July 3, 2020
Partnerships, robust ecosystem integrations and local market know-how are crucial elements for defining a cross-border eCommerce strategy. The execution of a successful strategy can be managed seamlessly by implementing the right technology.
Cross Border eCommerce is one of the major factors associated with the future of eCommerce. In order to establish a business that transcends borders and countries, the focus should be on creating and implementing a successful Cross Border eCommerce strategy for your business. 1 out of every 5 eCommerce dollars will be generated through cross-border eCommerce in 2020, according to a report by Accenture.
Growing internet penetration along with the growing popularity of ecommerce has led to a vast change in the modern consumer’s behaviour and expectations. The modern consumer wants eCommerce to transcend geographical boundaries just like the internet. This change can already be observed in sophisticated Asian eCommerce markets such as Singapore and Malaysia. According to a report by Payvision, an estimated 55% of all eCommerce in Singapore and 40% of all Malaysian eCommerce is cross-border. As APAC becomes the next big destination for eCommerce and cross-border eCommerce becomes the norm, the other markets will soon follow.
Statistically speaking, it is evident that businesses that are looking to start cross-border operations need to build a sound cross-border strategy to gain a competitive edge. Selling across borders doesn’t necessarily involve a physical presence anymore, thanks to eCommerce. However, certain factors are extremely important when building your Cross Border eCommerce Strategy . Once you align these elements, your business can function across borders in no time. Here’s how:
In order to establish your brand across markets that are new for you, it is crucial to choose the correct partnerships for your business. A Cross Border eCommerce Strategy must begin from deciding the partnerships that your business will require in order to run smooth operations across borders. These partnerships involve working closely with local, reliable players such as fulfilment providers, warehousing players, last-mile carriers etc. Having these partnerships can definitely help you reduce your go-to market time significantly. It is crucial to remember that successful partnerships will help sustain your business. They are the backbone of a well-planned Cross Border eCommerce Strategy. When it comes to consumer expectations, factors such as logistics, timely delivery, shipping costs, etc. plays a major role. If you have concrete partnerships in these new markets, your business will be able to fulfill these expectations efficiently.
When it comes to successful international expansion, businesses have to factor in the pivotal role of integrations. After establishing concrete partnerships, the next step for businesses looking at cross border eCommerce would be building presence across multiple platforms. Every country has an ecosystem of marketplaces, webstores, ERPs such as Tally and SAP, accounting tools, last-mile carriers, WMS, etc. In order to establish a solid brand connection, you need to make sure that your business is integrated with the correct ecosystem players. Visibility across various established marketplaces and webstores allows the customers to trust your brand and increase the chances of customer acquisition. However, before jumping into various integrations, it is crucial to have a strategy for the same. Businesses that are tapping into lucrative markets need to keep in mind that every country is different. What works in one country may not necessarily work in another. This brings us to the importance of utilising data to have a strong hold on local know-how.
Completely understanding the market you are stepping into is another crucial aspect of defining a robust strategy. Every customer present across various markets functions differently. By utilizing the data around customers in these markets, businesses need to have a strong understanding and local know-how about the markets they are approaching. Factors like geography, language, cultural diversity, customer loyalty, buying behaviour etc. need to be factored in while building a cross border eCommerce strategy.
Develop an Efficient Pricing Strategy for a Competitive Edge
67% of customers who shop abroad, do so because the prices are lower than in their home country, according to a study by invespcro.com. However, creating and maintaining a coherent pricing strategy across multiple marketplaces in a foreign country can be daunting. To simplify these operations and to keep an active, dynamic and ever-changing strategy, it is crucial to have data about your performance in these new markets. Various promotional offers and discounts are also a great way to earn loyal customers and gain a competitive edge in the market.
Localising Product Content for Effective Branding
Customising your product content according to the regional, cultural and geographical differences is an important step in creating an effective brand name in cross border eCommerce. Each region has their own popular marketplaces and each marketplace has their own set of specifications like character limit, prohibited words etc. Individually creating and customising content for each marketplace is crucial. Businesses need to factor in linguistic diversity as well and be prepared to produce content in various languages that are local to the country they are venturing into. This step can be beneficial in developing brand positivity and gaining loyal customers.
Real-time Insights & Trends
Businesses that are looking at global expansion need to make sure they utilise the availability of existing their selling data to strategise their cross border eCommerce presence. Every country has diverse demands and when looking at expanding into these markets, the sales data needs to be factored in. When proper data and actionable insights are available, utilising them to deliver products that the customers require will definitely prove to be beneficial, even as a long-term strategy.
When it comes to businesses that are moving to other countries with their own setup, understanding the customer is of utmost importance. In fact, along with having proper local know-how, it is equally important to manage cross border eCommerce operations efficiently. This would include accurate inventory management, understanding customer expectations, visibility across prominent marketplaces and much more. In order to manage their businesses seamlessly, various technology platforms should be utilized.
