Step 6: Establish Payment and Shipping Methods
Once you have identified your target market and established a pricing strategy, it's time to determine the payment and shipping methods that will be used to fulfill orders. This step is crucial to the success of your export business, as it directly affects customer satisfaction and your bottom line.
1. Payment Methods
When selling to international customers, it's important to offer a variety of payment methods to accommodate different preferences and cultural norms. Some common payment methods include:
- Credit cards: This is the most popular payment method for online purchases, and it's important to ensure that your website is set up to accept credit card payments from international customers. You may need to work with a payment gateway provider to facilitate these transactions.
- PayPal: This is another popular payment method that allows customers to pay using their PayPal account or a credit card. PayPal also offers currency conversion services, which can be helpful for international transactions.
- Bank transfers: Some customers may prefer to pay via bank transfer, especially if they are making a large purchase. You will need to provide your bank account information to facilitate these transactions.
- Cash on delivery: This is a popular payment method in some countries, where customers pay for their order when it is delivered. However, this method can be risky for the seller, as there is a chance that the customer will refuse to pay or dispute the charges.
2. Shipping Methods
Once you have established your payment methods, it's time to determine how you will ship your products to international customers. Some factors to consider when selecting a shipping method include:
- Cost: Shipping costs can vary widely depending on the destination country, the weight and size of the package, and the shipping method. It's important to research different shipping options to find the most cost-effective solution.
- Speed: Some customers may be willing to pay more for faster shipping, while others may be willing to wait longer for a cheaper option. It's important to offer a variety of shipping speeds to accommodate different customer needs.
- Tracking: Providing tracking information can help build trust with customers and reduce the risk of lost or stolen packages. Many shipping providers offer tracking services, but these may come at an additional cost.
- Customs and duties: When shipping internationally, it's important to be aware of any customs and duties that may apply to your products. You may need to work with a customs broker to ensure that your products are properly declared and that any duties are paid.
Some common shipping methods include:
- Postal service: This is often the most cost-effective shipping method for small packages, but it can be slow and may not offer tracking or insurance.
- Courier service: This is a faster and more reliable shipping method, but it can be more expensive than the postal service.
- Freight forwarding: This is a good option for larger shipments, as it allows you to consolidate multiple packages into one shipment and can be more cost-effective. However, it can be more complex and may require working with a freight forwarder.
In conclusion, establishing payment and shipping methods is a crucial step in your export plan. By offering a variety of payment methods and selecting the most cost-effective and reliable shipping options, you can ensure that your customers are satisfied and your business is profitable.
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To get more real life examples of successful Export transactions in a step by step manner, please read our Amazon Book (Mike Wilson & Ramzi Bouchrit), 7 Steps to Export Success: https://amazon.com/dp/B0B35HG9PC
