Asia's Most Promising eCommerce Markets
“Evolution is a process of constant branching and expansion” - Stephen Gould
Expanding your business to other geographical regions is a step which many ambitious companies will consider, either because of extravagant growth opportunities abroad or due to saturated home markets.
In our post Europe’s 6 Most Promising eCommerce Markets we’ve pinpointed hotspots in this continent. Now it’s time to turn our vision Eastwards to the emergent markets in Asia. Asia is known as the land of future developments, with a culture of innovation and a promising territory for new opportunities. The great potential of this continent becomes obvious when looking at the eCommerce growth projections.
However, cultural differences, regulations, and corruption are important factors to take into account. Expanding to Asia might be your biggest success but you must always be aware of the numerous difficulties you’ll be challenged to face.
Market specifics: In China eCommerce is such an important sales channel that its currently being considered as new economy for itself. China’s e-tail industry is booming, however if you want to be part if it be prepared to experience some difficulties such as the fact that it will be a time-consuming process with many administrative and bureaucratic procedures in between. Important to recall is the fact that to do business in China you will have to join with a local partner (which may even be a positive factor for obtaining local expertize). Inc : “A joint venture requires a partnership between a foreign business owner and a Chinese citizen. Though joint ventures may sound like the safest route, experts warn against them. Critics say the most common problem with joint ventures is no more than a classic case of "same bed, different dreams" syndrome.”
Market specifics: eCommerce in Japan is no longer as emergent as it currently is for it’s neighbour asian countries. In this society buying online is already a common behavior among internet users. Nevertheless, eCommerce sales’ figures keep rising and investing in this market might be extremely appealing. An important consideration for selling and marketing in Japan is the fact that Japanese tend to bonds and engage with brands through close contact. Microblogging services as well as social media interaction is a must-have if you wish to empower your customer relations in Japan. According to Mondaji : "The entire procedure [of opening your business in japan] is quick and straightforward"
Market specifics: India is still an immature eCommerce market with low trust from consumers, who for example still prefer cash on delivery as a payment method. However, there are some societal drivers that make this a promising industry, such as the population's rising standard of living and the improvement of intranet infrastructures and penetration. Ryan Vars : “The best way to open a business in India is to find an Indian partner. The total cost to have complete papers that are properly registered is about $500.00 USD. A good Charter Accountant in India can help you with the paper work.”
Market specifics: Over the last two years, the number of entrepreneurs in Australia grew 200% and consumer confidence level is weighted as number one in the world. Australian online buyers spend more money online than consumers from anywhere else and mobile commerce (especially from tablets) is having a huge impact on these numbers. However, competition is increasing and many individuals are opening second income shops online and thus growth rates may decrease in the next few years. Inc : "Australia is considered the second best country to start your business with the easy access to credit and the ease of cross border trading as the main advantages."
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