Why enterprise businesses should consider cross border ecommerce in 2024 and beyond

The growth of cross border ecommerce has taken the entire world by storm.

With advancements in technology and growing internet penetration, aspirational marketing has helped brands attract customers to foreign brands and international markets. 

Well, going global is indeed a big opportunity for enterprise brands. 

Right from wider markets to new customer base and expanded brand affinity - you name it and the global marketplace has the potential to unlock opportunities. 

Don’t take our word for it. 

Here’s a sneak peek at the growth of global ecommerce data in 2024 and beyond: 

• $6 trillion is the forecasted market value of the global e-commerce market
• $ 7.9 trillion is the expected global B2C cross-border e-commerce market reach by 2030
• $ 3.3 trillion in cross border ecommerce transactions to be conducted in 2028
• $40 trillion is the expected business-to-business (B2B) cross border payments by the end of 2024

Source: Statista, LinkedIn, Financial Express

The cross-border ecommerce business model is quietly yet steadily conquering the ecommerce sector as one of the quickest methods to reach global consumers. The colossal rise in the demand for international brands has motivated enterprise brands to take the global ecommerce route and take their business beyond borders. 

What is cross border ecommerce

The act of selling products and services to customers in an international market from a different country via online channels is cross border ecommerce. When brands sell to customers globally, they have seamless access to customers from all around the world through online selling channels. By going across borders, enterprise brands can build relationships with customers in various countries and create a larger global audience base boosting their revenue. 

By 2025, the total spending is expected to exceed $7 trillion, implying that the cross-border ecommerce business model is conquering the ecommerce space pretty fast. Building a global marketplace for your business is an opportunity that helps brands take up new markets, and new customers, and expand brand visibility. 

7 reasons to take your enterprise business to the cross border ecommerce market in 2024 

Can't seem to decide if taking the global ecommerce route is worth it for your enterprise business?

As global selling is taking the world by storm, it is time to expand your market reach and grow your ecommerce business stronger and more profitable. Let us look at 7 reasons why you should venture out of your comfort zone and take your business to the cross border ecommerce markets.

1. Expanded market reach

As you take your enterprise brand to global markets, you have access to larger and better business prospects. You can expand your customer base to diverse markets and explore new growth opportunities for your business. Going global makes you less dependent on your existing market and provides you the liberty to improve your business manifold. As you enter the fresh markets of the global marketplace, you win loyal customers beyond geographies. 

2. Increased sales and revenue 

Boost in sales and revenue is by far the most popular reason why enterprise businesses are taking the cross border ecommerce route. With each new country being added to the list, it brings along a new customer base, offering new pathways to grow your business. Access to more customers, increase in sales and revenue, and higher demand for your products and services are all an enterprise business can ever dream of, right?

3. Brand visibility

To carve a niche for your brand in the global ecommerce marketplace, brands need recognition and a strong foothold in the market. Enterprise brands that sell in global markets get international recognition which is one of the most important factors for being successful in the global marketplace. Wonder why? Well, customers believe that international brands are usually of better quality meaning you have enthusiastic shoppers eager to choose your global brand.

4. Advantage over competition 

Expanding your business is one of the easiest ways to capture a wider market and move a step ahead of your competitors. A lot of enterprise brands today engage in cross-border ecommerce to create a strong brand presence with foreign customers before their rivals enter the markets. Well, it is true that if you don't fill the gap in the global marketplace, your competitors will. With selling globally, you can seamlessly take the ecommerce market and get a strategic advantage over your competitors.

 5. Demand throughout the year 

As you take your enterprise brand to global ecommerce marketplaces, you don’t stay concentrated in one place. Staying stagnant in a place can lead up to low conversions, particularly during seasons when consumer demand for goods declines. This means that if one place experiences a dip in sales, you can concentrate on the market where sales is booming. Taking the cross border ecommerce channels help you enjoy consistent demand throughout the year. 

6. Diversified markets reduce business risks

It can be challenging to sell products that are not in high demand in your region. However, as you sell in the global marketplace, you get access to different markets. When you sell your products in the global markets, your risk of failing in one market-product category is mitigated by chances of success in different other markets. The global market introduces you to a customer base that boosts your sales and reduces business risks by building better business stability through diversification. 

