How to choose the right product to import
Posted: Aug 22, 2019
Getting into trading comes with its challenges, and many decisions lead to change the course of success in import export business. One of such important aspects is the type of product that you want to import into certain countries. For this there exist many import opportunities that must be considered, specifically not all of them might be the best choice as per your company or the market you want to enter within.
Thus, good research helps in increasing your odds for finding the appropriate product to import. To start with, here are some points that an importer should consider while choosing product to import.
Most often, traders decides a product based on two aspects: what sells and what they would like to import. These two aspects could be good ones; but they are not the only ones to consider during the import process. Choosing a product to sell can be decided only after acquiring certain research and knowledge regarding the target market. After observing the demand within a certain country, importer can decide on what products will sell better than others.
Here are a few other things that must be taken into consideration while choosing the product to import:
Decide on a market that you want to enter
Initially, you have to decide on the country you want to trade in. Different countries will have different demands around the world and what is appropriate for one of them might not be good for all other existing ones. Depending on various factors such as the climate, geographical position, culture, and lifestyle, you have to find what the needs are from region to region.
The key idea is to get familiar with other products being imported which are sold successfully in that particular location. As a beginner, it is always considered to be safe to stick with the basic commodities such as food and clothes.
Study the local demand of that country
After deciding your target country, it’s time to get familiar with the commodities that are in major demand in the target country. For this you have to talk with locals to gather more information or can do a thorough study of the market or global market analysis with the help of online trends. However, ensure to go through recent trends because the demand for a certain commodity may increase or decrease from season to season or from one year to another. If you find some products which are in demand for several years, then going with that product will create better opportunities and profits. And usually, this occurs only in the case of basic goods such as food, clothes and other daily use commodities.
Be active online
Most of the trading process begins and continues online. There is no way by which this virtual environment can be avoided while developing such a business because all your potential partners and customers will be found online. So, it is suggested to stay active on trade related forums and talking with suppliers from all over the world to know and identify the best products for trade.
By joining certain trading portals and websites, you can stay informed about the trends and potential products that you can invest in. Such websites even send you weekly newsletters with few tips for developing your import export business.
Find an exporter to work with during this process
Sometimes, deciding on the best commodity to import into a particular country shouldn’t be totally up to you. If can have an export partner, you might want to discuss your options with. Working as a team along with the exporter helps to l increase the chances of success, and it results in providing benefits for both the businesses.
If you don’t have such a partner, find one. As per the categories of products that you want to import, find the appropriate exporter. But finding such a trusted exporter is the thing to wonder. The answer is in the online community. All suppliers are looking for buyers like you over different websites and forums. So this is also a reason for bringing more active online and not to neglect this aspect of your business. Sometimes you will find the best sellers on official websites like the websites of different authorities.
Get familiar with the paperwork and local norms
Along with other factors you need to be aware about the legal and illegal product to import and certain norms that need to be considered while importing products. For instance for dealing in agro products you need to register with APEDA.
Some products might come with certain quantity limitations or tax that you have to cover to complete the import process. And you can decide this only after being aware about the various aspects instead of going through them as a sudden thing when you are sealing your shipment. Knowing different types of imports the related norms is not very difficult. However, this type of research may take some time, but you should complete it before actually getting within the import business to avoid loss. And actually without knowing well the norms regarding the type of commodity you want to import into a country, you can’t start the import process.
Connect2India is a B2B portal that supports you as an importer and makes sure that you find sellers without taking unnecessary risks. Especially if you are a beginner, you may need support from initial phase to final shipment and expertise over this platform can help you out in the best way. Connect2India can also help you find the best type of product to import within a specific country. Even more than that, by joining this you can get in contact with trustworthy exporters, producers, and manufacturers that can become your long term partners for import export business. Connect2India guides you not only through the beginning of the import process but also through the late stages of it.
We are a one stop source for Indian SME to export from India or Import to India. We provide end to end export import services right from arranging export order to executing the order successfully.