Naturally, at the end of 2017, we began to look at what was in store for the year ahead.
We published our run-down of the top 10 global trade trends we would be following in 2018, and how supply chain management would change over the next several months.
But, as always, we wanted to hear from the experts on what trends, technology, opportunities and challenges they had their eyes on. In this month’s #TradeElite Twitter chat, we gave our knowledgeable panel the chance to provide some of their best tools and tips for SMEs going into what is sure to be another big year for international business.
Follow the conversation below!
Moderator:
Audrey Ross (@TresAudrey), Logistics and Customs Specialist with Orchard International Inc. based out of Mississauga, ON.
Panelists:
Craig Atkinson, CITP (@CraigAAtkinson) – Consultant,
ITC and a visiting fellow with the World Trade Institute based out of Halifax, NS and Geneva, Switzerland.
Marie-France Paquet (@PaquetMF) – Chief Economist, Global Affairs Canada (GAC) based out of Ottawa, ON
Cathy Morrow Roberson (@cmroberson06) – Founder/Head Analyst of Logistics Trends and Insights based out of Atlanta, GA
What are your goals for 2018? (Refocus on core customers? Improve Supply Chain? Become more sustainable? Tackle compliance threats?
A1: My main goal in 2018 is to contribute to improving the environment for small businesses (#MSMEs) to engage in #crossborder #ecommerce! Working on #accesstoinformation and #opendata for #trade are the first steps: https://t.co/Bfa4YkcLQg #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A1: My 2018 goal is to share and update folks on the changing trends in international trade & logistics with a focus on e-commerce, cross-border and emerging markets. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A1 My theme for 2018 is #collaboration, I believe that collaboration is the future of business! I will also be focusing on disrupting #supplychain #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A1. We are working hard on showcasing our innovation by submitting products to awards and competitions. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
A1: Another goal is continuously learn about how #digital #technologies will transform #trade! #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
Geographically, where do you see the biggest opportunities for North American companies in 2018?
A2 : I think Asia-Pacific still presents fantastic opportunities for North American companies. In particular SE Asia. Growing middle class, demand for imports etc. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A2: The global outlook is brighter than it has been for some time. Growth is expected to be positive in every major economy in 2018; although, some may see faster growth than others. #TradeElite 1/4
— Marie-France Paquet (@PaquetMF) January 11, 2018
A2: The U.S. will remain among top performers among advanced economies (2.6% growth forecast in 2018). Europe’s growth will be more moderate, led by Germany and Spain (2.6% and 2.2% respectively in 2018). #TradeElite 2/4
— Marie-France Paquet (@PaquetMF) January 11, 2018
A2: France will face an interesting year with president Macron’s ability to push through reforms shaping the outlook for both the year and beyond. #TradeElite 3/4
— Marie-France Paquet (@PaquetMF) January 11, 2018
A2: China is slowing, but still growing at a rapid pace and its given size, adding more to market size than ever before (6.5% growth forecast in 2018). India is expected to be the fastest growing major economy in 2018 (7.4% growth forecast in 2018). #TradeElite 4/4
— Marie-France Paquet (@PaquetMF) January 11, 2018
A2: I think the #EU market will be one to watch in 2018. Tools like the EU @TradeHelpdesk are going to improve #market access. #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
Q2 right here in Canada with the legalization of cannibis! Export market will grow! I am releasing a podcast episode @2BabesTalkSC about this in 2 weeks! #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A2: The #EU and #CETA may be even more important now with the current #NAFTA disruption. #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
It’s definitely reassuring to have the Gov’t of Canada be optimistic. I think it breeds positive thinking and risk-taking on the part of Canadian SME’s. Bye Bye doom & gloom! Hello Global Business wins! #TradeElite https://t.co/iTUOPNxkm4
— audrey ross (@tresAudrey) January 11, 2018
As a follow up, by industry, where are the biggest opportunities for businesses around the world in 2018?
A3: Although not necessarily an industry but supply chain/logistics is very important to international trade – securing air or ocean freight at decent rates, securing capacity and moving goods cross-border as efficiently and quickly as possible. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A3 Supply chain will be disrupted in a lot of ways, keep an eye on #blockchain and #crypto currency, #VR is ramping things up and can’t forget about Cannibis becoming a big market #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A3: #Tech (ICT) is going to be an important sector this year. The emergence of #DLT and #blockchain technology are likely to grow the sector and those that benefit from implementation. #TradeElite #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A3. I think services are still growing. People are either busy, or want more time to enjoy themselves & concierge or assistant services are going to be in demand. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
#TradeElite Chat @FITTNews
Q3: Opportunities:
~#SubSaharanAfrica: The oil exploration activity attracts players in drilling, refining, transport, finance.
~Energy industry is viable to solar solutions for lighting and heating.
cc: @craigaatkinson , @PaquetMF @GlobalChamber— Nirere Sadrach (@SadrachNirere) January 11, 2018
What new technologies do you think will have the biggest impact on global trade? (hyperloop, blockchain, AI, etc?)
