The month of Ramadan, which this year began on the evening of June 17, offers the world's 1.6 billion Muslims opportunity for religious reflection. The ninth month of the Islamic calendar, Ramadan commemorates the initial revelation of the Quran to Muhammad and is marked by fasting from the breaking of dawn through the setting of the sun. Those who observe Ramadan recognize the month as a time of self-restraint and spiritual emphasis.
Online retailers seeking to expand their international presence would do well to set their sights to Latin America now. The region is currently boarding the on-ramp to what forecasters see as a steep ecommerce growth curve ahead. In fact, Forrester Research estimates combined ecommerce revenue in Brazil, Argentina and Mexico will increase from $20 billion in 2013 to $47 billion in 2018.
In Washington, a rare moment of bipartisan agreement is building in support of Trade Promotion Authority (TPA), a bill that would help to “fast track” trade agreements by granting them an up-or-down Congressional vote. The complex approach that this existing regulation currently takes to the re-importation of goods into our country is outdated, unfairly burdensome and creates unnecessary headwinds for our economic growth. It creates an uneven playing field that hurts online retailers at the exact moment we should be helping them to lead our economy into the future—and it should be amended.
Singapore’s strong economy and wealth boom has driven greater consumption of high-end goods. Combine their love of luxury, plentiful dollars to spend, strong Internet infrastructure and familiarity with English, it’s no surprise that Singapore’s shoppers spend more than 50% of their online dollars across borders.
It’s not just about paperwork. Having a partner that manages global trade and Customs compliance can help retailers maximize revenue and unlock new opportunities in far-flung markets.
International retailers can tweak how they display prices across different markets in a way that influences conversions and keeps shoppers happy.