Importing goods can be a lucrative business venture, offering access to a wider range of products and potential cost savings. However for a successful importation business (i mean profitable), every form of costs from payments of products to shipping must be efficiently managed

A good importer must ensure that every form of payment he or she is to make is negotiated properly and drastically reduced in every possible way because it influcences in the landing cost of the product.

In this article, we will explore costs employed while navigating importation as a business as well as varius smart strategies which can be used to managed cost for profitability

Understanding Importation Costs

Importation costs includes every form of payments (costs) been made in the movement of goods from the suppliers to the seller, this includes product cost (dependent on rate of foriegn currency, volume and distance of the seller to the shippig address), local and international shipping (dependent on the weight and volume of goods), logistics cost from shipping office(airport/seaport) to company address (sellers infomation) as well as advertisement cost, miscellanous such as recharge card used in calling and data etc.

Various Types of costs employed in Goods Importation

There are various types of costs employed in the importation of goods which we are going to break down below

a. product cost: this is the cost of goods been bought from the seller, it involves an accumulation of (the volume of goods multiplied by the price of each), conversion of foreign currency at the rate in your own country, the local logisitcs cost from the seller to your shipping address (in some cases this might be free shipping) with taxes employed by the goods

b. shipping fares: this includes the various cost of shipping goods from one place to the other (in this case it involves moving goods from the seller/supplier or factory to the customer. The fare incurred is dependent on the weight and volume of goods (this simply means the larger the goods, the higher the fare to be incurred). For example to ship 1kg of goods, the price is fixed

The shipping fare in this case can be broken down into two stages ( local and international), the local shipping is either from the seller to the shipping address or the shipping location to the customer address and the international shipping fare is the cost incurred while the goods beyond borders of countries

c. Custom Regulation Tariff or Governemental Due: This is a payment made to the government in regards to the movement of each respective goods moved across the border of countries, this dues are paid in regards to the type of goods. If a goods such as healthcare or food is imported, other dues such as the

d. Miscellanous cost: this are costs such as rechrage card, data used in to chat and video call suppliers

The total of this costs are what influences in th final landing cost, the other type of costs incurred can be

e. Advertisement cost: this is the cost incurred in the running promotion of goods, this might be the costs of facebook adverts, google ads, jiingles and banners

5 major factors that influences Importation cost

The costs involved in the importation of goods and services are not fixed, they change from time to time. This can be attributed to a variety of factors such as

• Foreign Exchnage
• Weight of goods
• Address/location
• Type of goods
• Shipping Information

Foreign Exchange: Depending on the country you are importing from, foreign exchange is a crucial factor to consider. Importing from China into a country like Nigeria for example, you have to use your national currency (naira) to buy the chinese yuan (rmb) at a black market rate (120naira = 1 yuan) usually not the official rate (67naira = 1yuan)

This is the rate currently as at July 2023 which depends on how much of the chinese yuan (rmb) which you want to buy. If i buy about 1000yuan, the rate could go down to 117-118naira per yuan (based on negotiation). if i buy to keep, the rate could crash downwards in the next few hours or the next day because it fluctuates based on market forces, this applies to dollars for the United State, pounds for the United Kingdom, Dirhams (AED) for the United Arab Emirates.

Weight of Goods: One major ingredients that determine the landing cost in Importation (this is the accumulation of costs incured while moving products across borders of a country/importation). The cost for moving a 1 kg of goods is different from that 5kg of same goods

Therefore its important that before importing any goods, the weight of goods must be examined, analysed if its worthy to be imported

Address and Location: The address of your seller to your shipping address plays a important factor in the cost attributed to importation. If the distance for one of the product you imported is 12km and the other is 2km, the cost for that of the 2km will be cheaper to that of the 12km

It is important you choose sellers within same city/its surrounding as your shipping address, a google search will help you identify surrounding regions and areas

Type of goods: In moving goods from one place to another, the type of goods is very important. For example moving of food, healthcare or medicinal product across country require certification which cost money (this is a cost incurred by the association responsible for food, healthcare in that country example of this include NAFDAC, NDLEA, FDA etc)

Shipping Information: there are two to three basic modes of shipping involved in the importation of goods, its either through air, sea or a mix of both.

