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In an era where business transactions across borders seem like a piece of cake, global marketing is essential for your business strategy. Effective international marketing can change the future of your business overnight. One can now export products overseas from the comfort of their home without any hassle.
To grow your business on an international platform, you need a complete proof plan that resonates with all suitable markets. At the same, it should give you exponential revenue growth. It seems like a mountain of work. Well, in reality, it is not. This article here provides you all the information you need about an efficient export plan that will get your business sky-rocketed.
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WHAT IS AN EXPORT BUSINESS?
Export business is where you showcase and sell your products in various countries without actually traveling for it. Gone are the days when sponsorship from big brand names was required to support an international business. Now, you can start exporting products globally with minimal backing. Considering the current economic scenario of our country, the future of an export business seems extremely promising. Be it micro or a small enterprise, you can start shipping products globally anywhere at any time.
PRINCIPLES OF A GOOD EXPORT PLAN:
1.Understanding the people: Before jumping to conclusions, notable brand names also made mistakes when it comes to expanding business globally. Considering the customer preference is probably the first criteria you should analyze before going for it.
Every country has a different culture and consumer's needs, and your products should fulfill them accordingly. Export products that will sell globally. Instead of settling for one, you can choose a range of products and scrutinize their revenues over time.
2.The Product Itself: like said above, choose products that will sell internationally. More than 40% of Indians being vegetarian, many famous fast food and restaurant chains had to introduce veg options for their Indian consumers. Keeping this fact in mind, consider your products carefully. Be prepared to make necessary changes when needed. Research your niche, and look for their performances in the global market.
ALSO READ: Engineering Exports Jump 70% In March
3.Price your products economically: Price is the number one factor your consumers will consider before buying the product. The prices should neither be too high to afford nor too low to cut your profit. They should aptly be economical. Study the pricing of your closest competitors and then decide yours. You need to have thorough knowledge about the currencies of the countries in which you are exporting. You should also consider the export and shipping charges before settling on prices.
4.A Suitable Platform: Things get way easier if you can find the right platform for you. There are several online platforms available where you can register yourself as a seller and start exporting at any time. The biggest perks of such platforms are that they will do a big part of your promotions themselves.
In an era where business transactions across borders seem like a piece of cake, global marketing is essential for your business strategy.Unsplash
5. Exporting products with such a platform will also not give you the pressure of dealing with customers directly. Many of us avoid global marketing simply because we cannot speak or understand local languages. Choosing an online platform cuts down on that hassle and makes the process way more accessible.
6.Get your ratings surging: One of the most prominent ways to reach a bigger audience is to have good ratings. Rating is a tool for your customers to judge your worth and make other deals with you. Make sure you request a rating from your customer after delivery. You can also use these ratings to bag further customers and build your name in the said market.
BENEFITS OF EXPORTING YOUR PRODUCTS GLOBALLY:
1.Exponential revenue: Export products globally to maximize your revenues. Prices are certainly higher internationally than in your local markets. With the right strategy in hand, you can expect to generate at least 4 times your general revenue.
2.High demand: In the global market, the demand for products seems not to cease anytime soon. Even seasonal commodities are always in high demand. You can expect orders all year round and make a profit simultaneously.
3.No third-party involvement: You are the king of your business. Now, you will not have to worry about any third-party involvement and can directly transfer funds into your bank account. Even the said online platforms ensure that the sellers get the highest priority. They assure that the seller deals with the transactions by themselves and makes decisions directly.
4.Expand your business: A business owner is always looking for different ways to grow. The key to a successful business is the need for constant growth. Exporting your products internationally will give new wings to your business. The prospect of growth there is endless and can take your business to the next level.
5.An alternative: If you do not find your business profitable anymore, you need an alternative. An export business can prove to be your perfect solution. It will open new gates of profit and will keep your dreams alive.
By incorporating a sound export strategy, you can secure the means of success. Creation, organization, production, and distribution all come into consideration. Transforming your small business into an enterprise is not a distant dream anymore. You can now give your dreams the shape of reality by exporting globally. Spread your business to the thousands of people overseas from your home and attain the epitome of success.
Disclaimer: (This article is sponsored and include some commercial links)
The World Trade Organization (WTO) said on Wednesday that global trade is primed for a strong but uneven recovery after the Covid-19 pandemic shock, forecasting an increase in the volume of world merchandise trade of 8 percent this year.
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The global trade body said prospects for a quick recovery in trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year.
“World merchandise trade volume is expected to increase by 8 percent in 2021 after falling 5.3 percent in 2020, a smaller decline than previously estimated,” the WTO said in a press release, Xinhua reported.
