As it is well understood the online advertising in B2B marketing is powerful and can drive superb results. To better grasp the advantages and disadvantages it is crucial that you know all about the technology that makes it this awesome. It is essential to understand how ad-targeting technology works?
It is vital to know whom you want to target because there is no point in targeting professionals that are not in the position of decision making. If your company is working in account-based marketing (ABM) or account-based sales development (ABSD), the precision you can apply in targeting the ads is unmatchable. You can decide to mark people at key locations only by knowing their job title and seniority level, people in specific regions, and a group of buildings.
Personalized Ad Targeting
Imagine getting your hands on an improved technology that enables to personalize the ads to the greater extent at cost per thousand (CPM) or cost per engaged account (CPEA). This technology allows sending messages to the manufacturers and processing engineers simultaneously. It was not previously possible, and the concept is relatively new.
Two powerful technologies make this modified targeting easy; IP addresses, and cookie data. Both of these technologies are very different but complement each other in an effective way. IP addresses can be used to aim at accounts through their location. While cookie data on the web browsers allow analyzing the individuals.
Internet protocol (IP) address is unique for every computer connected to the internet. This address allows the web to recognize each of the machines separately. Companies, on the other hand, own quite a handful of the IP addresses which they assign to servers. That way the traffic from these company-owned servers, bears the server’s address.
This is where third-party data services are used as they help in identifying the owner of IP’s. Data providers may even be able to let you know that which IP’s are for labs, admin, or any other departments in a particular organization. This precision helps to target the ads more efficiently. But still, it is not enough because there is a clutter of ads and your ad have to stand out.
Many websites have coded information which is deposited into the browser upon visiting such sites. These codes are known as cookies. It doesn’t require the location of the user; it instead judges the interests of individuals through browsing behavior. When it is used with the IP’s, it provides on-point ad placement.
It also has limitations because the sets of data keep on getting smaller and smaller as B2B marketers keep on tightening the subsets of a population they want to target. It is precise, but then it is limited. Many countries still don’t have cookies on a remarkable number of websites which undermines the opportunity to use it as a tool of advertising.…
With many new entrepreneurs emerging in the modern B2B environment, those who have failed to capitalize by following current trends need to change how they work. If these B2B marketplaces want to experience survival and the taste of success, then they need to step up by investment in the latest tech.
Due to innovative solutions emerging every now and then, B2B customers have grown more intelligent than traditional B2B buyers. If we go back a decade, many people didn’t have access to smartphones and the internet. However, since the 4G service was launched, many people started getting access to the internet everywhere. As pleasing as it sounds, B2B buyers began spending their time more on research, but due to this many traditional B2B companies started going down the line. Wondering why?
Because they weren’t able to provide enough content online for potential clients to read. Here are a few significant trends that that global buyers expect from you.
1.Diversify Your Approach!
Instead of sticking to two-three approaches of reaching out to potential clients, we prefer that all B2B platform should personalize and deal with them appropriately. Target their needs for a better outcome, with the organization’s data and past experiences. Once you have all the information, it’ll become more comfortable for you to solve their needs and meet their demands.
2.Humanize Your Presentation
Even though you are dealing with other businesses, they are humans. That means you need to humanize your approach and connect with your potential clients in the same manner. Try building a long-term relationship with them. That way, you’ll have a prospect who’ll stay loyal to you and maintain a habit of buying your products.
3.Stick to Your Promises
Are you a man of your words? If not, I’m afraid you’ll face many challenges trying to make a name for your brand. Business is all about keeping promises by meeting all deadlines as well as quality levels. If you fail in offering your clients what you promised before actually getting an order, not only will they refuse to accept the request, but will also spread the word in the industry about you not being a reliable business. Once your reputation gets damaged, it will become tough for you to convince any international buyer to place an order.
If you think that your first client will be a multi-billion company? Then, maybe it’s time you face reality. New or small businesses are the least likely to get a chance like that. International buyers are smart, and they take time in researching about sellers regardless of their size. Therefore, in order to become credible enough to deal with the big dogs, you need to first gain experience by doing business with companies of your own size. Once you grow your business and have a handful of loyal clients who can offer good reviews for you, your next sales pitch can be sent to a multibillionaire company.
5.Prove To Your Buyers That You Are Different
The chances are whoever you contact, will already be buying from someplace else. Unless they are a startup themselves! If not, then you need to use your communication skills to engage them as an expert salesperson. One thing that every salesperson needs to remember is that they need to think of points that differentiate them with the others. Give your potential B2B buyers a strong reason to invest their time and money in your products. If you fail to convince them, I’m afraid they’ll ignore your offer and start dealing with another supplier.