A4: I would have to say #blockchain because of the importance of trust for individuals and institutions alike. @IBMBlockchain has been doing interesting things in #trade: https://t.co/VREt1EhLQD #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A4: Anything that eliminates paper. We are finally moving toward a paperless society!!! Even in freight! Things are done with pictures, PDF’s and #Blockchain #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
Be careful though, not all countries accept electronic documents or electronic signatures #TradeElite https://t.co/KYk8DATn6i
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A4: Hyperloop & Self-Driving Trucks are coming. Transportation can be faster and safer and there is high demand for it. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
A4: In addition, I also believe #rules #automation will emerge in 2018 and I’m working with @xalgo4trade on an #opensource solution: https://t.co/Bq5sHt4KIK #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
#blockchain is a hot topic for sure, particularly in supply chain. UPS is tested in their customs brokerage group. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A4 online marketplaces are really exciting! Self driving cars and trucks are a little scare ? #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
2017 was filled with front-page incidents ranging from corruption, to forced / underpaid labour, to harassment, worker safety & the environment. Do you think companies will start taking steps to address these issues? Is “reputation risk” a threat?
Yes! #corporatecitizenship is becoming a bigger topic especially around cyber security as well! #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A5: I believe there is a role for larger businesses to verify the practices (e.g. via standards) of small suppliers, but also help smaller companies (#MSMEs) to achieve compliance. #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A5: When sourcing from countries, such as what is done in the apparel industry, companies need to identify and ensure ethical supply chain partners. Follow-ups, strong transparent, real-time supply chain is necessary #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
What are steps SME’s can take to illuminate their supply chains and ensure their agents & partners are being transparent and following good business practices?
Q6: Research & regular communications. Also, know who all your suppliers are, not just the Tier 1 suppliers. This is where I believe a digital supply chain plays an important role – allowing for real-time data/info and collaborative efforts for all. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A6: Work with #suppliers and #buyers that have achieved and maintain product or process #standards! Use tools like @ITC_sustainable map to see which standards are relevant: https://t.co/FtW9j91YEJ #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A6: I would say set some ground rules/criteria on how you choose your partners from the offset and do regular check ins or private investigations to ensure their integrity is in check #TradeElite. #Leadbyexample
— Clarecia Christe?? (@ClareciaChriste) January 11, 2018
#TradeElite Chat @FITTNews
A6: There clear business generation guidelines by @ITCnews for both virtual and traditional. There has to be sustainability indicators put in place to determine right suppliers.
cc: @ITCnews @craigaatkinson @cmroberson06 @PaquetMF @GlobalChamber— Nirere Sadrach (@SadrachNirere) January 11, 2018
In an increasingly cluttered and complex global market, what makes businesses stand out? What helps them to grow quickly?
A7. I still think it’s all about the customer service. Not just saying you have it, but empowering your team to take action to ensure a customer is treated exceptionally. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
Q7: Personally I think sticking to the basics and doing them well such as customer service is important. #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A7 content, marketing of their brands, omnichannel strategy, engagement on social media. There are a lot you can do to stand out, even marketing to niche markets #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A7: It comes down to how well a company can serve customers no matter where they are located. Apple and IKEA have done this on a large scale, but small companies can build similar loyalty. #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
What tools and resources are available for businesses who want to tackle the challenges of international trade in 2018? Where is the best place to start?
A8. Obvi, my favourite resource is @FITTNews (I’m a #FITTfan) With educational options, the TradeReady blog and serious connections w people in the biz, it’s a great place to start. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
Q8: I’m sure @FiTTNews would be a great place to start. 🙂 #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
A8: Visit the website for the Office of the Chief Economist at: https://t.co/CYCUJP6rE5 and Statistics Canada’s “Canada and the World Statistics Hub”: https://t.co/KIuv8SeGA8 #TradeElite 1/2
— Marie-France Paquet (@PaquetMF) January 11, 2018
A8 use platforms like @eBay to test markets and export, I talk to managing director on episode 2 of @2BabesTalkSC #TradeElite
— Sarah Barnes (@sarahcaroline88) January 11, 2018
A8: The best #trade tool right now might be the joint @ITCnews / @UNCTAD / @WTO #HelpMeTrade helpdesk to ease access to trade information for business: https://t.co/F1JPs8N3Mf #TradeElite
— Craig A. Atkinson (@craigaatkinson) January 11, 2018
A8. In Canada we are lucky to have @ExportDevCanada, @TCS_SDC @bdc_ca at the federal level. We also have Provincial Board of Trades & Local Chambers of Commerce. #TradeElite
— audrey ross (@tresAudrey) January 11, 2018
A8: For US exporters, https://t.co/fCH3kYpW0U #tradeelite
— Cathy Roberson (@cmroberson06) January 11, 2018
Always feel free to reach out to #TradeElite on twitter. I’ve found so many resources simply by getting to know people and tweeting for help.
— audrey ross (@tresAudrey) January 11, 2018
Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, February 15 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.
Do you have any burning questions for the panel that weren’t addressed in the chat? What are your goals for 2018? Leave them in the comments below and let’s keep the conversation going!
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