7. Supply chain resilience

As you take your enterprise ecommerce brand to the global markets, you can have vendors from different markets. One thing that is quite important for online shoppers is quick deliveries. Going global ensures supply chain responsiveness as it eliminates geographical barriers for seamless deliveries. Your vendors from different markets can ensure that you have no bottlenecks and that your orders keep flowing smoothly. 

Must-have features to take your enterprise business to cross border ecommerce market

With the exponential rise in ecommerce websites and the adoption of digital selling, taking your business to the global markets has become significantly easy. As a multitude of brands is taking the cross border ecommerce route, all you need is access to the right set of features and tools that help you conduct your business in the global markets seamlessly.  

1. Multi store feature to build localized stores

As you take your business to the global marketplace and plan to cater to a variety of audiences, you need multistore ecommerce features. With multiple sub stores at various locations around the world, you can seamlessly target the global audience at large and boost your conversions manifold.  

StoreHippo helps you create multistore ecommerce marketplace for various product lines, geographies, audience segments, etc. StoreHippo comes with built-in features to help you create unique URLs, different store designs, store-specific discounts, etc to seamlessly run your cross border ecommerce business. With StoreHippo, you do not need to buy or integrate with multiple third-party apps or software to create a smooth buying experience across all the sub-stores.  

2. Multi vendor feature to manage sellers from different locations

When you build an online store for your global ecommerce business, you will have thousands of vendors coming together on your marketplace. A comprehensive multi vendor solution that comes with built-in features to seamlessly manage the vendors and their day-to-day business is a must-have for your global marketplace. 

StoreHippo offers an end-to-end multi vendor ecommerce solution, helping the admin to quickly and easily onboard multiple vendors. It offers a separate vendor dashboard to all the vendors to help ease the management of business operations. The marketplace admin can access all details of the global business like vendor-specific sales, revenue, best-selling products, etc. right from the admin dashboard. The admin can also approve or reject the products listed by their vendors on the platform before making it public for the audience. 

3. Localization and internationalization features

Going ahead in 2024 and beyond, selling in global markets will require a touch of localization and personalization. The enterprise ecommerce solution you choose to create an online store must offer ease of customization. Customers come flocking to your marketplace when you offer a native shopping experience with tons of personalizations. You however need a robust ecommerce solution that comes with advanced features to make quick changes in the front end as well as the backend. 

StoreHippo solution is built on a decoupled headless architecture that helps brands tweak their marketplace platform inside out. You can carve a niche for your global brand by offering a customized buying experience to your customers. With the built-in design tools, you can create localized themes and designs for your ecommerce store and carve a niche in the cross border ecommerce market. You can also customize the shipping solutions and payment options for extreme personalization. 

4. Multi-currency support 

Well, this goes without saying, right? As you create an online store for the global markets, you also need multi-currency support for your global customers. With international customers visiting your marketplace, it becomes prudent to offer them the freedom to pay in their preferred currency. You can seamlessly set your business on an upward growth trajectory by offering global customers pay in a currency that is not alien to them. 

StoreHippo enterprise ecommerce solutions help you sell across the globe with its multi-currency support. You can choose between automatic location-based and automatic store-based currency switches to offer your global customers ease of payment and are not burdened with additional exchange rate charges. You can seamlessly optimize the prices of your products in multiple currencies, and attract customers from all over the world. 

5. Multi-lingual support 

Who likes shopping in a foreign language? Let us guess…no one, right? 

75% of worldwide customers prefer to buy from brands that communicate with them in their native language. When you talk with your customers in a language they don't fully understand, you fail to create a connection with them. When choosing the right ecommerce solution for your global marketplace, make sure to look for multilingual support that helps you form a strong bond with your global customers.

StoreHippo helps you build an online store in multiple languages with its built-in multi-lingual support. You can convert your marketplace into more than 100+ languages including right-to-left languages like Arabic and Hebrew. You can seamlessly create multilingual multistore ecommerce solutions and easily connect with your international customers. You can choose between automatic and manual translation with StoreHippo for quick conversions. StoreHippo also supports multiple languages in mobile apps that make it easy for brands to connect with its buyers.

