The Internet has opened up a whole new era of business opportunities. Falling trade barriers combining with easy access to trade information thanks to the Internet have created dramatic possibilities and sparked the growth of global online trade in virtually every area.
Many companies are taking advantage of electronic media quite aggressively by making new contacts, tapping into new markets and reducing costs with the help of online technologies.
Whether you are starting a new import business or planning to expand your existing business, you too can use the Internet as your primary channel for getting information, sourcing products or services, finding suppliers and doing your marketing.
Before the Internet era, finding a viable product for importing was not an easy job! Trade shows and traveling to foreign lands were the two best options available for getting hands on information on a product and its supplier. Today, required information on any conceivable product from virtually any market is available at your finger tips.
Finding a product
If you know what you are planning to import, a substantial work is already done! Otherwise, your first step is to choose a feasible product or service to import. Whether you are planning to import a general merchandize or an industry-specific product, do your homework right.
Browse through Catalog repositories, B2B exchanges, electronic trade boards, trade journals and virtual trade shows to find a product. If you know the manufacturing country from where the product is possible to source, check out the country specific portals and exchanges. Here is a list of high quality electronic trade boards:
For China made products: www.alibaba.com
Sourcing from India: www.trade-india.com
For Russian Products: www.rusbiz.com
Products from Europe: www.europages.com
From South Korea: www.ec21.com
For other country-specific or industry-specific B2B exchanges check out this list: http://dmoz.org/Business/E-Commerce/Marketplaces/
Your criteria for choosing a product for importing should include:
Your prior knowledge of the product you intend to import and its industry. Your possibility of success increases considerably if you know the product well.
Access to required quantity of this product. If you spend time and effort in developing a local market for a product and unable to deliver, you will loose business and reputation.
Quality of the product. This is a crucial aspect for developing a market for any product. Quality of the product should be consistent with market requirement.
High profit margin. As import incurs many expenses that are specific to this type of business only, prior to import anything, you should carefully calculate all required expenses and see that you still make handsome profits. You can check out the sites of your prospective competitors and make a price comparison to get initial idea on your products present market price.
Finding supplier
Once you know – what you are planning to import – your next step is to find a reliable supplier for this product.
Emarketplace or B2B exchange
B2B exchanges can be a good help in getting suppliers of the products you are planning to import. read more »