The WTO figures showed that China was the world’s top exporter last year, accounting for 14.7 percent of world merchandise trade, and the second-largest importer behind the US with a share of 11.5 percent. “Trade growth should then slow to 4 percent in 2022, and the effects of a pandemic will continue to be felt as this pace of expansion would still leave trade below its pre-pandemic trend,” it noted. (IANS/SP)
Don Heflin, Charge d’Affaires of the United States in India, said on Tuesday the U.S. industry is actively exploring ways to work with Indian partners to bring advanced technologies and manufacturing capabilities to the country and to engage with local partners on co-development and co-production.
Addressing a press conference here, Heflin said that the growing number of joint ventures and partnerships between U.S. and Indian defence companies continues to strengthen the robust network of defence suppliers in India with the potential of equipping partners in the broader Indo-Pacific region.
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“These companies also create jobs, while producing exports for markets around the world,” he said.
Heflin said that together with Indian partners, the US is building greater cooperation through defence technology and trade initiative.
According to him the U.S. designation of India as a Major Defence Partner in 2016 marked a milestone in U.S.-India defence cooperation, expanding the range and depth of our defence ties.
“The United States is a reliable defence partner to India’s defence sector, offering the world’s best defence equipment. India plays a key role in the Indo-Pacific region, and our cooperation advances our shared vision of a rules-based international order that promotes the prosperity and security of all countries,” he explained.
Heflin added that robust military exercise regime, official visits and exchanges, military education and training, and the integration of advanced U.S. defence systems and platforms into the Indian armed forces.
“These activities and efforts are deepening the familiarity, compatibility, and interoperability between the U.S. and Indian militaries,” he said.
He also added that the U.S. defence industry has demonstrated its commitment to partnering with India to provide high-quality, technologically advanced defence equipment and systems that are widely considered the most operationally reliable in the world.
“U.S. companies are already cooperating closely with the Indian armed services to deploy these systems to enhance India’s military capabilities,” he said.
He observed that although both countries have faced extraordinary challenges this year in light of the Covid-19 pandemic, the US and India took important steps to further their overlapping security objectives for the region and beyond.
While U.S. Air Force Deputy Undersecretary, International Affairs, Kelli L. Seybolt told reporters in response to a question about possible “changes” in defence ties with the new administration taking over in the US, said her expectation is that the deepening of cooperation will only continue because “there is so much common interests in doing so, as we all look for secure and free Indo-Pacific.”
“Our expectation is that things will continue to grow in our defence ties and relationship, and we will work closer together and the good demonstration of that is – the Secretary of Defence Austin’s (Lloyd J Austin III) first call was to his counterpart in India (Defence Minister Rajnath Singh). That speaks volumes,” she added.
Lieutenant General David A. Krumm, 11th Air Force Commander, said that Aero India 2021 is another excellent sign of the commitment to partnership between India and the United States.
“Notwithstanding the recent dynamic international environment, the strength of the India-U.S. partnership has become only more apparent over the last year,” he said. (IANS)
India is positioning itself as an economic partner by investments in the Middle East and North Africa (MENA) region, said a senior official of Export-Import Bank of India (India Exim Bank) on Friday.
In his address at the India-Morocco Business Forum, the bank’s Deputy Managing Director Harsha Bangari said that India’s trade with the MENA region has traditionally been governed by the fact that the region has been a critical source of energy.
“India is now increasingly positioning itself as an economic partner through increased investments in the region,” she said.
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India Exim Bank on Friday signed a Memorandum of Understanding (MoU) with the Bank of Africa BMCE Group.
Senior representatives from the institutions were joined by Morocco’s Ambassador to India, Mohammed Maliki, and India’s Charge d’affaires in Morocco, G.K. Pant, at the Forum, which was organized on a virtual platform.
India’s bilateral trade with Morocco has increased from $1.2 billion in 2010 to $2.1 billion in 2019.
While India’s imports from Morocco are largely dominated by phosphate and potash, exports are more diversified covering textiles, chemical products, petroleum products, and pharmaceutical products.
Want to read more in Hindi? Checkout: हॉलीवुड अभिनेता जेफ डेनियल ने बताया अराजनैतिक होने का अर्थ
According to Mohammed Agoumi, Delegate General Manager, Bank of Africa, the objective of the MoU is to strengthen cooperation in the financing, guaranteeing, and other financial mechanisms to support projects of interest of both the institutions.
The banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India as per their respective mandates.
To date, India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of Rs 6,684 crore, in various sectors such as textiles, automotive, chemicals, and dyes, agro-processing, irrigation, renewable energy, construction, healthcare, EPC services, shipping, and mining, among others, a statement from India Exim Bank said. (IANS)