The current environment has brought extreme challenges for building material suppliers and machine tool manufacturers. However we all will agree that it has also accelerated the innovative ways to manage supply chain throughout the globe.
As cities imposed locked down and construction slowed, manufacturers looked for ways to manage inventory domestically and keep the supplies going globally. The digital delivery channel saw explosive growth not only in domestic markets but across borders also, as opportunities grew for companies in haphazard manner.
Let’s have a look on some numbers; before we discuss ways to find building material wholesalers in new overseas markets.
There has been approx. 22 percent growth in overseas trade in 2020 only through online sales.
Major volumes shifts to online orders came from B2B OEMs (original equipment manufacturers) and machine tool integrators in emerging markets as reflected in transactions in online portals.
In Latin America’s around 60 percent growths almost double the volume of 2019. Africa’s contributed a 50% jump, and Indonesia’s traders doubled sales volume during the lockdowns.
In all markets surveyed, more than 40% of B2B customers planned to continue shopping online even after pandemic is over. Around 65% of purchasers indicating they have placed at least one purchase order in overseas markets through ecommerce portals.
Now, let’s discover ways how manufacturers can identify new markets and prospective building material suppliers.
- 1. Market Finder tool by Google
The Google Market Finder tool uses number of parameters to optimize prospective markets. The tool sends a crawler to your website to gather information which can be confirmed upon completion.
It is helpful to estimate search volumes, paid ads and ease of doing of business in those countries. Google also advises on best practices to expand internationally and target new geographies in line with your business expectations.
- Market Diversification tool by Selloverseas.com
Selloverseas.com has developed an internal tool to research and recommends targeted markets based on trade indicators affecting your business. It only requires basic inputs such as hs code (Harmonized system of Code) to provide list of buyers and sellers based on targeted geography and volume through the port.
- Check for Online B2B platforms.
The first step is to look at B2B websites like Selloverseas.com and build profile of distribution channel in line with country requirements. Selloverseas consultants have enough databases of distributors, dealers, sales agents, franchisee’s, retailers, commission agents etc. and can provide analytics through quick scan market reports on ideal cities within the targeted country.
It also helps to POST distributor requirement and test geo locations from where the POST is getting maximum clicks and impressions numbers indicating interest from those markets.
- Trade related Resources
Once the target market(s) has been selected it is important to work out RTM (Route to Market) and GTM (Go to market) plan. Most of the countries offer trade related free webinars and symposiums for e.g. Japan has JETRO (Japan External Trade Organisation) and Korea has KOTRA (Korean Trade Promotion Agency) or FIEO( Federation of Indian Exporters Organization) etc.
It not only helps to overcome challenges at political level but also align customs and tariff adjustments with so called “commercial diplomacy”.
- Local or Multi-country selling Portals
Many major portals have international programs for e.g. Amazon Global Seller program which offers to sell in 16 countries. It takes away lot of challenges such as shipping, customs however the margins are extremely low and is more suited for retail items and may not bode well for products like machine tool and construction equipment.
Conclusion
All above tools can be used to leverage numerous levers to search ideal channel partner; however trade specialists like Selloverseas.com on board also helps to avoid costly mistakes and shorten the learning curve.
Source: https://tinyurl.com/56yx9w73
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