Tips for Success Global E-commerce
Since the beginning of what is now referred to as e-commerce, online business has been increasing at tremendous rates. E-commerce helps those who cannot afford to open a “brick and mortar” storefront. It isn’t tough to build an online store; however, online storeowners must take certain steps to bring in business, especially to get international business.
The following tips are from Craig Vodnik, co-founder and vice president of operations at Cologne, Germany-based e-commerce provider, Cleverbridge. His tips will help any e-commerce business owner in proper management and increasing sales.
1. Flexible Pricing
Pricing your products can be tough. You must be aware of the price points of each of your products in the market and make changes accordingly. Strategize the prices of your products, even in different currencies.
2. Simplifying Currency Exchange
Unfamiliar currencies on e-commerce sites can be confusing to a lot of people. To prevent confusion, display the pricing in every relevant local currency to decrease cart abandonment and simplify the user experience.
3. Price Presentation
Give your products well-rounded points. Statistically, customers in Europe would rather see rounded prices. For instance, price a product at €26 instead of €25,81.
4. Local Payment
Make the payment system as friendly as possible. Asking the customers to pay in a way they are not accustomed to can make them suspicious and will create fiction in the process. Provide them with a payment system they are already used to.
Similar to the payment system, make sure that you show sales tax costs in a way that the online customers are familiar with. This will help you avoid suspicion and perpetuate buyer comfort. In Europe, for example, people use the term “Value Added Tax” or “VAT” to represent the tax on the products. Therefore, tax is marketed as a component of the final price. This is very significant for American online merchants to remember if they spread their store to European countries.