"There is nothing so terrible as activity without insight."
Johann Wolfgang von Goethe
Insights are crucial when it comes to expanding business into Asia. These are the key facts or essential information that you cannot afford to overlook. The Asia Pacific markets are dynamic and significantly distinct from the Western world in many ways. Therefore, understanding the nuances and peculiarities is essential for success in the Asian market. Adapting to the cultural, economic, and social differences is crucial to effectively navigate the diverse Asian landscape. Whether it is understanding consumer preferences, local regulations, or business practices, having valuable insights is the key to unlocking the vast potential that Asia offers.
By leveraging these Asia insights, businesses can make informed decisions and develop market entry strategies that are tailor-made for the Asian markets. Thus, insights act as a guiding light for companies seeking success in the Asian market.
Asia Business Insights
Alan Talks Asia: Guest of The Brand Called You
Ashutosh Garg's podcast The Brand Called You invited Alan Wong to be the guest to share how Western companies venture into and achieve success in the Asian markets.
Unraveling South Korea's Cold Brew Craze
We would like to share our exploration into one of the most fascinating cultural quirks of South Korea: their steadfast love for iced coffee, regardless of the harsh winter chill!
Localize to Monetize: Unlocking Asian Market Potential
Expanding your business to the Asian market is a lucrative yet complex journey. Our new guide provides invaluable insights into navigating through the diverse cultures, languages, and market dynamics of Asia!
Asia Digital Media Channels Cheat Sheet
As businesses look to expand in the Asia-Pacific region, understanding the digital landscape is crucial. While global platforms hold significant sway, local platforms often dominate their home turf. For businesses to succeed, a blended approach that considers both global and local platforms might be the key to effective engagement.
Asia Facts and Questions
Should I invest in Asia?
"If you don't have an Asia Pacific expansion strategy, you will be left behind." In today's interconnected world, expanding into Asia Pacific is a necessity for startups who are ambitious enough to become a global player. Every Startup should expand into Asia Pacific to reach a market that has 4.7 billion people which is 60% of the world's population. Asia is the fastest-growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world.
What is the top economy in the world?
The largest economy in Asia as of 2024 is China, with a nominal GDP exceeding $19,374 billion. Following China, Japan and India are the next largest economies in Asia based on their GDP rankings. South Korea, Australia, Indonesia, and Saudi Arabia are also significant economies in Asia. South Korea and Australia are known for their advanced industries and high living standards. Indonesia, with its large population and abundant natural resources, plays a key role in the ASEAN economy. Saudi Arabia, predominantly known for its oil wealth, is a major player in the Middle Eastern economy. More about What are the emerging markets in Asia?
Which industries do Asian companies excel in globally?
Asian companies are particularly dominant in sectors such as manufacturing, consumer electronics, industrial electronics, electric vehicles, and semiconductors. They significantly contribute to the GDP of various Asian countries and hold a substantial share of the global market.
What is the language of business in Asia?
The primary languages for business in Asia are Mandarin, Cantonese, Japanese, Korean, Vietnamese, and Thai, with English also playing a significant role. Each of these languages is important in specific regions and industries within Asia.
What is the startup's failure rate in Asia?
A recent Tech in Asia report on Southeast Asian startup closures notes that 16.1% of all startups in Singapore and 15.2% of all Indonesian startups have shut shops to date. 9 out of 10 firms fail in the conventional startup ecosystem in India. Roughly 20% of startups fail within the first year in Japan. The possible reasons are due to a combination of factors including inexperience in scaling, lack of localization strategy, inappropriate business models, intense competition, financial constraints, team issues, and the complexities of the startup ecosystem.
How can companies manage risks when entering and scaling in Asian markets?
Managing risks in Asian markets involves understanding and complying with local regulations, navigating complex tax laws, protecting intellectual property through local registration and enforcement, and adapting to diverse legal systems with the help of local expertise. Companies must tailor their strategies to each country's unique legal, economic, and cultural environment.
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