4 Reasons Why Overseas Suppliers Benefit Your Small Business
January 26, 2018
Your business has a lot to gain from an overseas supplier. Sure, you may already have a great domestic supplier who you’ve been working with for a decade. That familiarity may be important enough to keep you at home and content with your supply connection.
But your business will be missing out on the supply goldmines that await small businesses when they branch out overseas.
Here are four reasons why having an overseas supplier is beneficial.
1. New Products
Most Chinese and Indian suppliers manufacture products with the American and European market in mind. This is usually because of the size of the markets, and their immense purchasing power.
This is great news for your small business, as the products are designed with your domestic market in mind.
And thanks to the internet, any guesswork about the overseas product’s success in your local market is washed away. Anyone with a wifi connection can conduct market research before importing overseas goods.
Anyone with a wifi connection can conduct market research before importing overseas goods
2. Better Prices
More often than not, your small business will find better prices in other countries. This is because the US dollar is one of the world’s strongest currencies.
Even with the importing fees attached (which vary from country to country), many businesses find that importing overseas products is still cheaper than buying local.
The cost is further reduced when your business buys in bulk, so do your market research to make sure you can sell en masse.
3. Become a Local Leader
Globalization isn’t just a blessing for your small business. It’s likely that your competition has the same resources at their disposal.
This means that your business needs to focus on being ahead of the competition with the newest tech and trends.
Being the first business in your local market to offer a unique product from Turkey or Russia can give you a significant advantage over the competition
Being the first business in your local market to offer a unique product from Turkey or Russia can give you a significant advantage over the competition. By the time other businesses purchase the goods and formulate a marketing plan, you’ve already cornered the market.
4. High Quality Products
Suppliers aren’t in the business of giving legal advice. They aren’t fortune tellers or physicians either. Suppliers are in the business of… you guessed it, supplies.
They make a living off of their products, which means that they take quality very seriously. You’ll find that some suppliers even offer informational courses on their products, providing value that, they hope, sets them apart from the competition.
Finding the country that specializes in your desired product can help you achieve even greater results. If you want to buy clothes, Italy, France and Turkey would be a great start. Automotive parts or accessories? Germany has you covered.
Paying your Overseas Supplier
It’s easy to understand why some businesses avoid international trade like the plague. Sending global payments through banks is expensive and tedious.
With no way to track payments and fees that seem to pop up out of nowhere, businesses are left in the dark about when their money is going to arrive and how much is will be taken from them through unnecessary fees.
Starting sending B2B payments the Veem way.
Designed with the small business user in mind, Veem is a connected payments platform that makes global business payments as simple as sending an email.
Veem’s dashboard offers real-time tracking and hassle-free registration, meaning you know where your money is at all times.
Sign up with Veem today and get a leg up on the competition.