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7 Tips on Cross-Border Ecommerce from India
With rapid strides in digitization, it is time for the Indian merchant to address a wider audience by going cross-border. He gets the opportunity to cater to a wider market and build up his brand presence overseas if necessary by customization of products to suit customer’s needs. So take advantage of the emerging markets and the support the Government by expanding to cross-border ecommerce from India. You get a B2B presence worldwide and have the option of doing business across the 7 Continents.
7 Tips on Cross Border ecommerce from India:
- The taste and demand of online consumers the world over have undergone a sea change. The retail markets are unable to meet the demands of the people. They want much more than what is available with the local retailers. Cross-border ecommerce has given the online consumer the freedom to choose what they want to buy. It is time to cash in on that thirst for exclusive goods.
- There are profitable markets across the seas. Indian fabric and garments are in great demand in many parts of the world. We do not have to depend on imports for our cotton. Our manufacturing of garments has become more and more professional over the years. So it’s time to catch up with the rest of the world. To represent India to the world through ecommerce. Take note of these tips to cross border ecommerce from India.
- MSMEs are today the backbone of India. They employ a huge number of people and contribute 45% of the “total manufacturing output” and 40% of our total exports. They have gained immensely as domestic ecommerce has grown. For example, previously availability of garments from Tirupur was limited to certain markets only. Today sitting at home the online consumer can buy any sari or any shirt manufactured anywhere. The manufacturer is also able to access national markets with the growth of ecommerce with a higher profit margin and enhanced revenue growth. There is obviously a huge potential as the unorganized sector has come under the purview of the organized sector thus boosting our economy. The same MSMEs can now be taken to global markets because the cross-border ecommerce from India has opened up with digitization. There is a huge market waiting to be tapped. Indian apparel, fabric, jewelry, handicrafts and handloom are in great demand globally. No one can beat the fine filigree or the Kantha work of Indian artisans and weavers. Cross-border ecommerce has opened up markets hitherto untouched by traditional trade. The opportunities are far wider and greater than ever before. Mobile shopping has given easy access to the consumer into global markets. So take the Indian finery overseas, make them easily available online, thereby giving a boost to what is also known as a cottage industry.
- The Government of India has introduced rules now that aid in the ease of doing business, supporting Indian exports. This will be enhanced further in the coming years. Merchants need to take advantage of that with cross-border ecommerce. However, since cross-border ecommerce involves shipping in bulk almost on a daily basis, a single-window clearance for this is still awaited. If the entire process is digitized then exporting products through cross border ecommerce will become even easier.
- The bottom line for any business is Market research. Even in this case, it is imperative for Indian merchants to study overseas markets, demands and shopper behavioural patterns. It probably makes sense to have a local partner to provide good customer support and to facilitate the delivery of goods. The growth trend of the economy should be studied, determining the potential for the growth of your business. It must be determined whether its worth doing business there. It’s really very important to understand the market requirements including packaging and delivery or payment preference because this can make or break your business. Also, be aware of restricted items.
- Understanding local tax laws and regulations is of prime importance. Just as India is planning to give only limited access to data generated within the country to foreign firms, there might be similar rules elsewhere. Trade laws, Logistics and Legalities need to be noted. Challenges are many in the global markets and the seller needs to have a strong strategy for selling in order to make his business cost-effective but let not the challenges sound daunting because the benefits are many.
- Forays into cross border ecommerce are accompanied by its own risks but if you can find a niche for your goods and services, you can have a strong strategy and ‘risk mitigation plan’. It is your capacity to do business which will bring you success in more mature world markets. So avail a chunk of that huge market waiting for you. You build your brand and the payment comes to you in your own currency. To avoid hassles associated with individual export, sell through marketplaces like Alibaba, Amazon or E Bay. These marketplaces which already have a presence in India allow you to list your products and sell abroad. This makes you breathe easy. What more could you ask for? It’s thus prudent to sell your products globally. Make cross border-ecommerce your business!
It is to be noted however that without an ardent desire to grow your business globally, without a thorough knowledge of what lies beyond the borders, it is next to impossible to be successful in cross border ecommerce from India. So let your hunger for more business drive you to explore foreign shores with appropriate tools like AI-powered SAAS platform Eunimart, to aid you, a go get it attitude and a strong plan in place. As they say, “There is no elevator to success; you have to take the steps”.