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According to a Global Industry Insights Inc. analysis published in September 2021, the global wooden furniture market revenue is predicted to reach US$550 billion by 2027. The trend will grow as consumer spending on upscale furniture increases. This growing trend opens up many opportunities for Malaysia's furniture business, which accounts for over 40% of all export revenue from the wood-based sector. Malaysia exports 85 percent of its yearly furniture manufacturing volume to more than 160 countries worldwide, the largest markets being the United States, Japan, Australia, Singapore, Europe, India, the United Arab Emirates, and South Africa. Here is some information about the wood furniture market that you should be familiar with if you wish to expand your business in this sector: What's involved in furniture shipping? Disassembling furniture pieces Dismantling includes separating your furniture's removable parts to make it easier to ship and handle. Selecting the most appropriate packaging materials You must pack your furniture in shippable boxes or containers after it has been disassembled. You can pack all your furniture in one big box or separate it into smaller boxes. Measuring and weighing furniture It is crucial to measure and weigh your furniture so that the carrier services can provide you with the best deal. Choosing a Freight Company Choosing a company to deliver your furniture for you is one of the main steps involved in the process. The dimensions and weight of a given piece of furniture determine the optimal shipping options. Choose a trustworthy shipping firm whenever possible, especially if you are moving fragile furniture. Furniture shipping average price Shipping furniture may be expensive, especially if you send a lot of stuff over a long distance. The breakdown of furniture delivery prices on average is as follows: Local shipment : ranging in price from $75 to $250. State-to-state shipment : On average, between $150 and $600 for furniture weighing 50 to 100 pounds. International shipment : the most expensive, with costs ranging from $1000 to $3500. Again, the price of shipping furniture will vary depending on various factors, including freight options and the weight of your furniture.
Harmonized System (HS) Codes The export of commodities frequently uses Harmonized System (HS) Codes, one of the systems used to classify industries. A uniform numerical system for classifying traded goods is known as the Harmonized System. Customs authorities use it all around the world to identify products when determining tariffs and taxes and collect data. Why Are HS Codes Important For Global Trade? Aside from aiding in the clearance of products through customs, these 6–10-digit numbers have several functions: The correct HS code for your goods will be required in legal and commercial documents when undertaking trade. Customs authorities also use HS codes to track imports and exports and apply duties and taxes to products.
Modern dietary trends are creating new demand for plant-based protein globally, including in Malaysia. Younger generations like Gen Z are also developing a flexitarian approach to food. Flexitarians are people who consume less meat to improve health and wellbeing. Flexitarian trends are most common among millennials and Gen Zs. Besides that, vegetarians are also looking for new protein alternatives. Based on research, nowadays millennial and Gen Z groups are increasing their consumption of plant-based protein products in food and beverages. Find out the business opportunities in plant-based food industry and market potential today!
Exporting is a significant business activity that requires organisations to consider various factors. These factors should include analysing the country, its laws and regulations, licensing, documentation, logistics, target buyers, cost and insurance to enable a business to export. This analysis can help in the successful exporting of goods and services. Let us look at the official controls for the lists of food export before you export your products to overseas countries!
Traditionally, B2B sales were all about volume. Sales leaders knew if their reps knocked on enough doors, made enough cold calls, and sent enough emails, they’d eventually deliver the numbers. And if they missed the target, the answer was pretty simple: more activity. Nowadays, the same old volume-centric approach just doesn’t work anymore. In order to drive business growth, your sales team needs to understand three things: What buyers want to hear; When they want to be contacted and; How they can be nurtured through the buyer cycle. Let’s dive into these key B2B sales statistics can help your business to improve your marketing tactics and business sales.
Do you know that 80% of B2B companies feel their pricing strategies need to be improved to be competitive in the global market? Pricing is a crucial aspect of every business in the market, which determines the acceptability rate in the market. Pricing is about setting prices for goods and services of business enterprises and influencing their overall demand to a great extent. What goes on with online businesses is very different from those with physical shops nowadays. For one, customers cannot try, touch, or feel the atmosphere of a physical store. The only engagement point they have is their screens. Therefore, pricing is always the first concern of a buyer, followed by product reviews, seller ratings etc.. Right-priced products are always preferred by customers over highly or inaccurate priced products. If you know your company needs a better pricing strategy and are unsure where to start, you have come to the right place. There are a few types of pricing strategies that you should know!
