The COVID-19 pandemic was a world-changing event that has hugely impacted e-commerce. According to the International Trade Administration, it more than doubled regular forecasted global sales growth rates in both 2020 and 2021. Meanwhile, the U.S. Census Bureau’s Annual Retail Trade Survey shows a 43 percent increase in e-commerce sales, from $571.2 billion in 2019 to $815.4 billion in 2022.
In today’s highly competitive e-commerce world, growth comes to brands that make the decision to sell in other markets and regions outside their home base. For retailers, there’s an opportunity to increase online sales through cross-border e-commerce. And above all else, numerous online shoppers are ready and willing to buy across borders. So what should be on your e-commerce planning checklist for 2023?
Here are five ways to improve e-commerce operations for cross-border e-commerce success:
1. Analyze the market.
The global economy is in a recession, and most people can’t even agree that it’s happening, much less predict how long it will last. Different parts of the country and world are protecting their domestic e-commerce in various ways while consumers and businesses alike are reassessing their spending habits.
During the pandemic, brick-and-mortar businesses, from retailers and restaurants to professional services, had to learn how to pivot virtually. Nowadays, if your current customer base is stagnating or falling, it’s time to look for other opportunities to leverage and promote this virtual footprint in different geographic locations where you can open new markets to keep revenue from redlining.
2. Always remain compliant.
Whether in the U.S., Europe, or elsewhere, local governments are raising restrictions on cross-border e-commerce. Different governments are protecting their slices of the pie in ways that can…