Generating good profits by selling products in markets with the most demand is the basic rule of business success. But up till a few years ago, this was a nightmare for most entrepreneurs (how to sell product globally). Back then, to set up a business in multiple markets like UK and US was a very costly and time consuming affair.
Now as technology has evolved, entrepreneurs can set up the online presence for a business in multiple markets within a couple of days’ time. The most important things you need to start selling online are some technical knowledge and sufficient budgets to support your efforts. Currently, the biggest online marketplaces that enable you to sell products globally, are Amazon, eBay, Alibaba and Craftsvilla.
Alibaba is a Chinese company that provides consumer to consumer, business to business, and business to consumer online sales services. Alibaba also enables local small SMEs to sell globally through its online marketplace.
eBay is a multinational online marketplace founded in 1995. International selling is quite easy on the platform; where you can list your products on the eBay India site and make it available worldwide. Another option is to open a dedicated account on the eBay site of the particular country you want to sell.
Craftsvilla is an online marketplace for artisans, designers and retailers spread across India. Craftsvilla focuses on removing middlemen and increasing the profitability of its sellers.
Amazon has its presence in 11 countries and hence this name is perhaps the most familiar one amongst Indians. Here, we are going to discuss more details about the Amazon global marketplace. First things first; you won’t be able to sell globally by registering on Amazon.in Instead, you will need to visit the amazon.com seller service which offers two options like FBA (fulfilment by Amazon) or the option for a seller to directly ship their product. Of the two, we prefer the FBA service due to the convenience factor.
Product research is the first and most important step, as it decides the success of your online selling business. If you already have a product, then conduct an in-depth research about the behaviour, nature, culture and seasons of your target market. After the demand assessment, finalise the quantity of your first inventory. This should be done carefully, as bigger inventories lead to bigger profit along with bigger risk.
Setting up the Amazon seller account
Amazon, even though a global online marketplace, doesn’t allow you to open your seller account from all countries. Click here to know the status of your country.
From India, you can sell globally on Amazon. The most important things needed to sell on Amazon are tax documents, international bank card, bank account, and a phone number.
Before starting the registration process, it is advisable to hire a good tax consultant for making all taxation documents proper. Click here to open a seller account on Amazon
Here you will be given the option to choose between a professional or individual account. Initially, for startups, the individual account should be more than enough. Once you complete all the registration processes, your seller account will be ready to go.
Labelling for Amazon selling
You will also need labels like FNSKU and UPC to sell on Amazon. UPC or Universal Product Code is the code seen in every brand whether it is purchased online or offline. FNSKU is the code used by Amazon for tracking a product and identifying it with a particular seller.
For getting the FNSKU label, you will need UPC and it can be purchased online from many places. The most authoritative site for purchasing UPC is https://www.gs1us.org/ but it comes at a cost. If you are planning to use the UPC only for Amazon selling, then click here for a more cost effective option. https://speedybarcodes.com/
After getting the UPC you will have to sign in to the seller account on Amazon. Click ‘Add a Product’ in your home page and select the category of your product. This will take you to the product information page, where you can fill all the details about your product along with its UPC. After listing, go to ‘manage your inventory’ and select your new listings. Then click the checkbox under status and select print item labels in the action button. Change the number of labels as per the number in your inventory. You can then save the labels on your computer as a .pdf document. After printing the FNSKU, apply it to each of your products.
Finish your product listing
Finish your product listing by filling out all the details of your product like colour, size, weight and price. When deciding the price of the product, you also have to take into account the fees and commissions of Amazon. To calculate fees and commissions, Amazon has provided some tools on the site for your benefit. It’s best to prepare good, attractive and optimized content for product description.
Shipping to Amazon
Amazon has some strict terms regarding incoming shipments to their warehouse. You can check all the terms on their site before commencing shipment. It is also good to find a freight forwarder familiar with Amazon warehouses; so they can confirm whether your shipment meets the guidelines or not. Always apply the labels correctly before sending it to the freight forwarder.
Now your online global store is ready to get your cash register ringing.