This fits in with the responsive v adaptive debate.
How important are people in a particular country to you?
Unimportant enough for you to just assume they're the same as the customers you focus on - so you'll give them the same site? Or important enough that you'll look into their specific needs and wants and create a site specially for them?
You probably know the answer. If you want to sell to someone the more relevant it is to them, the better they will respond. That better response has a value, probably way above the cost of a site.
The best answer is to have a specific site for each country and even each market you sell to. Or personalise the site with content specific to the area by using a lookup.
This becomes more important with mobile - your site should be using the GPS, maps, orientation, the intelligent layer which knows what is around them, what the competitor activity is in that area etc. It can even use the camera, microphone, accelerometer etc. to create something specific to them. And it should know their purchase history, social profile and influence too. The days of creating sites which are just media to an undifferentiated audience have gone.
Anything else is a fudge - a lazy person's way of doing something which pleases their boss, rather than trying to please the customer (which is harder).
If it is any help Craigslist fails totally in the UK as it is US centric, Apple succeeds massively in spite of being just a US site with double the price for the UK and ebay is truly relevant to UK people.