Selling is tough. There are various hidden traps and mistakes sales reps continuously repeat. B2B sales mistakes can cost you revenue and a hard-earned reputation. It is crucial to identify these sales mistakes, fix your approach and crush your competition. Once you avoid the common sales mistakes, establish your authority and showcase yourself as the top player in your domain. As a result, you could see a better performance and the graph going upwards in the right direction. Here are five frequent business-to-business sales mistakes that you and your sales team must stop making if you plan to close more deals in the coming months. 1.Neglect connection building in favor of selling B2B businesses often neglect the importance of building relationships with their buyers. They are hard-selling their products or services without realizing that fulfilling clients’ needs has to be the PRIORITY. To build trust with potential prospects, first, invest time into detailed research. Research is essential before reaching out to leads, make sure you have done proper research into their pain points, goals, and preferences in advance. Secondly, ask questions about what the lead is currently struggling with, what kind of solutions they are looking for, whether they have a budget, the number of people involved in the decision-making process. The B2B sales tend to have higher commercial and transactional values than B2C sales. One of the best ways to incorporate an efficient sales strategy is to let the prospects feel they are assisted instead of sold. 2. Highlighting only the features of your product Giving your buyers a complete list of your products or services can create a direct path to the dreaded “So what?” If your buyers cannot see a clear picture on how those features can benefit them, then you have not done your job right. Businesses nowadays CARE LESS about the features of products. They mainly focus on how a specific product can solve their main problems and challenges. Besides, you may also need to keep your presentation short and simple. Prospects should be able to understand immediately what you can do for them and why they should do business with you. 3. Deliver on your promises One of the biggest B2B sales mistakes salespeople often make is overpromising to get a deal. This method will force your buyers to leave negative reviews and ratings about your business, thus hindering your chances of getting referrals and more clients. Therefore, you have to keep your promise to retain the trust and grow your business. It takes a lot of time to build credibility. When buyers are unsatisfied with your business, it would ultimately lead to depleted credibility, negative reviews, unhappy customers, bad PR, and false expectations, and you will eventually lose the business. If your buyers stop doing business with you, it will lead to low new sales, and destroy the reputation of your business. So, this is why you should never over-promise in your sales pitch and always try to meet your prospects' expectations. 4. Rushing your buyers If you find yourself struggling to close a deal, then rushing your buyers too frequent might be one of the reasons! Many sales reps tend to rush prospects to close a deal, resulting in the potential buyers moving away from a deal. While it is always a good idea to ask your prospects for a next step and follow up after each meeting, you also need to give people enough time to consider your proposal. A pushy salesperson is always a turn-off. Given that, respectful persistence works the best. Write great follow-up emails or messages but do not send them such emails more than 3 times a week. Instead, try to find why a prospect hesitates to commit, and if the prospect is checking out competitors, then find out what the areas are to put you ahead of the competition. Once you have the answers, provide more value with each follow-up email to convince them. It can be a new market report, a success case study from a similar industry, or simply a free solution! 5. You don’t prioritize in follow ups Hot leads can turn cold quickly if you do not follow up on them in time. Buyers might be researching for several sellers at a time to get quotation. Therefore, the sooner you respond to your buyers, the better the chances you could close a deal. By being first to respond to your buyers, you will find yourself ahead of the queue and win Brownie points for your re-activeness. To your buyers, such an approach helps to create a good impression that you value their business and treat their business as a priority. Following up does not have to be by phone, but it can also be done by personal email & livechat response. There is at least a system somewhere to ensure an automated email is sent on your behalf, letting your buyers know that you will be reaching out shortly. It is important not to limit your communication to only one channel. Get In Touch With Us Today! PanPages Trinity is an award-winning global trade solutions provider. We bring you solutions that help your business export beyond local regions. If you are interested to know more about how to deal with overseas buyers, contact us now! Our experienced global trade consultants will reach out to you with moving solutions that can excel your business further!