As a B2B supplier, you need to face the crucial challenges of meeting your buyer’s demands and convincing them actually to buy from you. The points we have mentioned above are vital in helping you actually close your first deal. However, don’t forget to create an effective plan before approaching a potential global buyer.…
Your customers are your stepping stones that lead to success. Therefore, in order to progress in growing your business and becoming a recognised brand, you need to keep your customers happy. Whether you are a B2C or B2B platform, you should make sure that there are no communication gaps between you and your prospects.
When we talk about communicating with a B2C customer, your job is to provide them support every time they reach out to you. However, in a B2B marketplace, entrepreneurs need to understand the importance of staying in touch with all their clients. A long-term relationship is ideal for a client to remain loyal to you. Here are four practical ways you can connect with your customers and build a healthy business relationship with them.
1.Don’t Use a one-for-all Approach
B2B customers are smart, and you can’t expect to convince them to stay loyal with a casual attitude in which you communicate with everyone the same way. The ideal approach is being relevant to every customer. For example, if you know that the client is a multi-national, then you should communicate with them as if they are your number one international buyer. On the other hand, you are free to be casual with a local Chinese supplier since their order will be significantly smaller.
2.Respond to All Concerns
Never ignore your B2B customer! No matter what query shows up on your live chat or email, you can ignore it. Even if you don’t have a solution, you should discuss it with the B2B customer. By communicating, you’ll send out signs of concern towards the prospect. This behaviour can benefit you in the future as they may start trusting you for your kind gestures.
By being more personal with your B2B customers, you can expect more leads and sales. If you have a habit of sending a default message to every other person who emails you, then it's about time to change that habit. We know how busy you are, but still, you can appoint a few email marketing agents to manage and reply to all your emails personally.
4.Show Your Appreciation
A simple ‘thank you’, can turn your sales around in no time. Who doesn’t love to feel appreciated? Once you consider your B2B customer a part of your business family, they’ll start reaching out to your and even buy products from you. Therefore, we suggest that all B2B platforms should connect with their B2B customers and appreciate everything they do.
An international buyer has many options to go for. However, if you want your B2B buyers to stick to doing business with you, you need to improve your relationship. The best way to do that is by connecting with them and removing any communication gap there is between both parties. Follow our useful tips so that you can easily connect with and stay in touch with all your B2B customers.…
I’m pretty sure that as a B2B marketplace, you are aware of the fact that in order to transform a potential prospect into a sales lead, you need to produce engaging content. However, many B2B marketers still fail to find any success in this approach due to the fact that they aren’t clear on what B2B buyers really want from their content.
For example, a few years back, a few exciting blogs could positively influence a buyer to make a purchase decision. However, as the competition is becoming more intense, buyers are more interested in the credibility of the content. That means you can’t just write anything you wish too. Your content has to be of high-quality and should highlight a credible source.
If you are trying to boost your sales team’s performance, find out what international B2B buyers are hungry for.
B2B Buyers Are Looking for a One-Stop Solution
Have you ever felt how easy it is to grab everything you need to buy from a nearby Target or Walmart? Well, it wasn’t always that easy. You’d have to go from one store to another to purchase products from electronics to groceries.
In today’s modern world, with technology trying to make our lives easier, B2B buyers also are in search of a one-stop solution. Prefer to connect with a B2B marketplace that can provide them with a wide range of products and services. That way, it saves them the time and effort. In addition, a one-stop solution also helps you build a long-term relation and trust amongst each other.
They Want You to Tag Along
Global buyers have grown smart, and they are not in search for sales reps who don’t contact you once a deal is closed. They want you to join them on the ride and experience how buyers struggle in searching for the right supplier. In addition, they want a supplier on whom they can rely on and trust. They want you to provide the ideas and suggest alterations in their marketing strategy.
Suppliers are also strongly encouraged to provide after sales support to all their international buyers. It may feel like you are their assistant, but I believe it’s worth it as they’ll give you the business you need to survive and generate a good ROI. If you are lucky and find success in building a good relationship with a buyer, you’ll have a long-term client who’ll give you a good business for many years to come. With the help of technology, this process has become quite more comfortable than it ever was.
However, one thing that all B2B marketplaces need to remember is that when they expect you to build a relation, they also trust you to maintain it. You can’t merely stop replying if they don’t give you an order for some time. Wait it out and try convincing them to buy from you again.
