Venture into Export-Import Business and boost your sales.

Posted by yashi ganguly on July 24th, 2019

Know how to stimulate your growth and profitability by being global exporter -importer

Being an entrepreneur, you would be on a constant hunt for better opportunities. You would like to explore new products, new markets, and new techniques to market your products. After a point of time, your home market stops giving you high growth rates as the local demand becomes saturated and the cutthroat competition robs you of a decent margin. In this scenario going global is indeed the best approach.

Yet many businessmen are not confident to enter the international market. It appears cumbersome to them as there are a number of aspects that need to be tackled like, shipping, customs, payments and so on. Although with changing times, it has become less daunting as modern technology facilitates international trade. India’s export-import data base shows that both exports and imports in India have steadily increased. With a detailed study, you will be able to identify companies doing exceptionally well in the overseas market but were once struggling to sustain in the domestic market.

Indian customs data shows that new players are frequently entering the export markets and succeeding. Not only this business is profitable, but it also helps to build strong relationships with other countries and clients. One of the best things about import-export business is that selling in foreign markets gives you a good opportunity to surpass your competition in the domestic market. Another advantage for an existing manufacturer is that they may venture into exports business without setting up a new assembly line.

Sometimes the purchasing power of your own country does not match up with the quality you sell. Manufacturing such products exclusively for countries with a higher purchasing power gives you better growth opportunities. The need and demand of any product in a market can be assessed beforehand with the help of the export-import database. You can even cut down the cost of your manufacturing by importing certain goods. In some cases, importing raw materials helps in improving the quality of the end-product that is manufactured.

Having known the advantages of an export-import business, you can confidently make a decision. A firm decision should be followed by a concrete plan. Some important key steps include setting up a proper website, choosing the product, searching the right market, pricing, finding customers, transportation, offering great customer service, etc. Spending some time in studying the Indian export and Indian import custom data would help you address these concerns. It will guide you through the destinations, buyers, suppliers, pricing, and products which can give good returns in foreign trade.

You can enhance your profitability and growth in the export-import business by choosing the right tool for customer research. You need an authentic export-import database that gives you an insight into the foreign trade. It would tell you about market trends. If a product is not selling well in the foreign market, there is no point pushing it. Similarly, if a product is trending high then it would make sense to market that maybe with new packing and pricing.

Another thing that each exporter or importer should know is the legal barrier for a particular product.  The export-import data raises an alarm if a product is banned or has high tariff barriers.

A major reason for not doing well in import-export business is the lack of knowledge of the client’s need. If you know what your overseas customer needs, you will be able to handle the demands in a better way and earn decent profits.