While using air as a means of transport, its important you avoid moving goods which are bulky because the freight charges is expensive compared to using sea (this involves cargo ships moving goods in tonnes been calculated in cbm)

Tips and Techniques on Managing Importation Costs

To learn how to how to manage importation costs, you must have understand importation as a business which includes the various methods on how to manage importation costs.

Comment below if you need help with frieght forwarders for your shipments

Warehousing and Distribution: Effective warehousing and distribution practices play a significant role in managing importation costs for big importers (especially those into cargo).

Find cost-effective storage solutions that align with the volume and frequency of your imports, which could be outsourcing warehousing and distribution if it proves more economical. Optimizing inventory management can prevent overstocking and minimize storage costs. Utilize data and analytics to make informed decisions about inventory levels and reorder points.

Cost-Reduction Techniques: Streamlining the importation process is key to reducing expenses. Identify any bottlenecks or inefficiencies in the supply chain and address them promptly. Automation and digitization can enhance efficiency and reduce administrative costs.

Consolidating shipments and orders can lead to significant cost savings. Combining multiple small shipments into larger ones can result in better shipping rates and lower handling fees.

Outsourcing vs. In-house Management: Deciding whether to outsource importation management or handle it in-house requires careful consideration. Weigh the pros and cons of each approach, taking into account factors like expertise, resources, and cost-effectiveness.

Tracking and Analytics: Data-driven decision-making is crucial in importation cost management. Utilize tracking and analytics tools to monitor key performance metrics. Measure expenses, lead times, and supplier performance to identify areas for improvement.

Continuous Improvement Strategies: Importation costs are not static; they can change over time. Continuously assess your processes and costs, and be open to making changes and upgrades where necessary. Regularly review your supply chain and identify areas for optimization.

Navigating Importation Costs includes smart strategies which importers can utilise in managing cost, this requires a well-thought-out approach and a keen eye for detail. Following each tips mentionmed above, importers can achieve financial efficiency and a competitive edge in the market.

What smart cost management skill would you employ as an importer today, Kindly comment below.

Do you have challenges or inquires while navigating your way in importation business, feel free to comment below. We will reach out to you as soon as possible

Are you living or residing in a location where there is a deficit of a particular product in demand? The best business idea is to start importing such a product from an area (where you can find the product cheap and accessible)

In this case, the business model is known as the importation business. It is a lifelong business strategy that has been in existence for ages. But how does it guarantees success and maximize profits in 2023

Let’s examine this in this detailed guide, irrespective of who you are ( whether as a beginner or someone with little or vast experience)

What is Importation Business?

An Importation Business is a transaction which involves payment and the movement of goods from one place (an area where its generally accessible) to another location (an area where there is a deficit).

For example; living in a city like Johannesburg or Lagos and looking for raw materials for production purposes might be very challenging, the solution will be to look at remote areas or locations where it’s their major occupation or the source of the raw materials. In this case, the raw materials are imported from these areas into the urban areas( meaning they are exported from where they are currently found and moved into the cities)

Among major countries of the world, China is ranked the number one location with the capacity to mass produce different components from Kitchen accessories to Office products, Electronic gadgets, Fitness, health and beauty products etc

This is made possible due to the huge labour force, and governmental policies boosting small/medium businesses. If you’re looking to venture into the importation industry and achieve entrepreneurial success, you’re in the right place.

Categories of Importation Business

There are 2 categories of Importation Business, as earlier described that importation business is the movement of goods from area to area, its however categorised into 2 which are

• Small or Medium Importation
• Large Importation

Small/Medium Importation: this is the movement of goods from one area to the other in small or medium quantities (often between 100-300kg), they are lightweight products accumulated by different numbers of individuals (small businesses, students, stay at home mum, retiree etc). The movement is carried in the airport of a country(from where it’s leaving to where it’s entering) with the help of cargo aeroplanes, It has a short-term duration (3-21 days) to deliver its goods and it’s slightly expensive

Large Importation: this is the movement of goods from one area to the other in large quantities (often above 500kg to tonnes), they are always transported in containers from 20ft to 40ft. This movement of goods is carried out only via the sea harbour of a country (usually with the aid of a ship to transport these goods). People who moved goods by this method are business owners, governments association, and corporate bodies, it has a relatively long time duration (2-3 months) to deliver its goods and is relatively cheaper to use

A mix of both carriers is implemented in cases when the customers or shipping carriers choose to use it

How Useful Is Importation Business to the Economy in 2023?