In order to overcome challenges like customer preferences, buying behaviour, cultural and linguistic differences, etc. it is crucial to have a proper multichannel eCommerce management system in place. This is one of the factors that makes cross border eCommerce even more challenging than domestic eCommerce. To move one step further, it is crucial to study the market to understand the right channel for your products. This is why accessing real time data becomes extremely important, especially since a company that assumes ‘One size fits all’ fulfilment model is definitely up for disaster when it comes to diversified markets like Asia.
According to a research conducted by Zion Market Research, Global Cross-Border B2C E-Commerce Market Will Reach Over USD 4,856.1 Billion By 2027. According to the report, the global cross-border B2C e-commerce market was USD 562.1 billion in 2018 and is expected to reach around USD 4,856.1 billion by 2027, growing at a CAGR of 27.4% between 2019 and 2027. Needless to say, this offers great opportunities for international growth to single-nation businesses to expand into emerging markets. However, given the scale of the operations that require to be executed, it is crucial to utilise available technology platforms for end-to-end management.
Businesses that are venturing out into emerging markets need to have a strong cross border eCommerce strategy in place. In order to navigate the diverse requirements of these markets, it is highly important to have an overall visibility over your operations. Technology tools are extensively used to manage operational visibility when it comes to cross border eCommerce. Businesses can perform operations like keeping an eye on available inventory, managing orders, handling and creating different promotions, synchronising logistical operations, etc through technology tools. In fact, these technologies are built with industrial insights tailored to a particular country, making it that much easier for businesses to understand the markets they are tapping. This kind of data and information can then be used to strengthen, modify or overhaul your cross-border strategy.
The global cross-border ecommerce market is expected to reach $1 trillion in 2020. As businesses deal with a borderless world, the opportunities to reach a wider market and bolster their customer base are vast. With greater revenue and wider customer base, comes great competition. Using the right technology will optimise all your operations, streamline processes and simplify workflows to give the competitive edge you need in the ever-competitive world of cross-border eCommerce.
Interested in transforming your existing multichannel selling, retailing, or eCommerce service business? Speak with our expert now.
Integrate your online channels in few steps, and try out all features of the SelluSeller
Receive the latest insights, reports, research papers, news bytes, and important announcements from Anchanto.
8 Valuable Principles of Establishing Project Management Processes
For businesses that wish to scale while maintaining quality work and standardized operations, Pro...Learn more
Why Should Brands Adopt Omnichannel Retail?
For brands, omnichannel retail holds endless opportunities and benefits. With a key strategy in p...Learn more
5 Metrics to Strengthen your Multichannel Sales Strategy
To be successful in Multichannel Sales, you must analyse your existing channel operations closely...Learn more
How eCommerce Marketplaces Can Help You Setup Offline Presence in a New Market
To establish an offline presence in a new market, brands can begin by selling through eCommerce m...Learn more
Meet Bhushan, Product Consultant at Anchanto
Freshly out of college, Bhushan joined Anchanto’s rapidly growing team three years back. His jour...Learn more
Anchanto facilitated successful year-end eCommerce sales of Filipino local businesses amidst Covid-19
Anchanto helped Filipino businesses navigate challenges & scale operations online during COVI...Learn more
7 Key Steps to Set up Operations in a New Market
Establishing offices and operations in a new country requires detailed market study, proper strat...Learn more
Top tips to boost your social media and social commerce strategy
Your social followers can gradually convert to your shoppers. Here are few ways on how you can ma...Learn more
Electronics Conglomerate Panasonic announces eCommerce expansion across Asia-Pacific in partnership with Anchanto
Panasonic, a global electronics conglomerate announces partnership with Anchanto to streamline it...Learn more
Starting a New Job from Home: 7 Anchanto Stories
Listen to the stories of Anchanters who joined the company during a global crisis and how they na...Learn more
Social Commerce: The Winning Combination of Social Media and eCommerce
Social commerce is an upcoming trend and takes the best of eCommerce and social media to help you...Learn more
6 Useful Practical Insights to Manage Cross-border eCommerce
Understand the challenges of cross border eCommerce and how to tackle them through intuitive tech...Learn more
Preparing your logistics business for special sale seasons
Plan ahead for sales season this year with these recommendations for warehouse management system ...Learn more
How to Leverage YouTube for Retail Businesses
YouTube can work wonders for retail businesses. From having access to a large number of customers...Learn more
8 eCommerce Mistakes to Avoid this Holiday Season
Some businesses struggle to convert their holiday website traffic into sales. If you face this ch...Learn more
Top Multichannel Inventory Challenges and Solutions
Shifting to multichannel sales, you are likely to encounter commonly faced inventory challenges a...Learn more
Content Asset Management: A key to multichannel eCommerce success
Digital Asset Management (DAM) and Product Information Management (PIM) are two systems help that...Learn more
Retail distribution giant Valiram selects Anchanto to accelerate its global eCommerce transformation
Valiram, South-east Asia’s leading retail specialist, announces partnership with Anchanto to soli...Learn more
How to achieve control over your online retail business and improve its visibility
Understand how technology and software solutions can help eCommerce businesses to improve control...Learn more
Analysing The New Normal for Fashion eCommerce
The Covid-19 pandemic has changed the way in which shoppers use eCommerce, especially when fashio...Learn more
Using my past entrepreneurial experience to solve eCommerce Challenges for Enterprises
My experience as an entrepreneur helped me solve the challenges faced by eCommerce enterprises as...Learn more
Practical insights to implement a robust Omnichannel strategy for your retail business.
