Nations like China, Japan and Taiwan have built their production capacity so other low capacity nations depend on them for survival. In order words, these finished products are bought at a lesser and cheaper price than the one’s sold here for profit.
What is Import Trade?
An import into the receiving country is a send from the country of export. The defining financial transactions of international trade are importation and export. In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority
The importation business is simply centred on buying things at cheaper prices and selling for profit, learn how to build an empire from importing things that are not within the reach of your community and make money with them.
Benefits Of Importing.
There are a variety of reasons for importing goods, one of which is the benefit of the global economy.
To create sustainable goods, the new world depends on imports too. Many products such as microchips, wires and oil are manufactured and used to make or run local produce. Here are very reasons why you should begin importing.
1. Higher profit Margins.
The main reason businesses worldwide are opting to import products is to increase their profit margin. It has been discovered that certain products can cost upwards of 50% less to grow, manufacture or produce abroad.
2. Better Quality.
Another reason why you should consider importing is the demand for quality. Some type and category of goods are better manufactured in some part of the region than the other.
It is best to get your product from the highest quality source where possible, even if that means importing from the country.
3. Government-Assisted Trade.
In most cases when the product to be important is scarce and is necessary to the development of the economy of the nation. The government of such a nation usually assists necessary for the successful arrival of such a commodity. Such assistance that may be provided includes lower taxes and almost free import duties.
Basic Requirement For Your Mini Importation Business.
Now you intend to start your importation business here is the basic thing you would be needing.
1. Start-Up capital (money).
Every business needs money to begin proper function and this is not a different case for an importation business. The blessed thing about the Importation business is that you need cash but not too much cash. Read my article on raising capital for your business in case you don’t know how to raise capital for your business.
Another important factor necessary for the success of your new importation business is the need for a smartphone. A smartphone would help you facilitate activities such as marketing, product sourcing and product follow up.
3. A stable Internet Connection.
Most of your sales would be online so you need to be adequately prepared to take control of your sales.
A website embedded with an online payment processor can help you facilitate sales in an easier and help you scale faster and better. The type of website needed for an importation business is called E-commerce You can read my article on getting an e-commerce platform.
5. Social Media Account.
Every business should have an online presence in one way or the other and this can be created by having an active social media account.
Social media can also serve as a means of online marketing. Platforms like Facebook, What’s app and Instagram have been known to be effective when it comes to sales.
Here is an article I recommend you read to help you get started with the use of social media for business
How To Start A Mini-Importation Business.
You heard of importation and you are ready to dive in and get started with bringing in your first set of products here are a very few guidelines to help you get started.
1. Products Sourcing.
The first thing you need to do if you want to embark on this journey is to source your product. Here is what you should know. Most of the supplier’s websites are China-based. China is a mega creative and mass-producing nation in the world.
When it comes to tech gadgets, clothing’s and affordable implements China is the best place to find such. Similarly, most people generally think that Chinese products were always inferior, and this is way far from the truth.
Please look around you I’ll bet that almost all products around you are produced and coupled in China. Your flat screen, phones, generator, freezers even the popular mobile phones by big companies like Apple and Samsung are produced in China.
Online stores set up in countries like China, Japan and Taiwan can be easily accessed by merchants all over the world, purchase, payment and delivery are made in no time to any preferred destination of yours. Some of these online stores are.
Taobao is a Chinese e-commerce website designed for the Chinese people and not for outsiders, buying a product from Taobao requires you to either be in China or consult the service of an agent in China, products can be shopped over there and sent to you here in Nigeria
TRY IT NOW – Taoboa.com
1688.com is also native to the Chinese people and you can tell from the language on the website, things are very cheap and sold in the Chinese local currency.
Things cannot be purchased from another country except the Chinese People and Chinese residence themselves. Service of an Agent can also be sought here from Nigeria
TRY IT NOW – 1688.com
Ali express is the only available global website owned and designed by the Chinese People, it was created and presently run by Alibaba group which is presided by Chinese Billionaire Jack Ma.
Ali express allows anyone outside China to shop comfortably and pay in their local currency. Goods bought are delivered in the respective countries after two to three weeks of payment.
TRY IT NOW – Aliexpress.com
Alibaba is one of the major sources for ver cheap products in China, one major reason why Alibaba is the most prefered source for cheap products is that it is majorly for manufacturers. Do you intend to shop from world-class producers in China, then Alibaba is a major destination for you.
TRY IT NOW – Alibaba.com
2. Do your product research.
This is one of the very crucial parts to consider before starting this kind of business, most people just bring in goods without actually doing proper research to see if the market they intend to sell it to wants that product. In this section, I am going to be showing you some very profitable niches for products that sell fast.
1. Home Utensils.
This is a hidden niche that has not been exploited by so many online business owners. The kitchen is one hell of a place that needs sophisticated equipment to aid in cooking activities. If you are visiting online shops like Aliexpress, the browse the kitchen section, you would discover a lot of sophisticated utensils that you would not find anywhere in the world, and one of the amazing things about all these is that they come at readily affordable prices.
2. Phone Accessories.
Phone accessories such as Power banks, phone cases and earphones are one niche of product that has remained profitable.
People buy phone accessories almost every day and this is not stopping as demand is increasing every day. One thing I also love about this product niche is the fact that they are almost weightless and can be bought and resold at and higher profit margin.
Fashion is another hot-selling niche that is never saturated, one of the very essential needs of man remains to clothing, no matter how plenty some fashion might seem, people would still wear clothes.
Most people cannot afford expensive clothing brands such as Nike, Addidas and the likes, but you can quality clothing from China and still sell at a profitable price.