In various parts of the world, the importation of goods is big business (if done properly). It has several opportunities and impacts every party involved

a. It boosts foreign exchange; this business cuts across countries (meaning there is an exchange of currency from one country to the other). For example, changing the naira to the dollar boost the foreign exchange of both countries as well as international partnerships

b. It serves as revenue generation to the various government officials (customs); this is a business that provides revenue to the government irrespective of size from import tariffs, to customs duties etc

c. It provides job opportunities: The importation business provides amazing opportunities to several classes of individuals such as logistics or freight forwarding agents, packaging services, and network providers. real estate agents etc

d. Provides Unique products distribution to customers: In areas where there is scarcity or deficit, they are given liberty to various ranges of product distribution for example, in this case, they can select colour, size, and type based on choice

e. They serve as an expansion of an existing local business: Importation whether large or small provides expansion for a local service such as hair styling, welding specialist, caterer, iron bender etc.

Whatever the field or service, Importation gives the individual the liberty to have access wide range of goods (mini, large) which if well exploited can help to expand the service being rendered. A very good example is a hairstylist who other than styling hair can also sell products used in hair styling

What do you think about the listed importance of mini importation and importation to the economy? Kindly comment below

Unveiling Secrets Involved in Running a Successful Importation Business

The secret lies in how an importation business is run, For it to be profitable and successful. You must understand importation business involves a series of sequences from start to finish, It involves the selection, procurement and distribution of goods from foreign countries to meet the demands of the local market.

However, running a successful importation business requires careful planning, market knowledge, and effective execution of a well-detailed strategy which can be broken down into

1. Identify a profitable niche based on your expertise, interest/passion, market demand or the pain points you want to solve.

A definitive answer can be received when you thoroughly research and analyze the market research for comparative advantage {ways to differentiate your products from existing competitors} which can lead to untapped markets

The research carried out will help you define your potential customers (for whom this business is meant to service), Without the customers there is no business so, therefore, ensure you have your potential customers ( their age range, gender, skills attributed to this age gap, major locations you can find them)

2. Build strong relationships with reliable suppliers

Suppliers are as important as your customers, they can mess up the success of your importation business if you do not choose wisely. You must establish connections with manufacturers and distributors who can provide high-quality products at competitive prices.

For you to access trustworthy suppliers, attend trade shows, seminars, and conferences, online directories (where they have been listed either as a listing, marketplace or website. Verify supplier credentials, request samples, and perform due diligence to ensure credibility and quality. Regularly communicate with your suppliers to maintain a mutually beneficial partnership.

3. Prioritize quality control measures

The risk involved in the importation business is high, its therefore important for you to ensure that whatever you want to import meets or exceeds customer expectations.

Adequate thorough inspections (Quality checks) after the research of suppliers must be carefully done, asking questions relating to the product when you feel puzzled about one thing or the other. Employing the services of your shipping company can also ensure strict quality standards are maintained

4. Optimize your logistics operations to streamline the importation process.

An importation process does not end without the logistics operations, it’s important that as a beginner you partner with reputable freight forwarders and shipping companies to ensure timely delivery and cost-effective transportation.

In choosing an efficient logistics operator, leverage technology and automation to track shipments and manage inventory efficiently.

5. Familiarize yourself with import regulations, customs procedures, and documentation requirements.

Every country has a list of regulations and procedures implemented when goods are transported either in or out. Ensure 100% compliance with these regulations, and international trade laws to avoid delays, penalties, or legal issues.

In some cases, you are having one kind of challenge or the other. Kindly seek professional advice or consult experts if needed.

6. Optimize every cost

Every penny spent on the purchasing and movement of goods needs to be accounted for, from taxes, local shipping fees, and international shipping fees to custom clearance etc. In ensuring that this business is profitable, try and reduce every sort of irrelevant cost

Before you import any product, optimize the cost ahead and this can be done by following this checklist:

• Check out the weight of the product
• Carry out a rough calculation of the product (I mean an estimate adding the product price with the local shipping, taxes, international shipping fee, and dues incurred such as calls and transport fees to your doorstep)
• Compare and contrast with the normal amount the product is been sold for in your country
• Evaluate how much profit margin, you will make with the deduction from the normal market price and your estimate
• In cases, the product is scarce, a 50-100% profit margin can be added to the costs to break even, other forms of costs that could be regarded are costs involved in the marketing of goods, product packaging, advertisement fees, governmental association fees (such as NAFDAC or FDA fees on health, beauty related products)

7. Marketing the Imported Products

Products imported are meant to be sold one way or the other which can be made possible through effective marketing strategies from building an online presence through a website and social media channels, leveraging influencer collaborations, and optimizing search engine visibility.

