How to import watches in the US?
Why start an import watches business in the US?
The watch market in the USA has done drastic development in the past few years and is expected that it will grow more rapidly in the coming years. People in the USA are more towards trendy and affordable watches nowadays. It has become a popular fashion choice for people across the country.
The watch market in the USA has gained an average CAGR of 1.14% and it has gained a revenue of about $12.44 billion in the past year . Several factors enforce rapid growth in its market such as the emergence of new fashion trends, people getting more fitness and fashion-conscious, and frequent change in their lifestyle.
As there is rapid growth in the watch market of the USA, there are many rising opportunities for its importers throughout the country. Due to an increase in disposable incomes, people mostly ought to buy luxury watches.
Watch importers can get along in this luxury watch market by importing high-end and luxury watches from other established brands of different countries and selling them by keeping a great profit margin. There is also a very high demand for low-cost watches in the USA.
People who can’t afford this luxury but want to have it as a fashion accessory, need comparatively low-cost watches. There are many low-cost watches available in the countries like China which is also a great opportunity for importers of the USA. They can import them and get a high profit in their reselling.
Determine a supply source for watches
Imported watches in the USA are always the best choice for watch lovers, who know the worth of high-end watches and want to invest in something unique and luxurious. Importing business is undoubtedly a perilous business to start from scratch.
Especially if you get the material from a non-trusted company that demands extra money and sends you defective or no worthy watches, it will be a huge loss for you.
Therefore, instead of trusting newly opened companies and trapping yourself in fraud just for saving a few bucks, get in touch with Leedon Watches. We know how to own the customer’s trust. We will send you the most high-class and perfect finish watches that speak aloud their value.
There are various supply sources for wristwatches throughout the world such as overseas manufacturers, online B2B, wholesale distributors, and trade shows. Overseas manufacturers are the most common supply source for importing watches.
Search for reputable watch manufacturers in countries like Japan, China, Hong Kong, etc., and reach out to them to discuss bulk purchasing options.
Moreover, online business-to-business (B2B) platforms such as Alibaba and Global Sources have extensive listings of watch suppliers who can provide you with a bulk of high-quality wristwatches. But make sure to check their reviews and reputation before placing an order.
Other renowned supply sources for watches are wholesalers and distributors present in the country from where you want to import. These wholesalers have established relationships with multiple watch brands and offer you a wide range of wristwatch options.
Contact them and discuss the methods of shipping, pricing, terms, and other relevant information before importing watches from them. Lastly, a typical but most trusted option to import high-end watches is to attend trade shows happening in different countries where they showcase their watches.
For example, Basel world (Switzerland), Hong Kong, and China watch fairs, etc. There you get an opportunity to directly connect and negotiate with the wholesaler and distributors to deal with them.
Leedon watch is the most prominent B2B watch manufacturer and supply source nowadays, working in China. We can OEM/ODM watch for all B2B customers. We have thousands of customers who import a huge bulk of watches from us to market in their relevant countries.
We export watches to 55+ countries which have made us an excellent supply source of watches throughout the world. Our watches are adored and relished by millions of customers all around the globe. So collaborate with us and start your business to gain a remarkable position in the latest watch industry.
Know more about Leedon Watch Service:
Requirements for starting an import watch business in the USA
An import watch business has its own bright and dark sides that must be kept in mind to run it smoothly with maximum benefits.
Starting this business requires careful planning, proper research, and complete knowledge about all the costing and expenses that could occur while shipping it from other countries.
Here are some of the requirements that are necessary to consider before starting this business.
1. Business plan – there must be a well-maintained business plan that outlines your goals and objectives, your vision and mission, the targeted market, the strategies, and financial projections to rightly flourish the business.
2. Legal registration – it is necessary to legally register your business with relevant authorities and comply with the laws and regulations of the country.
3. Obtain a license and necessary documentation – you need to complete all the necessary documentation to legally authorize your business and avoid future outlawing over your business. It may differ depending on the kind of goods being imported and the country of source. Some of the few documents include.
· Import-export license: it is crucial to obtain from the government for importing and exporting goods.
· Purchase order: to place an order for the watches from your supplier to import them from other countries, you just need a purchase order.
· Custom clearance document: it is required by customs authorities and includes commercial invoices etc.
4. Complete watch import clearance – there are several steps of watch import clearance that must be done if you want to import high-end luxury watches from other countries
· Obtain import permits
· Check the quality standards and safety requirements that must comply with the relevant regulations of your country.
· Obtain insurance to prevent any transportation damage, theft, or loss.
· You must file an Import declaration to customs authorities and provide all the information about the quality, material, value, origin, and quantity of the watches being imported.
· Custom authorities will inspect the watches and their relevant documentation, they will release them to reach their destination once they get fully satisfied.
