The short answer to the question 'Does my product have export potential?' is 'Yes', irrespective of its attributes. The challenge, however, lies in discovering the right opportunity for the potential. A good sales in the domestic market does not guarantee the same outside the country. While a new startup, which just started selling, could outperform the domestic top sellers. Considering these uncertainties, it is important to have a preliminary analysis of your product in order to move in the right direction and prepare an export strategy.
The first point, to consider while looking for the right fit, is that 'where can I find the potential buyers of my product?' This is important as consumers all over the world have different tastes and preferences. For example, if you are willing to export basmati rice from India, then Norway will not be the potential market for you as rice is a common food for people living in Asia and Africa. Hence, the export potential of your product for Norway will be far less than that for Japan. Therefore, if there is a potential market where people are willing to buy your product (in this case Japan), your product has the 'export potential'. Ximpex helps you in finding the potential markets for your product and analysing those markets in greater depths to make a better decision.
The next point to consider is the unique attributes of your product. If your product cannot be copied easily, then it has high export potential. A unique product has less competition in the overseas market. For example, you are manufacturing khadi textiles that are native to India, then there is high export potential due to less competition and high demand in countries like the USA and the UK. If your product can offer better quality, durability, eco-friendliness, etc, there is always a competitive edge in the international market and it also helps in the promotion of the product.
The last point to consider is the quality standards of your product. Many products like fabrics, plastic goods, metals, etc have different 'ISO' standards to categorize them on the basis of different factors like lifespan, the process of manufacturing, raw materials used, etc. If your product meets these requirements, then export potential increases as quality attracts more importers. Even, if you lack proper certification, Ximpex provides you with consulting services to address quality challenges and improve your product and process to achieve those standards. Also, quality restrictions are stringent in a few countries like the USA and Europe, while the rest of the world has similar quality standards as India. Hence, a product manufactured as per Indian standards has high export potential.
Even if your product does not have high demands or unique attributes, don't discourage yourself as the International market is huge and there are always possibilities of attracting new buyers through the right promotional activities. Ximpex is a platform where you can promote your product with greater visibility and enhance your export potential.
Author: Sachin Yadav Co-Author: Lisa Goel