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.  

4 Trends in Food and Beverage Service and Opportunities

Food and beverage service is part of the food and beverage industry that will always develop since people need food and beverage. 

Today, this industry is getting bigger but the trend is changing due to the pandemic that started a couple of years ago.

The Latest Food and Beverage Service Trend

The pandemic actually changed people, not only in the EMEA but also across the world. This also changed the trend of the F&B industry. 

Below are some new trends that emerged because of the pandemic and the opportunities opened because of it.

  • The new shopping habits

Since people have to stay at home, they start to shop their groceries, foods, and beverages online.

When the pandemic started to attack the world, the grocery stores and supermarkets providing F&B were even closed since the Governments required people to stay indoors.

People stopped leaving the house, visiting the packed supermarkets, eating out, and going to the F&B outlets. This doesn’t mean they can stop eating. 

The new normal style makes people turn to online grocery and it is a huge opportunity for online F&B service.

  • Brand new dining habits

When the pandemic started in early 2020, many eateries, cafes, bars, and restaurants were all forced to turn away their customers. 

But the warmer weather of Spring and the vaccines bring a new hope that the lockdown restriction will be eased.

Food delivery services and food aggregators started filling the gaps. The emerging and existing food delivery services in Europe mobilized in order to keep the customers connected with their F&B outlets. 

The new normal program must be used by the F&B industry to plan the new normal strategies as well.

  • Technology for better EMEA Food and Beverage service

Conventional shutdown means the technology must be used to fill the needs of the customers. This also means innovative alternatives for the long term are needed. 

The F & B industry can offer discounts, offers, payment functionality, and ordering functionality for some time.

Customers loved how they can use mobile solutions. They can do the check-ins, the order in an extremely easy way, and pay as easily. 

Customers can even choose to pay and tip using cash or use the cashless method. This is a great opportunity in the EMEA and other countries in the world for F&B Service.

  • Unique dining experience

Customers today still want to taste the unique dining experience. F&B still needs to be creative in providing a unique service. Preparing the best data strategy will create opportunities especially for hyper-personalization.

Custom-made preferences will contribute to the additional revenue streams. It will also get consumer loyalty.

F&B services can also invest in technologies that will enable cost-saving and efficient management tools. Technologies will develop innovation in service and product.

Key for Successful F&B Industry

The key to successful food and beverage service is learning the demand patterns as well as the customer preferences. 

Those things will give you a forward-looking perspective especially on how your F&B company or industry can grow better and bigger in the future, during and after the pandemic.

3 Strategies Asia Automotive Industry Consulting Firms Will Use

Entering Asian automotive market can be challenging. The challenges and problems your business may face when trying to enter the Asian market can be outsmarted by the help of Asia automotive industry consulting.

What is this automotive consulting? How can this consulting firm help your company?

Success requires gaining new products, new working ways, and new mindset. Your automotive industry is in its most disruptive periods, yet most exciting one.

There are breakthroughs in electric vehicles, vehicle connectivity, self-driving cars, and many more automotive innovations.

Borrow the Power of Asia Automotive Industry Consulting to Win the Market

Automotive Mobility

Your automotive company must act on the emerging challenges, right now.

You must also transform your operations and make it more sustainable and efficient while adopting some new business models in order to respond to the competition as well as the shifting demand faster.

The automotive industry consultant will help you. This specialist consulting firm is going to drive the innovation and products in automotive industry through the:

  • Electrification and climate change

Both electrification and climate change are the center of electric vehicle strategies and markets.

This sector will help you assess the impact of electric vehicles on the related industries, infrastructure, and energy.

The automotive consultant will use a set of comprehensive tools to help you.

They will evaluate the market opportunities for you, evaluate the expectations, and also the manufacturing requirements.

Automotive consulting firm will also analyze the industry regulation and the market competition.

  • Automotive product creation

Automotive consulting firm is going to help you analyze the consumer behaviors and preferences in order to optimize your product portfolios and offerings.

The firm will also help you maximize the returns and growth.

A comprehensive tools suite is used by the automotive consulting firm to manage the life cycles of products as well as the cost.

The technology roadmap and platform architecture owned by the automotive consultants allow them to keep the pace with your customer demands and maintain the capital efficiency.

  • Automotive operations

Automotive consulting firm is going to fine tune your automotive manufacturing as well as the supply chain for your future.

Automotive consultants are going to guide your company using the best tools like the mobile labs, model factories, advanced analytics, and technology demonstrations.

Those best tools are used by automotive consulting firms to help you develop new tools, new partner ecosystems, and new products.

Find the Best Consulting Firms in Automotive Industry

Entering Asian automotive market requires good preparation and excellent plans.

If your company is not ready to compete in the automotive market in Asia, you won’t win the competition and lose many things.

Get help from the Asia automotive industry consulting that will lend you the expert hands.

However, finding automotive industry consulting firms is not easy at all.

Experienced and reputed firms must gain your trust more than the one that is new in this field and has only served a small number of automotive companies.

Check every detail of the consulting firm before deciding to use its service.

Developing EMEA Business Strategy Prior Entering the EMEA Market

Expanding a business in EMEA (Europe, Middle East, and Africa) is not an easy task to do, especially now that the Covid-19 pandemic has caused a hard time for the EMEA economy. However, the difficulties in this business expansion can be tackled with the right EMEA business strategy.

How to Develop the Best EMEA Business Strategy

The pandemic may have affected the EMEA economy to a certain level. However, it didn’t close the doors for global business players to invest and expand their business in this region.