B2B Buyers Want You to Communicate
It’s actually pretty annoying when you buy something from a company in bulk and never hear from them. Well, that’s what your B2B buyers expect from you. They want you to stay in touch and ask for feedback every now and then. If not, even a general email regarding an offer will do in most cases. A friendly hello email can pull the trick. Communication is a crucial business aspect, so maintain it both internally and externally.
Always be Transparent with Your B2B Buyers
Never lie! Many salespersons have a habit of over exaggerating regarding their products. At the end of the day, when buyers purchase these products they never feel the same satisfaction they had expected all thanks to sales reps. Therefore, B2B buyers simply want suppliers to be transparent with what they are selling. If you can highlight the good points about a product, feel free to clarify the bad ones as well. B2B buyers also need to sell the products they buy from you. Therefore, if they aren’t fully aware of what they just bought, then they’ll face difficulties in selling them.…
The first thing every business looks to achieve is survival. Companies can survive even with a minimum amount of profit or even at the break-even point. Now that you have turned out to become a surviving entity, you should set your eyes on the real prize, maximum profit. All businesses operate to achieve maximum profit. Easy to say, but hard to pull off! If you’re planning to walk on the road to maximise your revenue, take a look at these useful tips to help you improve your business profits.
The fastest and easiest way is to increase the prices of your products. If you think you have won consumer’s hearts with your products, you can positively charge higher rates. That doesn’t mean to double it. Make slight changes that won’t affect the purchasing power of your consumers. We all know that there will always be natural inflation present in the economy, so you can always increase prices accordingly to earn more profits and bring no harm to your reputation.
2.Knockout the Competition
The revenue of an industry is distributed according to the market shares obtained by each business. A great way to boost your profits is by eliminating others from the race. As the competition decreases, you’ll find more customers coming to you regardless of your prices. However, instead of targeting the big dogs, take out the small and new ones. It’ll save you the time and efforts, but still, come up with rapid results.
3.Cut Your Underperforming Workforce
If you have too many employees, cut your costs by firing the underperforming workforce. You can hire better individuals if you need to, but never keep the ones for long who aren’t giving anything back to venture. Lower cost means higher profits.
Tired of paying too much rent? Relocate to a reasonable and cost-efficient location where the rent is lower. Now that you have to pay less, your overall cost will decrease, eventually leading to higher business profits.
5.Provide After Sales Service
You may be thinking why I would advise doing something that increases your costs. The reason is that by investing in your customer support, your regular consumers will stick to buying from you. This is a grand strategy that will maintain rising profits in the long-run. For the time being, you may see a rise in total cost of production, but it will wear off as time passes.
6.Reach out to Your Inactive Customers
Your customer data is a goldmine for your business that comes in handy at any time in the future. Whenever you’re free, dig out details of your inactive customers and reach them with e-mails, texts or phone calls. Offer them an excellent deal that convinces them to return to your list of active customers. A great way to increase sales!
7.Initiate an Effective Marketing Strategy
Advertisements and brand marketing are still the most effective ways to boost your revenue. They will cost you a penny and bring you a dollar in return. That is if you have worked out a robust marketing plan. If you think you don’t have the skills to do it, reach out and connect with one of the best b2b marketing agencies to see better outcomes. If you’re looking for more cost-effective marketing techniques, you can always use different social media channels to attract new consumers to convert.
8.Discontinue Low Performing Products
If you have products that aren’t living up to the mark, discontinue them and come up with something new and better. Keep track of all the trends and plan accordingly. Keep a highly qualified R&D department that brings innovations to improve your business. Don’t stick to one product, diversify so that other goods can cover up for the under-performing ones. That way your profits will show improvements.
These were some useful tips that’ll undoubtedly boost your profits. All the above methods indicate that you don’t have to make any substantial changes to improve your revenue. These simple tips can lead you to quicker results. You can try any, or all of them, to enhance your business’s performance. However and connect with one of the best b2b marketing agencies to experience faster results. At the end of the day, the choice is yours! Share this with others if you found it helpful. Kindly provide your feedback in the comments section below.…
Trade marketing is growing in value and effectiveness as more and more startups are entering the market. If we go a few years back, trade marketers would be considered wholesalers trying to sell their products. However, it’s much more than that. In fact, you may even be doing it right now, but with complete research, planning, and knowledge, you are prone to make a mistake any time soon. Today, I’ll provide you with a brief background of what trade marketing is and how your worldwide B2B marketplace can benefit from it.