6. Global payment gateways 

For a cross border ecommerce business like yours, it is essential for your customers to feel confident and comfortable in making payments. When you offer global payment gateways to customers with a wide range of payment gateways to choose from, you can boost your conversions and increase your ticket size. 

StoreHippo offers multiple pre-integrated payment gateways to help you provide a quick and frictionless payment process to global customers. You can choose from 60+ domestic and international payment gateways that facilitate ease of payment from across the globe. StoreHippo enterprise ecommerce solutions also enable you to implement multiple payment gateways based on the location of the buyer or the devices used by them to support transactions in multiple currencies.

7. Support for multi-tier taxes

Doing business in a global market seems daunting. With multiple levels and calculations of taxes involved in the buying and selling process, it sure is challenging to run a global business. However, with the right tax calculation engine, you can simplify the tax rules and seamlessly manage your global ecommerce business. 

StoreHippo ecommerce solutions offer a powerful built-in tax engine to simplify and automatically charge taxes on your global marketplace. StoreHippo comes with full GST support where you can easily compute different GST taxes for various products and services. StoreHippo comes with multiple ready-made and editable invoice templates for easy billing and invoicing. You can also set different tax rules based on the order amount, location, service type, product type, sellers, etc. on your ecommerce marketplace.

8. Multi currency invoicing

Invoicing in multiple currencies requires built-in online billing software. While you plan to create an online store for your cross border ecommerce business, make sure to look for billing and invoicing features to save time and effort with an automated and simplified invoice format. A multi-currency invoicing tool is a must-have feature to run your ecommerce business. 

StoreHippo ecommerce solution comes with built-in custom invoices. You can get multiple readymade invoice templates for all your regular orders or create custom invoices by easily editing the fields of existing invoice templates. You can cater to clients from different countries by creating an invoice for your customer's orders in their preferred currency. With StoreHippo enterprise ecommerce solutions, you can also add manual or automatic invoice numbers to all your invoices easily.

9. Support for international shipping solutions

The one thing important for all your customers is quick order delivery. To run and grow your business in the global ecommerce market, you need to partner with local logistics providers who can stay on top of the shipping game. Seamless and fast deliveries go a long way in building customer trust and loyalty. All you need to do is tie up with different shipping partners for each location-specific store. 

StoreHippo comes with 30+ pre-integrated international logistics partners to help you choose and integrate with the best-performing solution on your global marketplace. You can also optimize the shipping rates and ensure quick deliveries by integrating with multiple shipping solutions. StoreHippo also comes with a complete delivery management solution that customers can use to track their orders on mobile and desktops. StoreHippo also offers advanced delivery boy management software to help you manage your own fleet of delivery boys seamlessly. 

10. Support for marketing across diverse geolocations

Marketing is the backbone of every and every ecommerce business, be it local or global. How will your potential customers find their way to your business if you are not available in the ecommerce world? Support for marketing across diverse geolocations is a must-have feature to help you promote your cross border ecommerce business. 

StoreHippo comes with built-in marketing tools to help you position your brand in the ecommerce market. The powerful built-in discount engine helps you create multi-level discounts and coupons to attract customers. The built-in SEO tools help you rank your brand higher on Google SERPs with SEO elements like meta titles, meta keywords, alt tags, sitemap, etc. StoreHippo also comes with a host of marketing tools like personalized notifications, abandoned cart recovery etc to help you market your brand. You can also use the inbuilt blog engine from StoreHippo to publish a variety of content and carve a niche for your brand in the ecommerce market. 

Conclusion

With a cross border ecommerce business model, enterprise brands can expand their customer base to new geographies and connect with buyers across the world. As going global comes with rich benefits, it also comes with its own set of challenges. To develop a brand image and have a wider playfield to solidify your brand presence, you need the right set of features and tools. 

StoreHippo is a 360-degree enterprise ecommerce solution that comes with 120+ integrations and 300+ enterprise-grade features that enable all small and large brands to build tailor-made solutions for their brands. With global ecommerce solutions, you can seamlessly reach out to global customers and sell more in the global marketplace. 

Are you all set to take your enterprise brand to the global market with StoreHippo global ecommerce solutions? Explore the wide range of features and the plug-and-play ecommerce solution by starting your 14-day free trial now.