E-commerce is booming in Southeast Asia (SEA), and there has never been a better time for businesses to go online and expand into this region. Research suggests that SEA’s GDP will rise to 4.7 trillion dollars by 2025. Therefore, take your business to new heights by expanding to SEA. Here’s everything you need to know about expanding your business, from choosing Southeast Asia online payment solutions to inventory management and more.
Narrow Down Your Target Markets
Although SEA is a large market, not everything will be in demand everywhere. Therefore, before you jump into the deep end, figure out which market should be your target. This will involve doing some extensive research to determine which regions will accept your products or services readily. Assess and compare different markets across the countries of Southeast Asia before taking your e-commerce business there.
Make Your Website Accessible
Your e-commerce website might be perfect for your country but may need some overhauling to appeal to international consumers. One of the easiest ways to do this is via translation. Your website should have an option to translate to the main regional language of the countries to where you are trying to expand in. One more SEA solution is to have a local website set up in the main language. This will improve the website’s performance as well as its trustworthiness.
Offer Multiple Payment Solutions
About 70% of adults in the SEA region are underbanked or unbanked. Though this is changing, you may still need a workaround in the interim. Each country may have its own preferred payment solution, such as e-wallets in some cases or credit cards in others, so you may find it difficult to figure out a single Southeast Asia online payment solution. However, there is no need to worry; choose an integrated SEA solution for payments to offer multiple preferred payment options for your international consumers. Allow them to pay in their local currencies as well as incorporate international payment options.
Prioritise A Mobile App for Your E-Commerce Business
Today, there are more than 3.2 billion smartphone users globally ,with 88% of smartphone time spent on various apps. Apps are downloaded and used for everything from shopping to ordering groceries or cabs. So, instead of relying solely on your website; develop an app for your e-commerce business. The user interface should be smart and simple. Make the checkout process smooth and hassle-free. E-payment technology that connects all stores, both online and offline, should be integrated into your website and app. Omnichannel e-payment technology solutions make it easier for businesses to keep track of payments coming in from all channels and regions.
Rethink Inventory Management
One of the keys to success for cross-border retailing is to localise inventory management as much as possible. This cuts down on costs, allows for quicker deliveries, and increases trust in the business. Choosing a local warehouse may be easier than shipping every product internationally. You will need a cost-effective, efficient, and trusted warehouse service to succeed.< Next post - Southeast Asia’s Rising Digital Payments Landscape Prev post - Emergence of the Online Payment Industry in Southeast Asia >