5 Best Global Commerce Practices for BFCM Success

You are missing out on billions in potential revenue by limiting your business to domestic shores!

The U.S. market, with its 345 million consumers, is undeniably substantial. However, when compared to the global market of 8.2 billion, the potential for retailers to expand their reach becomes exponentially larger.

The 2023 BFCM weekend served as a testament: Shopify global businesses generated a record-breaking $9.3 billion in sales, a significant 24% increase year-over-year.

How can you tap into this massive market? We’ll outline 5 essential global commerce practices to lift your business to new heights!

What is Global Commerce?

Global commerce refers to the selling of products or services online across international borders, reaching customers worldwide. It’s a broader term encompassing various activities, from digital marketing and sales to logistics and customer support, all operating on a global scale.

This contrasts with local commerce, where your focus is on domestic markets. Global commerce ventures into foreign territories, encountering diverse cultures, currencies, languages, and consumer behaviors.

This expansion offers immense potential. Global commerce surged to $5.8 trillion in 2023 and is projected to exceed $8 trillion by 2027, a 39% increase. China dominated the market, with online sales accounting for nearly half of retail transactions. Asia emerged as the epicenter of emerging global commercial parts that year.

The global commerce landscape is surprisingly concentrated. In fact, just 6 companies (Alibaba, Amazon, JD.com, Pinduoduo, and eBay) control a massive 58% of the global market share, with Alibaba particularly strong in China (Taobao and TMall).

With its size and concentration, navigating global commerce requires a strategic approach. The intense competition and diverse consumer preferences demand the implementation of best practices to ensure your global business thrives in this dynamic environment.

Why Global Commerce Expansion Matters

With the rise of global eCommerce and cross-border shopping, the global marketplace is more accessible than ever before.

Beyond the obvious allure of increased revenue, global commerce is a strategic imperative. By expanding your global commercial parts, you're not just chasing profits; you're positioning your business for long-term growth and success.

Expand Global Commerce Market Share

Globalization has transformed global eCommerce into a chessboard, where market expansion, risk mitigation, and brand elevation are the ultimate objectives.

• Increase revenue: By tapping into new customer segments with greater disposable income, you can significantly boost your top line. For example, luxury goods often command premium prices in international markets.
• Diversify risk: Relying solely on a domestic market exposes your business to economic fluctuations. A global commerce presence helps mitigate these risks by spreading revenue across multiple regions.
• Gain competitive advantage: Being a pioneer in new markets allows you to establish a first-mover advantage, cultivating a loyal customer base before competitors catch up.

For instance, Singles' Day is China's massive shopping event, comparable to Black Friday and Cyber Monday. With a consumer base exceeding 1.4 billion - 4 times larger than the entire US population, it's a golden opportunity no global commerce group can afford to miss.

Case in point: H&M's Chinese conquest exemplifies the power of a globalized fast-fashion model. By minimally adapting its core strategy, the brand tapped into the desires of young Chinese consumers for affordable trend-driven clothing. H&M's seamless integration of global eCommerce accelerated its market penetration, propelling China to a central role in its growth story.

Economies of Scale

Economies of scale are the cost advantages businesses reap by increasing production volume. Essentially, the more you make, the less it costs per unit.

Global commerce amplifies these benefits. By operating on a larger scale across different countries, companies can:

• Reduce production costs: Spreading fixed costs (factory rent or machinery) over a larger output cuts costs by 10-20%.
• Boost efficiency: Larger operations can invest in specialized equipment and streamline processes, leading to faster production and less waste.
• Negotiate better deals: Bulk purchasing gives companies more bargaining power.

This is why many companies have shifted production to lower-cost regions. Ford, for example, reduced its US and Canadian workforce from 53% to 37% between 1992 and 2009 to capitalize on global commerce cost savings.

HR, Innovation, and Technology Transfer

Top talent drives growth and profit. Effective talent management boosts growth by 58% and profits by 72%. Moreover, diversity is a powerful catalyst for financial performance.