What is Trade Marketing
To be precise, trade marketing is a form of our modern day B2B marketing. It’s basically the skill to promote or advertise a brand or product targeting other businesses, and not consumers. The primary objective of this marketing campaign is to target those companies that follow the B2B model. That means they are a B2B marketplace working on selling products to other businesses as well.
Benefits of Trade Marketing
There are various reasons why a B2B digital marketing agency would use trade marketing strategies to promote their products.
- If you are successful in running a good trade marketing campaign, retailers will also promote your products. This action can help you have a leading edge against your competitors.
- By maintaining a reasonable level of purchases at the supply chain level, trade marketing ensures that you produce enough to meet all demands for your product.
- Before actually running your trade marketing campaign, you need to know who your target audience is. After that, your marketing efforts will always prove profitable for your company.
- Are you facing problems in upselling and remarketing your products to your target audience? If yes, trade marketing is the savior here that can grow your business.
- Trade marketing is a great way to establish good relations with crucial supply chain personals. This is great for the future of your product.
Methods of Trade Marketing
Trade marketing has done wonders for many worldwide B2B marketplaces by generating high-quality leads and brand awareness. However, various trade marketing strategies come under trade marketing. You need to choose the one that suits your market niche and requirements.
Trade shows are critical in building new relationships with potential customers for your products. In addition, you can feature at a trade show to show your wholesalers, retailers, and consumers what your products are. Not only will this environment help your product earn a reputation, but it’s also an ideal strategy for brand awareness.
We all love the special treatment, don’t we? If we do, then that’s what you should also be doing with your potential clients to encourage them to rebuy your products. As a B2B marketplace, you need to make sure all your stakeholders are pleased by your efforts. The best way is to create exclusive offers that promote your products and brand.
·Trade magazines and websites
Paid ads have always worked for the majority of B2B marketplaces. If you haven’t found success in running ads on Google, Facebook, various sites, and magazines, I’m afraid you may be making a mistake in creating your ad copy.
While going for trade marketing, your ultimate goal should always be to build relationships with your potential clients. With the help of shared objectives, businesses can work together to beat their competitors and capture the market share. If you all want the same thing, it’s a great sign, as you’ll have a reason to team up.
To be honest, a marketing campaign is only useful if there is a strong brand behind it. If you can't succeed in smart branding, your marketing efforts will be pointless. Your B2B digital marketing agency should first focus on your branding then move towards running trade marketing campaigns.
Trade marketing can put your international B2B marketplace in a win-win position. However, you need to first focus on creating a good brand that has the potential to stand up against the market leaders. After that, you can consult a B2B digital marketing agency to kick-start your trade marketing campaign for your international B2B marketplace.…
SEO experts who have been running marketing strategies to rank their pages for years have become too entrenched to experience the benefits of local SEO and apply the change in their work. Local SEO is a gift from Google to all B2B marketplaces that can help them become dominant in their operational areas. However, you need to improve the location of your business for this strategy to work
If your business is located at a place with barely any proper roads, no place to park a car, or a proper waiting area, you can’t expect people to say good about you.
Businesses that focus on targeting local customers can use the power of the digital world to grow and become successful. For example, every other neighborhood has a famous ice-cream shop where we go since childhood days. Our reviews and gossips about their products and taste helped it gain popularity. However, if that shop wasn’t located at a nice place, we wouldn’t have visited it in the first place.
The same approach can be utilized in the form of requesting reviews and tags on social networks and search engines. Now you can even post your review on Google Maps for places you visit. These reviews play a vital role in increasing the popularity and credibility of a business. Find out how your location can leverage with a good local SEO or social media marketing strategy.
- Social media networks are flooded with active users. The basic concept of such networks is to interact and socialize with others. You can use this concept to reach out to local customers and create interactive posts with video content or texts that attract people to comment or share. Chances are, your posts are more relevant to your audience’s interest.
- You can start posting pictures of your workplace to show that customers will have a great experience on their next visit. You can also include pictures of people who have already purchased your products or availed your service. This tactic should build trust amongst people regarding your B2B marketplace.
- Ask every customer to review your products and services on social media networks. People love visiting places that have good reviews. Customer experience is a great magnet that’ll attract many new prospects towards you. A survey has shown that 40% customer check online reviews before buying a product.
- Always provide a good service to your customers so that they can post good reviews for you. Many people nowadays rely on reviews available at Google, Yelp, and other networks, before visiting a new restaurant or shop. Keep an eye out for poor review and contact such customers by providing them with compensations. Chances are, they may change their minds or remove the poor review.
