a wonderful year. The market is expected to total $ 4.479 billion by 2021. Industry reports indicate online retail sales will reach $ 6.39 billion, with e-commerce accounting for 21.8% of overall sales revenue. by retail. In India alone, the e-commerce market is expected to reach $ 100 billion by 2025. The potential for D2C brands to start their global journey has increased due to the strengthening of India’s digital infrastructure.
Benefits of going global
In India, the growing awareness of consumers and the presence of vast online platforms to facilitate e-commerce on a global scale provide a variety of beneficial opportunities. The advantages include:
- A relationship is established between the business owner and the consumer, as no intermediary is required
- You have total control over your customer’s journey
- This saves overhead costs as there is a direct connection with consumers
- Luxury to personalize customer service based on customer needs and preferences
- Know the in-depth view of the market you are targeting
Some Basics for Having a Successful Global Ecommerce Business
Create a simple website
The fastest and easiest way to find out about your products is through a website. A detailed website will provide all the needs that the consumer might need. The website should display all products and services for sale, along with information such as payment requirements, refund terms, and the delivery process.
Points to remember when building a website
- Navigation should be convenient
- Make sure there is all the information to build consumer confidence
- Appropriate links are provided to your social media credentials
- It must be reliable and true to your brand
Integrated logistics and means of payment
Today’s consumers value efficiency. A global e-commerce business needs to ensure that the services provided are prompt and hassle-free. The integration of payments and logistics is an important step in ensuring that trust develops between buyer and seller. Another step would be to get help from a third party to verify the order so that it can be processed automatically.
(Note: To minimize the hidden charges of the target country, you should know everything about the customs of that country)
Logistics and delivery at low cost
Besides fast delivery, you have to make sure that it is accurate. Parameters for success will not only be limited to servicing in the required geographic PINs, but also ensuring fast, safe and efficient delivery. Initially, you could do it yourself, and as the business grows, you can partner with a logistics company, which would also contribute to profit margins. The key to growing your global e-commerce business is having trustworthy logistics partners. It is essential to streamline costs by having a good supply chain, as the individual costs of labor, transportation and warehousing can result in a huge budget. Optimizing logistics costs is essential, which involves tracking orders, reducing the number of returns, managing stocks on hand and standardizing a price for deliveries.
Use of product policies made in India
To help develop the small D2C brands, the government has launched several programs and financial aid is in place. Five government programs aimed at boosting the growth of e-commerce are the Startup India program, the Digital India program, Skill India, the National Innovation Foundation and BharatNet. In addition, there are export related programs such as duty drawbacks, GST tax rebates, state levy rebates, etc. which can help you further scale up. global.
When you thrive in your home market, the natural progression is to make it bigger internationally. Transforming your online store into a global e-commerce business with a simple and convenient website is a modern way to increase your sales, strengthen your brand and give your business a boost. Having a website for each country in which you operate is essential for many reasons including search engine optimization, overall performance, website speed, location, content personalization and many more. ‘others.
By keeping these steps in mind, you can grow your international e-commerce business and empower your business by taking a multi-market approach that will bring successful results.
(The writer is co-founder and COO, Instamojo)
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