Essential Tips to Improve Your Import/Export Business
If you currently operate as an importer and exporter, you’ll already be aware of the challenging and stressful nature of the work. You will also know that running such a business can also be hugely rewarding financially.
Well, now imagine a scenario where the difficulty of the work is reduced, yet the monetary rewards grow. It might sound implausible, but as the following tips will demonstrate, there are ways to improve the efficiency and productivity of your import/export business.
Put in the research
When it comes to running an import/export business, it’s not something you can run into and expect instant success. You may find a product that seems ideal and is at a high price, but it could turn out to be a money pit. The supplier could be unreliable, the product not at the perceived quality, the order more expensive than anticipated, and so on.
As a result, you need to put in a significant amount of research. You might, for instance, believe that China is the best place for the lowest prices, yet it’s not always the case. In certain situations, going with a company in a preferential trading country can be the cheaper, easier route.
Also, you should always try and receive samples from suppliers before you place an order. This way, you can ensure the quality matches up to your expectations.
Have the best software in place
For any import/export business, software is essential in this day and age. The right software can automate tasks, massively reduce the time needed to complete specific jobs, and remove the possibility of human errors.
While there are various pieces of software, you can utilise, a transport management system (TMS) is particularly essential for dealing with international shipments. This should also be combined with a logistics portal to boost customer interactions, streamline workflow, produce detailed reports, and more.
Find the right wholesale buyers
Obviously, you need buyers to run a successful import/export business. While there are various approaches you can take in that regard, it can help to target wholesale buyers. By doing this, you can shift a sizeable portion of products in one fell swoop – ideal if you’re importing a massive amount of stock that you could be sat on for months or even years.
To find wholesale buyers, you can search for trade groups and business-to-business directories. Also, contemplate running a booth at relevant trade shows.
Create a website
If you haven’t already, you should also take the time to create a dedicated eCommerce website for your company. Instead of relying on buyers to be the middle man – and reduce your profit margins per product – you can sell directly to customers. When putting together a website, there are many points to consider, including:
· Make it mobile-friendly
· Focus on search engine optimisation (SEO)
· Utilise modern design and eye-catching visuals
· Use social media, ads, and other marketing tools
You can significantly improve your profitability if you’re willing to invest the time and effort into creating a storefront for your business.