8 Tips for Export Product Selection in 2022
An exporter has a lot to think about before exporting. Such as product selection criteria or system. Exporter success depends on product choosing criteria. Many successful marketers are said the same. Experience of my own business today I’m writing about which method or criteria you should follow.
The product selection for export business is not an easy task and so the exporter should consider the following factors.
1.Trends in Export
Trends mean hype or demand. In apparel markets it’s called fashion.In this time everything depends on people talking or thinking. Export market is not outside of it. If you think you want to export in an overseas market, you will follow trends. Right, now experts say success depends on trends.
2.Supply issues
Before exporting a product, you should analyse logistics facilities, road & transportation systems. Every business success depends on a perfect product supply chain. If your product does not reach the destination on time, your product goes damaged or the seller loses interest in your product. In export business if your product does not reach the port right time you will not be able to shipment perfectly.
3. Profitability
No matter what businessmen says The main objective of business is profit. Without profit you won’t last long. Try to forecast all possible expenses that are related to the product Ex. Taxes & duties, logistics, insurance, export cost, etc.
4 Incentive & Facilities
Many exporting countries offer various facilities or incentive plans but it is impossible. I saw the India & Bangladesh Gov. offering 0–20‰ incentive for every product. Besides you will get duty drawbacks, bonded warehouses and many more.You need to find which product will acquire more incentive. These facilities will add you more profit in your business.
5 product selection
Product capacity is another important factor for product choosing. For export you shall have adequate product capacity if you will be deserving of fulfillment buyer requirements. Besides, you should deliver the product on time.
6. Trade Restrictions
A country may prohibit some products to export or Importer countries impose some products to import for licensing or other purposes. For example, Bangladesh prohibited rice & onion export. Otherwise India is resorting to anti-dumping duties on jute products. Before Starting export you should have this information.
7. Demand stability
There is a possibility that you already have some specific products in your mind but you need to analyze the demand for those products you want to export to the exporting country. You need to do deep research. It is advisable to select a country, which has a steady demand. Stagnating sales can be detrimental.
8. Quality
By product quality you will survive the market. So when you choose a product, you keep in mind you should maintain quality. If the quality of your product falls after shipment you will not get orders again.
Thanks for Reading
Imran Hossen
Exporter & Importer