5. Check applicable import duties and taxes – various kinds of import duties are implied on import goods and need is to be considered before starting a business.
Import duties are mainly applied by every country when its citizens buy something from foreign countries. This import duty is levied when any kind of material or goods are being imported and it has to be paid by the importer of the goods.
The government has implied the rule of paying import duties to protect industries from cheaper and bad-quality goods. Similar is the case with the USA, the importer has to pay at least 10% of the value of the goods as an import duty to the government to make the usage of those goods viable in the country.
Some of the duties and taxes that are implied on the importers of the USA for importing wristwatches are:
· Custom duty – it is a tax imposed by the US government on all imported goods including wristwatches. However, it may vary depending on the type of material of the goods and the country of origin of the goods. USA government has implied at least 10% to 20% as the rate of custom duty on goods above $800 which depends on the value and type of the watch
· Importer of Record – As the importer, you are responsible for accurately declaring the value of the watches being imported. The declared value should include the cost of the watches, any shipping charges, and insurance fees. The customs duty is calculated based on this declared value.
· Free Trade Agreements – The United States has free trade agreements with certain countries, which may provide preferential duty rates or exemptions for watch imports from those countries. Check if any free trade agreements apply to the country of origin of the watches you are importing to potentially reduce or eliminate customs duties
· Import Documentation – When importing watches into the USA, you will need to provide certain documents, such as a commercial invoice, packing list, and a bill of lading or airway bill. These documents are essential for customs clearance and to accurately determine the duties and taxes payable .
· Sales Tax – In addition to customs duties, sales tax may be applicable on watch imports. The sales tax rate varies by state, ranging from 0% in some states to over 10% in others. The sales tax is usually calculated based on the total value of the watches, including the customs duty.
The import duties and taxes may vary based on the specific details of the import, such as the mode of transport, the port of entry, and the specific watch being imported.
It’s advisable to consult with a customs broker or tax expert who can provide more specific information based on your import requirements.
How to sell imported watches
Just as buying an accessory is a difficult decision to make, selling one can be equally difficult for enthusiasts who are extra choosy about their requirements.
Every timepiece is keenly judged by the buyers and went through heavy scrutiny before they reach the final decision of buying a watch. Here are a few steps to follow to get the most out of imported high-end, luxury, and casual watches .
Step 1: Identify your market and platform
Firstly, have a closer look at the worth of your watch and hit the accurate market. There’re many ways to sell a watch such as placing it in the auction, directly consigning with the dealers, introducing your brand or just posting it to online classified forums.
Step 2: Establish a brand
If you have started an import watches business then you will be surely importing it in bulk. Selling those huge quantities of watches is not possible without establishing your brand.
Make a brand, register yourself, and market yourself at online forums to the targeted customers to get maximum profit out of it.
Set up a unique marketing proposition that differentiates you from competitors.
Step 3: Establish an online presence
Engage with potential customers and create an online presence by creating a website and managing social media pages that market your watches.
Nowadays, many people are more into online shopping. Reach an accurate audience, keep their preferences in mind, promote your brand, and showcase your imported watches.
Step 4: Give a clear description with good photography
If you wish to sell it at online forums then you must design a clear description of the watch. An obvious portrayal that depicts all its features and specifications clearly and abruptly to attract customers and make them buy this unique masterpiece.
Moreover, invest in good photography of imported watches. Because things that look best, sell best.
Step 5: Mention the documents
If you want to grab genuine customers then give complete information about all the details of your wristwatch. The accessories it comes with, the box, packaging, battery life, service history, receipts, etc.
It shows the authenticity of the watch and gets people’s confidence that the price you are offering is a genuine one.
Step 6: offer excellent customer service
Provide warranties, repairs, and returns, as well as respond promptly to customer inquiries and feedback along with a good pricing range of watches that are comparatively lower than the market.
Start importing watches with Leedon watch
Leedon Watch is a leading watch manufacturing company in China that produces a huge variety of versatile watches.
From high-end luxury watches to casual wear, from diver watches to fancy bracelet watches – the Leedon watch has a huge mastery of every aspect of wrist watches and it knows the customer’s demands.
It is a custom watch supplier to over 55+ countries with the utmost quality prevalent in every accessory. If you want genuinely amazing wristwatches that gain customers’ attention and instantly give a hike to your brand, then do blind trust in Leedon watches and visit here.
Register yourself as a brand, Place your order for a bulk of Leedon watches, and start an import watch business with Leedon to gain that mind-blowing attention in the watch market.
Sell our high-quality, incredible watches at competitively low prices to grab customers and market your brand to gain higher profit.
If you want to gain a renowned position in the upcoming watch market or if you want to meet customers’ demands with some amazing and trendy watches then get in touch with Leedon Watches and cooperate with us to establish an everlasting business with an extraordinarily high profit margin.