Asia is a large, populous continent where e-commerce is booming. The continent opens up a massive door of opportunity for businesses wanting a piece of the e-commerce pie. But which country in Asia should you be looking at first, especially seeing that China is seen as the doorway to breaking into the Asian market?
China
China did once dominate the Asian e-commerce market, but there are other lucrative markets too, and WPIC is a reputable business partner, providing exactly what you need to get your business go-ing in these lucrative Asian marketplaces. Find out more on wpic.co.
China is still the world’s biggest e-commerce market with the biggest online e-commerce population. Well over 700 million online shoppers shop for clothes, luxury gadgets, food, and toys. Covid-19 has contributed to the steady rise of the China e-commerce market and many companies have had to switch to an online business model.
Businesses are targeting China’s lower-tier cities as a part of their expansion efforts to dip into the current lucrative e-commerce trends in China. Expanding into foreign markets requires a good busi-ness partner who can represent your products.
Philippines
Just as in China, Covid-19 has increased demand for e-commerce in the Philippines. The country has a thriving Internet and mobile economy and a developing market economy. With the economy improving, together with an Internet and mobile-savvy market, the country ranked no less than 50th in the Global Innovation Index in 2020.
They have the Philippine Innovation Act and the Innovative Startup Act, both designed to further the innovation environment by providing incentives and subsidies to startups. They provide visas for foreign investors and provide assistance to startups, such as helping with the process of registering a business.
Indonesia
With the solid growth of the e-commerce industry in the Asia-Pacific country, Indonesia is worth considering when setting up an ecommerce business. With the pandemic, online shopping has become the norm and e-commerce businesses are reporting higher volumes of online sales.
Indonesia is expected to be counted as Southeast Asia’s largest digital economy by 2025. To be part of this growth, it will be important to understand local regulations for e-commerce business in In-donesia, which means knowing a reliable and trustworthy full-service business partner to help get you established in this lucrative Asian market.
The country has embraced digital technology and it has a growing digital ecosystem featuring online commerce, financial services and media distribution. Apart from creating business opportunities, the development of digital Indonesia has had a huge impact on citizens in the form of new jobs and greater connectivity.
India
Both Covid-19 and e-commerce have transformed the way business is done in India, and its e-commerce market will grow to US$ 200 billion by 2026. This is because of the massive usage of the Internet and smartphones.
E-commerce has also been encouraged with the launch of 4G networks. There are major develop-ments in the Indian e-commerce sector and top international businesses have made remarkable in-vestments in the Indian e-commerce market already.
It is thought that the Indian E-commerce industry will become the 2nd largest in the world by 2034. Technology-enabled innovations such as digital advertisements and digital payments will support this amazing growth.
Vietnam
Vietnam in Southeast Asia has China as its neighbor and similar to this neighbor, it has a rising e-commerce industry that will reach roughly US$9 billion by 2025. This figure shows that the country represents great opportunities for investors.
Businesses doing well in the country are toys, furniture, fashion and electronics and the country is enjoying plenty of foreign investment in these lines thanks to enhanced Internet access.
The country also has a rapid development of 4G infrastructure which has brought down mobile In-ternet costs. This has increased the country’s mobile phone base. The huge Internet user base and affordable Internet access have influenced the e-commerce industry and the vibrant digital economy makes the country important for investigating new business opportunities.