Expand Retail Business Like A Local – Gain More Revenue in Southeast Asia Market
The Southeast Asian region is currently experiencing a boom, as many business owners begin to recognise the impressive opportunities for business growth it offers. Thanks to its growing consumer base, this part of the world presents great potential for companies keen to expand overseas, however, it’s essential to understand the importance of localisation for their business strategy and operations to capitalise on the available opportunities to the maximum.
Why Expand to Southeast Asia?
There are many reasons why retail businesses today are eager to expand to Southeast Asia. Moving into diverse markets offers companies unique opportunities, and with its rising consumer base, high population, rapid economic GDP growth and growing middle-class spending power, the Southeast Asian marketplace is highly desirable at the current time.
There is also a high rate of digital adoption in this region, with extensive internet traffic and a strong social media influence. With more people spending time on their mobile phones, and scrolling through social media platforms, it makes sense to tap into this buying power by localising adverts and retail products to increase brand awareness.
How to Do It Like a Local
There are several steps to enable you to harness the buying power of the Southeast Asian market. Firstly, thorough market research is required to develop a comprehensive understanding of the diverse culture of this region as well as to determine local consumer preferences when it comes to retail businesses.
Once this stage is complete, partnering with local companies is the best solution to ensure an easier entry into the marketplace. It’s also vital to ensure that there is full compliance with local regulations, and to that end, engaging with the local authorities and securing the most effective partner to aid in penetrating the market is crucial.
Localisation is essential in order to adapt the company’s products, branding, marketing services, and approach to engage effectively with the local market in line with the region’s traditions and customs so as not to inadvertently cause offence or deter customers.
Localisation Strategy
Developing an effective localisation strategy is the key to successful business expansion into the Southeast Asian marketplace. Designing products and marketing materials carefully so that the terms and words used meet the local taste will ensure maximum appeal to this new retail market.
Effective localisation also extends to the brand’s online presence. Social media content and brand websites should be created specifically for this new market, in the local languages and tailored to suit the preferences of Southeast Asian consumers. Harnessing the power of local e-commerce power can make an enormous difference to retail businesses branching into a new marketplace, and localised apps can give companies the power to tap into a far wider local audience.
There are other important localisation aspects to consider too. Hiring local staff ensures that offline stores can be managed effectively on the group and customer support provided seamlessly to local consumers in a language and style that they can understand and engage with.
Promotional strategies, packaging, and pricing also need to be localised, with market research playing a crucial role in developing the correct approach and costings.
Successfully Tapping Into Opportunities in Southeast Asia
To successfully tap into opportunities in Southeast Asia, you should start planning your expansion strategy now. Your first step is to invest in your understanding of the Southeast Asian marketplace and work on adapting your retail approach to suit this new target audience. Elite Asia Retail and E-Commerce Localisation is the ideal solution, enabling you to connect and engage with this vibrant emerging market in the most effective manner.
