Best B2b Portal For Export Business – This article covers the big challenge of exporting: How to find international buyers. Learn how to find reliable foreign buyers for your export products and how to explore new markets for your export business around the world.
In the export business, it doesn’t matter whether you are a newcomer testing international waters for the first time or an established exporter looking to grow your business abroad. Your main challenge is always to find buyers for the goods and services you provide. Selling in an unknown country is never easy. These include physical distance, cultural differences and language barriers. Fortunately, we live in a time where technological advances have made our world smaller and brought us closer together. This means that it is easier today to find foreign buyers for your export business than it was 20 years ago.
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In order to sell a product, you need a market for it. In exporting, this is a country or countries that have a demand for your product. So, how does an exporter go about finding this market? Through market research and product analysis. To find a market for your product, ask yourself these questions and find the answers:
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Find out which countries have a demand for your export product. For example, if you are an exporter of basmati rice, then Iran is the largest importer of this product from India, followed by Saudi Arabia. If you sell seafood, the United States is the largest importer, followed by China. Where can you find this information? The websites of government agencies such as the Agricultural and Food Products Export Promotion Authority (APEDA) and the Marine Products Export Promotion Authority (MPEDA) are a rich source of such information.
It is not enough to zero in on a country that has the highest demand for your product. You need to make sure that the demand is constant and the market is growing. Again, ask yourself:
It is important to think long term. Instead of focusing on the top importing country, you may want to consider a country with a smaller market but with the potential for further growth in the future.
A major challenge for an exporter is to decide on the right price for their product. This price should be reasonable, but also competitive. A high price can be competitive if it comes with high product quality, fast delivery, professional packaging and added benefits. Many factors affect the profitability of an export product, such as:
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Sometimes, exporters may face trade barriers when exporting to certain countries. These may be in the form of tariff restrictions (such as high taxes) imposed by the importing nation or non-tariff barriers, such as banning the entry of certain goods and services, imposing import quality rules, requirements for special licenses. , standards, marking, testing and approval, etc. For example, the European Union banned the import of Indian mangoes in 2015 after fruit flies were found in shipments. Then the ban was lifted. One way to avoid trade barriers is to export to countries with which India has bilateral/multilateral trade agreements that offer regulatory relief and other conditions of mutual benefit. Many countries also offer incentives on certain imports to cover the domestic deficit.
Exporters should consider the economic and political stability of the importing country. Look for signs of unpredictable political and economic scenarios that could hurt your prospects. Read up on environmental and legal practices so you don’t get nasty surprises later.
Once you have settled on a market for your export product, the next step is to find buyers in this market. There are both online and offline ways to find foreign buyers. Being members of the internet generation, let’s look at the online options first:
If social media and online methods aren’t your cup of tea, there are some tried and tested offline ways to find foreign buyers. They may take a little more of your time and money, but they are worth the effort:
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After you have decided on a buyer, the next step is to verify that the buyer is who they claim to be. With several checks and with the help of several agencies (government and third party), marketing verification is both possible and highly recommended. Just follow these steps:
This is where ECGC (or similar government agencies) comes in. ECGC, as we mentioned above, offers export credit insurance to Indian exporters. An export credit insurance plan can cover up to 95% of your invoice value and protect you against the risk of non-payment. Your insurance will cover you if your foreign buyer doesn’t pay for a specific risk listed in your plan.
To learn more about export credit insurance and other ways to make sure your buyer pays you, read our blog Your product is only as good as the sales it generates. When you start your export business and finalize the product you are going to ship, you must have already thought about the problem of how to find buyers for your products and how to reach them. The easiest way is to have a loyal customer from the start, or to export a product so good that it will definitely sell itself. However, for many new businesses, this is very difficult, if not downright impossible. So how do you go about finding international buyers?
One assumes that by now you may have selected an export market for your product(s). Your target market and its customers will – to a large extent – determine your marketing efforts. Digital marketing may work in some markets, while others may require a little personal touch. You can also seek help and support from organizations like FIEO and the Export Promotion Council (EPC). Let’s take a closer look at these possible methods:
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There is an umbrella of activities that you can take in your efforts to find buyers for your export products online:
Whatever online solution(s) you choose, make sure you properly moderate and manage your profile and build your content on it so that potential buyers find it reliable and useful to reach you.
Trade fairs and exhibitions are a direct platform where Indian exporters, small and large, get the opportunity to meet and interact with international visiting buyers as well as export-import companies. Apart from these events organized in India, you can attend exhibitions and fairs held by various trade organizations around the world. These fairs can be for a general or specific industry.
These events see buyers, sellers and other participants of the commerce ecosystem in large numbers under one common room and are the perfect place to network and reach out to potential customers. You can get product demos/samples, field questions, and even confirm orders at these events. Information about upcoming exhibitions and fairs is available with FIEO and the relevant Export Promotion Council__.
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Government agencies such as Commodity Boards and Export Promotion Councils, and even ministries, can be an important source of information when it comes to finding buyers for exports. These organizations are tasked with increasing the country’s exports and assisting exporters, and will be more than happy to provide details such as names of potential buyers, places where you can meet them, etc. You can also access trade information and statistics on the export of various products. in your sector, in addition to information about current buyers. As mentioned earlier, the events and delegations organized by these institutions are the best way to meet and sign up prospective buyers, so keep an eye out for future events, and of course register them!
Figure 6: An example of the type of assistance available to exporters from the Apparel Export Promotion Council (AEPC)
While typically trade-centric institutions, embassies can also be a good source of trade information. India has its embassies and consulates in many countries, there are about 200 diplomatic missions around the world. They have access to local news and market trends, and you can approach them to ask for names of reliable buyers in that particular country in your sector. Your FIEO and Export Promotion Council can also reach out to these missions on your behalf to seek information on buyers and report back to you. However, it should be noted that in all such cases, the buyer’s responsibility lies with the exporter and not the EPC or embassies.
Many companies offer professional trade services to exporters and traders, including international directories of importers in different countries, research and market studies, shipping related information, etc. You can purchase information specific to your product and sector from these companies; However, note that the cost can sometimes be quite high.
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Finally, building your personal network of buyers and stakeholders in your sector will be crucial to maintaining the success of your export business. These links will ultimately form the basis of the continued operation of your export business. Once you have successfully built a list of buyers and importers using the methods described here, start reaching out to them, express your interest in building business relationships, and your export business will be ready to start operations.
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