Selling products is one of the most lucrative ways to make money online, but many businesses have difficulty sourcing quality products locally. That’s why most businesses prefer Importing products, which can help companies expand their supplier and resource options.
Although importing business may seem complicated, if you follow the right strategies and steps, this can be lucrative for you.
This article will introduce you to the advantages of importing products and five practical steps for starting a retail business.
Here are three main reasons why sourcing products from overseas is a good option for making money.
•More competitive prices. Importing products from countries/regions with lower production costs helps companies reduce expenses, especially when sourcing wholesale.
•Unique products. This business model provides companies with manufacturing capabilities and materials that may not be available domestically, allowing them to differentiate themselves from local competition.
•More suppliers. Companies can choose to work with multiple suppliers around the world to help them access a variety of resources.
Importing products is not complicated, as long as you can master the right way. Next, you will be introduced to five ways to import products.
The first step in building an import business is to conduct product and market research.
Start by searching to view industry influencers and reports to understand market trends. If you choose certain products, check the market size and existing competitors to estimate demand.
To obtain large orders, you can import and resell the following three types of products.
•High demand products. Take advantage of current trends by selling items that are related to them. An example would be importing products from Korea to countries with a strong K-pop fan base.
•Merchandise that sells consistently. These include beauty and personal care products, as well as everyday household items such as air fresheners and cleaning products.
•Unique products from other countries. Examples include French perfumes and Chinese silk.
We recommend that you start with smaller items to maintain a high-profit margin, as shipping costs can be high for larger items such as furniture and household electronics. And after conducting product research, you need to first identify specific markets and narrow down your target customers. For example, a business owner may choose to sell kitchenware targeting restaurants or individual home chefs.
Once you have listed your potential products and target consumers, it’s time to find the best suppliers.
The following are some useful methods to use when searching for suppliers.
•Contact the factory. Purchasing products directly from the manufacturer can help you get the lowest prices.
•Find a trading company.They purchase products from multiple factories and sell them to foreign companies. These companies often offer a wide range of products and low minimum order quantities (MOQ) and provide a one-stop service.
•Browse the wholesale distributor directory. If you are specifically looking for Chinese suppliers, Alibaba is a popular platform. A good rule is to only buy from merchants with the “Verified Supplier” label.
•Attend trade shows. This method is a great way to see products in person and meet different suppliers right away. However, it may cost you extra in travel and admission fees.
A good vendor should be able to provide customer references for business licensing details, the physical address of the business and compliance information. Also, consider reading customer reviews to verify the vendor’s reputation.
In addition, you may want to check their background and make sure they are in line with your business goals and principles. For example, some factories have poor labour practices, so if your company values fair trade, this should be a red flag.
After getting responses from potential suppliers and narrowing down the list, it’s time to negotiate a cooperation agreement. Mainly discuss considerations such as minimum order quantity, payment process, the wholesale price and shipping terms.
Take care to request product samples for quality control. Once they meet your criteria, mark them as control samples for future reference in case of product quality issues with the order.
After that, specify the product characteristics in as much detail as possible in the purchase order. For example, if you are selling products such as shirts, describe the fabric, button type and size.
Next, arrange for shipping. The fastest way to ship is via an air couriers service such as UPS or FedEx. While this is the most expensive option, they offer home delivery and can send products to any address, such as an Amazon warehouse or your home.
For a more affordable shipping option, consider air or ocean freight. Typically, these shipping methods involve the supplier taking care of loading costs while the buyer pays for unloading, trade guarantees and freight charges.
Your own branding can help people better identify your business and provide more value to your products, which can increase sales and bring in more revenue. In fact, some data shows that a consistent brand presence helps increase revenue by about 33%.
Some vendors offer customization services for branded products, but many do not. Therefore, you can set aside some time and money to develop your brand image. Even if you source your goods from overseas, branding can help personalize your products and make your company unique.
If you want to build a corporate brand, the first step is to figure out the brand personality, and then define the brand voice, story and identity. The next step is to integrate the brand across different touchpoints for consistency, such as the website, social media platforms and product packaging.
The last step before selling products is to determine the price, you can refer to the following steps.
1. Calculate all the costs of the purchased product. This includes the wholesale price, shipping and packaging costs.
2. Estimate the cost of each product. Divide all initial costs by the number of units produced.
3. Determine your preferred profit margin. Good margins vary by industry. Typically, 5% is considered a low margin, 10% is an average margin, and 20% is a high margin.
4. Determine the final price. Calculate the cost and profit margin for each item to determine the final product price.
You may want to consider comparing competitors to ensure that you are not pricing your product too high or too low. After that, list the products for sale on your own website, e-commerce marketplace or preferred sales platform such as social media.
Alternatively, you can use compelling product images and copy to attract potential buyers and increase conversion rates. Then, plan marketing strategies to attract consumers, such as offering discounts, blogs, and partnering with influencers.
Importing products is a lucrative way to make money online. It provides companies with a variety of supplier options and can create demand for resources that are not available domestically.
If you need a China sourcing agent, you can be confident in choosing our team – NINGBO GREENTIME IMP&EXP. With our professional and experienced employees, we are committed to bringing the best experience to our customers.
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