In order to market a product profitably, here are some areas to follow in order to tailor marketing efforts to specific customer segments (not everyone will need your product equally).

a. Website/Online marketplaces: As a newbie or business owner just growing, marketplaces are important communities for you to belong to. They are a mirror of the traditional market squares we have in the villages, This online marketplace exists in various media

Reputable ecommerce stores: these are communities which are well developed with regular traffic of individuals visiting on a day-to-day basis. Examples are Amazon, ebay, Jumia, Konga etc. They vary from country to country (the Amazon website for India is different from that of the United Kingdom)

The advantages are these platforms invest heavily in advertisement monthly, and they are reputable (meaning people from the far end of the country know this platform very well) with a track record of results. It’s very easy and cheap, to begin with

Disadvantages are these platforms have very high competition and it is very tough to build a brand with this method because when you are packaging your product. They come with the platform shipping bags and stickers

New ecommerce stores: if you want to build a name for yourself, creating a store from scratch is the way to go but this demands a well-structured and perseverance from the business owner. In this case, you spend money on building the store, marketing and advertising the products. This store can enter into partnerships with logistics, and payment organisations for easy optimization

There are several easy-to-use platforms which help to build a website or marketplace for you in no time, example are Wix, Shopify, woo commerce, big commerce etc

The advantages are you own the right to do whatever you want with this marketplace, they yield profits in the long-term (as you can sell for good turnover)

The disadvantages are this platform is expensive to run (you need to budget and spend money on advertisement, marketing, and recruitment of freelancers or staff to work with you on this marketplace)

b.) Social media: this is slightly different from websites, online marketplaces or ecommerce stores, they are platforms where customers engage and interact with brands and businesses. In the case of the importation business, It’s important you understand the social media platform that works best for you

From Facebook to Twitter, Instagram, Pinterest, LinkedIn, Tiktok Youtube etc. At the earlier stage of starting an importation business, it’s important that you stick to just 2 of these platforms before expanding to other social media

In conclusion, the importation business presents lucrative opportunities for entrepreneurs seeking to tap into global markets. By unveiling the secrets discussed in this guide, you can establish a solid foundation for your importation business and increase your chances of success.

However know that the capital required to start an importation business varies depending on factors such as the type of products, volume, and target market. It’s essential to conduct a thorough business plan and financial analysis to determine the initial investment required.

If you have any doubts or questions considering starting or scaling your importation business. Kindly feel free to leave a comment and if you have been blessed with this post, comment with your favourite tip

The rate at which technology is evolving is quite alarming, one key component is the use of smartphones. Statistics show that a higher percentage of humans spend more time with their smartphones than on television and laptops.

The development of various smartphones (androids and ios) from one version to the other and keeping up with the latest advancements is extremely expensive for example getting an iPhone 8 in the year 2020 thinking you have arrived and then being slammed with various upgrades from iPhone XR, XS Max to 14 which was currently released

You will then ask yourself, how can I keep up with the trends, this question is what leads many people to explore alternative options. One such option is buying refurbished phones. But what exactly does a refurbished device mean?

In this article, we will delve into the world of refurbished phones, exploring their definition, the refurbishing process, the benefits of buying them, common misconceptions, where to purchase them, and essential tips for making a smart purchase decision.

What is a Refurbished phone?

Smartphones are integral to our daily lives just like food and shelter, they offer a wide range of features and functionalities. However, buying a brand-new smartphone can put a significant dent in our wallets.

Refurbished phones offer a cost-effective way to own a high-quality smartphone without breaking the bank. But before we dive into the benefits and why you should consider purchasing refurbished phones in 2023. Let’s define what exactly they are.

Refurbished phones go through a rigorous refurbishing process to bring them back to a “like-new” state, both in terms of functionality and appearance.

Reasons for Refurbishing Phones

There are several reasons why phones go through the refurbishing process instead of being discarded or sold as-is.

