If you enjoy keeping up to date with the latest international business news and developments, Yigang Tang believes it’s well worth continuing reading in order to learn about the recent transformation of businesses in Asia.
The transformation of businesses in Asia explained:
1. Asian businesses have quickly learned the importance of marketing their products and services to a wider digital audience
While in the past businesses in Asia may have targeted their goods and services to traditional groups of consumers, in the past few years Asian businesses have started to heavily target online consumers and have begun to heavily invest funds into finding new ways to digitally market their goods and services.
As an example, Asian businesses were some of the first businesses to harness the power of social media in order to sell countless products and services to Millineals.
2. Asian businesses have begun to sell their products and services to a global audience
As most Asian nation’s boast massive populations, in the past most Asian businesses would focus primarily on targeting domestic markets. However, in the last few years, a large percentage of Asian markets have started to market their goods and services to an international audience, who have billions of dollars to spend on their goods and services.
What makes Asian businesses so attractive to western consumers? Asian businesses offer a different business model to most western businesses, a business model which gives power to the average consumer. As an example, many Asian businesses adopt business models which are focused on mass producing products, so that they can offer products to their customers at a heavily reduced price.
While most western businesses prefer to sell fewer products at a higher cost, most Asian businesses choose to sell a higher number of products at a lower cost. As they correctly believe that consumers are far more likely to purchase products if they are offered at a low price point.
Asian businesses also try to win foreign customers by offering free shipping, whilst most western businesses still charge customers for delivery costs.
3. Asian businesses have realized how important is to offer the latest trends when it comes to brand new products
Asian businesses have become incredibly proficient in not only recognizing and exploiting new trends in products and services but also developing new trends and marketing them to a global consumer base.
Also, while most western businesses focus on producing classic products, or signature products, Asian businesses have learned how to exploit trends for as long as they can, before quickly moving on to produce the latest trendy products.
4. Asian businesses have begun to employ foreign nationals who’ll be able to provide brand new ideas for their businesses
In recent years Asian businesses have begun to employ a higher percentage of foreign nationals, who’ll be able to provide innovative new ideas for their companies.
In conclusion, after reading four different ways in which Asian businesses have transformed in the last few years, you should understand why Asian businesses are consistently expanding and going from strength to strength!