The recent explosion of the Philippine e-commerce sector has not only given businesses access to an increasingly affluent domestic market, but it’s also opened up worldwide opportunities. But while going international can give locally based businesses a much wider and diverse market, doing so comes with a set of challenges. Here are 9 key considerations that Philippine-based businesses need to look into when adopting e-commerce platforms to reach international buyers:
1) Suitability for Current Business Models
While new ventures can dive headlong into addressing the international market, existing businesses need to examine how doing so will affect their current operations. Existing businesses may need to reallocate resources, divest assets, or undergo a complete restructuring depending on their size and the scale of their entry.
2) Online Payment Processing
International customers may want to have their online payment processed in ways that are not supported by a business’s existing systems. Businesses, therefore, need to choose an online payment processing company that will help them facilitate locally relevant payment methods.
Maya Business’s track record for facilitating international payments has made it the preferred online payment processing service for globally ambitious small businesses. Maya Checkout is currently a leader in online payment processing among Philippine-based e-commerce businesses, thanks to its ability to effortlessly process overseas debit and credit card payments. Notably, thanks to its ease of integration via Maya Plugins, Maya Checkout has also become the third-party payment gateway Shopify and WooCommerce store owners depend on to tap into global markets.
3) Platform Costs
Subscription, hosting, and connectivity fees are much talked about in e-commerce expansion projects, but businesses also need to consider labor and maintenance costs as well as the minimum marketing expenses needed to keep up with online competition. Additionally, these associated costs tend to increase along with the business’s requirements. Fortunately, wary businesses can choose to start small and increase their online investments as they grow their international footprint.
4) Customer Service
Aside from adopting appropriate online payment platforms, businesses also need to offer a customer service experience that resonates with their target market. To ensure the best overall customer experience, managers and customer-facing staff need to be trained in the online cultural norms associated with their expected customer base. If necessary, native speakers of the target market’s primary language should be brought on board to help improve the overall customer experience.
5) Inventory Management
Any business that goes into international e-commerce needs to update its inventory management system so that accurate stock information is available to managers as well as customers visiting the e-commerce site. This will help prevent stockouts and avoid negative customer experiences.
6) Shipping and Logistics Solutions
Choosing the right shipping and logistics providers can help e-commerce businesses meet customer expectations, ultimately allowing them to offer positive customer experiences. Importantly, they can help avoid the complications of international customs and regulations and bring costs down for the business.
7) Returns and Refunds
Returns and refunds can be more challenging when they involve international customers. Given this, businesses need to implement strategies to minimize losses. These strategies may include setting transparent return policies and providing detailed product descriptions and images. Businesses that want to have a serious presence in an overseas market should also consider setting up local return centers to streamline the process.
8) Culturally Specific Web Design
Though the Internet is the single biggest international framework ever built, e-commerce markets continue to have well-defined online communities that are closely tied to specific geographical regions. To create effective international e-commerce sites, web design, development, and content leads should take deep dives into their target market’s culture and avoid making assumptions based solely on their local experiences with the Philippine market.
9) Entry and Marketing Strategies
Finally, businesses that go international need to consider their market entry strategy. While businesses can simply use their e-commerce platform to reach international customers, deeper market penetration often requires pairing up with local distributors or setting up a direct local presence. In any case, businesses also need to implement localized marketing campaigns to ensure the longevity of their overseas venture.
Develop an Overseas Presence with Maya Business Solutions
Philippine-based businesses with international ambitions trust Maya’s online payments gateway solutions to deliver hassle-free online payment processing. Create a Maya Business Manager account today to enjoy the best online payment processing for international e-commerce startups and SMEs.
Creating a Maya Business Manager account also lets you unlock Maya 1-2-3 Grow. Maya 1-2-3 Grow is an exclusive business growth bundle that gives you a 1% MDR discount for all QR Ph transactions for 3 months after onboarding. You’ll save PHP 14,600 in transaction fees for every PHP 1 million in QR Ph sales. As part of the Maya 1-2-3 Grow bundle, you can also assign a Maya Business Deposit account as your settlement account. You’ll earn a 2.5% per annum interest on your deposit account, which translates to PHP 25,000 per year on a PHP 1 million deposit. Unlocking Maya 1-2-3 Grow also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million within just 3 months, giving you more funds for your international expansion.
Create your Maya Business Manager account today to enjoy SME-friendly internet payment solutions for your global ambitions.
