Singapore Consumer Behavior and Its Growing Sectors

Understanding Singapore consumer behavior is truly crucial today, especially if you are targeting the country to expand your own business. Singapore’s population reaches 6.2 million people with 74.3% of them being Chinese. Only 13.4% of them are Malay and only 9% of them are Indian.

About the households in Singapore, 12% of them count only one person while 39% count 2 to 3 people, 38% count 4 to 5 people and 11% count 6 people and even more people. A hundred percent of Singapore’s population is urban people. How can you understand their behavior?

The Standard and Behavior of Singapore People

Singaporeans enjoy a high living standard. They also love to buy foreign products. Singaporeans are all brand conscious and they are also cautious and very loyal in exploring the alternatives. Those people really love the new products while remaining loyal to the familiar branding names.

Singaporeans are willing to try the new products once they feel assured, especially about the service of customer care and the quality of new products. The consumers in Singapore remember some factors including quality, service, and price when they are making the purchasing decisions.

The price must be extremely competitive since Singaporeans love to bargain. One thing to keep in mind is that Singaporeans’ spending power is still increasing.

Singapore Consumer Behavior and High Demand

Singaporeans’ spending power is still increasing as well as the more sophisticated preferences are driving the demand especially for products in more premium quality. The growth of online shopping is incredible since the tech savvy population in Singapore starts looking for cheaper products.

About 80% of the millennials in Singapore prefer shopping online in the last 12 months. And 69% of them have done cross border online shopping. This is an incredible number for business inside and outside Singapore. It is all supported by the high homeownership rates.

Growing Sectors in Singapore

Since technology is growing fast and incredibly in Singapore, some growing sectors include the computing sector, telecommunications, cybersecurity, and financial technology. Some other sectors that are growing in Singapore are building products, medical sector, and university education services.

Health supplements, fitness equipment, stationery, bags and accessories, and also household appliances also grow beautifully in Singapore. Singaporeans need those products since they live in their own home and they are free to fill the house with anything they desire.

With the wonderful tech growth, Singaporeans can get whatever they desire. Understanding Singapore consumer behavior like this is going to help you find the right sector to enter the market.

Enter Singapore Market Successfully

We have an experienced team that will help you enter the market in Singapore by conducting research about Southeast Asia consumer trends, creating market entry strategy to Southeast Asia, and trying to understand the competition in the Singapore market.

Southeast Asia is a huge opportunity waiting for businesses outside. Almost all countries in Southeast Asia offer brilliant consumer behavior and high demand for many foreign products. But entering the market and winning the competition can be challenging if you don’t have the right strategy.

 

3 Market Entry Korea Strategies to Expand Business

Understanding the strategy of market entry Korea is highly crucial. Expanding business to the new market will allow your company to reach many more new customers. Your revenue will also grow massively by expanding the business to the new markets.

But entering a new market is not simple. The process can be really hard and full of complications. The right strategy to enter Korean market is to maximize the chances of success when you finally move into Korean new market.

Most Famous Strategy of Market Entry Korea

Direct exporting is one of many strategies used to enter a new market that you may also consider to enter Korean market. This strategy is when you export the products you have directly to new markets. You must handle the entire process aspects independently.

Those process aspects will include transport, payments, and operations of your products in the Korean market or the other new markets. This strategy will require more time and resources than working with the intermediary. There are many things you should do.

You must create the exporting infrastructure, make and also receive the international payments, train your employees, and many more challenging tasks to do.

Indirect Exporting Strategy to Enter Korean Market

This other strategy will involve working with the intermediary. The strategy has many advantages, including lower risk. The third party who is experienced is going to handle the process of exportation and this is going to minimize the failure risk.

Since there is an intermediary to help, you can focus on the business you run and on domestic markets. No need to worry about the business you expand to the new market, whether it is in Korea or in the other countries. Besides, you are also required to provide fewer resources than the first strategy above.

However, you need to pay the intermediary which means the profits you get will be lower. Besides, you’ll also lose full control over the marketing and sales abroad.

Producing the Products in Your Target Market

Another strategy chosen and used by many businesses is producing the products directly in the market they target. This is going to save the transport cost and avoid many challenges in logistics that are involved when you choose to export the products you have abroad.

However, there are challenges you need to face in manufacturing the product abroad. There will be some possible risks, legal issues, issues related to costs, and many other challenges. Conducting Korea market analysis will help you find the right strategy to expand your business to this country.

Entering Korean Market Successfully

Entering a brand new market will be rewarding and will let your business to grow and move to a higher level. It is really crucial to research the entire possible options. You must also make sure that the strategy you choose is the most effective and safest one.

Thoroughly researching the market entry Korea will help you understand the potential as well as the position of your product. Our experienced team is going to provide the best strategy for you to enter and expand to Korean market.