The demand for B2B enterprises to move their focus online has increased due to recent years' tremendous eCommerce growth. Interestingly, businesses should rely on B2B data as the trend toward the digitization of the workforce continues to interact with other businesses and maintain their ROIs. Hence, for the businesses to remain relevant, business owners must deeply understand the latest trends and patterns. While keeping up with the newest marketing trends may seem difficult, given how quickly a business grows and changes. We may constantly learn useful details about B2B buyers and how to better target and sell to them by studying the B2B statistics and trends.
Catch These Powerful Strategies Before Closing Your Next Sales Deal If you are a fresh sales executive in the industry, chances are you may have encountered an interview where you were supposed to convince your employer to purchase a certain mock product. While it was a nail-biting experience at first, you won the job and you are now on your way to securing the next sales deal for your team, in hopes of earning that big commission. Today, PanPages Trinity will look to solve common sales challenges that you may face along the way with effective solutions that you can use to achieve profitable sales returns for your business. So, sit through the rest of this article as we uncover these strategies for your advantage. The Challenges You May Face When Securing Sales When discussing modern sales challenges, the first element to monitor is how the company compete with their competitors. The market has turned into a battleground, with companies going to great lengths in hopes of outperforming their competitors. Statistics show that 79% of marketing leads never convert into sales. Most leads stop responding after a few initial interactions courtesy of demotivating salespeople. Getting a response from potential leads is now a major challenge because of the fallout from lead acquisition during the entire negotiating stage of the sales process. Prospects are not willing to make compromises or find a common ground to work out a moving solution as a result of the prospect's hesitancy, leading to misalignment among salespeople. Additionally, the majority of deals within the sales pipeline then become stalled at some point and eventually fall through the cracks. Several salespeople lack visibility into their sales pipeline, causing them to overlook many opportunities. Furthermore, the disconnect between the sales and marketing teams also contributes to one of the many modern sales challenges. Sales and marketing have generally worked in isolation, which can attribute negatively to lead handling and, ultimately, your ability to close deals at the same time. When marketing and sales work in distinct systems and manage data separately, data duplication and loss are near impossible to avoid. Besides, it is not easy to build trust with clients online. Maintaining credibility with a virtual barrier between you and your prospects demands new techniques for differentiating yourself from your competitors. The final and obvious challenge within the whole sales process is to close the entire deal without many barriers. However, the increasingly competitive market has made this a great challenge to small and even established juggernauts in the mass market. The Solutions You Need To Overcome These Challenges Now that we have revealed the challenges faced when doing sales, let’s look at some ways you can use to overcome these challenges for your benefit. As a starter, you will need to conduct an in-depth competitive analysis. Start it off by mapping out your competitors' main strengths and weaknesses. Then, determine your competitive advantage and explain it to the mass audience. A key tip to build your consumer's confidence is by sharing case studies and testimonials. This highly increases their trust in your business! Ever heard of the saying “consistency is key”? Well as cliché as it may sound, the truth is, when it comes to sales, you will need to be consistent until you win the hearts of your clients. Focus on maintaining follow-up appointments. After an appointment has been made, determine the best time to call or email the prospect. Once they have become your leads, use emails, text messages, and social media to connect with them. This will increase your response rate too. Next, is a step that can be tricky if you do not have the right strategies at hand - the negotiation. As daunting as it may sound, it’s really not a big challenge. All you need to do is research and explore new negotiation tactics when facing reluctant prospects. Follow it up by identifying your prospects’ pressure points and have them visualize the consequences of not addressing the problem immediately. If you are running a modern business, consider implementing the best CRM for your advantage. Using CRM ensures that you will get a detailed analysis of each stage within the sales pipeline. In addition, it will allow you to progress on high-value deals by segmenting and prioritizing them accordingly. With a functional CRM, you will be able to skip unnecessary hassles and stay informed about the whole sales transaction. In some cases, marketing and sales may be parked in different departments. However, the reality is that both marketing and sales can actually be merged to work hand in hand with each other. Did you know that misalignment between sales and marketing can lose your business momentum up to 10% or even more of their annual revenue? Studies show that over 56% of companies with both teams aligned met their revenue goals, and 19% exceeded them. To build your business awareness effectively, make your salespeople the spokesmen or spokeswomen for your brand. Do this by allowing your clients to publish useful content that can be instructional and applicable to their problems on your company’s blog page. This content will act as a unique perspective supporting the difficulties of other buyers who could be also experiencing the same scenario as well. Another strategy is to consider sales enablement to help B2B buyers make better buying decisions. Over 95% of buyers pick a seller who provides ample content to assist them in their purchasing decision. 68% of customers are more positive about a brand after consuming its content. And 82% of at least five pieces of content from the selected vendor were viewed by its buyers. From these statistics, we can see that businesses that develop sales enablement practices stand a better chance at a 13.7% higher contract value rate. Get In Touch With Our Team To Light Up Your Business! PanPages Trinity is an award-winning global trade solutions provider. Bringing you solutions that help your business export beyond local regions. If you are interested to know more about us or wish to get in touch with our consultants, just contact us right away and our trained global trade consultants will reach out to you with moving solutions that will excel your business further!
