Import, Imports, Importing
Competition
in world’s largest electronic marketplace is fierce! If you have to buy
products from an intermediary, you may find that your prices are not workable
at all. What to do? Since most of the consumers products are imported any way,
you may consider outsourcing your product from a foreign country. Today, thanks
to globalization importing products are no longer as difficult as it used to be!
If you are trying to buy a labor-intensive product, the best places are
probably China – which is
the hottest at this time, India,
Thailand, Vietnam, Bangladesh and some other Asian
countries. If you are looking for medium quality electronics and computer parts,
your options are China, Taiwan, Korea,
Singapore,
etc. For high-end designer products Italy,
Germany and France are your
best bet. For intellectual property related products, Russia and
other Eastern European countries are still a paradise.
There
is a good chance of finding a supplier through online B2B portals. If you are
looking for a supplier from China
you may try www.alibaba.com and www.globalsources.com. Two of the largest
trade leads aggregators on the Internet. For products from India you may try searching the
database of both www.indiamart.com and www.trade-india.com. For products from Russia and
other CIS countries www.rusbiz.com is a great
option.
Here
are the steps you must take in order to import products successfully:
•
Locate several suppliers either through online resources or by contacting Trade
Commissions of respective countries.
•
Contact the suppliers and see if they are in a position to deliver the right
product. Make sure that the suppliers are not your direct competitors. Many
foreign suppliers are actively selling products through eBay.
•
If you find their price and quality of the product are acceptable get several
samples. It is very important to give them an exact copy of the product you are
looking for. Without a prototype, you might end up getting something far
different from you expected.
•
Work out your cost, which include buying cost, packaging, shipping, insurance,
customs duty, excise duty if any, financing and handling charges, etc. You may
also incur other expenses depending on products and your location.
•
Check out your supplier. If possible, make a trip to visit the supplier. Ask
for references. Contact their bankers if necessary. Importing requires absolute
due diligence.
•
Check with a logistics consultant about shipping and exporting rules of the
country.
•
Contact a customs broker to verify latest duty and other regulations related to
importing of this particular product.
•
Don’t forget to consider product life cycle, shipping time, seasonality of the
product and other characteristics specific to your product.
Importantly,
do your homework! You can sure make money by importing and selling goods on
eBay. Thousands are already doing this. However, the key to success relies on
your entrepreneurial spirit, due preparation, sound judgment and hard work. If
you think you are ready, go for it!