Companies with highly diverse teams enjoy a 2.5 times higher cash flow per employee. Racial and ethnic diversity, in particular, is linked to superior performance, with top-quartile companies outperforming their counterparts by 36%.

Case in point: Jetstream Africa's digital transformation of Ghana's supply chain generated jobs, upskilled workers, fostered innovation, and accelerated technology adoption, benefiting consumers, ultimately benefiting consumers.

5 Best Practices for Global Commerce Success in BFCM

BFCM has transcended borders to become a global shopping phenomenon. With billions in sales generated worldwide each year, capturing significant global commercial parts demands 5 essential practices below.

1. In-Depth Market Research

Successful global commerce expansion hinges on a profound understanding of local markets. Consumer preferences vary significantly; for instance, Germans prioritize product quality and sustainability, while Indians are often more price-sensitive.

Businesses must meticulously investigate cultural nuances, economic conditions, and consumer preferences:

• Target customer segments: Delineate specific customer groups based on economic factors, especially income levels and purchasing power. In emerging markets, focusing on the growing middle class can yield substantial returns.
• Tailored pricing strategies: Align your pricing with local economic realities. You can consider purchasing power parity (PPP) to ensure your products are competitively priced.
• Cultural complexities: All global retailers must identify cultural barriers and opportunities, and then adapt marketing materials to resonate with local values and preferences. For example, color symbolism varies across cultures, influencing product packaging and advertising.

Case in point: McDonald’s marketing strategies mirror the cultural fabric of their respective markets. In Guatemala's collectivist culture, they emphasize group dining, while in individualistic US markets, they focus on personal benefits.

⭐ Elevate your market research with our 6 eCommerce search best practices.

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• 9 Black Friday Marketing Strategies No One Tells You About 
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2. Invest in Multilingual SEO and Content Translation

With 75% of internet users preferring content in their native tongue, multilingual SEO is no longer a luxury but a necessity. By providing localized content, businesses can expect a 70% boost in conversions and a significantly enhanced user experience.

SEO for Global Reach

Effective multilingual SEO goes beyond translation. To truly connect with the global audience, you must understand local search behaviors and keyword variations.

• Meta Tags: Tailor compelling meta titles, descriptions, and header tags to the local language and market. For example, instead of a generic "Winter Coat," use region-specific terms like "Canada Goose Jacket" for Canadian audiences.
• URL Structure: Use clean and informative URLs that incorporate relevant keywords for each language. For instance, "/en/winter-coats" for English and "/fr/manteaux-dhiver" for French.
• Multilingual Sitemap: To be found by the local audiences, you should submit a comprehensive sitemap to search engines for each language version of your website.

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Engaging Content in Multiple Languages

To capture the hearts and wallets of global shoppers, language matters. With 76% of online shoppers preferring native content (CSA Research), translating your store is a must for BFCM success. Ignoring this can cost you 40% of potential customers.

• Product Information: This includes product titles, descriptions, features, and specifications. For electronics, precise translations of product specifications are crucial to avoid misunderstandings and returns.

To optimize your website's sales potential, all upsells and cross-sells features should be translated into multiple languages. For merchants seeking an easy no-code solution, FoxKit AIO Sales Boost offers unmatched flexibility in aligning these features with your brand's messaging and language preferences.

Simply navigate to Translation > Default app content to translate into your desired languages:

Source: FoxKit

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• User-generated content: Dixa Research found in 2023 that 93% of online shoppers rely on reviews before buying. Therefore, you should showcase curated reviews and ratings in customers' native languages to encourage purchases and strengthen brand reputation.
• Blog and article content: Create culturally relevant blog posts and articles in multiple languages. This expands your audience reach, improves SEO, and positions your brand as an industry authority.
• Visual content: Translate image alt text, captions, and video transcripts. This includes providing subtitles or dubbing to videos for a global, user-centric experience.

