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Consulting

Successful management of participation of American buyers Food Fair Virtual of Ecuador

RGX Consulting

Successful management of participation of American buyers Food Fair Virtual of Ecuador

In the first edition of the Food Fair Virtual Edition 2020, organized by the Ecuadorian Federation of Exporters, we carried out our “Buyers Recruitment” service, achieving the participation of 5 buyers who participated in the event held from June 29 to July 7, 2020.

The Ecuadorian exportable supply corresponded to the sectors of:

  • Coffee and elaborated
  • Cocoa and processed
  • Processed foods
  • Non-traditional fruits
  • Banana and plantain
  • Fishing and aquaculture
  • Others in the food and beverage sector

Among our main tasks we work on the search for importers in the United States, and then invite them to know the Ecuadorian exportable offer on the virtual platform; at the same time we coordinate virtual b2b appointments.

At the end of the process, we remain in contact with American buyers to learn about their experiences, purchase intentions, and other observations of improvements in terms of the organization of the fair and virtual b2b. The American importers that participated were Carbamericas Inc, Distribuidora Limeña Inc, Miami Crab Corporation, World Variety Produce Inc and Grupo Neyi LLC

Thanking the Ecuadorian Federation of Exporters (Fedexpor)  the trust placed in RGX for this work, we provide entities linked to export promotion the following recommendations for this type of event:

  • Have a catalog by sector and / or by company aimed at buyers in the target market, where emphasis is placed on logistics solutions for delivery at destination, financial, commercial and promotional support to international buyers and international quality standards achieved.
  • Most of the virtual platforms currently available on the market do not have the possibility of real-time translation, therefore, it is advisable to try to have your own staff who speak and understand the English language to negotiate.
  • At the end of the event, it is essential to periodically monitor the buyers who have participated, to know the assessment of the business appointments made with the exporters and to identify unsatisfied demands.

To learn more about our buyer recruitment service for virtual b2b events, contact us at customerservice@rgxonline.com and a consultant will contact you within 48 hours.

Trade Intelligence

Trade Intelligence

We specialize in research and studies in international markets, focusing on demand (importers), identifying success factors for the development of industry exports to that destination and sector.

Buyer Recruitment for B2B events

Buyer Recruitment for B2B events

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Specialized webinars

Specialized webinars

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

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Consulting

Growth of industrial manufactured exports in Latin American countries contribution

RGX Consulting

Growth of industrial manufactured exports in Latin American countries contribution

In 2017 we conducted a study of the purchasing behavior of 2,170 small and medium-sized importing companies from Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Mexico, Panama, Peru and the United States, which was complemented in 2018 with the participation of 1,041 small and medium importers from Argentina, Brazil, Chile, Colombia, Costa Rica, Panama, Peru, the Dominican Republic, Nicaragua, Guatemala, Mexico and the United States.

The panel of interviewees were importing companies with less than 150 employees, among which more than 1,000 companies from the industrial manufacturing sector participated (also from Apparel, Textile, high technology and automotive sectors). Those for purchasing or imports responsible answered a questionnaire that ran from the international supplier search stage to aspects of import logistics and supply chain.

In parallel, we are providing services for Export Promotion Agencies such as Promperú (Peru) and Proesa (El Salvador), which involve interviews with importers from practically all Latin American countries, as well as from the United States.

The results of the Study, as well as our regular contact with importers in America, allow us to identify international purchase or import behavior of these companies, which are highlighted below:

1) New international suppliers contract

34% of importers in this industry use Internet search engines to find new suppliers. At the same time, 21% do not look for them, but rather wait for potential suppliers to contact them digitally.

As a result of the pandemic, the concept of “low contact economy” was established among importers, which will intensify the trend of using search engines and online marketplaces, as the main mechanism of contact with new possible suppliers. This behavior highlights the need to equip exporters with habits, strategies and tools to position themselves adequately with potential buyers looking online.

With some exceptions, most Latin American countries are still lagging behind in the incorporation of online marketplaces, with tools for virtual business rounds, which connect the sector exportable supply with international demand online.

2) Importance of financing:

68% of importers of industrial manufactures have indicated that “flexible payment terms and / or financing” are a fundamental reason why they would choose a new supplier.

Making a more exhaustive breakdown, the countries that are most likely to change providers if they offer them “flexible payment terms or financing” are Panama, Argentina, Colombia, Peru and Mexico.

In a context of less foreign trade activity (such as the pandemic), it is essential that financial institutions identify export “gazelles” (exporting SMEs with great export competitiveness) in their countries, and protect them from the recessive context, offering solutions of payment and financing that help them retain and attract new international clients who, to buy them, are going to request financing in the payment.

3) E -Commerce sector use:

Four out of ten importers indicated that they buy products online. Among them, 67% buy directly from the website of their supplier, the exporter. Additionally, 59% of importers state that the website of a supplier influences the evaluation of a new supplier, with the most valued content being the following:

  • Technical specification of the product
  • Product certification / product warranty
  • Section “Who we are / about us”
  • Export information on the particular product (commercial conditions, freight information/ transport, and others)

At the same time, a quarter of those surveyed (23%) mentioned having used B2B platforms, such as Alibaba, Amazon and / or eBay, among others, to make imports.