All business owners dream of becoming a multinational. However, before hitting the international market, you need to become dominant locally.
- To become a well-known business locally, you have to focus on getting a good rank on Google. Google, considers local businesses over international ones in specific locations. If you create high-quality and informative content on your website, Google will index your page and offer you a better rank. The rank will in return boost your daily traffic and generate organic leads. Around 80% consumers search the internet before purchasing a product or service.
- Add your location where ever possible on various websites. For Example, if you have a Facebook profile, don’t hesitate to add your location on it. This will help people know where you are located and how they can reach you.
Local SEO, without any doubt, is an effective strategy to capture market share of your local market. However, that doesn’t mean you should stop focusing on traditional SEO tactics. A perfect blend of both strategies can help you become a recognized and dominate business. If you believe your current location isn’t attracting potential consumers, switch now and work on leveraging your new whereabouts. Invest in creating an effective SEO marketing plan and move closer towards your business objective of becoming a multinational in the future.…
Creativity is an art that can help you capture your potential prospect’s attention. However, it’s not something that everyone can master. In order to run a creative B2B marketing strategy, you need to work hard on planning and researching what will attract your target audience the most.
To boost your morale, I’ve felt the need to highlight three of the best creative B2B marketing approaches. After going through these, you’ll surely have something to look up to as an inspiration.
1.Philips: A Digital Marketing Masterclass
Philips is a notable organization for its electronic products all around the world. In addition, they also have two B2B marketplaces that offer lighting and healthcare solutions. Similar to other companies, Philips also realized that traditional B2B marketing tactics are not performing up to the mark. Therefore, they created a digital marketing center called, The Philips Asia Digital Command Centre (PADCC).
The sole purpose of this body was to monitor their social surrounding and make a mark in the digital world. In order to do that, this center took help from top-tier digital marketing agencies to create high-quality content and become socially active.
Their goal was to build a database of at least 1000 influencers. Wondering how well they performed? The company managed to gather 3000 influencers. They categorized these influencers to target and actually recorded more brand awareness. The surprising factor here is that they only used an influencer and content system to reach their goals.
2.Salesforce: New Media Genius
I’m pretty sure all B2B marketplaces are familiar with how content marketing can turn out to be a great tactic. However, when we say content, the only types that click our mind are blogs, eBooks, infographics or webinar.
Salesforce, on the other hand, turned out to become one of the first organizations to use podcasts to reach out to their potential audience. They titled it “The Marketing Cloudcast” and utilized audio to discuss everything they used to write in blogs or show in webinars.
One more factor that I’d like to clarify is that running podcasts isn’t a complicated thing. It’s pretty simple as all you have to do is discuss by speaking. You can even reuse your old content and transform it into a podcast to target a broader audience than before.
3.Hubspot: A Guide to Practicing What You Preach
Hubspot is known as the inventor of inbound marketing. The term was first introduced in 2009 when Dharmesh Shah and Brian Halligan wrote a book on this marketing strategy. Practically speaking the inbound marketing techniques are present in almost every approach, but no one actually took the time to differentiate it and give it importance.
Eventually, Hubspot became digital marketing experts by providing marketing services. They even formed an online academy where they teach digital marketing and offer certifications. Not only do they teach, but they also preach these methods and rose to become a $270 million company.
These three examples will remain in history as some of the top influencers of B2B digital marketing. Many worldwide B2B marketplaces look up to them and try to follow in their footsteps. In fact, many B2B marketplaces even take help from Hubspot’s tips to revamp their marketing campaigns.…
Have you used Google voice search yet? Have you seen Amazon’s Alexa advertisement in which you can ask just about anything? If not, you are missing out on a great experience. In fact, according to ComScore by 2020 all searches will be done with a voice in the USA. Even if you haven’t used it yet, have you thought if your website is voice optimized or not? If not, you better hurry!
Here are a few ways you can begin your journey to get your website searchable with voice-activated assistants like Siri, Cortana, Alexa and Google Home.
1.Optimize it for Speed
The chances are that the person doing the voice search is using a mobile device. Therefore, most probably they won’t be connected to a Wi-Fi. Consequently, they want websites that load faster. If your site takes more than 10 seconds to load, I’m afraid the user will simply go back and open another link.
Having that said, Google is also aware of this nature. Therefore, they won’t rank your site high if your site’s speed isn’t up to the mark.
2.Focus on Content Optimization
To improve your rank for voice search, you can use both long-form and short-form content. Short-form content can come in handy for getting your own content snippet from Google on the search page. These snippets can be read for you by a Google bot.
