Starting an E-Commerce Company in Asia
In the Asia Market, including Singapore and Indonesia, there are numerous opportunities. Asia is one of the world’s fastest-growing regions, with more advanced development and burgeoning industries.
For E-commerce, the Asia market, particularly Southeast Asia regions like Singapore and Indonesia, is profitable. The eCommerce market in Asia is exploding; millions of individuals across the region shop online, and the number is growing every year.
When starting an ecommerce business in Asia, there are a few things to keep in mind.
- Size of Market
As previously indicated, the Asian market is fiercely competitive. Focus on one location or country at a time if you want to start a business. Rather than launching your product across Asia, focus on a few significant markets, such as Singapore or Indonesia, and build your way up. Aside from that, you must be realistic in your estimates. This implies you must not only identify the size of your market, but also be certain of your customers’ demands and desires.
- App Opportunity
Due to the rapid digitization of the business sector, mobile applications have become the personification of business. This necessitates a fluid and flawless mobile application, which is a primary driver driving up demand for mobile app development and testing centres. The mobile application and testing solutions market is predicted to increase significantly between 2020 and 2030 as a result of this need. The market is expected to grow at a healthy 17 percent CAGR throughout this time period, reaching a revenue value of US$ 25 billion by the end of 2030. (2020, PR Newswire Asia).
Consider investing in a shopping app in addition to a mobile-friendly website. Shopping applications currently account for up to 66 percent of mobile sales for companies that use both online and shopping apps.
E-commerce enterprises must have a brand image and strategy that considers the cultural characteristics of the Asian market. Between countries, there is a significant cultural and economic separation. As a result, a one-size-fits-all approach will fail. From one country to the next, tastes, fashion, languages, religion, and interests differ. 75 percent of buyers are believed to be more likely to buy products that have thorough information in their native language. (Ecommerceiq.asia) As a result, it would be great for all e-commerce enterprises to understand the needs of each market by providing local content, running specials around local holidays, and using recognised faces in advertisements 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.
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.
Get in touch with Wallex today to create an account or learn more about how our services can help you.