How To Measure Your Trading Market In The Global Market

Did you know? 52% of all online sales come from eCommerce markets. If you’ve been thinking about growing your business and selling in new markets, our session from our latest Beyond 24-hour virtual global digital business conference, is just for you!

Here we bring you our panel of integrated experts, with over 100 eCommerce experience and working with markets around the world to help retailers like you find better ways to build your business and expand.

The sessions were hosted by Senior Customer Success Manager for Pioneer Australia, Remy Jansons and Paul Sonneveld, Co-Founder & CEO at MerchantSpring, Frank Nesci, Co-Founder at Comestri, Apurva Chiranewala, Chief Development Officer at Wild and Darren Kawalsky, GM & Head of eCommerce, Cross Border & Omnichannel ANZ at CEVA Logistics.

To learn more about how to measure your business in global markets and increase sales, watch the full session below!

Why Build a Marketplace

With so many eSellers in the market and the competition is intensifying, there are three reasons why it is important for retailers to use a market strategy.

First, it’s about product protection and if you decide not to sell in the market, another eSeller will take your place and your chance to grow. Second, it’s important to generate product awareness and be more visible to your audience. And of course, the last reason to produce sales is to reach more consumers.

In addition, it can be very difficult to win in eCommerce without being present in global markets and, if you do not take advantage of the opportunities offered by the market, someone else will use them.

For small or medium-sized businesses in the eCommerce world, markets can provide a great place to start, where you can create more draws and build higher searches. As a small product, it is important to build trust with your customers and the market place is a good place to start building that trust.

What Global Markets Should Traders Consider

As we already understand that online markets are needed if you want to grow your business, but in order to be as profitable as possible on these platforms, you will need to first identify which markets are best for your product. Before starting, it is important to distinguish between the two types of markets.

There are open markets like Amazon and eBay, which means they are open to all sellers who want to sell in the market, leading to high competition. In addition, there are selected markets where retailers need to be allowed to sell their products, but these are market areas where retailers can experience significant sales and ROI, even beyond open markets with big names. However, for selected markets, consider business functions such as payment, refund, shipping, etc.

In addition, it is important to re-select the market according to their specific categories and what audience types to buy there. To be successful and build a product, you need to match the products you sell with the types sold in the market.

Lastly, determine which markets you are interested in selling and research which regions are best for your products. If you see that your products are in high demand in a particular market, then you will know that you have a high chance of growing your sales there.

Once you have identified the markets, identify the top markets in the region and try to test them by selling your products in multiple markets. That way, after some time, you will understand when your product works best. For example, if you are considering expanding into Southeast Asia, the major markets you may want to consider include Sporee, Lazada and Qo10. In the U.S., outside of Amazon, Walmart is thriving.

As the panel managers in our agreement acknowledge, there is no reason to just go to one market where you can increase your visibility in multiple markets at the same time.

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