Traditionally, importing and exporting products were the hallmarks of large, thriving businesses, but now is more accessible to smaller businesses and entrepreneurs than ever before. Many smaller businesses begin with domestic shipping and deliveries, but as those businesses grow, most expand into importing and exporting their products to global markets.
Products can be shipped internationally by road, ship, air and rail, and there are many benefits to be had from both bringing in products and resources from other countries, as well as shipping them out.
Expand Customer Base
One of the advantages of exporting products internationally is that you have access to millions of potential customers. Orders from abroad are usually much larger than domestic orders to make the shipping costs worthwhile. This means greater production and an increase in sales that grows your brand.
With a larger customer base, comes more market opportunities. Customers in one country may have different needs than those in another. This brings more opportunities to learn about different markets and grow your business in new directions.
Importing from other countries means you can source cheaper prices for goods, and this is particularly beneficial to the manufacturing industry. Also, exporting product parts abroad and using foreign manufacturing may also reduce business costs.
If you are looking for quality materials to make products, it makes sense to import them from other countries if the quality is higher. This gives you a better-finished product that is more marketable, rather than wasting money on making lower quality products that are sold for a lower value.
Services and resources in other countries may cost less, and you may benefit from trade agreements between countries, again helping to reduce business costs and increase profit margins.
Benefit from Local Resources
When you import and export to other countries, you also have access to local resources available that pertain to your business. For example, you may build a relationship with companies in other countries and hire them to handle some parts of your business there, or source raw materials locally to reduce costs.
Some areas of the word may specialise in a particular resource or technology, and having access to that gives your business the edge over the competition.
For a business to perform against the competition, expanding to global markets brings significant advantages. From importing quality materials, sourcing specialist and cheaper resources, to increasing sales and market reach, importing and exporting keeps a business in a strong position. Being able to expand your use of other markets provides a safety net, as your business no longer has to rely on a single one.
Transforming a business into a global brand is not without its challenges, especially if there are special requirements involved in shipping your products internationally. At LTS, we provide comprehensive import and export services for freight worldwide, whether by road, ocean, air or rail. Our team has a wealth of experience and can offer you sound advice, so call us today!