Updated September 2022. All markets have their ebbs and flows, with growth and stability usually lasting for a few decades or even a few generations before things simmer down. Knowing where opportunities for commerce and investment can be found, along with when and how to jump into the mix, is crucial if you’re looking to invest your money or expand your business. At the moment, the hottest and most fast-paced markets can be found in Asia, with countries like China, the Philippines, India, and Indonesia leading the way. Here you’ll get an idea of the sort of opportunities available throughout Asian markets. You’ll also receive advice on how to expand into these Asian economies through translation into Asian languages in collaboration with a qualified language service provider.
Emerging and Expanding Businesses:
Asia is rife with growing business endeavors, and already features a number of large corporations that started very humbly between the 1990s and early 2000s. China’s Alibaba group alone has created multibillion dollar business enterprises equivalent in style to Amazon, eBay, and Yahoo. India is seeing a growth in the motor vehicle industry, as well as in pharmaceuticals and various technology sectors. Countries all across the board, like South Korea and Japan, have put serious efforts behind changing and enhancing corporate and commerce laws and tax regulations, and streamlining the processes that allow foreign investors into their country.
These markets haven’t had to deal with the same sort of economic recessions as Western markets have in recent years, meaning that their growth rates and overall stability tend to be higher. In a list published earlier this year, experts showed that of the top 20 countries with the best economic growth, 9 of them are Asian nations. Only three Western nations – Poland, Mexico, and Ireland – were represented, taking slots on the bottom of the list.
The Chinese Market:
Of all of the countries in Asia, China is the undisputed economic leader. Once you take a look at Chinese demographics and consumer trends, it’s hardly difficult to understand why. Not only has China been rapidly expanding its industries and infrastructure, it’s also been playing witness to an emerging class of serious consumers. While the baby boomers of Western nations are heading into their senior years – thus spending less and taking fewer invest risks – China’s baby boomers are coming into their late 20s and early 30s.
This generation of Chinese citizens has reached an age in which most are finished with their education, and they’ve had time to expand their careers and save money, meaning that they’re ready to buy and invest. Being of a younger generation, they’re also looking for expansion opportunities of their own, meaning that they’re far more likely to invest in new business ventures, including those of foreign companies.
How Asian Consumers Approach Product Purchasing
The way in which Chinese consumers – indeed many Asian consumers – approach the purchasing of products is quite different compared to their Western counterparts. Smartphones and social media have done a lot to alter the way in which consumers shop and businesses present themselves throughout the world, but, in Asia, consumers are far more likely to use their phones to make purchases than any other electronic device. For businesses looking to expand into Chinese and other Asian markets, this fact provides crucial insight regarding how best to target various demographics.
Not all businesses in the West pay attention to how their websites appear and operate on a mobile device, sometimes making it more difficult to conduct purchases on a phone. For those wanting to set up shop in Asia, it would be imperative, then, to invest in mobile compatible web designs as well as various apps that would further enhance the shopping experience.
“When in Rome…”
For anyone looking to invest or expand throughout the Asian market, it’s essential that you have access to language and culture services. Put quite simply, you’re going to need translation into Asian languages. Also, business is often quite different in Asian countries, and knowing beforehand all of the nuances associated with each country’s business practices will ensure better success. Various dialects and languages are spoken throughout each individual nation, so having a quality language service at your disposal is essential for doing business. Such service agencies can allow you to create flawless marketing tools, pass along vital information, and approach your clientele or basic consumers in a way that’s not only understandable but also relatable and persuasive.
In order to get people to buy from you or invest in your business, you’ve got to be able to convince them that it’s the right decision, and you can only accomplish this when you understand the language and culture. Networking and maintaining contacts will also help keep you updated on emerging business trends and help you avoid various pitfalls. Before any of this can happen, though, you have to make that initial decision to take part in the Asian boom. And again, you’ll need to make translation into Asian languages a key part of that effort, ideally with a trusted language service provider at your side.
Consider a Partnership with TrueLanguage
Are you looking for a partnership with a language service provider? If so, you may wish to consider TrueLanguage. We offer ISO-certified state-of-the-art business translation services that are on budget, on time, and to the exact specification. Every time. Or perhaps you’re just looking for a cost-free, no-obligation estimate for your next translation project. Either way, we’d love to hear from you!
