In today’s online shopping world, country borders don’t stop shoppers. Increasingly, shoppers worldwide are turning to e-commerce sites in search of products and prices that might not be available in their country. As U.S. businesses try to take advantage of this trend, here are several countries they might want to consider, based on trends revealed by a PayPal/Ipsos report.
Every company, no matter its size, wants to boost its bottom line. Many look at new ways to improve their metrics domestically, but the global market is ripe with opportunities to find new customer bases, extend product life cycles and, of course, increase sales. Discover five ways exporting can serve your company’s goals below.
Grow your business, especially if the U.S. market for your product is saturated.
Introduce your product to new markets around the world. By going abroad, your business can gain access to a world of possibility. Leverage your website, the perfect platform to access the global market. With a few enhancements, it can start taking orders from international customers.
Diversify your customer base to fuel business expansion.
New global markets mean new customers. Exporting gives you access to a larger, more diverse audience, one that’s willing to contribute to your business and help it progress to the next level. By tapping into new customer segments, you can optimize your revenue potential and stimulate your growth rate.
Make up for slack during economic slowdowns.
When the U.S. economy prevents you from meeting your financial goals, your business abroad can cover the difference. By investing in other markets, you provide new sources of profits and business growth.
Increase your product life cycle.
A cycle includes multiple stages—introduction, growth, maturity and decline. Instead of letting your product decline, new international customers can kick-start the cycle all over again. This increases the profitability and shelf life of your product.
Boost the value of your business, should you decide to sell it.
The size of your business dictates its value. If you’re able to exploit international markets and reach a healthy, profitable state, your business will be that much more valuable.
If your company is willing to dedicate adequate resources, exporting may elevate your business in countless ways. No wonder so many make the jump into international markets each year. Reach out to government agencies at the federal, state and, in certain cases, the local level to access a tremendous amount of support to get you on your way.