Many people, even if they have customs data, don't use it at all. Let's take a closer look at how you can use customs data to analyze your target market.
OneLearn about industry market informationStay on top of trends
Taking LED as an example, through the U.S. customs data, you can get all the buyers of the LED import market in the United States. According to the import quantity on the import bill of lading of these buyers, the total import quantity of the US LED import market can be counted. If we further count the import volume in several years, we can get the overall changes and trends of the LED import market in the United States. Similarly, through the transaction records of customs data, we can find out the global suppliers and their supply volumes of each buyer, and can grasp the transaction status of LED in a timely manner, so as to grasp the total market demand of LED products, competitors around the world, their own proportion, the use of quotas, future market trends and other information, providing key information for market decision-making of foreign trade enterprises.
IIStay on top of subtle changes in the industryInsight into needs
The "specifications" on the import customs data describe the product specifications in detail, and foreign trade enterprises can understand the quality requirements and changes of the buyer and the target country's market for product style, design, etc., as well as the packaging and process of the country's products. By analyzing the specific specifications of different countries or regions, foreign trade enterprises can understand the different requirements and changes of consumers in different countries or regions for product quality, which is conducive to the targeted promotion of their products by foreign trade enterprises. At the same time, it can also discover the application of new products or new materials in time, grasp the quality requirements of the target market in time, adjust the design and product line, synchronize with the international market, meet the changing needs of the market segment, and improve the market competitiveness of the enterprise.
IIILearn about changes in the industryAdjust your strategy
By monitoring the changes in the name of the shipping unit in the target country or region, foreign trade enterprises can understand whether there are new participants or exiters in the industry and market, and how fierce the competition is, which can remind foreign trade enterprises of the changes in competition in the industry. If the number of new participants continues to increase, it means that the industry may be very profitable, so as to continue to attract new participants, but for the existing foreign trade enterprises, this means that the competition in the industry is intensified, and foreign trade enterprises should also adjust their market strategies with the degree of competition in the industry.
FourthUnderstand industry market developmentsSet goals
By monitoring the export or import quantity of a certain region through customs data, foreign trade enterprises can understand the life cycle stage of the target market: that is, the embryonic period, the development period, the maturity period and the decline period, so as to facilitate the foreign trade enterprises to decide whether to enter and how to enter. When the market demand increases, the number of imports and exports will increase, which indicates that the market for the product is in the development period, so that foreign trade enterprises develop a more aggressive market strategy, focusing on the development of the target market.
That's how you can use customs data to analyze the specifics of your target market.