While it may be intimidating for you as an e-commerce business owner to step outside your comfort zone, seasoned entrepreneurs will tell you that breaking into new markets can really give your company a boost.
According to a survey by the British Chamber of Commerce, over half of businesses saw a positive impact on their bottom line within a year of breaking into a new market.
So, if you’re looking to take your e-commerce business to the next level, exploring new pastures could be a very rewarding option.
Breaking new ground: is it a risk worth taking?
No matter what size your business is, the ultimate goal is always growth. But you can’t just sit around waiting for that growth to happen – you have to push boundaries and take risks if you want to see any real progress. Staying stagnant will only get you so far.
If there’s enough demand for your product or service, expanding into new markets can help you reach more consumers, build your brand name, and generate more revenue.
Ready to take the plunge? Here are our top 3 tips for breaking into new markets.
Tip #1: Learn from your competitors
One of the best ways to research a prospective new market is to pay close attention to what your competitors in that market are doing – and how those actions are being received by their customers. Reading online reviews can give you incredibly useful insights into the areas where your competitors may be letting their customers down.
Reading online reviews will give you useful insights into the areas where your competitors may be letting their customers down.
A customer that is unhappy about Competitor A’s restrictive returns policy may prefer to do business with you if you can offer a more flexible alternative. Similarly, if Competitor B is driving customers away through poor customer support, then those customers will be only too happy to switch to your business if you make solving their problems your priority.
Tip #2: Keep delivering sterling service
Too often, business owners lose sight of the customers that helped to establish their success in their original market as they pursue new ventures, leading to a decline in customer loyalty and a soured brand reputation. When expanding your business into new markets, it’s incredibly important to focus not only on new prospects, but also on your existing customers.
Think of your expansion as a way to reach a new customer base while bringing diversity and innovation to those customers that have remained loyal to you in your original market. They’re the real OGs!
Tip #3: Secure partnerships that work for you
Breaking into a new market requires a lot of courage, determination, and creative thinking – not to mention logistical prowess. With so much on your plate already, it makes sense to establish partnerships with vendors and service providers that make your day-to-day operations simpler and more efficient.
Establish partnerships with vendors and service providers that make your day-to-day operations simpler and more efficient.
If you’re looking to expand your e-commerce business into new markets, Aramex can help.
Entering new markets is a great way to create value for your business. But before you take the plunge, you need to do your research to make sure there’s a market for what you’re selling, and that you’re able to juggle existing customers with your new ones. Combine these two vital factors with partnerships that you can rely on, and you’ll have a recipe for e-commerce success in new markets.