A few years back, ‘Omni-channel’ was merely a buzzword, a theoretical concept that was just discu...Learn more
How we conceptualised and launched our latest innovation in just 3 months
When it comes to innovation, we are always on the lookout for newer ways to make our customers’ e...Learn more
Scaling your logistics and fulfillment business with the right technology.
According to a report by Mordor Intelligence, the logistics market in APAC is set to grow at a CA...Learn more
Overcoming challenges of cross-border eCommerce
Over the last few decades, selling has seen a logical progression. Earlier, the brick-and-mortar ...Learn more
Utilizing Cutting-edge Technology to Overcome the Challenges of Channel Management
Distributors have long played an important role in streamlining the operational lines between man...Learn more
Onboarding customers remotely: how the pandemic helped us learn & innovate processes
Aligned with our deeply ingrained objectives of delivering anchanting experiences to our customer...Learn more
How to Use Partnerships & Tools for Shorter Time-to-market?
As a retail brand or distributor, time is of the essence, especially when you want to expand your...Learn more
Can sticking to a marketplace harm your online trade?
There’s no doubt that eCommerce has given businesses a new lease of life. Much of the overhead th...Learn more
How brands overcame the channel conflict dilemma
Earlier, businesses had to establish their dealer and retailer networks in all geographies, putti...Learn more
Anchanto achieves profitability and receives S$16.6 million in ongoing Series C-funding round for market expansion & product development
Anchanto’s SaaS offerings receive a vote of confidence from globalcompanies due to steady profita...Learn more
How can distributors keep both brands and buyers happy?
As the world shifts to the new normalcy and adopts online shopping, your distribution responsibil...Learn more
Australia: How Anchanto is ramping up growth in the region
After entering the Australian market in late 2019, we are well underway to serving as a bridge fo...Learn more
Creating a Successful Cross-border eCommerce Strategy for Your Business
Cross Border eCommerce strategy is one of the major factors associated with the future of eCommer...Learn more
Should you outsource eCommerce operations or manage them in-house for your brand?
It is no secret that the global retail economy is changing fast and eCommerce has a significant p...Learn more
Execute Seamless eCommerce operations on-the-go with the all new SelluSeller App!
The world, as we knew it, has completely changed over the past few months. A remarkable shift can...Learn more
The Power to manage business ‘on-the-go’ for eCommerce leaders.
Living through a pandemic has altered the way people across the world shop, leading to a remarkab...Learn more
SelluSeller Now in Your Palm- An eCommerce Management Revolution
Aligned with our vision of making multichannel selling & eCommerce logistics simple for every...Learn more
Enhancing eCommerce Logistics Operations with Cutting-edge Technology
The eCommerce wagon runs on the tracks of resourceful supply and excellent connectivity. As onlin...Learn more
2018’s Top Ecommerce Trends That Will Shape Online Selling in Southeast Asia
As online selling is a fairly new retail method, ‘change’ is a common expectation for almost all ...Learn more
The Influence of COVID 19 on Fashion eCommerce
Understand the existence of consumer trends for fashion industry during the lockdown period and h...Learn more
What does the current pandemic mean for brand marketing agencies?
The Covid-19 pandemic has shut offices and significantly affected our world, but it has also resu...Learn more
Exploring the Future of Australian Businesses in Asia - I
Covid-19 has become a force that has changed the way in which businesses operate, strategize and ...Learn more
Exploring the Future of Australian Businesses in Asia - II
In order to grow and thrive in a post-pandemic era, Australian businesses must analyse the risks ...Learn more
How to avoid human mistakes in eCommerce with Automation?
eCommerce businesses in Southeast Asia have struggled for a long time dealing with manu...Learn more
How Should I Structure my Warehouse?