One of the primary reasons is to minimize electronic waste (it is otherwise called e-waste, they are any discarded electronic product with a battery or plug and features toxic and hazardous substances such as mercury, that can pose a severe risk to human and environmental health) According to the UN, in 2021 each person on the planet will produce on average 7.6 kg of e-waste, meaning that a massive 57.4 million tons will be generated worldwide. By refurbishing and reusing phones, the lifespan of the product is extended and the environmental impact associated with manufacturing new devices is greatly reduced.

Additionally, it allows manufacturers and retailers to recoup some of the costs associated with returned or unsold devices, providing a win-win situation for both businesses and consumers.

Refurbishing Process

The refurbishing process involves several key steps to ensure that the phone is restored to its optimal condition. Let’s take a closer look at these steps:

Inspection and Testing

Upon receiving a returned phone, the refurbishment team thoroughly inspects the device for any physical damage or technical issues. They also test the phone’s various features, such as the display, camera, microphone, speakers, and connectivity options, to ensure everything is in working order. This step helps identify any underlying problems that need to be addressed during the refurbishing process.

Replacement of Faulty Components

If any components are found to be faulty during the inspection and testing phase, they are replaced with new and genuine parts. This ensures that the phone operates at its best performance and provides a reliable user experience. Common components that may need a replacement include the battery, screen, buttons, and charging port.

Cleaning and Cosmetic Repairs

In addition to addressing functional aspects, refurbished phones also undergo thorough cleaning and cosmetic repairs. The phone’s exterior is meticulously cleaned to remove any dirt, smudges, or fingerprints, giving it a fresh and polished look. Cosmetic repairs may involve fixing minor scratches, replacing back panels, or repairing dents to enhance the phone’s overall appearance.

Benefits of Buying Refurbished Phones

Purchasing a refurbished phone comes with several advantages that make it an appealing option for budget-conscious consumers. Let’s explore some of the key benefits:

Cost Savings

One of the primary reasons people opt for refurbished phones is the significant cost savings compared to buying a brand-new device. Refurbished phones are typically priced lower than their new counterparts, allowing consumers to own a high-quality smartphone at a fraction of the original cost. They are an excellent choice for those who want to save money without compromising on performance and features.

Quality Assurance

Contrary to common misconceptions, refurbished phones undergo a comprehensive refurbishing process to ensure their quality and functionality. Each device is thoroughly tested, repaired, and inspected, guaranteeing that it meets the manufacturer’s standards. Reputable sellers of refurbished phones often provide a warranty on their devices, further assuring buyers of their quality and reliability.

Environmental Impact

By choosing a refurbished phone, you’re making an environmentally conscious decision. Refurbishing and reusing phones significantly reduce electronic waste and the carbon footprint associated with manufacturing new devices. By extending the lifespan of a phone through refurbishment, you contribute to a more sustainable and eco-friendly approach to technology consumption.

Common Misconceptions about Refurbished Phones

Despite the benefits, there are common misconceptions surrounding refurbished phones. Let’s address a couple of them:

Poor Quality

One of the most prevalent misconceptions is that refurbished phones are of inferior quality, this is not true.

Refurbished phones undergo a series of rigorous refurbishing process that includes testing, repairing, and replacing components to ensure their optimal functionality.

Aside from that, there are a variety of grades for refurbishing. Reputable sellers provide warranties with tags such as excellent, very good or good grade which gives buyers peace of mind regarding the quality and reliability of their purchase.

Limited Warranty

Another misconception is that refurbished phones come with a limited warranty or no warranty at all. While it’s true that warranties may vary depending on the seller, many reputable sellers offer warranties on refurbished phones. These warranties typically cover specific issues and provide a certain period of protection, giving buyers an added layer of security.

In conclusion, buying a refurbished phone offers an affordable and environmentally friendly alternative to purchasing a brand-new device.

Getting a refurbished phone is a relatively low cost with quality assurance and has a positive environmental impact on our continent. However understand that a refurbished phone has undergone a rigorous refurbishing process to ensure its quality, functionality, and appearance.

Refurbished phones are an excellent value proposition for budget-conscious consumers. By following the tips mentioned and buying from reputable sellers, you can make a smart purchase decision and enjoy the benefits of owning a refurbished phone.

