E-commerce is the future of retail. In the modern world, consumers are looking for convenience and value all the time. This is one of the reasons why e-commerce is growing so quickly in Asia. In fact, it is predicted that the e-commerce industry in Asia will grow by 10.5% CAGR between 2018 and 2022.
The e-commerce market in Asia generated revenue of $1.9 trillion in 2018, while it is expected to grow to $3.3 trillion by 2022.
If you are looking to succeed in ecommerce in Asia, you should have a firm understanding of the current landscape and the opportunities available to you. To help you succeed in ecommerce in Asia, we have compiled this list of the top 10 ways to succeed in ecommerce in Asia.
Set up your e-commerce site in a region where you see the most growth potential
The easiest and most effective way to succeed in e-commerce in Asia is to set up your e-commerce site in a region where you see the most growth potential. The best way to do this is to open an e-commerce site in a country where you have a local presence. Having an online store in a country where you have a large local presence gives you access to an existing customer base and an established channel. This is a much more cost-effective way to start your e-commerce business in Asia than setting up an e-commerce site from scratch in a new country.
Of course if you’re a start up then it makes sense to start in your home country, where you already know the language and understand the local market.
Use advanced technologies to build a strong product and provide excellent customer service
The Internet has changed the way consumers shop. People now have more choices than ever before when it comes to the products they buy. Consumers expect excellent customer service when they shop online. Having a responsive and user-friendly website will get you off to a flying start. You can begin with an of-the-shelf template to start but the sites which grow over time add proprietary features targeted to their customer’s needs.
Be agile and experiment with new business models
New players are entering the market every year and offering consumers more choice than ever before. As e-commerce continues to grow, competition among e-comm businesses will also increase. This makes it all the more important for companies to stay ahead by experimenting with new business models. For example, companies with a physical presence can add pre-order features for customers to avoid lines, or features to improve overall customer service. By creating an online platform that responds to customer needs, this model can generate more leads, drive more sales, and increase customer engagement.
Create a local presence and build trusted relationships with your customers
Customers want to do business with companies that have a local presence. Having a local presence means that a company has a physical presence in a certain location. This can be a warehouse, a store, or an office. In many cultures people wan to know there’s a local contact who will help them if there is an issue.
Having a local presence makes it easier for a business to serve its customers and generate repeat sales. It can also help you build trusted relationships with your customers. Once you have built a relationship with a customer, they will be more likely to continue to do business with you.
The e-commerce market in Asia is growing at a rapid pace, which means that there are plenty of opportunities for new businesses to succeed. It also means there is lots of competition. But with organizations like ASEAN it is getting easier to expand outside of your home country. Start locally, expand nationally, grow regionally and then go global. If you’re a success with local consumers, global ones should be interested as well.