The efficiency of an eCommerce business depends heavily on how well its warehouse is op...Learn more
How to Improve User Ratings on Seller Centre
As an online seller, you must be well aware of the importance of the ratings that you get on your...Learn more
How to Structure Fulfillment Operations for Your Selling Business?
Fulfillment operations primarily refer to the process of getting a product delivered to the right...Learn more
What is the difference between B2C & B2B Fulfillment?
With the rapid expansion in the Singapore digital economy and online purchasing decisio...Learn more
How to Avoid Overselling?
Inventory and stock management are one of the biggest challenges faced by enterprise eCommerce bu...Learn more
What is the Difference between WMS and eWMS?
Warehouses have always been an integral part of any retail chain business and proper wa...Learn more
How to Reduce Customer Complaints and Claims
When the customer is unsatisfied, investigating the way they are treated, is important.Learn more
3 Things You Need to Master To Sell More on Marketplaces
Why is it that global businesses and brands, most often, seem to be miles ahead in their approach...Learn more
How to Make an Effective Social Media Plan for Your Online Store
A Social Media Marketing Plan or social media plan is a document that details the strategies in s...Learn more
How to Use Emotional Persuasion as a Growth Tool for Online Selling
Neuromarketing or emotional persuasion in connection with sales and marketing is not a new concep...Learn more
Top Marketing Strategies for Your eCommerce Store in 2018
eCommerce is the next big thing when it comes to online web stores in SingaporeLearn more
Top 5 Ways to Advertise Your Products for Free on the Internet
E-commerce is what Singapore is going towards with each passing day. With the rise in the accessi...Learn more
How Do I Sell Online in Singapore For Free?
To sell online without having to spend a penny, you have several options: through social networks...Learn more
Decoding the Cross-Border eCommerce Puzzle
Technology enabled eCommerce has given an unprecedented push to cross-border trade in recent years.Learn more
Grow Your Online Business by Selling More to Current Customers
When you ask a co-seller what their goal is when they start start selling in Singapore, they almo...Learn more
How to Transform Occasional Buyers in Frequent Customers?
While online sellers and brands always seek to expand their reach to increase their sales in Sing...Learn more
Five Most Common Mistakes Made by Online Stores
Revenue in the eCommerce market of Singapore amounts to US $8,591m in 2018, and it is expected to...Learn more
7 Tactical Ways Every Business Can Use Local Marketing to Sell More Online
Local marketing is the process of optimizing your website’s brand in a way that adapts the localLearn more
How to Choose the Perfect Theme for Your Online Store
Judging a book by its cover may not be a good way of understanding our society, but when it is aboutLearn more
Best Software and Apps to Edit Product Photos
We all know about Photoshop, one of the most common and efficient image editing software in South...Learn more
How to Describe a Product in Your Web-Store?
The content is king. A phrase conveys the importance of your titles, descriptions and other texts...Learn more
The Drop Shipping in eCommerce: Is it Possible to Sell Without Having Inventory?
The inventory is undoubtedly one of the dilemmas of any company that trades with articles of any ...Learn more
How to Choose an online marketplace to sell your products?
A data from Entrepreneur-the elite magazine says In 2017, the eCommerce market generated a revenu...Learn more
Eight Effective Ways to Promote Your Products on eCommerce Platforms
When planning to promote your products to strengthen the sale, you should not limit yourself to t...Learn more
How to Master Product Photography on a Tight Budget
If you are one of those who keeps uploading the product photos provided by your supplier,Learn more
Nine Effective Strategies to Increase Additional Sales
Selling more is something that obsesses both online and offline marketers. Hence, a seller is con...Learn more
Top 10 DIY Things to Make and Sell Online
Singapore has a history of thousands of years. This means people residing here have ideas of art,...Learn more
Marketplace Aggregation – Why It Can Make or Break Your Online Business
Okay, so you’ve moved on—not in the distant past—from the brick and mortar model of doing busines...Learn more
Dont Just Meet Marketplace SLAs, Beat Them!
With the spurt in Singapore eCommerce, sellers need to deal with a deluge of Service Level Agreem...Learn more
How to Use Discounts and Deals to Get More Customers Come and Stay Forever
Encouraging repeat sales is a crucial aspect of online selling, specially when you are an online ...Learn more
How to Maximize Selling During Peak Season
For an online business seller in Singapore, holidays are golden opportunities for increasing thei...Learn more
How to Be an Online Power Seller on Major Marketplaces in Singapore
The rising popularity of Singaporen eCommerce marketplaces has led to increase in the direct comp...Learn more
Top Products to Sell Online in Singapore
With a history of over 40,000 years, Singapore is one of the 17 mega diverse countries in the world.Learn more
How to Start Selling Online in Singapore
The massive shift of Singapore retail towards digital has opened up a whole new world of opportun...Learn more