If you need assistance with what to look out for, We are available for you. Kindly comment what your favourite tip from this article

FAQs

1. Are refurbished phones as good as new phones?

Yes, refurbished phones can be as good as new phones. They undergo thorough testing, repairs, and inspections to ensure their quality and functionality. Reputable sellers often provide warranties, further assuring the quality of the refurbished devices.

2. Can I return a refurbished phone if I’m not satisfied with it?

Return policies for refurbished phones vary depending on the seller. It’s important to carefully read and understand the seller’s return policy before making a purchase. Some sellers offer a return window within which you can return the device if you’re not satisfied, while others may have more limited return options.

3. Are refurbished phones unlocked or locked to a specific carrier?

Refurbished phones can be both locked and unlocked, depending on the seller and the specific device. When purchasing a refurbished phone, check whether it is locked to a specific carrier or if it is unlocked and compatible with various carriers.

4. How long do refurbished phones typically last?

The lifespan of a refurbished phone can vary depending on various factors such as the brand, model, usage, and care. However, with proper maintenance and care, a refurbished phone can last as long as a new device.

5. Can I find the latest models of smartphones as refurbished phones?

Refurbished phones are available in various models, including some of the latest smartphones. However, the availability of refurbished models may depend on factors such as demand, availability of returned devices, and the refurbishment process conducted by the seller.

Many questions bug us as individuals in the quest to find solutions to our various desires such as food, security or product that fits and suit our lifestyle. Different solutions such as traditional shopping (going to the market to buy what we want) but with the development in science and technology, an online shopping experience seems very convenient and easy to explore .

From the comfort of our homes, irrespective of age, gender and location, an online shopping experience eliminates our struggles by presenting the solution in various media and adverts from online stores which piques our interest while surfing the internet or the various social media platforms.

In our pursuit of leveraging on this solution, another series of dangers such as doubts about getting authentic products, getting counterfeit products from what originally stipulated (what I ordered vs what I got), cybercrime (defrauding people of their hard-earned money) etc. which is not restricted to a particular region or continent

The goals of this act have been quite mischievous and people don’t know who to trust again based on the various hard feelings they have heard and experienced firsthand, there are so many ways this kind of evil has been perpetuated and to avoid being a victim

This article outlines the various kind of evils been perpetuated, what to look out for and how to avoid being a victim with valuable insights and strategies to shop safely online.

What does this mean to experience an Online Shopping Experience?

The online shopping experience can be simply received when male/female shops online with an internet-powered electronic device such as a smartphone or laptop.

it’s simply an act of business transaction carried out between two parties (customers and suppliers, freelancers and agencies, job seekers and employers) which involves the exchange of goods and services and the payment of a legal tender (money dependent on the country).

However, we can’t discuss the online shopping experience without putting into context “ecommerce”, as this form of the business model plays an integral aspect in an online shopping experience

Ecommerce involves the various ways goods and services are bought via the internet, it offers relief to the traditional ways by which we shop and transact business.

For example, it has become very easy to buy large, medium, small sized products from the internet such as generators, printers, phones

Another is the degree by which services are sold via the Internet from consulting, freelancing, virtual assistance services etc. the list is endless

The growth of ecommerce has a direct relationship with how various fraudulent activities are been carried out such as the chance of becoming a victim of fraud and scams. To avoid this, the best way is to educate yourself about safe practices which this guide is going to highlight and discuss

What kind of products are been shopped online?

In 9 out of 10, products (physical or digital) & services (freelancing, consulting and virtual assistant etc.) are examples of online shopping transactions, Modern digital technology remains the driving force for why this experience has increased in leaps and bounds.

Who are the customers with this online shopping experience?

There is no bracket for individuals who fall under this group, it cut across groups, genders and races. Statistics state varied results from time to time, region to region etc. However, it must be said that more younger generation like to buy online more than the older generation based on their ideologies

7 Fraudulent Actions To be Wary of in an Online Shopping

There are several ways by which fraudulent actions are been carried out online, below are some examples investigated by various security agencies and research:

