Feb 04, 2022 - 05:28 AM
Thanks for your questions. Allow me to answer it for you.
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Well, regarding product pricing, it is based on estimation, evaluation, size and standard. Usually the key elements in determining a pricing strategy include assessing a company's foreign market objectives, product-related costs, market demand and competition. Other factors to consider are transportation, taxes and duties, sales commissions, insurance, and financing. Thus, it is always advised to do proper research for this.
However, in international business it is very important to verify that the importer/exporter is who they claim they are. We have a dedicated lead verification department that is responsible for making sure we only post good quality, pre-vetted buying leads for our suppliers. But also it is advised to our members to do a verification on their end as well, with a few checks and with the help of a few agencies (government and third-party), this is doable and highly recommended. Just follow these steps:
- With a simple Google check, verify that the supplier/buyer’s location and address is as claimed.
- Go through their social media accounts (Facebook, Instagram, LinkedIn, etc). Their level of activity on these networks is usually a good indication of how they do business.
- Check the supplier's/buyer’s website. Go through the “About Us” information, their product listings and any certificates, licences and government agency memberships they might have put up. Don’t forget to check the domain age, which indicates how long the website has been up.
- After these online checks, the next step is to ask your potential supplier/buyer to furnish certain documents, including but not limited to their import-export licence and certificate of membership of a government trade body (Export Promotion Council, for example). Again, cross-check the documents with the information you found online.
- Next, contact the commerce wing of the Indian embassy in the supplier's/buyer’s country and request a verification. You can send them an email. On receiving your request, the embassy will get in touch with the government of that country and check that the certificates and licences provided by the supplier/buyer are authentic. They will also report back on the buyer’s credit history.
- Another government agency that can help you with verification is the ECGC, which provides credit insurance to Indian exporters as protection against non-payment. Through its overseas network, the ECGC will check the credit worthiness of the buyer. Its findings will also determine the maximum insurance cover it will offer you for your exports.
- Apart from government agencies, there are reputed private companies that conduct verifications for a fee. Dun and Bradstreet and Bureau Veritas are two such firms that specialise in credibility reports.
- Finally, the best way to verify is to visit their factory/premises in the target market. Though this might not be practical for most ,it is worth the effort if the transaction is a large one.
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