Did you know that 14% of India’s exports are accounted for by the trade between India and European nations? According to a European Commission report, European nations are the second-largest receivers of exports from India, second only to the United States. Since the last decade, trade between India and Europe has grown steadily. Recently, free trade agreement talks were resumed between both trade partners, which is perceived as a massive step forward and can take India’s exports to Europe to greater heights. Already 631.92 billion INR worth of goods were exported to Europe from India in December 2021, the highest number of exports since 1991.
Looking at the magnitude and potential of exports, many Indian industries and business sectors acknowledge Europe as their best bet. We already have a vast market for metals, crude oil, precious and semi-precious gems, pharmaceuticals, agricultural merchandise, food items, automobiles, plastic goods, and others. In a recent survey, India’s exports to Europe will likely increase by 8.4%. These statistics show a considerable percentage of the untapped market still waiting to be explored, and the rise of ecommerce will act as a booster to sales and investments in exports.
As a new player or even as a veteran, one needs to keep abreast with the latest developments and adopt international trade practices for their growth and survival in the export business. So without further ado, let’s check out the best five most efficient and crucial strategies that will help you do so.
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- Keeping up with the trends
As mentioned earlier, it will be in your best interest to keep yourself updated with the latest and growing trends in Europe. Furthermore, understanding which product has the best market value and the most growth potential will help you choose and invest in products that will get a high return on investment.
- Understanding your market
Because Europe consists of only 28 different nations, each with its own distinct culture, researching the market should be your top priority. An in-depth analysis of purchasing power, product preferences, and disparities in income, as well as learning the local systems and languages, will help you streamline your export strategy.
- Get your logistics right
As an exporter, you should have a good understanding of logistics when initiating trade with Europe. As Europe is a single market, it ensures a free flow of goods within European territories. Still, many other variables need to be considered, such as transportation costs, inflation rate, political and economic factors, local tariffs, and others.
- Prepare a marketing strategy
Developing a robust marketing strategy will help increase your sales and your product’s visibility. Understanding your customer base and marketing your product will essentially improve your chances of surviving the cutthroat competition.
- Working with Import-Export business strategists
Europe is a melting pot of various cultures and customs, and getting the proper perspective becomes imperative. Therefore, it is viable and cost-efficient to hire a qualified business consultant or strategist who understands the European ecosystem and trade patterns. In addition, they provide you with the ‘tools of trade’ that will help you create mass awareness of your product and guide you in the sales process and brand building.