More than ever, companies are choosing to import goods from other countries. What was once a frowned-upon practice has become a widely-accepted method for producing and sourcing valuable goods. As a business owner yourself, you should clearly understand how an import strategy can elevate your expanding business operations. Plus, these tactics can lower prices, help you access new markets, and tap into new customer segments.
When you’re an importer and you’re busy jumping through all the hoops you have to jump through to get your goods into the country, such as obtaining a customs bond, filing your ISF form, and making sure your loads comply with all the customs regulations, you might wonder why you ever got into the business in the first place. But, when you take a step back, you’ll remember these great reasons to import goods from other countries and realize it’s all worthwhile in the end.
Bring New Items To The Market
Without importers, many products made in other countries would never make it to the U.S. Importers play a critical role in getting foreign products into the hands of customers who may really need those products. Even though the U.S. is full of innovators and inventors, they can’t think of everything and sometimes, a product made in another country is exactly what someone needs to make their life better or their business run smoother.
In addition, an importing strategy can seriously impact customer satisfaction, engagement, and loyalty. Consumers are the real beneficiary to imports because they gain access to things that can’t be made or grown in their own area. There might be a life-saving product that’s made in a foreign country that consumers could never get without an importer bringing it to them. Trade makes the world a fairer place because consumers everywhere have the chance to purchase the same or similar products as everyone else.
Develop Other Markets
As an importer, you’re helping other companies succeed. Foreign-based companies would never be able to get their goods into new markets without importers and once the demand in their own country taps out, they wouldn’t have the ability to grow their business any longer. Importers are responsible for introducing new products to customers who would otherwise never know about them. As a result, you’re boosting the foreign company and economy.
Support U.S. Jobs
The import industry is absolutely vital to the U.S. economy, not only for the income it generates through customs taxes and tariffs, but also through the number of jobs it supports. More than 16 million people work in some aspect of the import industry, which is a massive number. You are part of that ecosystem and a critical part at that. Without importers, there would be no one to order the goods that come into the U.S. on a daily basis, which means there would be no need for most of those 16 million jobs.
Even more, choosing to import can help with managing prices and gaining profits. Importers can make significantly more money by importing goods from other countries because you’re providing something that U.S. consumers can’t get any other way (unless they travel to those countries themselves). Domestic goods are typically easily available for U.S. consumers, but foreign goods aren’t always readily available. Additionally, purchasing goods from foreign countries is often cheaper for you than it would be to purchase those same goods from U.S. suppliers. Therefore, you’ll have a larger profit margin on foreign goods.
Yes, the compliance requirements for importers can be tedious. But by remembering the reasons you became an importer, you’ll approach the more mundane tasks with renewed vigor.