There are many things you should consider when importing. The following key factors could help you become a successful importer:
Many would-be importers do not do their initial costings of products accurately. They will offer a price to retailers which they think is okay but find when they deliver their products that their margin is entirely different because of high freight forwarding rates, different duties or exchange rates that were not taken into consideration.
The Right Quantity
As often as possible, buy the right quantity. This could help reduce the risk if you work with your buyer in finding out the correct quantity to order so you can avoid short-selling or holding excess stock goods. Over-ordering and selling products at cost or even below is one of the biggest failures of importers. This destroys all profit margins. It’s always better to sell products short and then wait for retailers to come back to get more.
Because of the diversity of imported products, it is very essential that you remain updated about all of the new products, trends, colours, etc. Attending as many international trade fairs as you can will help you with this.
International travel is importers’ biggest expense, as they often attend trade fairs with buyers, trying to find new products and ideas. Some importers take 8 to 10 international trips in one year.
Building Product Listing
Buyers do not expect you to offer them just a single product. For example, if they asked you to provide portable charger for mobile devices, they will expect you to present 3-4 types of charger. And then they will select the best kind for their needs. With this in mind, it is vital that you have not only a wide range of products, but at the same time identify some different factories for the product.
It is essential that you know the factory you’re working with and that you full trust them. Consider creating a quality control team to know whether or not the product you’ll import is exactly the same as the sample you have been presented with. Years ago, if you’re importing stuffed toys from China, it was common to have them stuffed with pieces of very old sheets, blankets, and even used bandages.
One of the most essential factors for a successful importing is the partner you will choose in the actual shipping of your products. See to it that you work only with reliable, skilled, and knowledgeable freight forwarders like Seatram, to ensure the safety and timely shipment of your products.