How To Solve Business Challenges in Taiwan

Taiwan has made great efforts in recent years to maintain an important role in global economic development. This role is able to be owned by the country because it is able to overcome business challenges in Taiwan

Several regions of the country have made the transformation from a back yard, to a place that is centered on agriculture and able to play a role in the economic turnaround in the production of high-tech goods. Here is another explanation that we have presented below.

Overcoming Challenges by Becoming an Economic Creditor

As you already know that Taiwan is one of the countries that is able to survive in some conditions, and keeps its economy stable. The country is one of the economic creditors that is able to hold one of the largest foreign currency reserves in the world, and has been through various crises. 

Its population is also a challenge in developing products that suit the needs of the community. This challenge is an opportunity in Taiwan even though it was once an economic creditor on a global scale.

In addition, this country has succeeded in becoming a company magnet and is able to strengthen a global scale economy with the strength of its business strategy. 

This country has always been able to create opportunities from the challenges that exist, one of the history has recorded Taiwan’s agricultural journey which is able to generate large profits from the export process with the large presence of edamame in several countries.

Business Challenges in Taiwan as The Opportunity

By reviewing the challenges of the dense population of Taiwan, you can see various opportunities that you can prepare to be able to compete in developing the global economy. One of them is by using market research taiwan as data to implement digital strategies. 

The digital strategy used must certainly develop a modern financial system to facilitate sales transactions on a global scale. 

In addition, after you get data from the target market in Taiwan, determine what business you will focus on in accordance with the target market. By doing this, you can develop the right technology that suits your existing target market.

Strategy in the digital world can be a good opportunity, because Taiwan’s large population will be equivalent to the use of technology. You can adjust these technological developments, if you have determined the solution point for the target market.

Solutions for Taiwan’s Business Challenges

The first reliable solution is to make more realistic predictions. The predictions that you will do must be made in order to be able to pass business challenges, and produce these predictions will also be related to changing market trends, global economic conditions, and developing international issues. 

Business challenges in Taiwan has diversity that can be learned. You must be able to determine in advance the market to be targeted, so that developments can be more effective. Here provides a variety of information that you can use to develop your business in Taiwan.

Market Trends and Needs in Logistics Industry in the Philippines

The logistics industry and freight market in the Philippines is segmented by the Function. There is freight transport, warehousing, freight forwarding, cold chain logistics, and value-added services. It is also segmented by the end-user.

The logistics market that is segmented by the end-user includes manufacturing and automotive, oil and gas and quarrying, construction, agriculture, and distributive trade which includes retail and wholesale segments.

The Philippines’ Logistics and Freight Market Overview

The market of logistics and freight in the Philippines is expected to grow. Along with the new web technologies that are introduced to the Philippines as well as the E-commerce operations that are surging, the last mile logistics becomes more popular in the Philippines today.

Many warehousing and distribution centers in this country are turning to robotics and new technology in order to help increase the overall productivity, efficiency, and accuracy in the near future. Besides, the National logistics master plan has been introduced to advance competitiveness.

The country’s competitiveness can be advanced through the efficient logistics and transport establishment that is going to contribute towards the resilient and robust economy of the Philippines.

Key Market Trends in the Philippines’ Logistics Industry

According to the World Economic Forum, the Philippines is 96th out of 141 countries for infrastructure quality. In order to improve the infrastructure of the transport, the Government set up the long scheme of spending 9 trillion pesos on the new infrastructure named “Build, Build, Build” program.

Currently, the Philippines’ government is running the program by accelerating several infrastructure projects. Among the projects, there are 3 bus rapid transits, 6 airports, 4 seaports, 9 railways, and also 32 bridges and roads. Also, there is going to be a Public Utility Vehicle Modernization Program.

This PUVMP is the Philippines’ government initiative in order to improve the country’s transportation system.

Competitive Logistics Company in the Philippines

The Philippines’ logistics and freight market competition is highly fragmented with the presence of international and local logistics service providers. Some major players exist in the market are FedEx,  DHL, UPS, XPO Logistics, Yusen Logistics, TNT, Lorenzo Shipping Corporation, PHL Post, and more.

The warehousing and logistics market in the Philippines has evolved in recent years along with the trade activities that also increase in this country. Some sectors including the electronic products, automotive industry, accessories and apparel, pharmaceuticals and chemicals are driving the industry.

Express Delivery is Booming in the Philippines

Since the internet reach expands to many more areas in the Philippines, there is growth in the Philippines’ e-commerce industry. About 76 million or 71% of the population in this country are active internet users. And 70% of them are active online shoppers.

With this developing e-commerce sector, there is an increase in the needs of goods delivery that is more efficient. The result is the development of the express delivery market as well as e-commerce in the Philippines.

The Philippines love quality express delivery and logistics industry that offers the services for mails. Documents, couriers, and parcels at the premium price and deliver faster.