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Untapped Cross border Opportunities for Domestic Sellers to go Global
Cross border sales offer ample opportunity for domestic sellers to go Global. India has been steadily gaining prominence in the world market and it is time to seize the opportunity to sell on cross border e- commerce platforms.
E-Commerce is said to be growing 250% faster than traditional retail. There are many emerging markets that are offering fresh potential to buyers and sellers. Today people have mobile devices with them all the time and the temptation to shop online is growing. Domestic sellers can ship and sell anything and anywhere. There are no borders or barriers existing for today’s ecommerce sellers. The biggest opportunity for business today is International e-commerce. There are billions of shoppers out there and the number is likely to grow. Timely venture into this market of cross border e-commerce, domestic sellers or the Indian sellers can sell to literally millions of buyers. It is thus a win-win situation for the domestic sellers who can now tap the opportunity to go Global.
Factors that are favourable towards domestic sellers going Global are:
- The expanding digital influence on consumers
- The growth of the internet
- Growing cross border trade
- An expected 25% CAGR in 2022 also paves the way for domestic sellers to go Global
- Lower costs of production in the domestic market and the consumer’s need for global products
- By 2022 as per statistics, the Asia Pacific region is about to become very lucrative as an e-commerce business zone
In fact 25% of the Global e-commerce business will be driven by cross border sales and Indian domestic sellers have the opportunity to cash-in on this.
Shoppers tend to go Global because of the low pricing and limited availability of products domestically. Indian made goods, jewelry, apparel and crafts are very much in demand. The smart thing for domestic sellers to do is to make them available on cross border e-commerce platforms as early they can.
Chinese shoppers go to US markets while many shoppers from the US shop in Chinese markets. With cross border e-commerce there are no boundaries. Indian sellers therefore need to keep up with the growing trends and start selling internationally. Their mantra should be ‘Go Global-Grow Global’.
The top ten marketplaces to sell internationally are:
Selling internationally will boost the sales of domestic sellers by 10-15%. People are purchasing on the internet all the time and every 7th purchase is cross border. Platforms such as eBay or Amazon are taking advantage of this and expanding. The domestic seller can also take advantage of this by going Global. The sky is the limit in this business. Everyone wants access to good products and for that consumers will not hesitate to buy cross border. There is an enormous untapped opportunity in this for the domestic seller.
For Indian domestic sellers apparel and jewelry offer a great opportunity for cross border sales as also crafts by artisans. By jewelry we do not mean precious jewels but imitation ones. Imitation jewelry now has huge potential in the international market especially in Pakistan, Turkey, South East Asia and Saudi Arabia. Online sale of imitation jewelry is actually 5% of the total jewelry market which is likely to rise up to 10% by 2020. While the demand for consumer durables is likely to grow 2 times by 2020 and cross border sales should thus be profitable.
Apparel sales too are set to grow exponentially by 2020 and domestic sellers need to take advantage of certain key factors. India has an edge over sellers from Vietnam and Bangladesh because we do not have to import cotton like them, we are the largest producer of man- made fiber, and the cost of labour is lower. Hence it is a profitable venture for the Indian domestic seller to sell apparels on cross border e-commerce platforms.
What is interesting to note for the domestic seller is –
E-commerce is no more confined to the West. Total value of ecommerce spend in Southeast Asia grew by 20% in 2018 when compared to 2017.
Domestic shoppers are going cross border now. In 2021, over 2.14 billion individuals worldwide are believed to be purchasing merchandise and services on the web
Voice search based devices like Amazon Echo help shoppers to purchase online with more ease. Its time, domestic sellers use the opportunity provided to them by advanced AI & ML tools.
Payment reconciliation processes are getting smarter and simpler. Blockchain is gradually making inter-entity reconciliations safer.
As per an August 2019 review directed by Bizrate Insights, social ecommerce is positioned amongst the most-utilized developing web based business practices prefered by US online buyers. Every such insight is a happy opportunity for the domestic Indian seller to sell on international marketplaces.
It is about time, that you start selling internationally through cross border e-commerce platforms. It is a world set to widen its doors coupled with the prolific growth of internet and social media users. The international markets are ripe and waiting to be explored by domestic ecommerce sellers. The future is yours, and it is here. Its time to be, where the world is now – Global eCommerce.