Growing Your E-Commerce Presence in Asian Market
Saturday at 2:48 pm
It’s no surprise that Asia is leading the online retail boom. Not only do they have the manpower, but Asia is also home to nearly 60% of the world’s population. Only a few US companies operate in the region, making it a land of opportunities where you can build success quickly.
There is a large and diverse market in Asia that can be intimidating to enter but is the most rewarding decision you could make. Here are some of the strategies you might need to grow your e-commerce presence in the Asian market.
The global average for time spent on mobile phones per day is around 3 hours. In Southeast Asia, the average is between 4-5 hours a day. Consumers use their smartphones for everything from entertainment to shopping. To boost your e-commerce presence in this market, you need to invest your energies into a mobile-first strategy.
Consider this – by 2025, the total number of mobile users in the Philippines is expected to reach 90 million and almost 250 million in Indonesia. So choosing a Coworking Space Manila to penetrate the Asian market as an e-commerce entrepreneur makes great business sense. It serves as a great central location to execute your business plans for these two large growing economies and also others like Malaysia, Vietnam, Thailand and Singapore.
Popularity of live streaming
Live streaming has changed the Asian e-commerce market for good. Using online e-commerce platforms like Tmall, Lazada and Shopee, Asian influencers can showcase new products to their loyal fans. This has proven very lucrative for companies using this method of marketing.
Not only is it great entertainment for potential buyers, but live streams also allow consumers to get a more in-depth look at what they’re buying. Unlike traditional, static advertising, live streaming is interactive and allows consumers to make more informed buying decisions. After all, if something doesn’t work in a live demo, why would anyone be interested.
Infiltrate popular local market places
The e-commerce market is growing rapidly all over the world and experts predict that Asia will lead this growth in a few years. The e-commerce market is huge in Asia, with many consumers shopping on Amazon-like marketplaces. The most popular Asian e-commerce platform is Alibaba, with its affiliates Tmall and Taobao leading the way in China.
You could learn a thing or two from these online platforms. The frequently purchased products advertised on these platforms may give you some indication of what is popular in that region. Getting your products on these online marketplaces is the first step to gaining exposure and building interest for your brand or products.
Understand local preferences
The biggest obstacle most retailers face when entering the Asian market is a lack of understanding related to consumer behaviors. Preference is everything when it comes to appealing to any consumer and the Asian market is no different.
Get to know the region you are trying to sell to. In China, consumers rarely use credit cards to make payments online. Instead, they use products like WeChat pay or Alipay. In the Philippines, it is Lazada Wallet and G-Cash and many others. Offering only one of these options or none at all may isolate your customers in China.
Get help on the inside
Moving your business interests may be intimidating at first. There will be lots of changes that you’ll have to adapt to for a smooth transition. But, it’s one of the best business decisions you can make. The e-commerce industry is on the up and will continue to be for years to come.
Put in the hard work now and you’ll reap the benefits along the way. Consulting with business owners like yourself, who have already made it in the Asian market, is the best way to gauge if your venture will be successful. Not only that, you can gain lots of great business insights from someone who has already succeeded.