In this era of globalization, commercial operations around the world are achieving new milestones and hitting new highs of success with every passing day. It is to be mentioned that the very concept of borderless selling gets a special mention in this context.
The phenomenon refers to the process of services being sold to the target customers residing outside a particular country. To be more specific, sales made between two individuals belonging to different countries results in borderless selling. However, there’s more to it than what you have known so far. Take some time out to read this insightful blog and learn about the different fundamental aspects of borderless commerce.
Happy reading!
What is Borderless Selling?
Borderless selling refers to the process of selling services to the consumers living outside the country of origin of the particular product or the service. This is basically described as the process that involves performing sales transactions for multiple parties. Since the transaction occurs between consumers belonging to two different countries, the term “borderless” gains importance.
The services associated with borderless selling comprise Freelancing, Telemarketing, Medical transcription, digital credit card processing and more. However, there’s more about borderless selling than what you have known so far. We shall learn about the same in the sections that follow.
Major advantages of Borderless Selling
The process of borderless selling has several advantages. Now that you are already aware of the definition of borderless selling, here are the major advantages one can enjoy on roping in this strategy for business. Take a look.
Market exposure is undeniably one of the most crucial aspects to be met when it comes to ensuring maximum rate of conversion. Unless you are taking your trade to the internationally recognised platforms, roping in enough clients and ensuring maximum footfalls might turn out to be a major issue of concern. Since borderless selling is entirely based on the concept of sales processed between two countries, ensuring maximum exposure for your business will not be a major point of concern.
- Ensures ease of trade operations
This is yet another mentionable benefit one can enjoy by embracing the practice of borderless selling. Ease of doing business is one major aspect that enables the corporate entities to practice a seamless and profitable trade associated with the particular service or products.
Since borderless selling fosters a global marketplace exposure, entrepreneurs can enjoy the perk of exploring new avenues, requisite for a satisfactory Return on Investment. Most businesses tend to assess their success rates based on the potential sales made in the foreign market. With borderless selling allowing the entrepreneurs to take their services and products to the globally recognised platforms, ease of trade operation comes quite naturally.
- Ease of offering services at competitive prices
When it comes to discussing the major advantages of cross-border trading, this is one aspect you cannot afford to overlook. For example, the European retailers operating in Australia and the United States of America are not required to pay the Value Added Tax.
This helps them to offer their services and products at competitive prices as compared to that of local Australia and U.S. based retailers. Thus, the cross border traders can always stand a chance to make the most of the competitive price market, by offering their items at the best market price, as per the industry standard.
Now that you are aware of the major advantages of borderless selling, let’s move on to the next section for further informative insights into this particular phenomenon.
Examples of services that can be sold through borderless selling
A plethora of services that can be sold through borderless selling. If you are eager to know about them, then consider taking a look here.
- Freelancing: Freelancing is indeed a mentionable service that goes beyond borders. This is a type of service where the person involved is self-employed. A freelancer is not necessarily committed to long-term employment under a particular client. In most of the cases, freelancing is carried out on a global scale. For example, a person sitting in Australia can deal with clients from countries like the USA, UK, Canada, Singapore and more.
- Consulting: The profession of consulting deals with the practice of helping people with domain-specific advisory suggestions. It can be anything and everything under the sun. From legal consultants to academic consultants, the range is extensive. In this modern era of technological advancement, online consultation is undeniably one of the most talked about phenomenon. Apparently, there are consultants who have shifted their base and went online and embraced cross-border trading as a vital aspect of their consultation services.
- Music: This is yet another domain that goes hand in hand with the concept of borderless selling. Music is a cultural activity that involves creation, performance and expression. Most importantly, music is beyond boundaries. Thus, borderless selling is relatable and legit on so many levels.
- Telemarketing: Telemarketing refers to the profession where people involved in direct marketing approach their target audience via active phone calls made from call centres or directly from home. This pretty well indicates the fact that the businesses are made via virtual modes of communication. It goes without saying that telesales can be conducted across countries, anywhere, anytime.
- Electronic Commerce: Popularly known as E-Commerce, the digital distribution of goods and services is again an integral part of borderless selling. The concept of virtually operated trade involves a plethora of products and services. From apparels to groceries, the range is extensively stretched. Since the business involves digitally distributed services, cross-border trade certainly becomes an integral aspect.
In addition to each of the aforementioned services, borderless selling involves accounting, medical transcription, videos and online credit card processing as well.
What are the means used for borderless selling?
The concept of exporting, and exploring the foreign market in order to expand a particular trade is precisely what borderless selling is all about, However, the entrepreneurs involved in cross-border trading rope in various means in order to operate seamlessly, across all borders. In case you are eager to know about the same, here’s something for you to take note of.
