Globalization has fractured all international barriers, allowing the maximum exchange of products, knowledge, services, and relations. With the increasing demand for imported goods and international brands among consumers, the trade continues to grow.
There are a couple of reasons why you should focus on selling international brands, and how it can benefit you in ways you never imagined.
With the onset of e-commerce and reaching audience globally with just a click, buying and selling of products around the world has never been easier. Businesses and consumers interact effortlessly, unlike in the past, and the global sales are multiplying rapidly with each passing year.
International brands and labels have established this trust amongst users worldwide through better quality products and in providing the belief that they upgrade your style of living. Sellers and retailers are extracting the maximum advantage out of this and developing real and virtual platforms to help you reach these products within no time.
Here are 5 reasons why you should consider selling international brands:
1. Customer Recognition is Established
When it comes to international brands, the very first and most important aspect is the customer recognition. When buying a product, if the customer is already familiar with the label name and the quality of production associated with it, they will definitely be inclined to buy it when compared to an unfamiliar or private label, which never went through a trial. The buyers correlate loyalty to the brand name, and they would go back for more.
According to a survey conducted on a group of shoppers, 72.5% of them preferred and bought international brands over the local ones, and the majority of them being females. They also intended to prefer international goods over the local ones if priced the same.
2. Increasing Demand for International Products
Many people link international products to quality, and they are well aware of the trends and the successful international brand names. Consumers are getting more and more inclined towards buying branded products due to safety issues, counterfeit anguish, and regulation rules.
Buying international goods also provides them with a sense of acceptance in their social groups, and they believe themselves to be “fitting- in.” They view these products as a sign of status and believe them to give a more professional or sophisticated personality, which drives them to purchase more international labels.
Some consumers accepted the fact that buying products from international brands gave them a sense of being a part of something bigger, and that you belong somewhere. They feel that they can share similar cultural ethics with people globally and break the taboo of ethnocentrism, basically acquiring a seal of compliance.
3. Easy to Reach via Marketplaces
The world being technologically advanced, more and more usage of websites and apps for online shopping is occurring. Customers can sit at home and buy preferred products from anywhere around the globe. If you are coveting to sell the products through e-commerce platforms apart from retail stores, you can benefit the maximum out of it for sale.
Surveys show that almost half of the population in some countries shops online, and they tend to buy more goods online than in retail stores. So if you come across a product you like, and if it is a trusted or an international brand, you are bound to add it to your shopping cart.
Taking the maximum benefit of this factor, you can easily reach your customer base through a website or a mobile application. It is easy to reach them through marketplaces, where the maximum shopping takes place. Even though there would be a lot of brands flooding those already, brand loyalty will help you stand out, and thus selling international brands would help.
Establishing yourself to sell on the leading marketplaces has become much easier and quicker than previously, and almost every new company is trying to create its niche within. You can reach millions of customers at once, and you can gain the advantage of built- in internationalization (reaching all countries through one platform).
4. Expanding the Product Line is Simpler
Once you engage in selling international brands, and once it takes off, it is much simpler to take it forward from there. As soon as you inaugurate your foundation of customers and gain a loyal brand following, expanding the product line becomes easy, and introducing new products becomes less expensive. You would also have a good idea by this point of what sells and what does not because, as an experienced importer of goods, you would know customer needs and would value it. It benefits both the importer and the buyer by getting newer options to explore within the subdomain of their preference. This will not only aid in gaining customer loyalty, but it will fetch you more audience.
5. More Profit
When you assign higher values to products from international and recognized brands, consumers never think twice before investing in the goods. But they would not prefer a product from a local brand which is priced the same. In terms of selling the number of goods, the international brands sell twice as much as the local brands, leaving you with twice the monetary profit.
Also, with international brands, you have more options to offer to your customers, who have more options to choose from, which makes it a higher chance of sale occurrence. Almost 73% of millennials are ready to spend more on international brands, incorporating their blind trust for better purchase.
There is a rapid increase in the use of social media over the decade, with people being more aware of the current trends and styles all over the globe. This fetches their interest, and they ultimately want to buy these goods. If we look into deeper factors like this, it will give you more and more reasons to start selling international brands. There are a number of tools and specialists to help you tailor to the switch, not only in lesser time but with less investment than you comprehend. You, as an entrepreneur, need to realize the wavering preferences, tap into it and make the most out of it.