Should I expand My Business in Asia?

Expanding business internationally is a challenging task at any time. 

With the current geopolitical tensions and increasing uncertainty, you'd be forgiven if you thought this wasn't the time to risk an overseas launch. 

If in more than 50 years many developing countries were able to become richer and make significant progress, Asia is on its own new level.  It has become richer, faster than any other region in the world. Recent forecasts predict that Asia will add more than 60% of global growth by 2030, making the global economy mostly dependent on Asian markets.

Here are some reasons why you should consider Asia as your expansion destination in the near future.

Huge pool of potential customers

With approximately ⅔ of the world's population living in Asia, the continent in the past decades has experienced a massive technological boom, which has allowed many of the region's economies to overtake Western country's GDP in terms of growth.

Such a huge population represents a large market of potential customers, as well as a market of upcoming talents. The fast-growing population combined with the booming tech industry suggests a steady supply of promising entrepreneurs, and professionals- likely willing to spend on premium products.

Growing spending power and influence

Millennials are expected to spend more than a trillion dollars this year. With jobs’ paying checks growing more and more, their average spending is growing at a higher rate when compared to any other age group. They are also the largest users of social media.

Well-traveled and informed

In the last decade, the tourism industry has tripled in size.

With traveling becoming a growing trend, Asians are moving around the world and becoming more aware of western brands and most of all, of the quality of their products. They later expect to find those brands in their homelands' retail shops. 

Room for innovation

Continuous development and innovation of Asian markets is what is really exciting. Unlike mature markets, Asia allows enormous room for innovation and opportunities where businesses can experiement new products, tech tools and innovative marketing campaigns.

Although Asia offers many opportunities, it takes time and patience to see results. SMEs need to be ready to dedicate time to actively educate prospective clients about their products, invest in marketing and storytelling and be flexible to adapt to Asian markets.

Last but not least, finding a trusted local partner is what helps businesses to really succeed in foreign markets.

Texere offers its strong retail experience combined with a trusted network of partners and distributors, allowing a fast and sustainable market penetration. If you are interested in finding out how to grow your business in Asia, reach out to us for a free consultation at info@texereadvisors.com