Have you considered growing your business by selling internationally but you don’t know where to start? Well, finding the right marketplace for your business to target isn’t as difficult as you might think! We’d like to introduce you to a couple of free online tools which allow you to easily compare marketplaces, and access lots of useful information right at your fingertips. Covering just about everything – from product demand to local payment methods – these online tools should help you start putting a plan in place for entering your chosen market.
Exporting Is Great
A great starting point for finding new markets is Exporting Is Great’s online tool. All you need to do is select a product category and the country you’re interested in selling too (this can be left blank if you’re unsure). The results will give you information about each marketplace including the commission they charge and the number of registered users.
You can click on any of the results to learn more including:
- Requirements for selling through the marketplace
- Customer profile
- Payment terms and currencies
- Seller support options
- Fulfilment and delivery
- Ecommerce adviser tip
Once you’ve carried out your research and decided on the online marketplace you’d like to add to your sales channel, you can apply via The Department for International Trade (DIT). One of the advantages of applying this way rather than directly is that it can save you time. The application will be fast tracked and you’ll receive a response within 5 working days.
DIT negotiates exclusive deals for UK businesses for a wide range of marketplaces, so applying through the site can save you money too. These deals can range from a number of free listings to a reduced commision rate.
There’s lots more information you can find on export.great.gov.uk including exporting opportunities. It’s well worth checking out!
Google Market Finder
Market Finder is another useful tool for helping you determine which new markets to target. To get started, you simply submit your web address and product/service categories will automatically be pulled from your site. Alternatively, you can select up to 5 types of products yourself. You’ll then be instantly shown a list of recommended countries to market to, based on a variety of factors which are displayed. You’ll be able to find out:
- The average number of monthly Google searches for terms related to your product categories
- The recommended Adwords bid. This can be a good indicator of how competitive a market is
- Ease of doing business ranking
- The average household net disposable income. This gives insight into spending power
On top of all this, Market Finder can help you plan your operations with their guides that cover areas including international payments, legal considerations and logistics. You can also find lots of information on the various methods for marketing your business globally.
All of these resources can be found with the Lite version, but it’s well worth submitting your email address for the full version, which is also free. The full version gives you access into 180 markets, in-depth insights from 32 data sources and allows you to save your markets to a personalised dashboard.