The retailers, manufacturers, traders etc. that are looking for penetration in a foreign market face a lot of challenges related to laws, compliance etc. as different governments impose different regulations, technical compliances etc for a particular product. The lack of uniformity in standards of different nations is a problem and all the businesses should be aware of that. There is only one thing to avoid all this i.e. GMA (Global Market Access).
Now, one question that might arise in minds of people is What is global market access? Global market access is one of the most important processes that every firm should go through before launching a product for international market. Things like gadgets and electrical equipments have different compliance related standards across different nations. Under GMA a firm goes through all the nation’s compliance standards and making the product compliant to them in order to attain global exposure for the product.
What importance does it hold?
First of all, bringing your goods to a different country is a difficult, time consuming and expensive process in itself, and if the products aren’t compliant to the nation’s standard than your firm will have to redesign it which will be very costly and again, time consuming. There is also a chance of legal action against the firm as customs can seize your product as if they aren’t compliant to the standard of the country they can be termed as illegal.
Benefits of GMA
Here are some of the benefits that GMA offers to a firm:-
- Save time and money
GMA helps in saving time and money as when your products are already checked for compliance before they reach that location there is no chance of those goods returning, this will save a lot of money and time
- Minimize risk
As your firm would have already tested your products for compliance the risk of them being returned is eliminated fully.
- Provides an competitive edge
As most of the firms hire professional for the process of GMA, it provides them with a competitive edge as experts will provide detailed study and also provide solutions if there is any problem present.