Merchants used to face a daunting choice: expensive, time-consuming professional translations, or unreliable app solutions.

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3. Managing Logistics, Supply Chain, and Fulfillment Issues

Statista reports that the primary obstacles for global commerce groups are shipping and logistics. These challenges include:

• customs procedures (44.5%)
• cross-border shipping (37%)
• returns across borders (33.5%)
• meeting customer delivery expectations (34.5%), and
• package tracking (27.5%)

You can overcome these challenges by:

• Near-sourcing: Manufacturing closer to customers reduces costs and delivery times, ideal for single-market expansions.
• Establish global warehousing: While upfront costs are substantial, overseas warehouses can dramatically improve fulfillment speed and reduce costs, particularly in high-volume markets.
• Leverage supply chain technology: Software can predict disruptions, optimize inventory, and streamline operations. You can consider SAP Supply Chain Management or Oracle SCM Cloud.
• Partner with third-party logistics providers (3PLs): These experts can manage storage, order fulfillment, and shipping. Their services are in high demand: 90% of Fortune 500 firms utilized them in 2017. Since then, the global 3PL market has expanded rapidly, reaching $287.3 billion in 2023.

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4. Deliver International Customer Support

Although automated translation offers speed and convenience, it falls short of capturing the empathy and cultural nuances that only human agents can provide.

Genuine customer support goes beyond mere words, fostering trust and loyalty through cultural sensitivity. That's why 71% of customer service leaders agree that multilingual support significantly enhances customer satisfaction.

Channel Optimization

Identify the preferred communication channels in each market (phone, email, live chat, social media). Some cultures may prefer phone support, while others favor digital channels.

Besides, you should establish clear service level agreements (SLAs) for each channel to meet customer expectations.

Building a Multilingual Team

Assemble a diverse support team with language proficiency, cultural understanding, and problem-solving skills to effectively communicate with customers in their native tongues.

Alternatively, consider using tools with built-in translation features, such as Crisp Chat, to streamline communication and provide real-time support in multiple languages. This approach can be particularly beneficial for smaller businesses or those with limited resources.

Leveraging Technology

Merchants often centralize customer data in CRM software for efficient problem-solving and personalized service.

You can streamline ticket management, track inquiries, and measure performance with help desk tools.

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5. Legal and Regulatory Compliance

Global commerce exposes businesses to a complex web of legal and regulatory requirements. Non-compliance can result in hefty fines, reputational damage, and even global business closure.

• Currency fluctuations: Shifting exchange rates can significantly impact pricing and profit margins. For example, a stronger US dollar can reduce revenue for exporters.
• Payment processing: Adapt to local payment preferences (e.g., cash, credit cards, digital wallets) while ensuring compliance with security standards, such as PCI DSS.
• Tax laws and regulations: Navigate complex tax structures (VAT, sales tax, customs duties) to avoid costly penalties and audits.
• Product safety and standards: Your products must meet local safety regulations (e.g., CE marking in Europe, FDA approval in the U.S.) to avoid recalls and legal issues.
• Consumer rights and warranties: Local consumer protection laws, including warranties, returns, and refunds.
• Product labeling and advertising: Adhere to strict labeling requirements and truthful advertising practices.

Tip: Partner with legal and compliance experts, conduct in-depth due diligence, and implement robust compliance systems to mitigate risks and ensure long-term global commerce success.

⭐ More strategies to boost your global sales:

• 5 Ecommerce UX Best Practices That Increase Sale
• Navigating Cross-Border Ecommerce: Strategies for Global Expansion

Wrapping Up

With these 5 essential global commerce practices, retailers can supercharge BFCM sales and cultivate loyal international supporters.

Although the path to success is not so easy, following our checklist will straighten out your concerns and ease your headaches.

The to-do list might seem long, but stay focused! Start today by localizing your marketing, optimizing your website for international shoppers, and providing seamless cross-border shipping with our expert tips today!