Role of World Import and Export Data in Shaping Your Business Growth

We can not stress enough the importance of data in understanding the journey of a business. Not only that but also what dynamics are shaping your business and what trends you cannot afford to miss. Data helps you track the performance of your business and this, in turn, offers a great scope of improvement. Missed opportunities come disguised as data and analytics you didn’t take into account. And in a world where every day new products are launched, new technologies are introduced, new ideas are redefining the trends, every enterprise seeks growth and sustainability. The global trade industry is no different and today, we will be looking at the importance of world import and export data for the growth of your business.

Import Export Data Intelligence: What does it convey?

If you think about the international trade community, it’s too vast a space. But what can really help you gain insights on the specifics? In modern times, where we are truly global and connected, and every other business has an online presence, how do you understand the positioning of your brand? With access to import export data intelligence, you can look into the bigger picture. Here are some critical insights that the import-export data communicates:

Who are your competitors?

How do you find the right buyer or suppliers?

What markets can you target?

How can you position your business differently to attract potential clients?

How can you design an effective pricing strategy?

So, if you are already in the market or considering setting up a new business in imports or exports, this data will help you stay on top of the game. Once rare data is available today and that’s a huge opportunity.

How to Leverage International Import Export Data for Business Growth?

Getting access to international import export data is only one part of the story. To put the insights into action, the next step would be to strategize how you can put the world import and export data to ensure your business growth. Some aspects that you need to consider are:

Build a game plan that takes into account logistics, currency exchange rate, tax laws, and so on.

Identify a viable product or service and identify where is the market for the same.

Conduct primary market research and analysis to understand which are the top countries sourcing products similar to yours.

What is the size of the market you plan on targeting? And what is the demand in proportion to that?

A detailed analysis of your competitors is a must. What has worked for them in a specific market? You can access online platforms like Trademo to gain relevant insights regarding your competitors.

What regulations or packaging requirements you need to comply with?

Make sure that you participate in trade events and conferences to test the waters and expand your knowledge base.

Consider markets where there are low barriers to entry.

Analyzing Global Import Export Data: The Way Forward

If you are looking forward to expanding your trade business or just starting out, data is going to be your constant ally. Having the data with you is not enough, you will need to actually “listen” to it. What is the story that the data is conveying? Are you able to connect the dots? Are you putting the data to actually work for your business? Once you identify all the resources you need to develop the big plan, you know exactly what to do with the world import and export data.

Also Read: What is Global Trade?