With alarmingly high wages and the U.S. raising tariffs against China, it’s imperative to consider alternatives for China sourcing. India has fast emerged as the perfect substitute for sourcing with various companies across the world choosing to import from India.
If you deprive yourself of outsourcing and your competitors do not, you’re putting yourself out of business. -Lee Kuan Yew
- India offers advantages like remarkable infrastructure, skilled workers, cultural compatibility, and favourable environment that help make sourcing simpler and cheaper for companies across the world.
- India presents to the world a profile of an emerging giant. As the seventh-largest country in area and second-most populous country in the world, India’s sheer size (with low labour costs), economic weight, and stable political system explain the level of attention from potential investors and corporate buyers.
- Apart from IT services, India’s vast manufacturing base includes chemical and pharmaceutical products; textile, leather and clothing; machine tools and electrical equipment. With the second-largest railway network in the world and a vast coastline with established seaports, the country is turning into a top destination for low cost, high-value goods, and services.
- There are no communication barriers faced by Western manufacturers, something that is common when they source from China, as English is an official language in India.
- With a labour force of 519 million, India is poised to reach a development ‘sweet spot’ with a prediction of overtaking China by 2025 (with 900 million labour force).
- India’s FTA with ASEAN reduced duties to zero on 90 percent of products, making this country an obvious choice.
- Co’s like Hasbro are also relocating to India after having limited their number of China products to half.
As a world supplier, India is the next obvious destination for businesses across the globe.
How Can VidVox Help You?
If you need a partner to glide into India, it’s important for you to have somebody by your side to scrutinize every aspect of sourcing so intelligent decisions can be made and losses can be reduced. This is because the littlest of inaccuracies may dent the brand reputation. It is, therefore, necessary for companies to follow a strategic process. We, at VidVox, do exactly this! Having worked with a suite of importers, including E-commerce companies, our multilingual team has experience in dealing with complex products that require customizations. The services that we offer are as follows-
- Supplier Research
- Sourcing suppliers
- Shortlisting suppliers suitable for the business
- Contract Negotiation
- Price verification
- Due diligence
- Quality Control
- Ensuring compliance
- QC checklist
- Custom clearance
- Product Evolution
- Dispute management
- Product Development
Who Can Benefit From India Sourcing?
This service can greatly benefit foreign companies looking to source products in India or buy products from India. Apart from this, domestic companies looking for local sourcing can make the most of this service.
Pro-Tip: Joining hands with the right sourcing partner helps resolve queries and set-up the organization at the right time, at the right place.
The services offered by VidVox aren’t just limited to products as we also provide customised solutions based on your niche, unique goals, opportunities, and budget. For more information, get in touch with us today!