In International trading, there are many important aspects to consider to make the business successful. Understanding about processes and norms in your country and in countries you plan to export is very crucial. Legal and Finance can make the business easy or complicated, but these are not the only aspects of a successful International business.
When it comes to challenges faced by international traders, one instantly thinks of aspects related to payment methods, different currencies, distance, and transportation. But there’s more to it.
Different Legal and procedural norms
- To overcome the above difficulties, there is an established ecosystem of service providers and consultant. Banks have specialized products and services and they are fairly matured. The shipping industry is very well established and there is a consultant to address legal norms and documentation.
Different culture and customs
- These challenges pose different difficulties. Things which are normal and acceptable may not be looked at that way in the country of export. Food and clothes especially are very local specific and one needs to be aware of it. Good business opportunity if you could find out gaps in available products and supply those.
- To understand the local culture and custom it is important to converse with local partners and end customers. Digital channel is one of the best and cost-effective channel to communicate and understand them. In the next section, we are discussing how this channel can be exploited to over business challenges.
Finding the right partner in the destination country:
- Your local partner can make or break your business there.
- Finding a trustworthy partner is very crucial, you hire consultants to do a background check. Social media and online reviews about business also come very handily to evaluate yourself.
- The language barrier can be a real issue when you are in international business. If the other party does not speak your language things might get wrong in translation
- Investment in good translation software or translator services is important for avoiding business loss due to miscommunication. Investment is worth when stakes are hired.
- These challenges can be taken care of by such investments but what about day to day communication and tracking it…. How to equip our staff to answer queries and able to communicate with ease.
How do you equip your company to be in International Trading?
The product, Quality, and Team these are basic elements of a successful business.
Advertising and brand building in the country where you have no presence has to be part of your strategy. This is true for B2B and B2C both businesses, the only change is target customers.
Internet does wonder nowadays and can be used very effectively. Remember your website is the first thing your customers and partners see about you and creates an impression about you. Now a day website is not expected to give only information about product and business, but a lot more from this channel. It could be transaction or communication with you to get more information, solve their queries.
The outcome of advertising and online promotion is mostly taken your customer to check more details on your website or social pages. Solicit them when they are on your website is utmost important.
How live chat can help you to build a good impression of your brand?
New customers visit to get information about product and services. Even with all details given on the website if they are assisted with a person from your company to give the same information, the confidence in your company grows multifold.
For small clarifications or clearing doubts about the product, it is not always practical to make an international call to you or drop a mail to your standard contact details given on your website.
Being in international trade multiple parties from distant locations are involved. Partners and associates would use this channel where immediate response is expected.
Imagine a scenario your importer is calling your reception desk and he does not speak the same language. It may create, misunderstanding or errors in information taken just because did not understand the dialect For example mistakes in noting down email ids… and thus creating a bad impression.
Live chat can be a boon in such case, no errors in information given in written communication, translation software can be used and there is no scenario of understanding the dialect.
This takes our major hurdle and error-prone communication.