International cross-border outsourcing is one of the most utilised means of borderless selling. Outsourcing in sales refers to the process where companies aim at increasing their sales and rate of client footfall by involving the presence of a third party. Cross-border outsourcing plays a crucial role in this context where services, sales and the aspect of distribution are managed and executed by third parties beyond countries or national borders.
While local distributors are responsible for selling goods within the national territory of the particular country, foreign distributors are dedicated to selling goods across the national border, or overseas, to be precise. International distribution of goods and services leads to better sales generation, leads and expansion of market on a global scale. This particular medium of borderless selling becomes one of the most notable and efficient aspects associated with the entire phenomenon.
It goes without saying that the online marketplace is certainly one promising platform where a significant chunk of borderless selling is operated by merchants around the globe. From Amazons of the world to eBay and Alibaba, e-commerce business is already a phenomenon worth millions of turnovers. Also to be noted, selling through online mediums paves well-built ways for the business houses to reach out to a wider base of consumers beyond the local borders.
Apart from each of the mentioned means of borderless selling, there are further things left unknown. We shall talk about the same in the following sections.
Tips for Selling Globally in a Borderless Society
Initiating a global sales strategy is undoubtedly one of the most significant and effective steps towards attaining success. However, you must know the different technicalities associated with this practice. Here’s a series of helpful tips and suggestions one must consider taking note of, prior to embracing the tactic of borderless selling.
- Attend international trade fairs, shows and events: If you aim to achieve something big in the domain of sales and marketing, you cannot afford to overlook the importance of attending cross-border events. Attending international trade fairs, shows and events shall help you develop insights into the various facets of borderless selling. This shall make you more potent of coming up with globally accepted selling strategies.
- Be open to feedbacks and criticism from clients: Remember, the more you learn, better will be the chances for you and your business to make their presence felt across all countries. Your end users are always the most helpful sources from where you can find out about the different loopholes and major issues associated with the products being sold.
- Consider conducting an internal business analysis: This is one of the most crucial aspects to be met when it comes to implementing global business strategies for borderless selling. Unless you conduct a thorough business analysis of your organisation, you won’t be able to evaluate certain things. For example, specific knowledge of the resources, core competencies, USP, areas that need to be improved and the likes. Once you are aware of what needs to be done, expanding the trade across the national territory will be relatively easier for you to determine.
- Let your brand think beyond cultural barriers: Borderless selling is all about reaching out to the target customers beyond all cultural barriers. Thus, it is important for entrepreneurs to let their brand speak the local language. You cannot expect to reach out to a group of Russian customers with a brand endorsement strategy that merely aims at reaching out to the British crowd. Hiring immigrants belonging to the particular regional marketplace you aim to penetrate is one of the most effective things to embrace.
Now that you know about the different strategies that can be implemented to level up the game beyond territorial borders, let us move on to the next important context of the discussion.
How is borderless selling associated with global marketing?
Borderless selling goes hand in hand with global market penetration. The process of selling services and products to the customers outside the nation of a service origin is what precisely defines cross-border trading. Hence, it goes without saying that global marketing is certainly an integral part of borderless selling.
This particular phenomenon is associated with the practice of extending sales life of the products and services, a reduction in the dependence on one market and more. Unless you are looking at the world as your marketplace, reaching out to customers beyond all borders won’t be possible. The concept of borderless selling is all about businesses meeting global standards, and expanding their operations gradually.
Since there are certain products and services that do not require any territorial restrictions, business houses choose to carry out the operations over internet. And in this modern era of digitally advanced media, one can go global with a single click of the mouse button.
For example, if you are into E-commerce, you can choose to market a local product and attract the global customer base via online marketing. From Amazon to eBay and Zappos to Rakuten, e-commerce companies across the globe have already made their presence felt with a wide range of products and services catered to a humongous clientele.
For example, McDonald’s is now a successful and globally recognised brand. Wondering how? The reason is simple. The brand offers region-specific items based entirely on the food habits and regional preferences of their target customers. This is again a fact that establishes the association of borderless selling with global marketing.
Before Pulling the Curtain
A survey made on the global E-commerce sales made across the geopolitical borders has come up with an interesting figure, displaying an upward graph of success.
Borderless selling is definitely on the rise, with predictions determining the market to hit a new high by 2021. In addition, cross border trading is already a trend that has been embraced by the organisations aiming to establish multinational branches. Now that you are already aware of the various fundamental aspects of cross border selling, here are the key takeaways of the entire piece, jotted down especially for you. Take a look.
- The concept of borderless selling is primarily based on the fundamentals of Online Marketplaces, Foreign Distributors and Outsourced Sales.
- Services associated with borderless selling include Freelancing, Consulting, and Music, Videos, E-commerce, Telemarketing and more.
- The key to successful borderless selling is based on the approaches one would take in order to conduct internal trade analysis, accepting client feedback and the likes.
With every passing day, cross-border trading seems to be a phenomenon that is here to stay. Here’s wishing you can make the most of it.
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