Along with this, the customs and taxes levied on each item increases. Besides, currency fluctuations often add to the overall expense. The amount you invest in resources to manage an international division is high as you need to build a communication bridge between your company and the buyer.
Solution: The duties paid for shipping are high, and you need to invest in resources to complete all paperwork and formalities so you can conduct international trade seamlessly.
Cross border trade often faces hurdles due to a lack of understanding about the stringent regulatory norms that appear to be quite complicated. Many businessmen dive into international trade without completely understanding cameroon phone number list about the custom duties, taxes, and trade agreements that form an essential part of this trade. Non-compliance can delay the shipping process, stall trade, and even incur penalties leading to losses.
Solution: All the regulatory norms related to international trade must be thoroughly understood and strictly adhered to ensure smooth cross border trade.
Payment Methods
Providing buyers a uniform payment infrastructure is a tough job! Often businesses lose out on potential customers because they cannot offer a frictionless payment system to their customers. The payment preference of people is different in different regions. According to a report by Practicalecommerce, 50% of all eCommerce transactions in India, are cash on delivery. Similarly, in North America, the payment preference is dominated by cards.