In my last post we discussed how to build a solid infrastructure for your online store, including operational musts, marketing strategies and things to look for in an ecommerce partner. Hopefully those tips were helpful in making sure you have all of your bases covered, and you feel confident about growing your online business. In this post, I want to dive into what is often the next step in finding success online: taking your store global.
The most successful brands for every industry have already gone global, but many smaller companies struggle to compete because of the daunting risks and new challenges that come with expanding internationally. However, with the properly managed network and tools, your business can go global without increasing risk to your company. While the rapidly evolving environment may appear to spell out failure for many businesses, it can also create an exciting opportunity for growth.
One of the best ways to enter the global market without the major resource strain and risk is to invest in a smart SaaS platform that has the ability to extend commerce capabilities and tools to your partner channels. These customizable tools give you robust capabilities to manage multiple channels and automate maintenance renewals and payments, decrease cycle time and streamline channel processes, with cloud delivery and payment setups tailored specifically for the geographic region in which you are operating.
The best way to limit your liability abroad is by finding a partner who can help shoulder the burden of responsibility while you focus on growing your business. These are the two major areas that whatever partner you choose should have expertise:
- Compliance: Staying compliant with new and ever-changing global laws is one of the many challenges for any company doing business in diverse global markets. Partnering with a company that has experience with local language, customs, tax laws, rules and regulations is the best way to make sure you are compliant with local regulations including tax deadlines and payments.
- Tax services: As your business grows, your taxes will, without a doubt, become more complicated. With so much ecommerce tax revenue on the line, more countries are considering their options. Foreign tax issues – and their corresponding fines for non-payment – are items to consider if your company plans to expand internationally. It doesn’t need to be a barrier to entry, but it is an ongoing, ever-changing and extremely complicated issue. Finding a partner to relieve the burden of day-to-day tax accounting, as well as to ensure you’re protected in the case of an audit, is vital to growing businesses like yours that want to take their operations to the next level.
As more of the world’s population embraces technology and consumers continue to blur the line between product and service, laws impacting ecommerce around the world will evolve. Understanding and staying compliant with these complex, ever-changing data protection laws and tax policies around the world is a core responsibility of ecommerce businesses. Finding a partner to take on the complexities that come with global expansion will allow you to rest easy that you are doing everything you can to mitigate the risk involved with going global for your business.
Now that you’ve learned how to build a solid foundation for your online store and expand into global markets, my next post will be about a popular way of acquiring and keeping your customers: offering consumer choice with subscriptions.
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