4. Security and Tracking Gadgets.
We live in a sophisticated and digital trended world, hence the need to ensure security is highly needed. There are so many gadgets that have been designed to serve this purpose but not many of them are readily available, and even if they are, they are quite expensive. You can get them in China at very affordable prices and sell them for a very massive profit.
3. Buy from a Reliable Supplier.
Scams are not only found in very few areas on earth but are found everywhere. These same scammers can be found also on these online platforms. Note that you are not seeing any physical product but digitalised product majorly in photo and video format.
So, therefore, choosing the wrong product is inevitable. The only way to avoid making the above-mentioned mistake is by using the power of feedback.
Feedback comments that are left by previous customers before you. Make sure you check thoroughly before shopping. And buy products from a seller that has very recent feedback.
You can see the image below of a supplier with adequate feedback.
Mind you there are so many sellers on this platform, most are selling a similar product and in most cases do not have any recent or no feedback at all. Make sure to select those products with very recent feedback.
4. Preparing to Pay for your Products.
Another thing you need to get set and prepare for is your mode of payment. In the past years, this used to be the hindrance of venturing into the importation business. This is because there are no easy means of paying it’s always a long procedure.
But thanks to the internet everything is now made easy. Back in your house in Nigeria, you can make payments for products in China or anywhere around the world. It’s as easy as that.
With the advent of payment processors, all you need is a debit or credit card to pay. With the buyer’s protection functionality, you are protected from every form of fraud on the platform
These websites have some measures in protecting their customers. You can call it “buyers protection”.
Escrow or buyers protection is a mechanism installed by websites to protect buyers and sellers alike. After you have ordered the goods you want to send, the websites withhold the money instead of charging straight to the sellers’ account.
The money is only released after the product has been obtained and checked to be really what you ordered. So you do not have any reason to be afraid whatsoever.
5. Preparing for Delivery.
Another question that will usually cross your mind is how you can receive the products you ordered and paid for. Product delivery usually comes in two ways. This includes: Free Shipping – usually slow but increases profits (between 14 to 60days) but most time it’s usually delivered between 20 to 30days.
The service provider may be China Mail Air Post or Hong Kong Express, you can also choose to make use of a faster delivery company which can be DHL, but note that it is much more expensive, but expect your product to arrive in less than a week.
No matter how slow it takes always have it at the back of your mind that the product ordered will eventually arrive, and if you happen to live in the US, you can order directly to an Amazon warehouse.
6. logistics and Delivery.
Now you are in business and you are selling your products nationwide, you probably need a logistic partner.
I will assume you are in Nigeria. There is a lot of logistics company you can choose to partner with.
- Ace. ng
- Courier plus
- GIG logistic.
In my experience I recommend subscribing to GIG, they are very big and expanding rapidly. Delivery is quite very cheap and very fast. you can track your delivery status online. They also have many plans including the plans for e-commerce platforms.
How To Promote Products You have Imported.
Now that you have spent so much in trying to bring these goods to whatever location you are, the next big issue is trying to sell those things. Most people take all the time in the world to bring in goods and services but they cannot sell them off, and this could result in a wasted effort. Most people sell them off but they don’t get to make enough profit because they try selling to the wrong people.
Do you want to master the art of sales? Here are very few recommendations for actually selling off your products.
1. Word Of Mouth.
Word of mouth definition: Influencing and encouraging organic discussions about a brand, organization, resource, or event.
To put it most simply, word of mouth marketers and advertisers seek to create something worth talking about and then actively encourage people to talk about it. This kind of marketing can be kickstarted by anyone who intends to sell off a product to his/her immediate community.
This is the easiest and less technical way to get your goods sold. If you have friends and family or even co-workers that you think might need the goods you have brought then you can tell them the good news.
2. Set Up a Website.
There are various kind of website designed for different purposes when you intentions of owning a website are to sell products, you don’t need a blog, of course, you might make use of a blog on the other hand to run some content marketing campaign, but if all you need is a website that can help you facilitate trade, display products and accept payment online, then you need an eCommerce website.
Ecommerce or electronic commerce refers to a business model that involves sales transactions being done on the web. Virtually every online shopping website – big or small – follows this structure.
Any site where you can obtain items for sale over the internet is considered an eCommerce website.
Creating an eCommerce website is not as difficult as you think, there are hosted online services that can help you do that easily.
I wrote a comprehensive guide on how you can kickstart your eCommerce on your own, click the link below to get started.
3. Social Media.
Social media platforms like Facebook, Twitter and Instagram have been designed to facilitate trade with built-in functionalities such as community building, product hosting and In-app paid to advertise.
The combination of these three functionalities makes you inevitable when it comes to marketing and sales. Social media platforms like Facebook, Twitter and Instagram can be used to sell off your products. You can leverage paid advertising services offered by these platforms to sell out your products.
I wrote a comprehensive guide on how to get you started with selling on various social media platforms.
- How To Grow Your Business On Facebook
- How To Grow Your Business On Instagram
- How To Grow Your Business On LinkedIn
- How To Grow Your Business On Twitter
4. Email marketing.
Just before going to consume the above-recommended content on email marketing I usually like to ease the stress of my reader to allow them to benefit as quickly as possible, and one way that I usually make this happen is by introducing the best way of doing things to them.
It is my custom and tradition to always conduct a full forensic investigation on any online program and give my users feedback, this is more reason why I am recommending GeResponse as your official email marketing software.
I have used GetResponse and I must tell you that it is indeed an amazing company that is constantly innovating and building great products.
I highly recommend that you read this article below to learn more about how you can also benefit from this amazing product and scale your email marketing campaigns to success.
You probably think that starting this kind of business requires you to have enormous capital but you can start with as low as what you have.
There is an enormous product that is important and can be bought at very cheap and affordable prices. You can check out the stores mentioned above and source for readily available products.
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