E-commerce has given a new height to the import-export business. International trade of goods is now one of the most lucrative business options owning to the ease of reaching people and comparatively convenient logistics support available these days. However, it is not that the export and import business did not exist before the advent of e-commerce. It was a big industry even 50 years ago; only it has been growing at the maximum speed nowadays.
If on one hand, the import-export business brings good opportunities, it is nevertheless difficult to establish your footing in this industry especially if you are a beginner. It can be really challenging to navigate through various international trade rules and regulatory compliance. If you are planning to start an import-export business in India, you should know a few things comprehensibility beforehand which are as follows:
The right selection of products
The key to business success is the right selection of products. While you are researching the product and in the process of finalizing it, try to adopt a customer’s perspective. Think like – will I this product if I were to find it in another country? If the answer is yes, well you made the right decision to choose that product for the export-import business.
Explore the opportunities
Exploring the product opportunities is the next step after you have finally selected the product for your business. It is time to explore the market of your product now. Start with tracing the trends or potential trends in the market. Getting the product on the floor early according to the trend would push your business one step toward success. You can check the Indian Trade Portal for market research and understand demographics, potential competition, and cultural practices.
Set the price right
Once the product and market are fixed, you have to work out the right pricing strategy. You must set a competitive price range for your products to stay in the competition. You should also have a fair idea about how long it is going to take for the same price range to turn into a profit. The price of your products mainly depends on the quality of your product, market competition, government policies, product positioning as well as your marketing efforts.
Know the legal requirements
Every country has its own legal requirements for the import-export business. Understanding these legal requirements is crucial if you want to export your goods to foreign countries. You should also be well versed with paperwork for which you can also get in touch with international lawyers.
Get hold of transportation
Partnering with a good shipping company can help you establish your export business successfully. A trusted and experienced shipping company knows various international regulatory compliances.
Take the services of an established export-import business consultant.
You always need someone to assist you in international trade even though you know a great deal about the export-import business. The services of a reputed business consultant like Meera Shree can be invaluable in this case especially when you need to turn your ideas into a profitable business opportunity. They can assist you in preparing legal agreements, translation, regulatory compliances, etc.