The main question that arises in every individual’s mind..
#HOW DO I SELECT A PRODUCT FOR EXPORT IMPORT BUSINESS?
#HOW DO I PROCURE MY PRODUCT?
#FROM WHERE CAN I SOURCE MY PRODUCT?
#WHY SELECTING A PRODUCT IS IMPORTANT?
#WHAT IS THE TRENDING PRODUCT IN EXPORTS?
#WHICH COUNTRY WILL BUY MY PRODUCT?
#HOW DO I FIND BUYERS FOR MY PRODUCT?
#WHICH PRODUCT IS BEST FOR EXPORT?
#WHICH PRODUCT IS IN DEMAND FOR EXPORT BUSINESS?
#WHAT IS PRODUCT SELECTION IN EXPORT BUSINESS/ ENTREPRENEURSHIP?
#WHAT IS MEANT BY SELECTING A PRODUCT IN EXPORT IMPORT BUSINESS?
Documentation, web profiling, importers data, trade enquiries, all are secondary but for moving forward with export business, selection of the right product plays a vital, important role without proper product, dealing into export business won’t let you establish your foot into the export import business.
Whether you are a newcomer or already a exporter identifying the right product is the key. Following the systematic approach, gathering information as much as possible and keeping records is your 1st job done for establishing a successful business.
There are lot of products which will have high demand in the international market but simultaneously can have a lot of competitors and some unique products with less supply and less buyers, There are possibilities where product demand can be high but less buyers, It all depends on the interest you put in to acquire the product information and research market analysis. Selecting the right commodity is a real key to grow businesses.
” AMONG THE ARRAY OF PRODUCTS, SELECT A PRODUCT THAT TRIGGERS A WANT IN YOU TO BECOME AN EXPORTER”
Here are some useful strategic tips for identifying your export Product:
- Product Knowledge
- Product Sourcing
- Supply Availability
- Quality Standards
- Trade Restrictions
- Product Demand
- Target Market
- Lab certifications
- PRODUCT KNOWLEDGE
Knowing your weaknesses and strength is always essential. When having research information on your product you will be able to acknowledge your buyer with quality, sustainability, key benefits which will grab the importers eye and will assure him that he is dealing with the right individual and making the right deal.
- PRODUCT SOURCING
Whether the product is procured from a manufacturing company or a local supply company if proper sourced can help you in supply availability, supply chain management, continue business which will enhance your growth.
- SUPPLY AVAILIBILITY
Having huge consistent orders and not able to supply the demand can lead to an bad business Impression. When dealing with domestic suppliers, have a vision for supply for high demand. Timely supply of the product can lead to a successful business period.
- QUALITY STANDARDS
For a repetitive business orders, one need to be truthful and maintain the quality standards as agreed with the buyers/importers, without maintaining quality I doubt, you will get repeat orders and face business failure.
- TRADE RESTRICTIONS
When dealing into export business, an exporter needs to keep in mind which products are or can be exported or restricted by the Indian government, by checking on the portal of THE DIRECTORATE GENERAL OF FOREIGN TRADE (DGFT) which keeps an updated list on the dgft portal or website.
- PRODUCT DEMAND
There are several products in the international markets which are in high demand and aren’t known to people or companies who are abroad, Due to lack of connectivity or human networking or improper research. Knowing the products in demand can help exporters have an advantage over their competitors.
- TARGET MARKET
The most challenging market demands the greatest potential for your product. Knowing your target market or pitching in your niche market can generate more orders relevantly faster. One often assumes every customer is liable to buy your product no doubt, but knowing who will actually buy your product will increase your business sales and help you establish your business.
- LAB CERTIFICATIONS
Knowing your products test analysis gives a confidence in the exporters mind and an assurance into the importers buying requirement, as the product has met all the quality check and standards and is safe to buy. Several countries require several certifications such as halal, f.d.a, kosher, fssai in india, ukas..etc.
“THE BASIC KEY TO SUCCESS IS THE WILL THAT KEEPS YOU GOING BUT GOING IN THE RIGHT DIRECTION MAKES THE DIFFERENCE”
Selecting a random product or thinking of a trending product in exports does not make a much difference as requirement of commodities and services are of need in every sector in today’s world. Select products according to the basic points specified in the content, after finalizing your product please assure about the packaging standards, specifications, contents, brand awareness, marketing, digital presence of your own company, company documentations, lab certifications if required. Selecting a product is easy but moving forward with long term goals, need to know all the glitchs!
