6 July 2020
Within 10 years, the crowdfunding marketplaces and platforms market will have a value of around 1,000 billion euros in Europe. Currently, 10% of Europeans already purchase goods or services from other countries in the EU. That means an additional 48 million potential buyers should you succeed in internationalising your marketplace. Whether you’re ‘only’ targeting the European market, or you have your sights set on countries beyond the borders of the EU, here are 3 tips for optimising international growth.
With mobile applications now allowing consumers to purchase almost anything they want; it would be a shame not to jump on the bandwagon. However, it’s important to be aware that not all countries have the same maturity when it comes to making purchases from foreign marketplaces, whether they be in other European countries or elsewhere in the world. Some markets in Asia, for example, already have everything available locally and therefore have no interest in buying from foreign markets, aside from very specific goods. Check how likely it is that your idea will work based on the type of products you offer.
A country may be mature in its purchases from foreign markets without constituting a goldmine for yours. This is due to an existing concentration of similar markets. It’s therefore important to carry out competitive analysis to ensure that there is still space in the market for your business.
Confronted with Internet scams and the fear of not receiving their parcel on time, foreign consumers can prove wary of platforms that they aren’t familiar with. You must therefore take time to reassure them and eliminate factors that will deter them from making a purchase.
Regardless of all this, marketplaces have a major advantage: foreign third-party vendors will already be familiar with the market. This means you can afford to make less effort than a typical e-commerce site.
Once you’ve determined the potential for internationalising your marketplace, you need to choose a suitable payment system. It must meet all the specific payment requirements in the countries you want to establish yourself in. Its security is also a crucial factor in your success abroad. You should therefore use a secure payment service provider whose solution can be exported or that is already used abroad. A good payment service provider should help accelerate and facilitate your international expansion.
Ensure that your solution:
Local presence is a plus: it’s not essential but representatives in the relevant countries can offer additional support when it comes to better understanding local regulations, particularly those that relate to KYC (Know Your Customer)
With a financial passport in 29 countries, Lemonway offers multiple functional currencies and all strategic and local payment methods available for your expansion in Europe. Here to help you achieve your aims abroad, we offer an easily scalable solution that is compatible with your growth targets both in France and further afield.
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