These results warrant technical assistance interventions with exporting SMEs to ensure that they have an online presence (web, marketplaces) in line with what international demand expects.

4) Import Logistics:

80% of industrial manufacturing importers admitted to having delays in the import process, while production delays are the main cause, as stated by exporters and importers.

The second and third most common obstacles indicated by importers were the additional import costs in customs, and national logistics, that is, the internal distribution of the product in the importer’s place.

While some more aggressive exporting economies are adopting policies to subsidize international transport, which allow greater competitiveness of exporters, others are negotiating alliances with large transport companies with the same objective. This “race” will be key to sustaining and increasing industrial manufacturing exports in the post-pandemic stage.

At RGX we collaborate with agencies and cameras through specific services that you can visit in the vertical menu on your right on this page.

Trade Intelligence

Trade Intelligence

We specialize in research and studies in international markets, focusing on demand (importers), identifying success factors for the development of industry exports to that destination and sector.

Buyer Recruitment for B2B events

Buyer Recruitment for B2B events

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Specialized webinars

Specialized webinars

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Categories
Consulting

RGX obtains a high rating as a service provider from the Bogota Chamber of Commerce

RGX Consulting

RGX obtains a high rating as a service provider from the Bogota Chamber of Commerce

The Bogota Chamber of Commerce annually conducts the evaluation process of its suppliers regarding the contracts it has signed with the Entity and that are in force or that were in force within the immediately preceding calendar year.

 The evaluation process is carried out by the contract supervisor, who analyzes compliance with the following criteria:

• Opportunity in the delivery of documents.

• Conformity of the good or service contracted.

• Opportunity to deliver goods or services.

• Timeliness in reporting.

• Timeliness in billing delivery.

• Compliance with guarantees.

RGX has provided, in 2018 and 2019, the service of international promoter of the Chamber’s Internationalization area, carrying out Business Plans and Business Agendas for exporting companies from Bogotá, in the USA, Europe and Latin America Markets, of the manufacturing sectors industrial, services and clothing.

The rating obtained was 86 points out of a possible total of 100. We thank the Bogota Chamber of Commerce for the rating granted, which reinforces our commitment to offer specialized services for business agendas and commercial plans in 54 markets.

If you wish to obtain our references and request more information about our services of business agendas for exporters or recruitment of buyers for fairs or virtual business rounds, please contact us at customerservice@rgxonline.com and we will respond as soon as possible.

Trade Intelligence

Trade Intelligence

We specialize in research and studies in international markets, focusing on demand (importers), identifying success factors for the development of industry exports to that destination and sector.

Buyer Recruitment for B2B events

Buyer Recruitment for B2B events

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Specialized webinars

Specialized webinars

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Categories
Consulting

Defining export markets in the time of COVID-19

RGX Consulting

Defining export markets in the time of COVID-19

In the context of the pandemic caused by COVID 19, the SMEs in the region need to make their best efforts to reach new export markets. As a contribution to meet this challenge, RGX recommends analyzing potential destination markets according to the variables below:

When trade agreements are in place, export opportunities increase because products can enter the market on a reduced or null tariff. This enables stronger price competitiveness against other origins.

We will examine the countries where the product of the exporting country is best accepted based on the product’s share of total imports by the country, using trade statistics of the previous year and also evaluating purchases from preceding years.

By analyzing the past 3 years, importing countries that have grown steadily and permanently in imports in general, and in the purchasing of the product under study in particular, can be identified. This “screening” technique will reveal what growing markets are more likely to accept import transactions.

Countries will be prioritized where the distance to the destination market is relatively short to enhance the exporter’s competitive advantage in terms of transportation costs and shipping times. In addition, geographic proximity reduces promotion costs and makes it easier to travel to the destination market, support the client or distributor, and stay closer to retail channels and end consumers.

Based on World Bank estimates, the average import tariff in the destination markets will be taken into consideration. Countries with a high tariff average will be left aside to avoid the impact on price competitiveness of the products shipped to these countries.

This indicator will identify the challenges and opportunities that can improve a country’s logistics performance. In addition, it will evaluate several logistics aspects based on the metrics of logistics efficiency. We will then prioritize markets where logistics performance can facilitate product distribution.

Based on World Bank data, customs clearance efficiency and speed is rated across countries, prioritizing formalities that are simple and predictable. Therefore, markets where customs clearance for imported products is more efficient will be weighed.

Given the current global pandemic, it is necessary to grant higher weight to international markets where the impact is less severe. Therefore, and using Google’s database, it is established that low impact will create a more favorable scenario for a country’s economic recovery.

