Ever since the initiation of the liberalization, privatization, and globalization (LPG) policy in 1991, the Indian economy has opened doors to join hands with other countries for the trade of goods and services. And today, after approximately 30 years of its presence, all the business owners are looking for expansion of their organizations in foreign countries.
If you are a business owner, you might also have thought of exploring foreign markets and selling internationally. Perhaps you have been wondering where to start, how to take the first step, or maybe understanding the market. It can happen with any of us because international trade looks simple only in books and research papers.
With so many unanswered questions in our heads, we might tend to procrastinate and push our plan further. But thanks to the inventors of the internet, there is no need to hold back anymore. It has facilitated cross-border selling and made it a piece of cake. With the help of third-party service providers like Amazon, you can also be an active exporter of goods who sell internationally from our home country to foreign lands.
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Why should you sell internationally?
When you have envisioned yourself as a part of cross-border sales and exports, you might have already seen the pros of it. And while researching the facts and figures, you might have seen the size of the market abroad. It is shocking to know that it is more than double the domestic market.
When you sell internationally, you open up your business to be vulnerable to such a humongous set of audiences. And you should consider it pretty seriously if you want to ensure success for your organization. Studies have shown that once a consumer opens to international buying, they definitely come back. So, you have earned a customer for a lifetime.
Following are some of the evident advantages that an exporter can use when involved in international trade and exports.
1. You do not have to be seasonal
When you sell to different countries with different climates, the need for seasonal vanishes; you can easily take advantage of the peaks in demand for your product throughout the year. For instance, if you sell woollen clothes, your need in India will be there for 4-5 months during winter, and in the remaining months, you will only have to produce to sell internationally. By trading in other countries, you also get the chance to make the most out of occasional selling.
2. You can expand your market reach
You might have seen the highest turnover of all time, but there is always room for more profits. By extending your storefront to international customers, you add multiple customers to your customer base and generate leads in a better way. The amount of online shoppers and international buyers is very high across the globe. So why should you not exploit the goodness of potential sales and lead generation from such a massive magnitude of customers?
3. You stay in the competition
As a producer, your products are manufactured to bridge the gap between consumer demands and supply in the market. If you do not fulfill this part of your responsibility, your customers will, and it would not even take time for your existing customers to shift to other brands. But if you have a well-developed strategy and you sell internationally too, you will always be ahead and can leverage the benefits of customer loyalty.
4. You take advantage of economic conditions
The local market conditions and economic stability can affect your business primarily. So when the domestic needs are not in your favor, you can resort to selling your products across other countries. So, investing your time in researching exchange rates, economic norms, and rules prevailing in other countries is always worth investing your time in.
5. You establish your brand and goodwill
It is a general human tendency that when a business is involved in exports, people think it is valid and trustworthy. You can build your brand’s reputation within the minds of customers, and once a customer is satisfied, they will definitely buy from you again. But it also does not mean you will indulge in unfair practices and cheat consumers.
Now is always a great time to start thinking about the when and what international selling, but not without analyzing the risk to reward ratio. Every new thing is an exciting adventure, but patience is the key when it comes to business and its expansion. So, it would be best if you did some research to stay informed and mitigate the chances of risk.
Apart from that, international selling has only advantages associated with it. Whether it is in terms of earning in foreign currency or establishing stores abroad, you will prosper in the long run.