Global Trade Seminar Highlights Financial Returns for Retailers
|New York event hosted by Amber Road and Sandler & Travis Trade Advisory Services|
EAST RUTHERFORD, NJ, May 29, 2013 -- Presenters at a recent retail seminar focused on global trade management best practices highlighted significant cost savings opportunities in the areas of First Sale and duty drawback.
"First Sale savings within the first five years is typically 10 to 20 percent on duties," said Laura Siegel Rabinowitz, of counsel, Sandler, Travis & Rosenberg. "First Sale bases the duty rate on what the manufacturer paid for the goods rather than on a middleman's markup price, which is what Customs duties are typically assessed on."
"Duty drawback can offer as much as a 99 percent refund of import duties, taxes or fees," said Dawn Olesky, director, drawback operations, Sandler & Travis Trade Advisory Services. "With duty drawback, you have the ability to lower costs to customers and therefore should increase sales," she noted.
The seminar, hosted by Amber Road, a leading provider of global trade management (GTM) solutions, and Sandler & Travis Trade Advisory Services, a leading provider of customs and international trade consulting services, took place in New York City on April 17th and was attended by representatives from many of the world's best known retail brands.
Speakers from both the public and private sector included:
"The benefits of using a GTM solution include reducing inventory, decreasing cycle times and reducing safety stock and expedited freight," said Bordner, who noted some typical reductions included a five to eight percent reduction in transportation costs; 10 to 15 percent reduction in cycle stock inventory; and four to seven days' compression in order cycle times.
Bordner and Gavini spoke on effectively managing global trade by uniting technology with services. "Software doesn't replace the user," said Bordner, who noted that a big retail trend he has seen in recent years around Customs compliance is centralizing operations and bringing back shared services.
Other topics covered were U.S. legislative and regulatory updates (Rowden); doing business in Brazil (de Seixas Corres); and the underlying principles of key initiatives from Customs & Border Patrol (Perez).
In June, Amber Road and Sandler & Travis will be hosting a joint webinar revisiting "Financial Returns in Global Trade," discussing cost savings strategies including duty drawback, First Sale rule, etc. More information on the webinar can be found at: http://bit.ly/ROIofCompliance.
About Sandler & Travis Trade Advisory Group