Growth in foreign trade has influenced lots of changes throughout the years. Importation competition has never been like it is now. For one to succeed as an importer in the industry, he or she needs to be smart in every move being made. Here are top characteristics of any importer who aspires to succeed in their line of business.
Well aware of the product and believes in it
Any modern importer is well aware of the pros and cons of the items he or she is purchasing from any foreign country. Anyone will have to familiarize themselves with the things he or she is about to export and is sure that the product will be successful over the years. For instance, you might come across a product in a country and gets attracted to it. You then decide to carry out some field study on the product and thought it could be in high demand in a foreign country.
Being in a position to successfully handle any barrier the exporting nation might impose
There are developing countries such as India and Brazil which grows to export that is known to at times impose some bureaucratic obstacles which will slow down their process of importing the products they are interested in. Regulations, tariffs, inefficiency, and taxes can easily lead to frustrations, and it is essential that any importer remains patient and figures out how to handle such impositions.
Always has a second plan and does not give up easily
Any modern importer will still have a second plan in case the first plan fails. They consider a fail as an opportunity for a new chance. You need to know how you can handle your frustrations and always has a second plan in case the first plan fails to work as expected. For example, your second plan can be exporting a completely different product or shipping the same product but to a different country. As an importer, you should never give up easily and has a positive mind that all will get well at last. You also need to identify the right import company which you will be using.
Well aware of the competitors
For any importer to be successful, it is essential that he or she knows who are the competitors, their strengths and weaknesses and figure out a plan on how best to come on top. Studying and investigating their history will be of great help to any new importer who strives in achieving his objectives in the importation industry.
Figure out a competitive Pricing
It is essential that you develop competitive pricing whenever you are importing any product. Ensure you include commission and margin together with other elements mentioned below:
1.The amount involved in production: Total amount it will cost to make the product.
2.The originality of the product: Is the product new in the market?
3.Quality of the product: Is it a low cost or top quality product?
4.Competition: Identify the competitors, their strengths and weaknesses.