Webinterpret are well known for translating eBay listings, but what’s less known is that they offer the a similar service for Amazon. Webinterpret say that whilst selling on international Amazon sites can potentially double your income, about 3% of this revenue is lost due to foreign currency exchange commission. However, the good news is that there are ways to cut this commission charge by half, meaning more of the net revenue from your international sales actually belongs to you.
Willem Rowies – Director of Strategic Partnerships whose main responsibility is setting up partnerships with other e-commerce industry providers that Webinterpret clients can benefit from, explains how their latest partnership can save you money:
International revenue reduced by 3%
Webinterpret is a platform that enables you to sell internationally in Germany, Italy, Spain, and Australia amongst other countries. In fact, for anywhere you are prepared to sell, they can offer a solution that enables you to immediately increase international sales and dominate international marketplaces with listings – as it helps foreign buyers to find your products by creating active localized listings in foreign marketplaces. This will push your listings to the top of foreign search results because they will be built with keywords and descriptions specific to foreign local marketplaces, thus increasing your international market share, and potentially generating millions in new revenue.
However, if you calculate how much more you would earn from selling internationally, you will soon figure out that it is not quite as good as you first imagined because when the money generated from international sales is transferred into your local GBP account, charges are applied through the exchange rate and these charges eat into your profits. As a result, you will end up receiving up to 3-4% less from your sales after it is converted into GBP.
The additional drawback relating to the exchange of foreign currency occurs when buying stock from abroad. Transfers made through a regular bank are subject to a 2-3% charge and high transfer costs. This means that when buying stock from abroad, you also end up paying more GBP which increases the cost price.
However, there is a solution to the problem of foreign exchange – e-tailer Collection Accounts – multiple bank accounts located in the countries you sell in! This solution enables you to bring money home from online marketplaces in source currency without converting it and maximize your international sales proceeds.
Keeping your revenue as high as possible
Webinterpret have partnered with Currencies Direct to help you save money when selling internationally. While Webinterpret enables you to sell wherever you desire, Currencies Direct helps by removing some of the challenges that exchanging foreign currencies present.
Sellers who decide to expand their online businesses by starting to sell internationally with Webinterpret, are now able to transfer their money back to their bank accounts in GBP with a commission rate of just 1-2% instead of the normal 4% taken by standard transfers made via the international marketplaces.
This, in turn, means that you are now able to offer products at lower, more competitive prices as you have the guarantee of a wholesale exchange rate and minimal transfer fees.
Now, selling internationally can be even more profitable
Now you get to grow your business into foreign markets with Webinterpret whilst holding on to more of the revenue generated through your international sales with e-tailer Collection Account.