Most small businesses shy away from sales that are too complex to ship, such as filling out duties and taxes for border agents to review, or believe their products wouldn't attract an international audience. Overcoming these barriers can lead to significant eCommerce growth.
Online Shopping Growth
By 2023 global eCommerce is estimated to reach $7Bn with the highest growth potential expected in South America, the Middle East, Central/Eastern Europe, and Africa. Key barriers include:
- Localization of your online store: translations, currency, and managing multiple sites/inventory/language.
- Data and International Compliance: taxes and regulatory requirements like the CE stamp for Europe.
- Shipping and Customs Forms: duties, tariffs, and return costs at checkout.
- International Payments: local payment methods need research per country/region.
- Managing customer support: languages and time zones.
3 Steps to take Stripe Payments Global
BigCommerce has partnered with Stripe to offer merchants up to 195 currencies and dozens of local payment methods.
1. Evaluate your business: Start with a geographical map — for USA small businesses, Canada or Mexico might be your first review. Check market size/barriers to entry, market appeal/demand, competitive landscape, and ease of entry (localization, regulations, logistics, taxes).
2. Launch your business in a new country: Optimize your checkout flow for the region with recognizable payment options so customers feel comfortable transacting. Ensure there's no checkout friction — what works in the country of origin might not work next door.
3. Optimize your business: Post-launch, review your business to leverage the multi-country operation and consolidate warehousing, banking, and logistics partners.
Conclusion
When going international, consider opening a local entity to fall in line with the country's requirements for taxing, banking, and regulatory permits. While there is a lot to consider, lowering your complexities for your first step is key. BigCommerce and Stripe cover the payment risks well; the logistics, business entity, and business case will need to support it. If you need assistance understanding the regionalization of payments in BigCommerce or other platforms, feel free to reach out to us at wish@thegenielab.com
Related reading:
- The eCommerce Guide to Accepting Online Payment
- Simplifying Shopify Payment Transactions
- Virtual Credit Cards: How They Work and Benefits
- BigCommerce + A2X: Automating eCommerce Accounting
- Payment Gateways for Merchants: Comprehensive Guide
Planning to expand internationally? Our Shopify Plus agency can help with multi-currency setup and global payments.