There are many things you should take into account when importing. These key factors can help you have success in importing goods:
Many inexperienced importers don’t do their initial costings of the products precisely. They’ll offer a price to their retailer which they think is ideal but find when the products are delivered that their margin is entirely different because of high rates in moving freights, different duties or exchange rates that weren’t taken into consideration.
The Right Quantity
Always purchase the right quantity. This help reduce the risk if you work well with your buyer in finding out the right quantity to order so you can avoid short-selling or holding excess stock goods. Over-ordering and selling products at cost or worse, below is one of the greatest failures of importers. This destroys all profit margins. It’s always good to sell products short and then wait for the retailer to come back for more.
Because of the diversity of imported products, it is very essential that you remain updated regarding the most current trends, colours, products, and so on. Attending as many international trade fairs as you can will help you with this.
Overseas travel is importers’ biggest expense, as they often attend fair with buyers, trying to look for fresh products and ideas. Many successful importers take eight to 10 international travels in one year.
Building Product Listing
Your buyers do not expect you to offer them one product only. For instance, if you were asked to provide portable charger for mobile phones, they will expect you to present three to four types of charger. And then they will choose the best one for their needs. With this in mind, it is vital that you compile not only a vast range of products, but also determine several different factories for the product.
It is essential that you know the factory in which you’re working with and you trust them fully. Consider creating a quality control team to know whether or not the product you will import is exactly the same as the sample presented to you. Years ago, if you’re importing stuffed toys from China, it wasn’t uncommon to have them filled with small pieces of old sheets, blankets, and even used bandages.
Freight Forwarding Company
One of the most vital factors to successful importing is your partner in the actual shipping of the products. Be sure to work only with skilled, knowledgeable, and reliable freight forwarders like seatram, to ensure the safety and timely movement of your goods.