Tips for Running an International Store

International commerce is growing rapidly, and for a good reason. Consumers worldwide are looking for quality products at a great price and businesses that can offer poise for success. If you’re looking to start selling internationally or already doing so but could use some help optimizing your process, read these seven tips. 

1) Know your target market: 

This may seem obvious, but it’s essential to do your research before expanding into new territory. For example, what products are popular in your target country? Are there any cultural sensitivities you need to be aware of? Knowing the answers to these questions will help you better serve your customers and make them more likely to become loyal, repeat buyers.

2) Make sure your website is international friendly: 

Ensure that your website can be easily translated into different languages and that prices are displayed in the local currency. You should also have a customer service team in place that can communicate with customers in their native language. If you make it easy for customers to purchase from you, they’re more likely to do so.

3) Use trusted shipping and logistics partners: 

Working with a reputable shipping company is crucial when selling internationally. They can help you navigate customs regulations, ensure that your products arrive safely and on time, and track your shipments, so you always know where they are. In addition, using a reliable logistics partner will give you peace of mind and allow you to focus on other aspects of your business.

4) Offer competitive prices: 

Price is always a major consideration for consumers, so it’s essential to make sure you’re offering a competitive rate. Take into account shipping costs, duties, and taxes when setting your prices, and be sure to price your products accordingly. You don’t want to lose potential customers because your prices are too high.

5) Have a LEI number: 

You’ll need a LEI (Legal Entity Identifier) number if you’re selling in the European Union. This is a requirement for businesses that want to sell products or services in the EU, and it helps to ensure that you’re a legitimate company. You can apply for a LEI number through an accredited provider such as LEI Kart.

6) Get familiar with Incoterms: 

Incoterms are a set of international rules that dictate who is responsible for what when it comes to the shipment of goods. There are 11 different Incoterms, each with varying implications for buyers and sellers. Therefore, it’s essential to understand which Incoterm applies to your situation so that there are no surprises down the road.

7) Understand VAT: 

Value-Added Tax (VAT) is a tax levied on most goods and services in the European Union. The VAT rate varies from country to country, so it’s important to be aware of the rate in your target market. You may also need to register for VAT if you’re selling products or services in the EU.

Following these tips can set your business up for success when selling internationally. Remember that expanding into new markets takes time and effort, but it can be an enriching experience. With a bit of planning and preparation, you can take your business global!