The Asian market has seen the most rapid growth in its economy in the last decade, and the trend is projected to continue for the next few decades to come. As China cements its position to become the world's largest global economy, India and Indonesia ascends at a rapid pace to form two of the top global economies, alongside established Asian countries like Japan and South Korea. Asia counts for approximately a third of the global GDP collectively.
Already representing such a significant chunk of the global economy, Asia's growth is still set to continue rocketing, according to a study conducted by PriceWaterhouseCoopers, suggesting that China, India and Indonesia could become 3 of the 4 biggest global economies by 2050.
Innovation and development for all market sectors in Asia is, unsurprisingly, moving at a vigorous pace as many areas are now starting to gain global influence. With over half of the world's population located in Asia, its potential for growth is somewhat difficult to fathom. As advancements in technology matures, productivity increases across the board, leading to accelerated growth both in Asia and globally.
Establishing that the Asian market is lucrative is logical and a no-brainer, as statistics speak for themselves. But how to succeed in the Asian market is a completely different story. Countless numbers of SME's (small/medium sized enterprises) have failed to gain any traction in Asia and there could be a number of factors hindering success. It is important to consider the following:
Do not make the same mistakes others have already made countless times. It takes a lot of hard work and smart thinking to succeed in the Asian economy. Rushing to market without a plan will most likely waste valuable resources, needless to say increasing the chances of failure.
A sound strategy is a good starting point to get an overview of whether there is a market, its feasibility, possible obstacles (both legal and operational) and whether the timing is right.
Request a callback with Strategy Hubb to see how we can assist in all these areas to ensure your business is entering the the right-fit market, at the correct time.