There are a lot of opportunities awaiting you in the Asia Market, including Singapore and Indonesia. Asia is one of the fastest-growing continents with more emerging industries and advanced development.
The Asia market, especially Southeast Asia regions like Singapore and Indonesia, is profitable for E-commerce business. There is a drastic growth in the eCommerce market in Asia, millions of people across the region shop online, and it keeps increasing yearly.
Research shows that Indonesia is one of the highest growing e-commerce markets in Southeast Asia. And according to Forbes, Asia is on its way to become the world’s fastest-growing region for e-commerce revenues.
However, this rapid growth means increased competition. Thus, launching a business in this region requires maximum effort and strategies to survive and reap revenues.
Here Are Things and Tips to Keep in Mind When Launching an Ecommerce Business in Asia
- Size of Market
As stated earlier, the Asia market is competitive. If you want to launch a business, focus on one region or country at a time. Rather than introducing your product to the whole of Asia, identify key markets like Singapore or Indonesia, start from there and work your way up. Besides this, you need to be realistic about your projections. This means that you need to not only determine the size of your market, but also be sure about the needs and wants of your consumers. Market sizing gives you a sense of market trends. Knowing your market size, as well as the trend will determine where you’ll sell your products and how many locations could stock them, along with the comparable products that you would be able to sell.
You need to try to be as objective as possible. This will then help in realising how far this platform would take you in the next five years.
- App Opportunity
Mobile applications have become the embodiment of business today due to the growing digitization of the business sector. This calls for a smooth and seamless mobile application which is the major factor that is surging the demand for mobile application development and testing centers. Owing to this demand, the mobile application and testing solutions market is expected to witness a notable growth during the tenure of 2020 to 2030. During this period the market is projected to experience a robust 17% CAGR and shall reach to the value of ~US$ 25 Bn in terms of revenue by the end of 2030. (PR Newswire Asia, 2020)
Mobile marketing is also growing rapidly, and many online customers worldwide, including Singapore and Indonesia, have mobile devices to click what they want. If you are serious about tapping into this buying culture, make sure you have a customer-friendly e-commerce site.
Asides from a mobile-friendly site, consider investing in a shopping app. Currently, shopping apps account for up to 66% of mobile sales for businesses using web and shopping apps.
E-commerce businesses need to have a brand image and strategy that takes the Asia market's cultural features into account. There is a huge cultural and economic divide between countries. Hence, a one-size-fits-all approach won’t work. Tastes, fashion, languages, religion, and interest vary from one country to another. It is said that 75% of shoppers are more likely to purchase products with detailed information in their native language. (Ecommerceiq.asia) Hence, it would be ideal for every e-commerce businesses to understand the demands of every market by providing local content, giving promotions on local holidays or using familiar faces during promotions and photoshoots.
For example, Singapore has four major languages, and a multilingual website and SEO will influence your reach. In summary, optimize your business to adapt to your market of choice.
- Right Payment Solutions
It is best to simplify payment methods for your customers by integrating a one-click payment gateway. A few payment methods include;
- Bank transfer which is most prevalent in Indonesia
- Credit/Debit Card, often used in Singapore
- Digital wallets, which is fast-growing and
- Cash-based method; also popular in Indonesia.
It’s essential to study the right payment methods for your consumers and adapt to their needs. While markets like Singapore may prefer Cards/eWallet, you can diversify your options in other Asia markets. For example, Indonesia’s older audience prefers cash on delivery.
Many Asian SMBs typically rely on SWIFT wire transfers to manage their international transactions. Wallex also uses an intelligent routing system that deploys SWIFT or Local transfers depending on a combination of factors like the urgency of a transaction, amount, currency corridor amongst many others.
Need a smart, low-cost payment solution for your business? Use Wallex! We offer easy currency conversion and payment/transaction solutions for a borderless business. We’ve worked with successful companies in Asia, offering them a fast solution for their global payment and currency exchange needs.
You can manage over 40 currencies, accept and make payments to over 180 countries and make the strategic conversion at reasonable rates on just one platform.