The growth of the online marketplace has created many new opportunities for both individuals and companies to sell all kinds of merchandise. Import and export businesses now have low-cost, direct access to customers around the world through their own websites and other online marketplaces like Amazon, eBay, and Alibaba.
When exporting store returns and/or overstock merchandise, you already have an advantage over other online merchants selling similar products because of the reduced cost of items. But for a local or national company, it can be quite challenging to expand your operations to include exporting. Issues such as poor packaging, delayed shipments, damaged products on arrival, and so on, can affect your brand reputation.
So how do you protect your brand while exporting overstock?
Identify Your Market
Before you can start exporting your overstock, you first need to find the individuals or companies that are interested in your liquidation merchandise. Also they should be willing to receive, market, and sell those products. One way to identify interested parties is by placing adverts in popular and reputable, country-specific trade publications. You can expand your search using an internet trade portal. Make sure to perform due diligence to eliminate the scammers.
Assess The Demand For Your Products In Each Foreign Market
Just because your product sales are successful in Canada, doesn’t necessarily mean that sales will succeed in overseas markets. You need to identify your chosen country’s demand for your product and also assess competitive products in that market. Moreover, you need to take into consideration any cultural differences that may affect branding, packaging, and labelling.
Take Advantage Of Professionals In The Import And Export Business
When it comes to transporting your merchandise overseas, you can send small packages via DHL or FedEx, or use the services of a freight forwarder (local) or customs broker (in the country of export).
A freight forwarder can assist with many things, including:
- Taking care of all the necessary details such as moving your surplus stock from your warehouse to a port of your choice or even to the door of your importer
- Advising you on the various costs you’ll incur when exporting, such as insurance costs, port charges, freight costs, consular fees, freight handling charges, and fees for any special documentation required
- Eliminating the common hurdles of preparing, filing, and getting your export documentation to the right person
- Arranging for proper transportation of your merchandise, including how the goods will be loaded and packed
- Reserving cargo space and working with the overseas custom brokers to ensure that your documentation and liquidation merchandise are compliant with foreign customs regulations.
Generally, a freight forwarder is an invaluable person to have on your team when planning to venture into the import and export business to liquidate your overstock.
Exporting your overstock is a great to maximize the returns on your overstock. If done right, you can grow your brand overseas and even capture a segment of the market for yourself.