International Network Marketing
What Capabilities Do You Need to Sell Globally?
When it comes to international network marketing, the idea of taking your MLM business global can be extremely profitable as the entire world becomes your potential customer. International MLM sales are on the rise, especially in top 10 countries like China, South Korea and Germany. Though some countries experienced a small decline in 2020 due to the Coronavirus Pandemic, sales are projected to increase throughout 2021. Take a look at the direct sellers’ world retail sales numbers from 2020:
- China – 19,183 (USD millions)
- South Korea – 17,748 (USD millions)
- Germany – 17,967 (USD millions)
- Japan – 15,411 (USD millions)
- Brazil – 8,252 (USD millions)
Though there are clearly great financial advantages of engaging in global network marketing, there are some hurdles to consider before growing on an international level. Watch the video below as Jerry explains what E-commerce capabilities you need to sell your mlm products internationally.
Speaking Your Global Customer’s Language
Language and translation should be your first consideration when gearing up to sell your MLM products internationally. When your website seamlessly translates from English to French, or Japanese. or Spanish, your customer-base grows exponentially. Multilingual websites generate more traffic globally – that means increasing your online traffic which leads to increasing your sales. Having built-in language translation capability on your website is the best way to ensure that your international customers have a seamless experience while purchasing your products online.
Currency Conversion and Foreign Taxation Capabilities Streamline Your Product Sales In Any Country
If you plan on taking advantage of the profitability of global network marketing, then your website will need to have currency conversion capabilities. Customers could be confused or think your website is broken if the products in their online shopping carts are ringing up in a foreign currency. Empowering your websites with advanced currency conversion for your products is a top priority if you want to create the easiest shopping experience for your international customers. When engaging in international network marketing, you need to have a website that can translate any price from one currency to another automatically on the fly.
Selling your MLM product internationally also means dealing with exchange rates. Your website should have the capability to properly translate from one currency to another while taking current exchange rates into consideration. This includes capabilities like ForEx, which allows your business to leverage the currency exchange rate to your benefit.
Profiting from international MLM sales requires your business to jump through all sorts of foreign taxation hoops. To keep all of your global network marketing options open, you will need to have local taxation capabilities configured into your website. Configuring your website to handle all international taxes solves the foreign taxation problem for your business.
Go Global with Firestorm’s Built-In International Selling Features
When building an MLM business, it’s important to ask the question, “Will I be charged extra for doing business internationally?” Because as your business grows, the demand for your product overseas is inevitable. At Trinity Software, we want to come alongside you as your business reaps the advantages of international network marketing by providing language translation, currency conversion, ForEx, taxation capabilities and so much more built into your website at no additional cost. In today’s global economy, these capabilities are not optional for companies that want see their profits soar. Click here to learn more about Firestorm’s international selling capabilities or call us today to discuss your international network marketing needs.
Ok, as we continue our discussion, the next thing we’re going to do is we realize that as you grow and become more and more successful, you’re going to be more and more worldwide. Whether you realize it or not, if your product is available to be sold worldwide, the network marketing and MLM model actually facilitates this very well, as long as your system is prepared for it.
So some of the things you have to think about is international capabilities. You need to ask your vendor, “If I decide to start doing business in another country, is there an additional charge for that?” That’s a fair question. Well, in our case, the answer is “no.” There is no additional charge for that. You can open in as many countries as you want.
But things that you have to consider – obviously the first thing is language. So everything that’s presented to the public on the web should be language driven. So if I decide I want to see it in English, I can see it in English. If I need to see it in Japanese, I can see it in Japanese. If Spanish, I can see it in Spanish. There should be translation capabilities built into the system that are included, not cost extra – they’re included. And allow you to manage that so that you don’t have to engage a translation bureau unless you want to. You can, but you don’t have to. So you can literally open in a new country by just configuring the system and go for it.
The next thing you have to talk about is currency, obviously. Because, you know, if I’m an American buying a product through one of your shopping cart and it’s presenting a currency to me that is not mine, number one – I’m confused, number two – I think the system’s broken for some reason. So the system has to include the capabilities to translate any price from one currency to another on the fly. This is not hard coded into the system. This is using conversion rates to actually translate those values on the fly. So one-hundred dollars USD might be, I don’t know what the exact rate is, but might be one-thousand Yen in Japan. That should all happen automatically and seamlessly to the shopper, but the compensation plan is aware of it and can handle that way that it works internally so that the commissions are paid properly regardless of what currency it was bought it. This is one of the areas that people overlook all the time. So be very aware of that and be sure that your system has those capabilities.
The other thing that you have to be aware of when doing business internationally is local taxation rules. If you don’t have a system that knows about, for instance, we have sales tax in the United States, but in Britain they have VAT tax, and a lot of Europe has VAT tax. Ok, and there’s other taxes like that in other countries. They system needs to have the capability to handle that. And configurable, not custom programming or hard coded, ok?
The other thing is a ForEx capability, which allows, it’s kind of an advanced feature. But if you have it, you can leverage the currency exchange rate to your benefit. That’s all I’m going to go into it for here, but just be aware that if you have that capability, if you’re dealing in a currency that has a lot of fluctuations, you can actually profit from that if you have everything set up properly. Of you can keep the prices stable, even as the currency fluctuates. That’s what ForEx does for you. Very important, think about it.