What is the best way of routing? If you are running an e-comm website in multiple countries?

I'm running an e-commerce website that is currently available in two countries and both have different positioning and pricing. Currently, I have a single domain and I'm redirecting the user based on his IP address. My process-

1. User from country 1 types my domain URL in the browser.
2. I collect the IP address every time a user opens my website.
3. Based on the IP address I redirect him to the specific country 1 page.

Is this process correct, because I am wondering if redirecting a user is a good way, or will it affect my SEO badly? What is the best way to run a single domain for multi-countries (given each country will have different positioning and pricing)?