On the other hand, long-form content is crucial to get your page ranked on the first page. With more words, your content has more information and the right set of keywords. Remember Google is hungry for informative and high-quality content.
As I mentioned above, most people prefer using Google voice search from their mobile devices. Apart from that, more and more users have started using the internet on their phones, so it has become crucial for you to make your website mobile-friendly. If you want your site to rank better, one of Google’s latest algorithm, called mobile-first index signifies that all mobile optimized site will receive better preference on getting a higher rank.
4.Use Long-tail Keywords
I know you’ve probably heard from many SEO experts that short keywords are always better. However, when we talk about voice search, these queries utilize more words. Since you don’t have to type in the words, by using your voice, you are prone to speaking more words.
In addition, long-tail keywords can also fit better into your content. Primarily if you’ve produced a long-form content piece.
5.Use Different Types of Content
We know content is king. However, the king is weak without its army and leaders. With relation to content, you can expect a website full of content to perform better than a site that has used a diversified approach and produced many types of content. Apart from writing long blogs, you can also publish videos, tutorials, infographics and even podcast.
By following this strategy, not only will you attract your potential audience but will also convince those who aren’t interested in blogs to come to visit your site. You never know which potential lead may convert and boost your ROI.
Voice optimization isn’t something complicated. It just makes your website more credible in the digital world. By following our steps, not only will your chances of getting ranked for voice search increase, but it will also enhance your site’s UI and UX. These steps will help you get a better ranking for all types of searches. In addition, other top search engines like Yahoo, Bing, and Baidu will also consider putting somewhere near the top.…
Many people around the world consider most of Africa a third-world continent, excluding South Africa. However, this misconception has never been proven. In fact, the GDP of this market accounts for a significant amount of the global figures. It’s also been analyzed that six out of the ten fastest growing nations resides in Africa. Apart from that, the three major countries that are responsible for almost half of Africa’s GDP are Egypt, South Africa and Nigeria.
South Africa, without any doubt, is the leading nation with the best infrastructure and GDP. On the other hand, due to the fact that Nigeria has the highest population on the continent, it has always shown interest in import. According to import data Africa, Nigeria ranks high on the list of the top importers of the country.
Over the past few years, Africa as a continent has shown significant signs of growth. Here are a few things that this continent is importing.
1. Consumer Goods:
According to import data Africa, we can state that the highest ratio of imports is made of consumer products. Even though this continent was considered as a dumping ground for strong western nations, it has proven to show its worth with the potential to grow. Due to the fast rise, many manufacturers are facing difficulties in fulfilling the consumer demand.
Though this continent is a price-sensitive market, Asian manufacturers are working efficiently in producing low price goods with excellent quality.
2. Pharmaceutical Products:
India is the number one exporter of pharmaceutical products to Africa. Even though Africa holds 13% of the world’s population, it accounts for 24% of all the world’s disease burden. The high demand makes it an excellent market for pharmaceutical companies.
The main reasons for the high demand are the warm climate that favors poverty and disease, poor nutrition and limited access to quality healthcare and medication. According to the export data Africa, there are a few countries that have the potential to produce medicines. However, they are unable to meet local demand, let alone think about exporting.
3. Food Products and Agricultural Equipment:
The economy of Africa is based on agriculture. However, due to lack of manufacturers of agricultural equipment Africa needs to import the majority of all these tools. In addition, Africa is a rapidly growing economy, and therefore they are failing to meet the food demand of the population.
Even the hot climate doesn’t favor food production in this growing continent. To meet the food deficit, nations have to import a lot from other countries throughout the year. This trend has destroyed the food exports market of Africa. According to export data Africa, barely any exports are left in this industry.
4. Motor Vehicles:
The growth of the demand for high performance and luxury cars is also on the rise. There was a time when Africa was a market for all the low-quality cars. However, car manufacturers have noticed that due to the rough terrains and a higher proportion of rural areas with poor infrastructure, they need to make cars that can handle roads like these.
South Africa is responsible for 90% of all the motor vehicle imports the continent makes. Africa is also an excellent market for used cars. Due to a low per capita income, residents are happier with low priced used cars that come in excellent condition. At the same time, motorcycle demand is also rising especially in rural area. Because, motorbikes are a convenient and cheap source of transportation.
Though there are many more products that this continent is focused on importing; the ones mentioned above hold the highest portion. According to import data of Africa, the products mentioned above account for more than half of the annual imports in the whole continent.…