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Four Things to Consider When Doing Business in Asia

Asia covers one-third of the world and is considered the continent that has the most population. With this, it shares various cultures, traditions, and beliefs which creates a lively economy that would be ideal for businesses to eye for. As broad as it may sound, it is important to know the precise breakdown of how supreme Asia can be in the world of e-commerce.

Here are four things to consider when doing business in Asia:

It is the World’s Second-Largest Consumer Market

With the United States being the top consumer market in the world followed by the European Union, the totality of three Asian countries, specifically China, Japan, and South Korea, can surpass the expenditures of the members from Europe. Also, these three Asian countries have gone beyond the US consumers’ acquisition of luxurious goods by a quarter. This makes an idea of Asia holding a high global economy and consumption and global GDP in the next decades.

A Partner for the Majority of Western Economy

The exchange of goods is naturally part of e-commerce, and Asia has been a significant piece of it. For example, Japan has been part of the countries that bought a high number of luxurious goods as mentioned above. This has made Japan a profitable business partner for the United States because the aforementioned goods are used for weaponry advancement in their country.

Possess High Potential Skills regardless of Business Sector

Have you ever heard about Asians being so passionate about the things they do? Improving their skill set and enhancing their talents have been part of their lives. Southeast Asian countries like the Philippines and Indonesia, have medical and care workers with competent skills that have met the demand of the business world. Aside from these, learning to use English and other languages has been an additional factor to consider.

The Busiest Cargo Ports and Fastest-Growing Technology Hubs are Located in Asia

Sea freight is considered one of the growing industries in the region, having the eight most operated ports located in Asia. Many ports in Asia are included in the top ranking for total container volume, and only the port of Dubai has the potential to enter the top ranks outside Asia. Furthermore, Many cities across Asia are considered the most prominent global hubs for emerging technologies. Singapore was even ranked as the leading tech innovation hub in the world and home to one of the top tech firms globally.

In the world of commerce, there has been no easy path. However, there are ways and strategies to make things simple. Taking these things into consideration could help you attain your business mission and vision and possibly be one of the most well-known companies in the world within a specific period of time.

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Four Product Categories That Actually Sell in the Southeast Asian E-commerce Market

With the rise of e-commerce in Southeast Asia, it is no surprise that the region has become a very attractive market for online retailers to get into. And with the e-commerce industry’s current status within the region, it is still expected to witness growth for years to come. Which is good news for foreign brands out there. But before entering this opportunity-filled, ever-demanding, and vibrant market, you need to know what sells and what doesn’t. 

Here are the product categories that actually sell in Southeast Asia:

Fashion and Clothing

When it comes to fashion and clothing, Southeast Asians surely do not want to miss out on the latest trends. This has become the reason why the fashion and clothing industry has become one of the most competitive online selling categories within the region. So for foreign brands looking to enter the market, then you might want to consider having a clothing or fashion line business to establish. 

Furniture and Home Decor

The demand for furniture and home furnishings has skyrocketed because of the pandemic that happened two years ago. This category has become one of those choices if you’re looking for products that would definitely bring you huge returns. Southeast Asians are known to love furniture and home decor of all kinds of materials such as rattan, wood, metal, and more. 

Baby Products

Among all households in this region, about 10% of the whole population have children in their homes and is expected to grow more year by year. So if you’re a business owner who is planning to enter this market but still doesn’t have any products to sell in mind, well, you may want to consider selling baby products such as toddler clothes, formula milk, diapers, and feeding bottles. 

Consumer Electronics

Who doesn’t use smartphones or smart televisions these days? Despite the fact of being pricey and not-so-affordable for a lot of consumers, this product category has always had a strong marketability, which ensures retailers that it won’t give them a hard time and won’t have to exert a lot of effort just to have these products sold. 

Entering this market might not be easy, you’ll encounter a lot of problems, issues, and challenges. But one thing is for sure, with the right products and strategies combined with hard work and dedication, then your business will achieve its goals and become successful in no time. 

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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.