The Internet has opened up a whole new era of business opportunities. Falling trade barriers combining with easy access to trade information thanks to
Internet have created dramatic possibilities and sparked 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 help of online technologies.
Whether you are starting a new import business or planning to expand your existing business, you too can use Internet as your primary channel for getting information, sourcing products or services, finding suppliers and doing your marketing.
Before Internet era, finding a viable product for importing was not an easy job! Trade shows and traveling to foreign lands were 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 manufacturing country from where product is possible to source, check out 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 product you intend to import and its industry. Your possibility of success increases considerably if you know 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 product. This is a crucial aspect for developing a market for any product. Quality of 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 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 products you are planning to import.
The possible steps, you have to take to find a supplier from a B2B exchange, are listed below. As an example www.rusbiz.com is used.
- Register your company. Often this service is free! - Go to “Advanced Search” - Write your product name in relevant box - Select required criteria and click on “Search” - You will find a list of companies. - Check out each of them until you find a suitable one.