Taking into account the current health emergency that is having worldwide impact, the major measures and precautions adopted at each recommended destination market will be weighed in terms of trade border operations (ports, airports, customs, bonded warehouse, among others) resulting from preventive actions against the spread of COVID-19.

The correct identification of an export market is an extremely important step to achieve business internationalization. For more information about our “Methodology to select export markets,” please send us an email to customerservice@rgxonline.com

Trade Intelligence

Trade Intelligence

We specialize in research and studies in international markets, focusing on demand (importers), identifying success factors for the development of industry exports to that destination and sector.

Buyer Recruitment for B2B events

Buyer Recruitment for B2B events

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Specialized webinars

Specialized webinars

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Categories
Consulting

How to conduct online business meetings with importers?

RGX Consulting

How to conduct online business meetings with importers?

How to conduct online business meetings with importers?

The new international scenario poses a serious challenge to traditional businesses dedicated to promoting international trade among countries. A change of paradigm is just round the corner, and this new situation is forcing businesspeople, governments and chambers of commerce to continue to drive exports, but using digital tools.

Before the current stage, a “business trip” was common practice and involved a tremendous coordination and planning work: schedules for businesspeople, business meeting agendas with interested importers, and creating links with industry business chambers, associations and other key stakeholders.
While we wait for the new normal conditions to settle down, the current challenge means offering our businesspeople an incentive to go virtual little by little.

Within this framework, online business agendas are one of the services for which RGX is receiving the greatest demand, although we have been supporting this initiative before the pandemic. For example, we have been using this modality with businesses from the Bogota Chamber of Commerce since 2017. In addition, we developed virtual business agendas in cooperation with the Government of the City of Buenos Aires for companies enrolled in the Despega Talento [Talent Take-off] program in 2018 and coordinated a B2B virtual meeting with the Export and Investment Promotion Agency of El Salvador (PROESA) in 2019.

From the lessons learned over the past 3 years, we have selected the following recommendations for the entities that would like to perform well in online business meetings:

Our first recommendation is to identify export markets where the company is in a truly good position to export. Thanks to our proprietary “Methodology to select export markets” and based on key foreign trade variables (among which at present we are including the extent to which trade borders will remain open during the COVID 19 pandemic), we can weight the countries offering easier accessibility for the sector under analysis to sell its products. This is clearly the path to follow if you would like to find international market clients and invite them to an online meeting.

International buyers will ask to see the internationally tradable goods and services offered by the sector under study before deciding to participate in a business round. Therefore, these should be accessible and displayed online at least 30 days before the event. Efforts should be made so that exporters/exhibitors include the following components in their descriptions:

  • Shipping logistics solution including, ideally, a delivery solution.
  • Financing offered.
  • After-sales service.
  • Available quality certifications.
  • Support to international buyers.
International buyers will ask to see the internationally tradable goods and services offered by the sector under study before deciding to participate in a business round. Therefore, these should be accessible and displayed online at least 30 days before the event. Efforts should be made so that exporters/exhibitors include the following components in their descriptions:
  1. Shipping logistics solution including, ideally, a delivery solution.
  2. Financing offered. 
  3. After-sales service.
  4. Available quality certifications.
  5. Support to international buyers.

Meetings will have different outcomes, and the resulting requests for information and quotations may vary. Therefore, the organizer should follow up on exporters so that they do not delay their responses to the questions and demands identified during the meetings.

In addition, a few weeks after the meetings have been held, the organizer may continue to follow-up on exporters in order to become aware of the final results and any aspects that can be improved, and detect any process errors that could avoid the wasting of future resources.

Upon completion of the round of business meetings, it is advisable for the organizer to ask exporters how they feel about the process and organization of the business meetings in order to evaluate two large dimensions separately:
  1. Meeting organization: evaluations should consider the agenda-building process, schedule coordination, connectivity, advise on internationalization, orienting the importer to the target profile, time to meeting status reports, number of meetings held, relevance of proposed leads and willingness to re-schedule meetings that may have been frustrated.
  2. Closing of export business transactions: Exporters may or may not close an agreement with the proposed leads for several reasons, including the competitiveness of the internationally tradable goods and services, the way negotiations were conducted, prices, payment terms, support to customers, and offered Incoterms. Therefore, this evaluation is based on an internal analysis of the company’s export capabilities.
Intermediate entities, chambers of commerce, governments, export agencies and organizers of international fairs are turning to online meetings between exporters and importers. RGX can offer a specialized service mainly focusing on the best balance between the return on investment in international promotion and actual export results.
Trade Intelligence

Trade Intelligence

We specialize in research and studies in international markets, focusing on demand (importers), identifying success factors for the development of industry exports to that destination and sector.

Our reports include in-depth interviews with importers, retailers, and key informants, and are presented to the client with analysis of export opportunities.

Buyer Recruitment for B2B events

Buyer Recruitment for B2B events

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.

Specialized webinars

Specialized webinars

Through our constantly updated databases, our expertise focuses on providing validated buyer lists, and inviting importers to participate in b2b events.