Procedure to Setup Electronic Devices Exporting Business in India

Exporting electronic devices business from India is a good opportunity to start a business since the world is embracing technology. With Electronics Manufacturing being rapidly shifting in India there are many opportunities for anyone to internationalize their businesses. But how do you get started? Alright, let’s unbundle it into simple user-oriented prescriptions. By the end of this lesson, you are well positioned to know what is requires to progress and be able to see how tool such as Siomex can assist you in the world of international business.

Research the Market

So let me start the exporting game by doing some home works first of all. Analyzing the online market is a way of identifying the countries interested in the electronics you’re selling or planning to sell. Some nations may have high demand to particular devices while others may have more competitive edge in the market.

For instance, necessity for sophistication smart phones may be well appreciated in most European countries but it may not hold such importance for African countries hence they may be more item interested in gadgets that are smaller like basic mobile phones or even other electronics like appliances. When you are aware of your target market, you can make a conscious decision on which device is suitable to export.

Getting data from a reputable source such as Siomex, which tends to offer import-export data, enables you to get real time information regarding the market. By being able to track what is being imported or exported there is increased efficiency in decision making on areas of concentration.

Choose Your Products Wisely

The next question is which electronic devices to export out of the four differentiated products available: the low-end laptop, the highly innovative entertainment notebook, the sophisticated performance tablet, and the luxurious design slate. There are numerous electronics products facilities located in India that produce anything from hand held devices such as earphones, fitness tracker and up to complicated product lines like smart phones and Television sets. Selection of proper product for production plays a defining factor for success.

When choosing products, think about the following:

Demand: Is population in the target market purchasing these products?

Quality: Can you rival the quality that other countries are presenting to the market?

Pricing: As an addition can you price these products lower, including taxes and the cost of shipping them to the customer?

For instance, you decide to export smartwatches. That means you would need to know the prices of smartwatches in the end-consumer market in your chosen country. You can use Siomex to enter different countries in the global import table and assess which countries are importing smartwatches and what is the price.

How to Get an IEC Code? – Register Your Business

Officially registering your business is the first and most important step you need to take before you can legally export an item of any kind. However, there are certain administrative procedures that you will be req, such as first choosing the legal structure for the finer points of your new business; are you going to carry out your business as a sole trader or a partnership or as a private limited company, for instance? The next important step after registration is to apply and obtain Import Export Code widely known as IEC from the Director General of Foreign Trade – India.

In fact it is compulsory code for any exporter who intends to export goods from India. It’s a very simple procedure but without it you cannot export your products to other countries.

Identify prospective customers and Foster clients Relationship

Identifying the target consumers can be a real struggle, and even more so when you are just starting out. But there are different ways to connect with potential customers or partners abroad:

Trade Fairs: Trade shows that serve as events where businesses visit with an intention of introducing their goods and services.

Online Marketplaces: Sign up on international popular online selling and buying platforms. Thus, it is recommended to begin with sites like Alibaba and IndiaMart among others.

Siomex Data: Another smart approach to identifying buyers is the import-export data obtained from Siomex for this business. It provides an opportunity to get information on which companies import electronic devices in certain countries. This insight will help you to approach directly any possible clients or distributors, if it is the case.

For example, if you decide to sell smart TVs, Siomex can demonstrate which firms from Europe or Asia already import TVs, and provide you a list of potential buyers.

Your documentation is essential in the process they need to be properly sorted out.

There are a number of documents required with regard to export of electronic devices which include: Some of the key documents include:

Commercial Invoice: Provides a description of the goods that you are exporting and their prices, quantity and description.

Packing List: A document containing the measurement of each package together with whatever is contained inside it.

Bill of Lading/Airway Bill: The delivery of the goods has taken place.

Export License: There are some electronics that may only be exported with a license based on the country you are exporting to.

One can easily get in trouble with these documents and so it pays to do them right. If unsure on how this part should be done consulting a customs broker or a freight forwarding firm could be of assistance.

Click Here For shipping & Logistics

Understand Shipping and Logistics

End-user shipping of electronics involves making some considerations before they can be sent to another country. Unfortunately gadgets can be delicate and your electronic devices will require proper packing and shipping company. Whichever the case, sea freight is fairly cheaper relative to air freight but the latter is quicker.

It is important for the actual process of exporting to maintain alliances with dependable shipping firms. Shipping costs, taxes, and insurance should also be factored when selling your products in another country since you can avoid making a loss.

Manage Currency and Payments

When you marketing your products in the global market, then you must work with exchange rates too. One will be dealing with foreign currencies, therefore payment terms needs to be handled well. Guarantee to buyers and safe payment methods that may include letters of credit or even payment facilities such as PayPal. If possible, try to safeguard yourself by fixing your money exchange rates with your bank prior to the travel.

In case of international transaction it would be preferable to cooperate with a reliable financial service provider.

Often fulfillment of Legal and Safety Requirements

Every country has its own laws when it comes to imports of electronic gadgets particularly concerning safety measurements ad standards. In some states, electronic devices may be regulated through certification, or tests to confirm their safety compliance.

Of course, ensure that you carry out advanced studies on these requirements or make sure that you hire someone who will assist you to go through the compliance procedures. Failure to meet these regulations while exporting electronics can cause fines, or bans to be placed.

Market Your Products Globally

When you have established your business and have started selling your products, you need to sell these products on international markets. It is possible to design a website that will present your products or use social networks where many people will visit to access your products. There is SEO, social media and e-mail marketing and other tools that can assist you in promoting your business and in attracting customers from other countries.

For instance, you can open an online shop where you showcase the various brand of the electronics that you export. Ensure that you provide substantive descriptions about the products in detail, quality images and customer reviews that create confidence.

Set goals/Targets, monitor the progress & make changes

Hence, beginning an electronic devices export enterprise is not just a one-time affair. Thus, to be successful it is going to require tracking your progress, and modification of strategies as appropriate. It is thus useful to remain vigilant regarding trends in the global market, customer tastes and competitors.

Once again, tools like Siomex are required here. You can use them to know what is going on in the export import market or business so that you can never be left behind.

Conclusion

To start an electronic devices export business in India is a good opportunity, still it involves the proper planning for the business, proper market analysis and good implementation of the business. There is always room for improvement, and with the right procedures in the Market research stages, acquiring buyers and even the handling of logistics, one can definitely set oneself up for a good profit. Utilizing a data platform such as Siomex assists you in anticipating