5 tips for business success with Veritrade

Published on 25 June 2021

5 tips for business success with Veritrade

 

Making the right decisions is key to the growth of new businesses. Discover how to research your market and learn how to analyze information to generate value for your company.

 

Staying one step ahead is easy with Veritrade, a digital business intelligence platform with import and export information from more than 50 countries, which allows you to access market trends, know real prices, find suppliers, monitor your competition and more.  We share with you some ways in which you can take advantage of this information to stay ahead of the curve.

 

  1. Identify your customer's preferences by analyzing your competitor's purchasing behavior in the marketplace.

 

One of the platform's fundamental functions is to find information on the weights or volumes of one or more products entering or leaving a country. With this, you can get a clear idea of how demand is distributed and who the main exporters and importers are.

 

Let's take as an example the case of an exporter of Peruvian maca, or someone looking to enter the business. After inserting the word "maca" for Peruvian exports in the search filters, one finds that tariff item 1106201000 corresponds to the raw product, in the middle of a list that includes processed items such as flour and cookies.

 

After the search, the screen will show the information of the main exporters and importers, among other relevant data. On this basis, independent searches can be made for each of these companies, and a table can be assembled as follows.

 

 

With this table, we can conclude that the United Kingdom market has a high consumption capacity and is supplied by few suppliers. On the other hand, Latin America seems to be a space to exploit and the United States a destination that no company leaves aside because the product has a higher demand for being known, the export can be easier to enter, or others.

 

  1. Find markets and potential customers to export your products, or identify the main countries of origin and the most competitive prices for your purchases.

 

In Veritrade you will be able to know the price evolution of the transactions related to the tariff items of your interest.

 

Continuing with the example of the exporter of maca, what we could know in Veritrade are the purchase prices in each of the main export destinations. The following table shows some of the summaries that can be achieved.

 

 

In addition, the maca exporter could also analyze the evolution of purchase prices throughout the year to identify the months where windows of opportunity are generated.

 

On the one hand, it is clear that the United States and Germany have above-average prices and are places where the search for buyers could be more profitable. On the other hand, a review of prices shows that there may be months with a higher selling price, but there is not necessarily a seasonal behavior in the market.

 

 

  1. Track imports and exports of the most notable companies in your industry.

 

Before making decisions, research should go a step further and move from country analysis to specific analysis of current and potential competitors in the market.

 

When researching a product, you can also learn about the importing and exporting companies, as well as the other products they have in their portfolio.

 

After identifying the most relevant businesses, the feature "my companies" will allow you to store your favorite companies. Let's continue with the case of Peruvian maca to know the information available in Veritrade about two exporting companies of the product:

 

 

 

  1. Stay alert to products and company updates to take advantage of global market opportunities.

 

The feature "Verialertas" allows you to set up alerts on the variation of imports or exports of products and/or companies. Let's analyze the case of apparel exports.

 

The following image shows a report on the progress of exports of cotton T-shirts by four companies to which a Verialerta was generated.

 

 

Reports will be emailed to you each time customs information is processed for the country for which an alert has been set up. This way, the exporter can save valuable time in analyzing the information.

 

  1. Increase your bargaining power with suppliers and customers.

 

We have mentioned several times throughout this article that in Veritrade you will be able to see the real prices of imports and exports, however we have placed this feature in a separate tip because of the value it generates for your business.

 

By knowing the real prices of the transactions of your market and suppliers you will be able to compete on equal terms, defining fair prices for your purchases, or defining competitive prices for your exports.

 

In general, the possibilities that the business intelligence platform offers for new or growing businesses are very varied, information is power, and this is at your fingertips in Veritrade.

 

To personally experience the benefits for your business, you can request a free 5-day trial by registering here https://bit.ly/VRTFreeTrial.

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