When you have already gained success in selling your products locally, you start thinking about expanding and increasing your sales exponentially. You may think of going global since this is a guarantee of increasing your target market. But how do you exactly do that? Fortunately, Amazon provides sellers with the tools to sell on the international market through Fulfillment by Amazon (FBA). This can pave the way for your brand’s global success.
Understanding Your Target Market
You might say, “Wow, so Amazon can handle everything. This should be easy!” Not exactly. You have to first understand your international target market and customer segments. You need to have an idea of their spending capacity, demographics, and preferences. Once you have done your feasibility study or market research, you will need to figure out other important factors like local customs processes and taxes.
You must also calculate the additional costs you or your customers are most likely to expect and build a price model that will keep you competitive amongst other sellers. Studying local regulations, product specification requirements, quality assurance, on top of following Amazon’s rules and regulations, is also part of expanding your business in the Amazon platform.
You need a good strategy if you want to expand your customer base before you start selling on Amazon internationally. Give serious consideration to these questions first:
- Am I starting with an existing product or a new product?
- Will I focus on just one product or a wide range of products?
- Are my products suitable for international shipments?
- Will my products generate a lot of sales in that specific country?
- What are the holidays that they celebrate?
- Will my products fit the country’s cultural, social and political settings?
- Are my products compliant with the country’s regulations?
- Are the specifications compatible in that country in terms of measuring units, size, plugs, etc.?
When you have established the answers to the above questions and still see that there is a potential demand for your products, you can then start creating your strategy to expand. You can come up with different strategies to see which one works best for your business.
Amazon Global Selling
Amazon Global Selling (or AGS) is a program where sellers list and sell the products on the international marketplace on Amazon. Some of the online marketplaces are somewhat new though. Bear in mind that each new account entails paying fees. Here are the Amazon seller fees per country depending on the selling plans:
Amazon Unified Accounts
Okay, so right now you may be confused with all that information. Take a deep breath and continue reading because this gets better.
Amazon actually has a program that is called the Amazon Unified Accounts for North America and Europe.
The best part about an Amazon global selling unified account is that you need not worry about the entire selling process. Amazon makes it stress-free by taking care of packing, shipping, and handling customer service through FBA. Therefore, it is simpler for sellers to penetrate the global market at a fast rate without shelling out a lot of money. What’s also great is you only pay one monthly Professional selling plan fee for your Unified Account.
The bottom line is, it paves the way for international sales!
Earning Money As A Global Seller
Surely, products sold internationally will help you increase your sales and profit. Amazon’s Currency Converter for Sellers or ACCS allows you to receive your payments from international sales into your local bank account, paid in your local currency. Amazon uses third-party providers like Hyperwallet and Payoneer (mainly US and EU), to handle their international conversions for most countries.
In order to take advantage of that service, you need to create an account with the provider that will assist Amazon in converting your sales to American Dollars. Keep in mind that Amazon’s fees are included in the exchange rate (approximately 4%) that you need to pay for each conversion.
Steps to Start Selling on Amazon Now
Excited to start this journey now? Awesome!
To get started, you simply need to follow these steps:
Step 1: Choose a selling plan – You can choose between an Individual selling plan or a Professional selling plan.
Step 2: Consider your selling strategy – Are you interested in being a reseller or do you want to sell your own brand?
Step 3: Create an Amazon seller account: Be ready with the following requirements:
- Business email address or your Amazon customer account
- Credit Card
- Government ID
- Tax Information
- Phone number
- Bank details
Step 4: Choose your product category and use their listing tools to place your products on the marketplace.
Step 5: Boost your product visibility. You may want to consider bidding for a spot on the Amazon Sponsored Products.
Step 6: Start receiving orders as soon as you go live.
Step 7: Choose your fulfillment method: You can choose Fulfillment by Amazon (FBA) and they will store, pack, ship, and provide customer service for your products. You may also opt to ship the product yourself or Fulfillment by Merchant (FBM).
Step 8: Receive timely payments directly into your bank account.
Amazon operates in 18 online marketplaces (or websites) internationally, helping you to take your business a few more steps forward and grow your eCommerce business quickly in other countries. It gives you an opportunity to introduce your brand, as well as the items, to millions of shoppers.
After you register and sell in any one of the marketplaces, you immediately get access to Amazon’s customers who trust and know its buying experience. Hence, expanding your business only means that you have multiple benefits without shouldering the cost of building a business name on a global scale.
Ready to supercharge your marketplace growth through Amazon Global Selling? Schedule a free consultation and strategy session with us today, or email us at email@example.com