1. scammers posing as reputable online sellers either through a fake website or a fake ad on a legitimate retailer site.
2. scammers utilize cutting-edge technology to create fake stores that appear to be legitimate online retail stores. They may employ sophisticated designs and layouts, maybe stolen trademarks, and even a domain name identical to that of a legitimate retailer.
3. They utilise the cheap syndrome effects to sell luxury things like popular brand clothing, jewellery, and electronics for rock-bottom costs (ridiculously cheap prices) when a naive customer falls into the trap.
4. The customer may not always receive the goods for which they paid and If they receive anything, it will most likely be a knockoff of the item they thought you purchased
5. Another is the mode of payment which scammers infiltrate by going against the standards of the store and employing customers to pay outside the store (which might include third-party apps, cash apps, money transfers or cryptocurrency payment)
6. The use of social media handles has helped to increase the rate of fraudulent transactions by scammers, they open a business page with no background information (or authentic name) about the owner of the business or the business itself. It operates for a limited time with different offers such as counterfeit branded clothing or jewelry. The stores vanish after a certain number of sales.
7. Scammers also utilize social media to promote their fake websites, so don’t trust a site simply because you saw it advertised or shared on social media. Before making a purchase, the simplest approach to spot a fake trader or social media online shopping fraud is to look for reviews.

This and many more are illustrations by which fraudulent activities are been carried out while shopping online, it’s imperative for you as a social media user, and customers to be wary and cautious of your activities online

5 Tips that Guarantee an Online Shopping Experience Security

Having discussed, the various examples of fraudulent activities being carried out online, here are 7 tips for you to stay safe and secure.

1. Create Strong and Unique Passwords

The first point of entry and security as a user or customer is the password, it’s important you follow this set of rules:

• Avoid Using Common Passwords: do not use your name as your password, as it can be guessed so easily so the best form of defence is to use strong and unique passwords for every account you open
• Combine Letters, Numbers, and Symbols: Create passwords that include a combination of uppercase and lowercase letters, numbers, and special symbols. This makes it harder for hackers to crack your password.
• Leverage the help of the password manager to generate and store complex passwords securely. This way, you won’t have to remember multiple passwords manually.

2. Shop from Tested and Trusted Websites

Dont just shop from any store or engage any service online without due diligence, it’s a common rule for me that no matter how loud or low the publicity is. I carry out due diligence before any business transaction

I look for first-hand information, not hearsay. This has helped against dangers and to do this, here are some critical factors to watch out

Verify Website Security: Before making any purchase, ensure that the website has a secure connection. Look for “https://” in the website URL and a padlock icon in the address bar. These indicate that your data will be encrypted and protected.

Research the Retailer: Take a few moments to research the retailer’s reputation and customer reviews. In the case of a service or consultancy website, go to the about us page and read about the business. Another is checking for a long-standing positive reputation and high customer satisfaction.

Stick to Well-Known Platforms: Shopping from well-known e-commerce platforms such as Amazon, eBay, or established brand websites reduces the risk of encountering fraudulent sellers.

3. Be Cautious with Personal Information

There is so much information that could be stored when you visit a website, so, therefore, keep the following factors close to you

Avoid providing unnecessary personal information when creating an account or making a purchase. Only share the information that is essential for the transaction.

Be cautious of emails, messages, or pop-up ads requesting personal information or account details. Legitimate companies will never ask for sensitive information through these channels.

Read and understand the privacy policy of the website you’re shopping from. Ensure they have proper measures in place to protect your personal information.

4. Use Secure Payment Methods

Credit Cards and Payment Gateways: Opt for credit cards or reputable payment gateways when making online purchases. They offer additional layers of security and protection against fraudulent activities.

Avoid Direct Bank Transfers: Be cautious of sellers who request direct bank transfers or wire transfers as the sole payment method. These methods provide little to no buyer protection.

Utilize Virtual Wallets: Consider using virtual wallets like PayPal or Google Pay for online transactions. They act as an intermediary between your bank account and the retailer, adding an extra layer of security.

5. Processes while Shopping Online

Before making a purchase online, put some time into researching the product and the seller. Read reviews from other customers who have already bought the item you’re interested in. Authentic reviews can provide valuable insights into the quality, reliability, and authenticity of the product. Pay attention to both positive and negative reviews to get a comprehensive understanding.

When purchasing from individual sellers on online marketplaces, it’s crucial to check their ratings and feedback. Look for reputable sellers with high ratings and positive reviews. Avoid sellers with a history of negative feedback or reports of fraudulent activities. Check out the last transaction history of the seller and ensure you ask a question before you buy (in cases where the ecommerce stores allow customers ask the seller questions)

Remember to only shop from reputable websites and vendors, to protect your personal information, and to use reputable payment methods. Stay alert and secure as you explore the enormous world of online shopping.

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