Buyer behaviors have changed since the pandemic, transitioning from the traditional buying journey to complete digital experience through online shopping. As more and more buyers going online, sellers on ecommerce platforms are becoming more competitive than ever before! Other than having an ecommerce platform, what are the other ways for you to boost your sales? Let us share with you the top 4 tactics successful businesses are using right now to ignite their sales efforts! 1.Build an email list Email marketing is the most effective channel to boost e-commerce sales and generate repeat customers. It is because You are retargeting people who are already interested in your products. You are getting permission to send promotions without the need to pay for ads on social media. You are creating an opportunity to build a community. The top 3 organic content distribution channels B2B marketers use are social media platforms (89%) , email (87%) , and their organization’s website/blogs (86%) . Email works well because your customers choose to opt-in to hear more from you instead of getting targeted by paid promotions. If you want to boost e-commerce sales, you can also personalize your emails with personalized greetings and create audience-segmented email lists to increase e-commerce sales! Source 2. Invest in Search Engine Optimization (SEO) SEO helps B2B businesses on increasing their website traffic. Website traffic is a necessary step in generating leads and converting them into customers. As a B2B seller, you may generate traffic from your website and get them to order on your B2B e-commerce platform! On average, the conversion rate coming from SEO can go as high as 16% . Over 75% of SEO specialists believe content is going to be the most important factor in building an SEO-friendly website. By investing in SEO, B2B companies are growing their brands to the next level, making them more competitive and valuable in the eyes of customers. This investment results in the leap toward developing their brands. It will enrich the brand with trust and credibility, not only from other users’ perspectives but also from Google. In addition, you may also need to tweak your web design and brand message to fit your target markets’ cultural preferences to create a great user experience. Source 3. Use social media ads to promote your sales Besides organic social media marketing and SEO, include paid social ads in your e-commerce marketing strategy! Why so? Organic social media marketing only allows your followers to see your content. To grow your customer base, you need to reach new audiences to increase your e-commerce sales. 44.8% of global internet users use social media to search for brand-related information. More than half of global internet users between the ages of 16 and 24 use social media to research brands (55.9% female users and 51% male users). Social media offers extensive options to target suitable people with sponsored content. You can reach people according to demographics, such as location, buying interests, age, or gender to find your ideal e-commerce target audience. You can also retarget people who have viewed specific landing pages or previous ads and encourage them to shop on your site again. Meanwhile, you need to ensure you are constantly updating your content. This is important because when people search online for your company, it will give them confidence in your company. Source 4. Engage online store visitors with live chat Ensure you have intelligent systems like chatbots. They are an excellent e-commerce resource for conversational marketing and customer support. Chatbots do not only guide customers or ask basic questions, but they also carry long effective 2-way communication and build customer relationships. There are other high-impact ways to engage with site visitors and customers apart from emails. For example, you can use live chat to engage with shoppers on your site. Many live chat tools let you target browsers on certain pages after they have been on your site for a certain length of time, or even after they have arrived on your site through an email newsletter. Live chats also enable you to have direct conversations with your customers so that you can answer and address concerns correctly when they are planning to buy your products or services. Customers actively use live chats to ask quick questions about products or services and clarify information about a brand. Adding this widget to your website can improve conversions by 12% . Source In the next article, we will share with you “B2B Sales Statistics You Need to Know in 2022!” So, stay tuned with us!
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