Creating an international brand is no easy feat. Yet, with Amazon’s 11 global marketplaces and customers in over 180 countries, it’s becoming more attainable for retailers to sell all over the world.
Retail as we know it is rapidly developing with more product being purchased online over brick and mortar stores. Internet Retailer is calling for online sales projections to triple in 2017, and eCommerce stillonly makes up for 10% of overall commerce. With this increased growth, more sellers are expanding beyond borders. The opportunity to sell globally? Massive.
WorldFirst works closely with brands looking to tackle the international markets, we have found that selling internationally allows brands to access loosely tapped markets, reach new customers, and drive sales across multiple channels. Those who have expanded successfully would tell you 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, and most importantly, an easy way to move money globally.
Businesses have been taking advantage of the global eCommerce marketplaces for years, and we are now seeing more and more private label brands and resellers become leaders in the market. Brands like Anker manage their own eCommerce storefronts and are relatively unknown in the brick and mortar space. Though, by optimizing their listings and expanding their brand across multiple channels they’ve become a titan in global marketplaces.
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 eCommerce platforms. For those of you counting at home, that’s roughly 455 million potential customers.
Death Wish coffee is among one of the brands World First works with. Featured on CNN Money, Good Morning America, and Forbes (just to name a few!), Death Wish coffee is now a household name and sold worldwide. Their goal was to create a great tasting, incredibly strong brand of coffee. Rather than relying on a brick and mortar coffee shop to launch their brand, they wanted 90-95% of their sales to be from e-commerce channels.
After a feature on Good Morning America in 2013 spiked brand awareness, Death Wish made the decision to take their business global. Eric Donovan, Death Wish’s production and shipping manager, said that expanding to new markets was a huge learning curve for them. It required them to figure 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 over 10% of their sales were driven from international channels.
WorldFirst helps companies like Death Wish bring more of their profits home. They work alongside thousands of global brands to move their currencies at competitive rates with award-winning customer service. Our service has saved our clients hundreds if not thousands of dollars on their transfers. They also assist in protecting their margins, preparing for fluctuations in the global markets, and helping pay any supplier or vendors you may have overseas.
Expanding to new markets is a huge undertaking. If you choose to move forward with it, make sure you are bringing home as much of your revenues as possible. Find out more about how you could work with World First or sign up for a free account here.