The unpredictability of global economies, rising inflation pressures and the continued disruption of supply chains is making it difficult for retailers to predict performance this year. However, due to the rise in eCommerce, sellers in one country are no longer constrained to only reaching local consumers.
The last few years have been especially tough for retailers and, in the current cost-of-living crisis, sellers are facing a new wave of challenges. Market unpredictability will continue to impact retailers’ performance into the foreseeable future, but those who are effectively capitalising on cross-border eCommerce will have more opportunities to thrive.
For example, while shopping around seasonal trends has declined, purchasing products related to cultural media phenomena has skyrocketed, with trends that occur in one country spreading rapidly around the world. These shifts in demand for goods can take place anywhere at any time, so it pays for retailers to keep abreast of what is popular to their target customers in order to capitalise on the opportunities they provide.
With this in mind, a successful cross-border eCommerce strategy relies on agility and availability – regardless of where the consumer or the seller is located. This means localising sales and marketing, and rapidly synchronising inventory with search engines to be able to attract consumers to the right products.
The challenges over the last few years have also highlighted the danger of only having one digital platform or route to market. For independent retailers to take advantage of cross-border transactions, they need to focus on generating more reach and visibility for their products by increasing the number of marketplaces where their product range can be discovered and purchased. Diversifying channels to market also helps to reduce the risks associated with being dependent on one.
With the right support and tools, cross-border eCommerce can boost retailers’ growth in turnover and profits – if they go beyond a focus on domestic shoppers and tap into global demand for their products. Working with online marketplaces, sellers can connect with customers around the world at zero risk to themselves and jump on trends that are spreading throughout multiple regions