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Cross-border

Top Five Countries For Doing Business in Southeast Asia

If you are a business trying to look for places where you can have your business achieve growth and generate lots and lots of profit, then you might want to consider entering the Southeast Asian market. It became an attractive market to be in after it has witnessed economic growth for the past years and still has a lot of untapped market opportunities waiting to be grabbed. But what are some countries that do well when it comes to business? 

Here are the top five countries you may want to do business with.

Singapore

Who would wanna miss the opportunities behind the “Lion City”? The abundance of skilled workforce and resources, a robust economy, and an attractive tax system, plus a simple and straightforward procedure when starting a business that is fast and easy make it a pot of gold for people looking to start a business within the country. This makes it easy to be a “Zai” in the industry you’ve chosen in no time.

Hong Kong

Another opportunity-packed country at the heart of Asia, Hong Kong can also be a great country to start your entrepreneurial endeavors. As the country offers a plethora of advantages such as an easy incorporation process, a business-friendly environment, and a place where people can speak and understand the English language. This makes it easier to communicate with your target audience and deliver the message your brand is trying to convey.

Malaysia

With a pro-business government and a market-oriented economy, there’s no doubt that Malaysia is a good country to do business with. The country also provides a robust and conducive business environment that promotes and encourages growth, profitability, and healthy competition within businesses of all industries. This makes doing business in Malaysia a profitable country to do business with, as it can get you profits as high as the Petronas Tower.

Taiwan

It is indeed easy to do business in Taiwan, in fact, it ranked 15th out of hundred and ninety economies in the World Bank’s Ease of Doing Business Survey in 2020. It can also serve as a strategic location whenever you have more plans on expanding as it is near some of the world’s biggest economies such as China. And unlike other countries, Taiwan allows foreigners to have full ownership of their companies, without any minimum paid-up capital requirements.

Thailand

Although language barriers can be a problem when doing business in Thailand, the country still offers one of the most promising workforces in the world. This just means that any foreign business can benefit from a large pool of skilled workers to work for their companies. With steady growth, strong exports, and a vibrant economy, there’s no doubt that Thailand can lead your business to success.

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Market Updates

What Sells In China? 

When selling in China or anywhere else in the world, knowing what to sell and identifying products that have a market you can sell to is of high importance. And if you’re planning to enter this huge market behind the great wall, you have to at least take note of what they purchase so you can have an idea of what you should be selling.

Here are five products that can easily sell in China:

1. Clothing 
Years ago, Chinese consumers bought their clothes in local shops or some fake markets just around the corner. But today, big clothing brands have established a local presence inside the country. Names like H&M, Zara, Gucci, and more have been popular among local consumers as they are leaning toward the quality these big brands can offer. 

2. Shoes
Well, for some similar reasons, international shoe brands have also become popular in the country. And although wearing high heels and leather shoes are still popular among Chinese consumers, the younger generation has been pushing the trend of wearing sneakers and sports shoes. We all know how the younger generation can drive sales of a certain product, right? 

3. Jewelry
We all know Chinese consumers’ obsession with jewelry, especially women. This demand for jewelry has made China one of the fastest-growing sectors when it comes to luxury goods. Gold, diamonds, and other unique jewelry made from aluminum, wood, and plastic are some that gain the interest of young consumers.

4. Beauty and Cosmetics
This category has always been the most popular among Chinese shoppers, and the demand has made the country the second-largest cosmetics market in the world. But why was it so big in China? It is because both women and men are equally interested in cosmetics and skin care as they are fond of taking care of their looks and their skin.

5. Healthy Products
People in China are becoming more aware of how important it is to have a healthy diet and a good lifestyle. And because of that, they started eating healthy foods like vegetables and fruits while some have switched to plant-based meat which is supported by the government as the country is facing obesity problems, especially among the younger generation. 

These are just some of the many products that sell in China, and if you’re planning to penetrate the market, you should take these products into consideration especially if your business is in the stage of formulating what product to sell. 

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Beauty

#TiktokMadeMeBuyIt – The Effects of Tiktok on GenZ’s Buying Decisions

No, we are not just talking about one of Tiktok’s viral duet chains, we will be discussing Tiktok’s effects on GenZ’s buying decisions and how it has garnered such strong influence over the recent years.

Generation Z has officially become a bankable market starting in 2020. Because it is the first generation to be born in the post-digital era, they are fully dependent on smartphone apps and arguably lived on social media. 

With that being said, as GenZ has started to become part of the working economy, brands and marketers are looking closely at this generation and what they think they need and want, and here enters TikTok.

TikTok, the Social Media App of GenZs

As of April 2022, Tiktok users are made up of 60% of Gen Zs. A number that has grown substantially in the 4 years of the app’s availability in the world. Gen Zs prefer exclusivity and uniqueness and with social media, finding that perfect “That’s me!” content is easier than ever. TikTok’s “For you Page / FYP” is their destination to be. It focuses on content that the user themselves specifically love with the help of specialized AI algorithms that look into search entries, likes, and user activity. Tiktok also enables GenZs to express themselves through innovative content creation tools that are easy to understand and use. At this age, anyone could be a content creator and at the same time, anyone can show the world their individuality. Tiktok took notes and when the Gen Zs arrived, they were there to shake their hand and welcome them.

Finding that connection

As Gen Zs find a way to define themselves, they are not just looking at who is endorsing what but also at who the people behind it are. They want to know their origins, values, and beliefs. They want to find an emotional connection to drive their purchasing power. This is why Tiktok has been a popular venue for both consumers and producers. It has become a platform for each to tell their respective stories where videos are viewed as many as 1 billion times a day. Influencers have been paramount as they keep people engaged and looking for more. Once something is found, the next logical step would be to share it. #TikTokMadeMeBuy had over 3 million views after all.

Who influences who

“I want that” is a common thought that leads to a purchase. GenYs and GenZs are the 2 main purchasing groups right now and studies show that Gen Zs play a bigger role in deciding what to buy as they are now the trendsetters. GenYs on the other hand, have the tendency to listen to recommendations and thus are more likely to be influenced into buying items and services. Gen Zs are passionate about letting themselves be heard which is why they made up 43% of Tiktok’s global audience for the year 2021. The more time they spend, the more they are engaged. Tiktok is no longer just a pastime, it has become a way of life for many so if you are in the market to sell or buy, you’d probably want to put TikTok on the top of your list.