One of the biggest advantages E-Commerce stores possess is the ability to target global markets without the limitations of being confined only to a physical store. With more and more businesses setting up an online presence, competition for global customers is increasing. While localizing your E-Commerce store has the ability to differentiate your business from the competition, there are some important considerations to account for when moving forward with a localization strategy.
One of the most important considerations when localizing an E-Commerce store is pricing. Choosing to offer your product’s pricing to customers in their local currency has the opportunity to increase sales. A study conducted by WordPlay found that the number one reason for shopping cart abandonment is price. Offering your product in a foreign currency only works to further increase a consumer’s choice to abandon items in their cart.
Additionally, localizing your store’s pricing to cater to foreign markets is recommended as well. RevenueWire suggests implementing dynamic pricing to achieve this practice. Dynamic pricing accounts for altering product cost depending on the market you’re targeting. For example, the price you sell an item at in the U.S might not be feasible in another market like China. While dynamic pricing is used largely with hotels and the entertainment industry, increasing price based on regions with higher demand is typical in this practice (RevenueWire).
The culture you’re targeting has the ability to play a large role in your E-Commerce store’s success. Brainsin.com advises you double check the marketing materials and site images you use to see how they translate to other, possibly more conservative, regions of the world. Targeting Arabic consumers, for example, with images of women in Western dress might be less appealing to a culture with varying dress standards. When you consider how that portion of the web is growing, localizing your store to cater to this segment of consumers could pay off. With effective localization you’re able to successfully bridge the gap between your brand and it’s multicultural customers.
One of the more obvious aspects of localizing your E-Commerce store is accounting for multiple translations of your site. Translating your product descriptions and titles not only has the potential to please customers, but increase revenue. CSA reports that information offered in a consumer’s native language is a stronger influence for purchase than low pricing.
If the content offered on your site is exclusively in English, consider that only 13% of internet users speak English as their native language. Additionally, CSA reports that brands looking to appeal to 95% of the world’s wallet will need 20 languages to do so. While your E-Commerce store might not be in a position to support 20 site languages, identifying your target markets and those that pose the strongest potential for growth is a smart place to start.