How to Boost Your Import Export Business in Africa Region?
25 May 2018
Running an import export business is very challenging these days. The challenges like disruptions in the supply chain, currency exchange rate variances, language issues and all combine to create a host of problems. The global business is one of the most profitable opportunities for traders while some traders weigh the risk against potential benefits as they would quite keep on trading within the country’s borders. As per the estimates, the African business exporting overseas has risen from 32% to 39% during last year. It is a growing region as the business opportunities in many African countries are growing rapidly by the day.
If you are importing electrical goods from China and selling
them to EU buyers, or exporting locally made garments then import/export can be
very profitable. You can take your import export business to the next level by
minimizing the risks with the right approach. Let’s take a comprehensive look
at the best ways to boost your trade in African countries and maximize your
profit.
Find New Buyers/Suppliers to Boost Your Business Largely
The authentic list of new buyers or suppliers for your
product will help you to boost import export business in Africa. It is required
to target the maximum trading regions of Africa and focus on uncovered areas by
offering the best deal as per their needs. The list of new customers or parties
will help to expand your business reach across Africa and boost it largely. We
at Export Genius will provide you the list of importers and exporters of your product in African countries. You will
get the partner list with their address and their trading details. You have to
contact them and offer your business proposal to increase your business leads.
Keep your needs in proper order
The supply chain can be defined as the sequence of processes
involved in the production and distribution of a commodity. When the supply
chain is long and complicated then things are more likely to go wrong. So, it
is needed to update your business process with your business administration
department. The things will be more complex in case of dealing with more
countries and global regions. It is important to use an online payment
processor that can handle payments in different currencies and can handle
abroad transactions with complex tax affairs as all banks not offer cost-effective
service in the given term. An investigation triggered by discrepancies in
company tax returns is the last and effective thing any global trader needs.
Managing Currency Risks
It is often risky to trade with foreign partners but the
risk is far greater when you both deal in different currencies. If you
negotiate a fixed price contract to purchase goods from any company based on a
particular exchange rate. You could end up losing a big amount on the deal in
case the exchange rate moves in a critical direction. If you want to become
more familiar with the forex markets then online forex trading for beginners
provides a good place to start. However, it is worth dealing with trading
partners who can offer business support that trade products and services from
abroad market. This will help to reduce risk exposure, manage payments and
enable to invoice in the preferred currency.
Realise Your Trading Partners Needs
It is not so easy to deal with different cultures and
clients in other countries. There are some difficulties such as language
barrier to negotiate and far distances to visit. Arranging direct meetings will
build effective working relationship with your global trade partners and get to
know them personally and visit them. It will help to learn their unique
preferences and you will be aware of their business process which will pay surpluses
in the long-term and you need to encourage these relationships to success import
export business. By the way, if there are cultural and language differences with
your partner then consider hiring a local person to avoid any miscommunication
that cost any loss in your business.
How we can help to boost your Import export business?
As per the industry experts, trade data is the most
effective tool which will help to boost your business globally. We will provide
you the import export data of your
product of any particular country in Africa region. With the help of trade
data, you will be able to take your business to a new height. Trade data
consists of shipping details like price, quantity, traders, and historical
shipments etc. which are based on actual shipments records. Let’s see the
things that will help to boost your business.
·
Evaluate the new markets of Africa and maximize
your business profit.
·
Know the major trading markets and analyse the
market trends.
·
Monitor your competitors by tracking their
trading activities and analyse the competition.
·
Make new sales prospects and increase your
customers across Africa.
·
Reach your company goals by getting the right
information of exporters & importers in Africa.
The above-mentioned options to find active buyers or
suppliers in China are free of any service charge, but all of them can provide
you limited information. Trade data is the only paid option that can provide
you instant and authentic details of importers or exporters in African
countries.
To buy our market research report and
data, e-mail us at info@exportgenius.in.
For any media related enquiries, please contact us at press@exportgenius.in.
