Expanding your production or your sales internationally could be an extremely difficult decision. If you're already doing well in your local market, the idea of growth into an international market might be very tempting for a business owner. But how do you know if you're ready to expand and if an international market might be viable for your products?
Here are some of the top points to consider if you are interested in selling internationally with your Overland business:
Shipping: In order to sell your products internationally shipping can become an extremely crucial element of the product price. You might find that the cost of shipping, especially if your customers need products into rush can make it very difficult to compete with local suppliers. This is why so many Overland suppliers end up creating distribution centers or manufacturing arrangements internationally to sell their products.
Using the right e-commerce platform: A local e-commerce platform or selling items out of a local shop is a fairly low risk way that you can distribute your product. In order to break into some marketplaces you may need to consider a distribution agreement with local governments or even taking advantage of a local online marketplace such as the Mercado Libre which is the most popular e-commerce site in Latin America. Doing research into the best sites to list your products on and local regulations can be another hurdle to overcome.
Market research: breaking into several international markets with your product could be a great way to have a backup during slow sales periods locally. Understanding if there is a need for your product in that local market and if there is any local competition can help to determine your success when selling internationally.
Building a new network: whenever you're going to sell products internationally you need to start working on a new network for advertising, taxing your products, distributing your products and more. While you may start off selling your products online and shipping them to a new international market, eventually it could become cheaper to set up your own distribution, a factory locally and start working with a local marketing company for advertisements in the native language.
Keep these top ideas in mind if you are trying to determine whether selling in an international market could be a great idea for your business.