While the European market has a lot of potential, it would be a great idea to explore other markets and expand your revenue. For instance, Asia is a good market because it has shown tremendous growth over recent years with many online marketplaces coming up.
Thus it would be a good start for online businesses looking to explore overseas markets. This article highlights some of the reasons why online businesses should consider the Asian market.
Asia has a total of 50 countries and a population of over 4 billion. According to Statista, its most popular country, China, had a population of 1.38 billion by 2016. Of the 1.38 billion, over 60% are between 16 to 59 years.
In the light of these statistics, it is evident that a business can easily find a market for its products in the large population. You just have to do your research well and know the group your products can target.
Asia Is The Fastest Growing Region In The World
Asia is the fastest growing region and is expected to maintain that pace through 2030. The economy is also becoming more stable as governments have put a lot of effort into stabilizing their countries after the financial crisis they faced in the 90s.
With the rising growth and a stable economy, the region is attracting more investors. This has led to an increase in job opportunities and better salaries for the Asian population. Of course, as they earn more, their spending also increases and this benefits all businesses.
Asia is a good market because it has not been left behind in embracing technology for e-commerce. There are a number of online marketplaces and thus you don’t have to go to Asia to sell in Asia. You can sell online and ship the goods once customers have placed their orders.
The most common online markets are Alibaba and AliExpress. According to Statista 2017, Alibaba received 488 million visitors in the third quarter. The marketplaces are not only popular in Asia but worldwide.
Thus, you listings can reach not only the Asian market but also buyers in Africa, UAE and other parts of the world.
Multiple Payment Options
Many e-commerce owners miss out on making sales due to a lack of customer’s preferred payment options. Most Asian countries have a number of payment methods and thus this should not be seen as a barrier.
In China for instance, customers can make payments using credit and debit cards, WorldPay, Skrill and 2Checkout. For India, the available options are credit and debit cards and Skrill.
The payment options in each country change with time thus you should check for updated information at the time you decide to explore these markets.
Final Word On Why Asia Is A Good Market For Your Business
Expanding your online business to multiple countries allows you to grow your customer base and make more sales. However before you expand, do your research well and familiarize yourself with the target market.
Plan all the details carefully including shipping, payments and the marketing strategies you will use to get the attention of customers in each area. Remember, even with a large population to sell to, you still have to work on making your brand visible and convincing customers to buy.