Exports contribute significantly to a country’s economy. With globalization becoming a reality more organizations both big and small are today exploring growth opportunities beyond their domestic market. Slowly and gradually the division between domestic and international markets have started to blur. With cheaper communication, optimized supply chains and easier access to markets exports are no longer as daunting as it was in yesteryears.
Exports help organisations smoothen their production cycle, improve profit margins while at the same time increasing their brand value. But while global markets seem like a golden opportunity it also calls for investments and informed decision making. Before an organisation embarks on this journey it will be prudent to know the countries in which their product has a strong demand, when the demand peaks, which countries are likely to be more competitive and a variety of similar factors. Stepping into new territory without having adequate information can turn out to be expensive.As the uncle Ben in Spiderman famously said, ‘with great power comes great responsibility.’ So, what are these nuggets of must have information that you must possess before taking the leap? Don’t fret, this is where World Market Analysis (WMA) from EXIMAPS come to the rescue.
WMA and informed decision making
Once you have decided to start exporting the first thing that an organisation needs to do is understand which of their products have a favorable export profile and the countries that need to be targeted. WMA brings to you:
Opportunity Index: An index that shows the size of the world market for your product and India’s share in the same, giving you a sense of the size of the untapped opportunity. The index also measures India’s export potential for the product in the top 10 importing countries as well as the top 10 countries to which India exports and India’s market share in those countries. The index also shows what are the markets with the most potential for your particular product.
Competition Index: Competition Index gives you a sense of the countries from which you can expect to face the most competition while exporting the product.
World Consumption Pattern: This segment shows you the amount of consumption of the product by each country. It also shows you country specific data on who imports from where.
EXIMAPS: This segment gives you insights into where your buyers are situated and their monthly consumption pattern. This helps you figuring out when you should start your outreach activity in major importing markets.
FOCUS MARKETS: This segment helps you get an idea as to which countries you should focus on to gain the most out of exporting your product. It depicts the top destinations from India for this product presently as well as over the last 5 years.
Incentives from the government: Last but not the least may be a cliche, but this is important information. This segment gives you the rewards (MEIS) and the Duty Drawback remission that you can get from the government.
Armed with all this information you are now in a position to take your product abroad and taste sweet success.