The backbone of your export business is the product itself. If you have a good product that overseas buyers are willing to buy, everything else usually falls into place. As important as it is to know what you can export, it’s just as crucial to also know what you cannot export. The government has a list of items that you cannot export from India because they are prohibited or restricted. The Directorate General of Foreign Trade (DGFT) keeps an updated list of the same on DGFT’s website. Other than these products, it is pretty much up to you to choose what to export.
A good idea is to look for a product category or offering that triggers a want in you to become an exporter. Randomly picking a product and trying to sell it overseas is not a sound business proposition. Similarly, although a product may excite your entrepreneurial-exporter spirit, it may not be in demand abroad which could spell disaster for your business.
The factors that could help you pick your export product? Below are a few variables to consider:
Find Unique Products made in India
Analyse Demand and Supply of the Product in Global Market
Select a Country with Steady Demand for your Product
Growth Prospects
Profitability of the Product
Trade Regulations
Competition
Additional Notes
- The uniqueness of a product is important—it need not have an export tradition. A distinct and fresh overseas import often has the potential to sell better than an established one.
- Choose a product that is as universal as possible as it increases your market horizons, rather than trying for something too niche.
- Be confident about the quality that you can deliver, because customer retention is critical in exports.
- Avoid products that seem temporarily popular, unless you have a pipeline of various products in case one goes out of fashion.
- Be aware of the difference in Indian production standards and overseas requirements so that your product’s entry is not barred.
- Not having a back-up source for your product can lead to embarrassment/failure if your supplier defaults in delivery.
Neevom Global is coming under Top merchant exporter in Asia, they can be helpful in the selection of the right product for export.
With Comprehensive Database Neevom Global have all the information of suppliers and buyers of any product. As a sourcing agent, they will directly connect you with buyers or suppliers according to your requirement and payment terms. With a vast and trusted network of buyers and suppliers, Neevom Global is the top merchant exporter in Asia.
