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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)
In a major rebound of trade since the onset of the Covid-19 pandemic, exports of engineering goods from the country recorded an impressive 70.28 percent growth in March. India’s total merchandise exports during this period were $34 billion as compared to $21.49 billion in March 2020 registering a jump of 58.23 percent.
The monthly growth is the best-ever performance so far. The sudden jump in outbound shipments offers hope of sustained growth in the sector in the coming months on the back of vaccine roll-out and containment of virus spread. With major economies of the world including India taking steps to boost demand and enhance business activities, international trade could reach the pre-Covid level sooner than expected.
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“The strong growth in exports of engineering goods in the month of March suggests a bright outlook for the sector but one needs to be cautious before arriving at any conclusion on the basis of the short-term surge,” said EEPC India Chairman Mahesh Desai.
“Despite downside risks in view of new virus strains and possible disruption in the trade we remain optimistic given that the government has taken a number of measures to make India manufacturing hub and export competitive.”
A stellar performance by the engineering goods sector pushed the overall merchandise exports in March. It is among the major commodity groups of export which recorded positive growth during March 2021 along with iron ore, electronic goods and gems, and jewelry. Engineering items account for about 25 percent of India’s total global exports in the goods sector and are one of the largest foreign exchange-earners. It employs nearly 4 million skilled and semi-skilled workers. (IANS/SP)
Global rollout of Covid-19 vaccines along with the Centre’s initiatives is expected to boost exports in the coming months, EEPC India said. “Given the initiatives announced by the government and the speedy rollout of vaccines, we expect the growth to return in the coming months. There is also a gradual recovery in global trade which will have a positive impact on the export sector in India,” said the Chairman of Engineering Export Promotion Council of India (EEPC), Mahesh Desai.
Last month, India’s merchandise exports rose marginally to $27.93 billion from $27.74 billion recorded in February 2020. Accordingly, the share of engineering items in total merchandise exports was 23.49 percent during this period.
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“Lower exports during February 2021 could be partly attributed to the base effect as shipments had seen a sudden surge in the corresponding period last financial year. However, drop-in shipments is certainly a cause of concern for exporters,” Desai said.
Besides, the EEPC India cited that China, Singapore, Germany, Thailand, and Italy were among the nine countries that saw high double-digit growth in demand for Indian engineering goods in February 2021. Exports to China, India’s second-largest export destination, recorded positive growth in both monthly as well as cumulative terms.
“While shipments to China jumped 68 percent to $235.58 million in February, exports during April-February of FY21 saw a stellar year-on-year growth of 114 percent to $4276.49 million,” the EEPC analysis report said. As per EEPC data, North America continued to be the biggest market for Indian engineering goods with an 18.3 percent share while the European Union (EU) and ASEAN ranked second and third in the pecking order, respectively.
“The EEPC analysis showed engineering exports to the EU recording positive monthly growth in February 2021 compared to February 2020 after a long hiatus,” it said.
Among 33 product segments, 12 categories recorded negative growth in February, while the remaining 21 posted positive growth. “China, Vietnam, and Nepal were the three top importers of Indian iron and steel during April 2020-February 2021 with market shares of 23.19 percent, 8.80 percent, and 7.91 percent, respectively. The US, the UAE, and Germany were the top three importers of products made of iron and steel during April-February 2021,” it said.
At present, the engineering goods sector is a key component of the broader manufacturing industry. It accounts for about 25 percent of India’s total global exports in the goods sector and is one of the largest foreign exchange-earners. The sector employs nearly 4 million skilled and semi-skilled workers. (IANS/SP)
Walmart on Thursday announced that it will triple its exports of goods from India to $10 billion each year by 2027.
In a statement, Walmart said that its new export commitment is expected to provide a significant boost to micro, small and medium enterprises (MSMEs) in India, alongside ongoing efforts such as the Flipkart Samarth and Walmart Vriddhi supplier development programs.”The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and general merchandise, along with apparel, homeware, and other key Indian export categories,” it said.
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“We see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides,” Doug McMillon, President and Chief Executive Officer of Walmart Inc said.
Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group said: “Flipkart is proud to work with thousands of Indian brands, MSMEs, and artisans, with a focus on making them successful. We provide a platform that allows them to reach the pan-India market and refine their all-important branding, marketing, logistics, and compliance capabilities for the global market, too.”
To accelerate its India exports, Walmart will strengthen the development of the supply chain ecosystem in India, both by boosting existing exporters and by expanding the nation’s pool of export-ready businesses.
Want to read more in Hindi? Checkout: अमेरिकी सरकार ने फेसबुक पर ठोका मुकदमा, जानिए क्या है मामला?
The statement said that Walmart has sourced goods from India for more than 20 years, supporting local suppliers to help upgrade their operations and meet international standards, develop new product lines and build new capabilities in packaging, marketing, supply chain management, and more.
India is already one of Walmart’s top sourcing markets, with annual exports worth about $3 billion. India-made apparel, homeware, jewelry, and other popular products currently reach customers in 14 markets, including the US, Canada, Mexico, Central America, and the UK, through Walmart’s Global Sourcing office in Bengaluru, which opened in 2002. (IANS)