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Basic principle to curb international freight forwarding risk part 2

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Competitor activity

Keep an eye on what your competitors are doing in your target market. Go to trade shows and talk to customers. Visit your competitors' websites and keep up-to-date with who they're selling to, and any innovations they might be making. Be ready to alter your product or price to remain competitive.

Pricing

It's important not to price yourself out of the market, so it's a good idea to do some research on what price customers might pay for your product. Factor in additional costs such as freight and insurance, tariffs and customs charges, regulations compliance, and exchange rate fluctuations.

Don't underestimate the cost of exporting; you need to make sure your business will be profitable once you've factored in all the associated costs. 

Design and packaging

Packaging, design and brand name are other potential risk areas. It pays to research your brand name before launching it in an overseas market, and check that the colors and imagery you use don't have any negative or inappropriate significance in the local culture.

Make sure that the packaging and labeling you use on your product complies with country-specific rules and regulations. Product packaging and labeling regulations in most countries are designed to protect the consumer by providing essential information on the product, so make sure you know what's required for the countries you're trading in.

Similarly, you'll have to supply product information on transportation labels and packing lists, which will vary from country to country. Check up on the requirements early otherwise your product might be delayed at customs. 

You may also need to barcode or tag your product so that you or your customers can electronically track your goods in transit. This is becoming standard for exporters so you'll need to be up to speed on electronic identification tracking technology.

When you're packaging your goods for shipment make sure you pack them securely enough to survive repeated loading and unloading, as well as bad weather and rough roads or sea crossings. Proper packaging will also lessen the risk of theft in transit.

www.slabfreight.com. +2347067146399

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Slabfreight & Logistics Ltd formerly known as slabfreight Nigeria Limited is a full-service supply chain and logistics, freight forwarding services provider headquartered in Ogba Lagos Nigeria.

CONTACT US

Lagos Office:
22A, Adeniji street, Adeniji Estate, Ogba Lagos Nigeria

 

  • Email: info@slabfreight.com
  • Phone: +234 706 714 6399
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