Four ways to evaluate markets with our platformPublished on 22 October 2021
We share with you some samples of what our platform offers so that you can better position yourself in your target markets.
Achieving success in international trade requires a great deal of effort in market exploration. Can you imagine the process of searching for information to start an export project without IT tools that offer consolidation? It would definitely be very tedious and even the data would be difficult to purchase due to the lack of regularity in the format.
Currently there are several trade intelligence services that consolidate figures for a single country and can serve as a source for this phase of the project or business in progress. But this will only allow to fulfill the necessary condition of filling the empty cells in the tables of the databases used for the business model.
The sufficient condition for success is to be competitive. And for this, both efficiency and depth of analysis are required to be one step ahead of other exporters. With Veritrade's platform you can achieve both by accessing information from 108 databases corresponding to 49 countries.
In the following lines, we explain four ways in which you can take advantage of our platform to optimize your foreign trade decisions.
Evaluate the characteristics of the target market
The first thing you will want to get is the general "picture" of the market you want to target. Let's imagine the case of someone looking to export salmon from Chile to the United States. Simply put the country and product names as search criteria in Veritrade's filters, as well as the time horizon. You don't even need to know the consignment number to get all the data shown in the following image::
It is worth mentioning that this type of search can also be done from the other side to obtain details about the countries from which the goods are exported to the evaluated destination. This is possible because Veritrade allows you to select export or import bases. Consequently, a search similar to the above can be made by including the word salmon in the filters for imports from the United States.
Analyze the competitive environment
Veritrade allows you to go one step beyond generating a general notion of category-related items in the target market. One level down, the platform allows you to access data such as volumes and frequencies per item, exporters you would or do compete with, historical price trends and other target markets.
By the way, the My Products function gives you the possibility to save specific items for which you want to generate graphical reports. Below is an example of the information you can obtain in seconds.
In addition, Veritrade can help you stay constantly up to date and have everything ready to act before everyone else. On the other hand, the Verialertas option allows you to schedule the sending of emails with reminders and key indicators every time the databases from which the product information is obtained are updated.
Identify potential customers and new suppliers
Detailed searches can also be done at the company level. The platform's reports allow you to record importers or exporters such as the My Companies section, so you can generate graphical reports instantly or receive email alerts.
With Veritrade you will be aware of the performance of companies with the potential to become importers of the product you are looking to sell abroad. And as if that were not enough, the platform will allow you to compare the different input suppliers, either according to average prices, experience in the market or other relevant criteria such as the customs agents they work with and the destination points for your merchandise.
Learn about the financial and economic conditions of the shipments
At an even deeper level of detail, Veritrade offers you advanced level qualitative information. When you click on Detail - Excel, you will be able to download a table with complete shipment information. According to what the database shows for each country, you will be able to know which shipping line or airline transported the products, the customs agencies with which they worked at origin and destination, the sales modalities, the incoterms and the form of payment applied.
Veritrade even has the manifest information for each shipment for some countries. In this type of record, you can find additional data such as the last port of shipment before the final destination, tariff regimes, packaging number, forwarder, bill of landing, measurements in TEUs, container type, addresses of exporters, importers and agents, among others.
Now that you know some of the ways in which you can take advantage of our platform, we invite you to personally experience what Veritrade has for you. Request your free trial at: https://bit.ly/VRTFreeTrial and discover how easy it is to stay one step ahead with us.