What You Need to Know About Expanding Your Ecommerce Business to Europe
One of the best perks about owning an online business is the freedom it gives you to work from anywhere. This amount of flexibility is virtually non-existent in other careers in different industries. Also, it’s one of the reasons many people leave the workforce to start their online empire. That being said, when it comes to business expansion, some factors can make this move harder to pull off than it sounds.
A good example of this can be seen with an eCommerce business. To begin with, an eCommerce business requires a little more back end work such as shipping and product storage. This makes expansion much more difficult than an online drop shipping business, for example, which doesn’t involve the hassles that come with an inventory.
Nonetheless, there are no comparing the rewards that an eCommerce business gives an owner when a successful move is made. Especially when a business is moved to a crowded market such as Europe, the chances of profiting quickly are increased exponentially.
Moving to Europe itself has its own set of challenges that other locations don’t. Still, people would rather take the risks for the rewards. With this in mind, here are a few tips you need to know about expanding your eCommerce business to Europe.
Keep The Same Client Retention Strategies
One of the most common mistakes that people make when expanding their business is changing client retention strategies. Most business owners are under the impression that a new market means having to change methods of keeping new clients. However, you have to keep in mind that as long as you have the same products and business model, the clients will stay the same. Because of this, consider starting with the same client retention strategy to keep customers coming back.
Have A Financial Backing To Move
As an overall rule, don’t make an expansion move without having the necessary financial backing to do so. This is another mistake business owners make as they feel a need to move as quickly as possible. That said, the reality of the situation is that poor financial backing will most likely result in huge financial loses. In extreme cases, it can mean the end of your expansion move altogether.
Make Sure To Understand European Tax Regulations
On the technical side of making an expansion move, by far the most important factor to keep in mind is taxes. To be more specific, make sure to fully understand European tax regulations. This serves two important purposes for your business. One, it allows you to avoid tax penalties that can be costly to your business. Second, it also allows you to find loopholes within the tax system that can help your business financially.
Stick To Digital Marketing Strategies
Similar to keeping the same client retention strategies, it’s also more beneficial to stay with the same client acquisition strategies. With an eCommerce business, the mostly means sticking to the same digital marketing strategies. The only changes that might come up are minor tweaks within a marketing strategy such as link building from European websites. Local marketing agencies like Cannes-based SmartWeb Group can help you with obtaining backlinks from French websites. See https://www.smartweb-group.com/en/french-linkbuilding for more details. Other than that, don’t change what isn’t broken.
Look Into Dedicated European Shopping Days
Depending upon where in the world your business is moving from, the chances are that Europe is going to have different dedicated shopping days. In general, other parts of the world have different holidays where shopping might increase because of it. Because of this, make sure to look into days where people might have a day off that you might not have known about. This will only increase your chances of succeeding in a new location.
Consider Hiring A Local Customer Service Team
Just because a business has made a move to a new territory doesn’t necessarily mean the owner has to. In most cases, the owner is situated in one location while the business grows from afar. However, this can make providing high-quality customer service a bit difficult. Because of this, consider hiring a local customer service team to do the dirty work.
Break In The Market With Discounts & Giveaways
Last but not least, it is always a good idea to break into new territory with discounts and giveaways. This is a method that has worked for businesses since before online business was a thing.