Black Friday & Co: 10 golden tips for online retailers

Black Friday (November 24, 2017) and Cyber Monday (November 27, 2017) have now also established themselves as a must-attend event for bargain hunters and online stores in Germany. They also mark the start of the Christmas shopping season. Single's Day on November 11, 2017, which was launched by the Chinese platform Alibaba in 2009, is now increasingly coming into focus. In 2016, over 27,000 retailers took part and sold goods to customers from around 200 countries. The following therefore also applies to German store operators: anyone who has not yet prepared themselves to get a slice of the international pie should start now at the latest. Especially when it comes to payment methods, the preferences of shoppers in different parts of the world differ considerably. The decisive factor in pushing the virtual trolley through the checkout is often whether a retailer offers the payment method they prefer.Ralf Ohlhausen, Business Development Director at e-payment specialist PPRO Group with a ten-point checklist.

The 10 golden rules for international e-commerce success

1. Identify interesting new marketsEmerging markets such as Vietnam hold enormous sales potential. However, due to trade barriers, the effort required to comply with regulations can significantly reduce results. Thorough consideration in advance is therefore essential.
2. Get to know your potential new customersNot only do tastes differ - what is a hit in this country may not appeal to anyone abroad, just as age groups or genders cannot be lumped together. This also applies to payment methods. Preferences can differ significantly depending on the country and target group. While younger people like to use innovative methods, an older target group will prefer traditional payment methods. Tailor your offer accordingly.
3. Develop country-specific marketing strategiesIn order to gain a foothold in a new market, you need to adapt to local customs. In some countries, for example, prepayment is absolutely unusual and would prevent your success. Anyone entering new territory would be well advised to seek support from a local expert to develop the right strategy.
4. Plan your market development carefullyNot only the marketing, but also the channel through which you want to conquer a new market is crucial to success. Research the optimal route: Do you set sail directly under your own flag? Do you team up with a (local) partner? Do you start on an established marketplace or auction platform?
5. Don't overlook seemingly small opportunitiesIf you feel stifled by the dominance of a few big names in your home market, identify a new emerging market abroad or in a specific niche to position yourself there early.
6. Weigh up the risks of payment methods carefullyThere are payment methods that are uncomplicated for buyers but carry a higher risk for merchants - for example due to very generous chargeback rules. Direct transfer methods such as giropay in Germany or iDEAL in the Netherlands offer a good and secure alternative, especially for low-value goods. However, there are countries in which such procedures are not widespread.
7. Localize your online shopIf you want to serve different markets with your online store, make sure that your product range and payment methods are always displayed individually for the respective visitors. To do this, you should set up country-specific pages that are displayed either via a country selection or automatically via the identification of the visitor's IP address. Also note the following rule of thumb: offer at least three, and preferably six, of the most popular payment methods in a country. This will significantly increase the conversion rate.
8. Don't wait too longIf you have set your sights on a niche or emerging market, don't wait too long and position yourself quickly before the big rush begins. The current growth rate in e-commerce is 23 percent on average worldwide. It shows that the time is ripe and the competition is not sleeping.
9. Clarify the legal framework in good timeOther countries, other customs: This applies above all to jurisdiction, for example with regard to taxes, customs duties or specific regulations. It is not enough to familiarize yourself with them once before the start. You need to stay on the ball at all times to ensure you don't miss any changes in the law. This is because there can be severe penalties for non-compliance. Ideally, you should get external support for this, for example from a locally experienced consultant.
10. Get expert support for financial mattersDifferent legal frameworks make it difficult to integrate different payment methods in a clean and legally compliant manner, but even processing payments from a foreign country to your own business account can be a challenge. Very few online merchants are able to keep track of this, especially in different countries. It is therefore better to turn to professional service providers.