Due to the pandemic, new business trends have arisen and the demands for innovations and technologies increases.

To grasp the new opportunities presented in this difficult time, business players need to prepare the best business strategy in EMEA. This strategy can be created by performing these steps.

Setting the Business Goals 

In order to succeed in EMEA, business players need to set their business goals in entering the EMEA market.

It is common for them to aim for increasing the numbers of customers, market shares, and profits, but these goals must be realistic and relevant to the business.

Study the Trends and the New Markets

Studying the trends and the new markets is necessary for business players who want to enter the EMEA markets.

Knowing the trends and the new markets allows them to create the right strategies in developing and promoting their products and services. 

Since EMEA covers a large region with numerous countries, it is essential for them to decide the countries they want to enter beforehand. Therefore, they will get reliable and suitable data needed to create the strategy.

Study the Competition

Winning a business competition in a new market can be quite challenging. To minimize the challenge, you need to create the best competitive strategy based on the data related to the market competition. 

Therefore, it is essential for business players to study the market competition in EMEA in order to develop the right business strategy prior to entering the region.

Assess the Strengths and Weaknesses

Business players need to assess their strengths and weaknesses when developing a business strategy.

Knowing these two aspects will allow them to create strategies to alleviate their weaknesses so that they have more chances to succeed in expanding the business.

The Importance of Market Consultant Assistance in Developing a Business Strategy

COnsulting

Many companies and business players hire a market consultant in developing their business strategy. A market consultant plays important roles in this development because he can make this process easier to do. 

In addition, a market consultant of EMEA knows everything about the market condition, trends, opportunities, competitions, and customers in this region.

Therefore, they are able to provide valid data needed to develop the right business strategy prior entering the EMEA.

A market consultant will help international business players to be connected with the right partners. As a result, they will be able to develop a good partnership with the local partners, distributors, and investors.

EMEA consists of a number of countries with different cultures, ethnics, and political and economic conditions.

Therefore, the EMEA business strategy must be created specifically in order to bring the best advantage to the business players who need to enter the market of a specific EMEA country.

Understanding UAE Business Culture: a Key to Reach Success in Doing Business in UAE

The business culture in one country is different from that in another country. UAE business culture, for example, is unique because 80% of the residents are expatriates, but the country complies with Islamic or sharia laws. Therefore, business activities and their legality revolve around Islamic principles.

Foreign business owners and investors who want to enter the UAE market need to understand the business etiquette in this country.

Understanding and complying with this business culture is one of the key successes in doing business in the UAE.

Key Points in UAE Business Culture

There are hundreds of thousands of registered businesses in the United Arab Emirates and many of them have foreign investors and owners.

All of the business players in this country follow the business culture that centers on respect, discourage corporate crimes, and promote women in the workplace.

These are some key points of business culture in the UAE.

Key Points in UAE Business Culture

  • Working Days and Dress Code

The working days in UAE are different from the working days in Western Countries.

The working week starts on Sunday and ends on Thursday, while the weekend is on Friday and Saturday. Employees usually wear a suit for men and women wear modest business attire.

  • Networking

Most Emiratis tend to build informal relationships before having a business relationship with others.

Therefore, new business players must socialize more and have informal relationships with Emiratis before talking about businesses. 

To build a good network, business owners and investors may contact OMIS, join a ‘majlis’ held by big businessmen in UAE, or attend regional trade shows.

  • Greeting People

Social status and respect are highly valued in UAE. Therefore, business players must address others by their appropriate title, such as said (Mr), Sayeda (Mrs), sheikh (chief), sheikha (female chief). 

The greeting is followed by a light handshake and then touching the hand to the heart. Men and women usually do not shake hands, except the woman is holding out a hand.

  • Business Cards

It is recommended to have simple white business cards with one side written in Arabic and the other in English.

The business cards must be handed with the right hand, handing them with the left hand is considered to be disrespectful.

  • Meeting and Negotiating

Business players must arrive on time in a meeting, but they must not talk about the business directly.

Most Emiratis love to talk about their family and other things before starting the meetings. In addition, meetings must be scheduled properly because Muslims pray 5 times a day.

Business Consultation on UAE Business Etiquette

New investors or business owners from outside UAE will need assistance to understand more about the UAE business culture.

To have a better understanding of this culture, they may contact UAE Business Consulting Company.

This company will not only help its clients to comply with the business etiquette in this country, but it also offers market consultation service. 

New investors and companies who plan to enter the UAE markets will be provided with market insights, strategic recommendations, and other data needed to expand their business in this country.

The business culture in UAE is not the same as the western business culture. To avoid a culture shock, foreign business owners and investors need aid from a business consulting company that will provide all the information related to the culture to them.

Why Mobility Consulting Is Important?

People’s mobility is getting higher from time to time. Those living in outskirts area decide to move to the cities for a better life. Companies relocate their employees for job reason. In fact, this phenomenon can trigger a new problem—congested and polluted cities. It becomes a challenge for mobility consultants to handle the relocation and coordination. But what is actually mobility consulting? Continue reading “Why Mobility Consulting Is Important?”

The Core Competencies Of Management Consulting In Asia

The core competencies are the strategic advantages that define strength of the organization or company. Each company has a management in consulting to help the company developing the performance or improving the effectiveness of the business strategy. Management consulting Asia usually gives the core competencies services when you need to know about your company. Continue reading “The Core Competencies Of Management Consulting In Asia”