The Asia Pacific region is on the roll despite numerous setbacks caused by political unrest and natural disasters. And we can owe it all to several factors that contribute to its steadfast position as a major global economic driver.
For sure, the region is expected to grow significantly for the year 2018. Writing for E-Consultancy, Research Analyst Jeff Rajeck is seeing a potential for greater growth in the countries that comprise the Asia Pacific sector. He is able to point this out based on several developments, one of which is Amazon’s expansion into the Australian and Singaporean markets. That being said, the online retail giant’s venture into new territory will certainly impact the way major brands in the region will handle their marketing campaigns.
Dubbed the Amazon effect, this situation will surely see major companies on Singapore, Malaysia, and the Philippines to up their game in an effort to secure their positions from a looming “land grab” by Amazon. For Rajeck, such a situation is both a threat and a benefit. But a lot of emphasis has to be put on the latter since brand will consider overhauling their strategies and find better ways to market their products and services. It’s only a matter of taking into account the following approaches:
- “Consider whether it is still worth pursuing their own e-commerce sites, or whether they should outsource the online customer experience to the marketplaces.”
- Rethink current marketing strategies and consider whether to sell their products and services exclusively through their sites.
- Hiring the right skill sets and talents to better address marketplace concerns.
Without a doubt, this situation will require brands to become more aggressive in the face of a large of influx of foreign capital into the region. But what does this have to do with international B2B enterprises that want in on the action?
Well, it’s still a question of strategy. Local enterprises will certainly equip themselves to protect their hold on the local market, so international companies will have to focus on strengthening their brand’s appeal to compete effectively. On the other hand, it’s also a question of knowing where to invest. The Asia Pacific region pretty much covers a wide area, encompassing countries that have their own norms and attitudes towards business.
That being said, B2B companies will need to place their foot on areas where there is a high potential for growth.Luckily, we have prepared a list of the top markets for the international B2B crowd. If you feel the need to expand your products and services to include the Asia Pacific sector, here are best places where you can establish a beachhead.
Related: Making B2B Lead Generation Work for Consulting Firms in APAC
With a robust services sector, this subcontinent is expected to enjoy massive growth by 2020 – if it is able to come up with the proper economic reforms. For a country that has so much potential due to its population, India has seen dismal numbers in the better part of 2010, according to a 2013 article published in the EuroMonitor International. Nevertheless, we can expect important sectors such as retail to rise on the strength of disposable household incomes. And with the demand for consumer electronics rising along with social media penetration, the country will certainly keep up with its neighbors in due time.
There’s no doubting Singapore’s strong grip in the electronics and manufacturing sectors in Southeast Asia. And as this tiny city-state continues to progress well into the next decade, we can anticipate a more internationalized market by 2020. Besides, the World Bank has ranked Singapore as “the second easiest place to do business,” and this is surely enough to keep foreign investors interested in establishing a presence there, particularly in the healthcare and telecommunications industries.
Related: 5 Business Development Ideas for Singapore B2B Products
Political issues have hardly affected the services sector for which this country owes much of its growth. One thing’s for sure, the Philippine still enjoys an ever-increasing consumer spending index, which comparatively higher than global averages. This along with policies that allow the smooth entry of foreign capital will continue to contribute to the country’s strong showing as an important player in the region. The business process outsourcing environment it is known for will continue to entice B2B players into expanding their reach in Southeast Asia.
Related: Callbox on Money Mind Singapore: What a CEO Had Known About the Philippines