In the modern age of technology, e-commerce has evolved into a critical component of global trade. Businesses can reach potential customers anywhere in the world through e-commerce platforms, allowing them to expand their customer base and raise their revenue. While marketing online, all export-oriented companies must ensure that their Importer-Exporter Code (also known as IEC) is valid. In this post, we will take you through a few of the best practices on how to update IEC code on websites for e-commerce utilised by your trading company.
What is meant by an Importer-Exporter Code (IEC)?
Before we discuss how to modify an IEC code on e-commerce websites, let’s explore what an IEC code is.
Every individual or organisation exporting or importing products from India must get an IEC code via the government’s Directorate General of Foreign Trade (DGFT).
It is a one-of-a-kind code that must be provided for any foreign or domestic transaction. Businesses can only engage in global trade if they have an IEC code.
At this point, knowing that we hold a basic knowledge about what a standard IEC code is, let’s continue with the suggestions for guaranteeing smooth IEC code changes on online stores for your export company.
Tips to ensure smooth update of your IEC Code for your export company
Tip 1: Keep an eye on the IEC expiration date
The initial and most crucial step is staying on track with the due date for your IEC renewal. The IEC code remains valid for the lifetime of the entity.
To reduce disruptions in your shipping operation, it is critical to maintain track of the expiry date and update the IEC code within time.
Tip 2: Change your IEC number across e-commerce websites
After successfully updating your IEC code, you need to change it across your e-commerce websites.
To perform both foreign and domestic transactions, all online marketplaces require companies to supply their IEC code.
Failure to change your IEC code might result in order delays, payment holdups, and credibility loss. As a result, updating your IEC number across all online stores is critical to ensuring successful trade operations.
Tip 3: Maintain up-to-date business data
Another essential point to remember is to keep your company information relevant and up to date. This includes your company’s name, address, contact info, and financial account details.
The correct information is critical for successful trade operations, and any errors can lead to payment delays and other problems.
Tip 4: Consult with your transportation provider
When updating your IEC code over e-commerce websites, make sure to double-check with the transportation provider. The logistics provider will transport the goods to your clients but will need your IEC number.
To prevent delays in shipping, it is critical to notify your transportation and logistics supplier of any changes to your IEC code.
Tip 5: Keep track of your business transactions
It is critical to constantly monitor your trading transactions after you have changed the IEC code over e-commerce websites.
To make sure that all of your operations run well, maintain records of all your orders, transactions, and delivery details.
If you detect any inconsistencies or problems, correct them right away to avoid future complications. When shipping via e-commerce platforms such as eBay in India, one of the basic eBay store benefits is that your transaction history is already provided in your account. This helps in keeping track of your transactions seamlessly.
Tip 6: Make your IEC number private
Maintaining your IEC code as private is crucial. Your IEC code constitutes one-of-a-kind verification that needs to be kept safe and exchanged only with authorised individuals.
Discussing the IEC code with untrustworthy persons might lead to forged transactions and other problems. As a result, you must maintain your IEC number private and share it with only a few trusted parties.
Facilitating seamless IEC code updates to support your export company on online stores is critical for smooth trade worldwide.
Maintaining proper company documentation, keeping track of the IEC renewal date, and changing the IEC code on online stores are crucial for safe and secure transactions, especially when you are shipping abroad. Follow this guide to keep up with how to update the IEC code on your e-commerce store.