Is your company interested in expanding to Asia?
Exponential growth potential is happening in Asia as it is one of the world’s fastest growing regional markets. The projected GDP growth rates for South East Asian countries such as Vietnam, Indonesia, and the Philippines is expected to average over 5% per annum from 2014-2018! With the new found purchasing power this entails, Asian consumer markets are very eager to get their hands on foreign goods, products and services.
The rapidly growing retail consumer age in Asia averages between 18-26, so young tech-savvy Asians with resources are out there looking for what you have to offer. How so? If you’ve never lived in Asia before or if you are not familiar with the difference in buyer perception, one very important thing you have to understand is products and goods that may seem like run-of-the-mill can easily become hot ticket items in these new markets!
Case in point: I bet you’ve eaten at McDonalds before, right? For most people from Western countries, McDonalds is on every corner and is never regarded as a “gourmet” restaurant - but did you know that in April of 1992, when McDonalds opened its first branch in Beijing, it served over 40,000 customers on its first day of business! Elderly Chinese people were even taking pictures in front of the Golden Arches and celebrating special occasions there just because it was an American restaurant in China. Who would have thought?
Most think of fast food restaurants as a place to just grab a quick bite when they don’t feel like cooking, but to the Chinese at the time it was like eating at a world-class gourmet restaurant! If a fast food chain has that type of market potential in Asia, then a business like yours has unlimited growth potential as well!
Below are what we can do to help your company plan its initial expansion strategy into the emerging Asian markets.