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What are the benefits of sourcing products from overseas suppliers?

How looking further afield can benefit international brand owners

International brand owners can often struggle to source quality products locally, which is why looking further afield for suppliers based overseas can be far more beneficial.

If you’re a brand owner, retailer or distributor struggling to find the right goods in your home market, then continue reading to find out exactly why you can benefit from doing business with an overseas manufacturer.

Innovation

  • Working with overseas suppliers can innovate your existing product lines, particularly beneficial for the food and beverage sector, bringing new flavours, produce and even product formats to your market.

  • Innovation is a huge benefit of sourcing products from overseas as it can be difficult for local manufacturers to deliver particular flavour profiles or source specific ingredients.

  • And, if you’re looking for a private label solution, then overseas suppliers will benefit you too!

  • You may also be able to tap into new product trends which have yet to break into your market, which leads us to the next benefit…

Competitive edge

  • By sourcing products from an overseas supplier who innovates and stays on top of industry trends, you can truly gain competitive advantage by taking something new to market.

  • Get an edge over local peers by being the first to bring new produce direct to consumers; exciting and delighting them instead of your competition.

  • To get the one up on the competition, check out our tips for profitable product sourcing here.

Cost-quality balance

  • Maintaining a good cost-quality balance is vital for international brands and working with an overseas supplier can be truly beneficial in achieving this. And there a few ways how…

  • Right now, some markets are more attractive for importers due to weak currencies. For example, Great Britain is renowned for producing quality products and since the pound is weak, this provides a great opportunity for international brand owners to partner with British manufacturers, for less.

  • Another option would be to look for manufacturers based in countries where production costs are lower, but the produce delivered is of a high standard. For example, Eastern Europe and South-East Asia.

  • If you are able to source great quality products at attractive cost prices, then you can achieve a cost-quality balance by keeping logistic costs competitive too. Making use of a third-party logistics company can be a great option and a great benefit for international brand owners.

Affordable duties and taxes

  • Once you’ve found the right overseas supplier for your needs, and for the right price, you may be able to achieve affordable duties and taxes.

  • If done correctly, low duties and taxes can be attracted by sourcing goods internationally, making it a worthwhile cost-efficiency exercise.

  • That being said, if you are inexperienced in sourcing goods overseas it will be worth seeking the guidance of an international trade partner, like Bolst Global.

Improved skills and business practices

  • By looking further afield to source your products, you’re not only going to benefit financially and competitively, but you’re also going to benefit by gaining new skills to help your business in the long run.

  • You’ll gain improved cross-border communication and negotiation skills, find new supply chain options you didn’t realise were even possible, and develop valuable business relationships around the globe.

  • When combined, the benefits we’ve presented here are incredibly valuable for international brand owners, retailers and distributors.

FAQ: What are the benefits of sourcing products overseas?

If you’re interested in learning how sourcing products from overseas will benefit your business, do not hesitate to get in touch with the Bolst Global team today.

We have years of experience helping international businesses source products from overseas, and we can’t wait to hear how we can help you!

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