Reinvent your business: Main imported products in times of pandemic
Published on 12 May 2020
We present a list of products that deserve special monitoring to take advantage of a possible wave of consumption in the context of changes in habits during the quarantine.
Quarantine in response to the coronavirus has changed consumption habits and generated encounters with new products in response to the shortage. These have also changed as a result of the emergence of a more exquisite taste in search of variety amid in the monotony of the running of the bulls.
The above represents an opportunity to open your eyes and find business opportunities in the market. In this note, we review the recent import performance of some of the star products in the quarantine, based on references from the Peruvian, Colombian, and Ecuadorian markets, but replicable throughout the region and the world through the Veritrade portal. These have not necessarily yet reached the point of depleting inventories to request higher imports, but this could happen soon. Anyway, reviewing the evolution of the value of the entries of these goods to Peru, Colombia, and Ecuador, is a good starting point, and allows us to see how Veritrade can be the best ally of entrepreneurs.
Next, the graphs obtained from the Veritrade page are shown with the most relevant information in this regard (to see them in the interface, filter by product and period, click on the dialog box to the right of the desired row in the box, and click on add to my products to leave it recorded; then, click on my products, select the corresponding filters and click on see graphics):
1. Masks: The most sought after product in recent weeks in the entire global market has been a protective mask. Whoever has stock will not have to make the slightest effort to sell them. The jump in Peruvian imports in March is a strong example of this. A search for suppliers has been said!
2. Articles for physical exercise:The gyms are going to be a place avoided by the users while they finish controlling the exposure to the contagion by the coronavirus. Meanwhile, exercising at home may have come to stay. Colombian imports as of March suggest that there could soon be a shortage due to a lack of inventory replenishment, which gives rise to the question of whether to enter the sector as a supplier. It should be noted that the Veritrade portal contains much more information about competitors, ports of entry and exit, transport routes, and details of the imported product.
3. Cooking utensils:Lastly, an impossible trend to overlook is a deepening or foray into people's culinary skills. There is no doubt that many will emerge as great cooks from this quarantine, and this should have an expected impact on demand for cookware. It is likely that the list of pending recipes will grow or the desire to try increasingly complex experiences, such as preparing pasta dough or making high-level pastries, and that there are still a few more tools missing on the shelves, counter drawers to do better. Here is a graph of the Ecuadorian country that indicates the possible opportunity to import equipment, offering news or covering spaces left by exhausted inventories.
Taking advantage of opportunities primarily requires attitude. If the information is at hand and the ideas to take advantage of it are appropriate, the difference between staying stagnant or taking the next step depends on the people. The quarantine will be remembered for the harshness of prolonged confinement, but also for the adaptation to new technologies and the use of information technology to convert the house into an office, workshop, gym, and bar.
It is possible that these latter changes are somewhat perennial, and that social habits lead to other important changes in consumption patterns. The challenge is to identify them in advance and go in search of resources to exploit the potential to fill the gap created by scarcity or to join new trends with timely proposals. To go ahead and think about the next projects.
For more information on the movement of international trade in Latin America, you can enter the Veritrade portal.
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