There are many things to consider when you’re in the import/export business. But the following key factors will help you have success in importing:
Many potential importers don’t do their initial costings of products accurately. They will offer a price to retailer which they think is good but find when the products are delivered that their margin is completely different because of high freight forwarding rates, different duties or exchange rates that may not have been taken into consideration.
The Right Quantity
Buy the right quantity as often as possible. This helps minimize the risk if you work well with your buyer in determining the most appropriate quantity to order so you’re not short-selling or holding excess stock product. Over-ordering and selling products at cost or below is one of the biggest failures of importers. This ruins all profit margins. It is always good to sell products short and then wait for retailers to come back to get more.
Because of the diversity of imported goods, it is very essential that you remain updated regarding fresh trends, colours, products, and so on. Attending as many international trade fairs as you can could help you with this matter.
Overseas travel is the biggest expense of importers, as they often attend fair with buyers, trying to look for new products and ideas. Many successful importers take 8 to 10 international trips in one year.
Building Product Listing
Buyers do not expect you to offer them one product only. For instance, if they asked you to provide portable charger for mobile phones, they will expect you to present 3 to 4 kinds of charger. Then they will choose the best one for their needs. Considering this, it is vital that you compile not only a vast range of products, but at the same time know some different factories for the product.
It is very important that you know the factory you’re working with and you trust them. Consider creating a quality control team to know whether or not the product you will import is the same as the sample presented to you. Years ago, if you’re importing stuffed toys from China, it was very common to have them packed with small pieces of old blankets, sheets, and even used bandages.
One of the most vital factors to achieve success in importing is your partner in the actual movement of the products. See to it that you work only with reliable, knowledgeable, and skilled freight forwarders like Sea Transport Management, to guarantee the safety and timely movement of your goods.