Our own Rob Keve and Chip Malt, co-founder and CEO of Made In Cookware, share insights on the unprecedented cross-border e-commerce opportunity for brands right now.
For ambitious brands and retailers, global expansion isn't a long-term goal in the distant future. There's never been a more urgent time to enter the international e-commerce landscape. Cross-border e-commerce spending is expected to break the $1.6 Trillion mark by 2025. This presents a significant opportunity for e-commerce merchants seeking to expand their revenue streams and acquire new customers. Globally, cross-border e-commerce will grow at 15% CAGR between 2018 and 2025, compared to just 10% CAGR for domestic transaction value. What does this mean? Brands that continue to postpone their plans for global expansion will find themselves becoming increasingly stagnant in their domestic markets. Here's another reality check: most domestic brands are already global without even realizing it. Thanks to increased access to online channels such as Google Search, Facebook and Instagram, consumers anywhere in the world with an internet connection can find the items they really want. But, will your brand be ready for the global demand? Cross-border shoppers are eager to engage with e-commerce sites, regardless of their country of origin. Is your e-commerce store ready to deliver the experience they expect? If not now, when?
Cross-Border Success Story: Made In
This was the situation faced by leading cookware brand Made In. The direct-to-consumer retailer set out in 2016 to rethink the cookware landscape by offering restaurant-quality kitchenware for home use. In just a few short years, Made In has rocketed in popularity to the point that its stylish, long-lasting kitchenware is now being used in multiple three-Michelin-star restaurants. So, it's no surprise that global shoppers are catching on to the brand's products, particularly in the Asia Pacific region, where demand for high-end cookware is on trend. Like many brands, Made In was noticing an increase in international traffic to its e-commerce website, but the brand had not yet localized its site for visitors from other countries. It also struggled with international shipping, dynamic pricing by country that included accurate taxes and duties, and the ability to conduct A/B testing in different markets to determine customer preferences around shipping tiers.All of these are normal points of friction as retailers begin the cross-border journey. In fact, some of the most common roadblocks brands face as they expand globally are:
- Handling international shipping in a cost-effective, streamlined way that meets customer expectations
- Calculating duties and taxes in each market, eliminating any unexpected additional costs for the customer
- Displaying localized pricing with the correct currency
- Offering the right mix of payment options that reflect local market preferences
- Offering an easy-to-understand, hassle-free return experience
Once Made In started working with Flow, the brand quickly tackled these pain points. Today, Made In is selling into 69 countries around the globe and achieved a Year-over-Year (YoY) international sales increase of 10X. With Flow's modular console, Made In now has a singular, customizable e-commerce platform that can both drive cross-border demand online and convert visitors into customers. In the near future, Made In plans to leverage Flow to continue to expand into new markets.Check out the presentation at the GELF Accelerate Virtual Event in its entirety to hear more about why now is the time to expand globally, and how brands and retailers like Made In are turning to Flow to help manage the most complex aspects of becoming an international retailer.
Be Locally Global in Weeks, Not Years
With Flow as your cross-border e-commerce technology partner, your brand can go global in a matter of weeks, not months or years. The modular nature of our platform allows online merchants to integrate it into their e-commerce technology stacks as quickly as 1-2 weeks. With Flow, retailers can seamlessly expand into 200+ markets and see an immediate global sales lift.
Find out what Flow can do to accelerate your brand's global expansion plans. Get in touch with a Flow cross-border e-commerce expert today.