The rapidly growing eCommerce market signifies more competition and a greater need for distinct business tactics. In 2016, the global e-retail sales amounted to 1.9 trillion U.S. dollars and projections show a growth of up to 4.06 trillion U.S. dollars by 2020. Business practices can vary from one company to another, and there is always something new to learn from them. India is the country with the highest retail e-commerce market with a compound annual growth rate (CAGR) from 2016-2021. It’s important to note Asia as a market where a lot of innovation is happening. The distinctive business practices implemented in Asia, can benefit western companies in achieving their goals. Rishabh Chokhani, CEO and founder of Naturevibe Botanicals, shares seven lessons from doing business in Asia that could benefit Western companies.
Monitor All Competitors
It can be easy to disregard other competitors when you’re a top leading company. It is that very mistake that can lead to a tremendous downfall. Always keep a look out for competitors, notice their strengths and try to implement them in your business. Notice the weaknesses of your competition and try to prevent making the same mistakes. Remember to not disregard smaller companies because they can easily surpass others in a climate where social media and the technological platform is constantly changing.
Closer Relationships with Employees
Foster idea growth within your company by maintaining close relationships with employees. A closer relationship with employees will generate more confidence and trust when conducting business. Recent research states that happy workers are 12% more productive, than unhappy ones. By developing a relationship with your employees internally, you are investing in another human being and fostering future company growth. Another benefit is that the company’s well-being will be viewed as a group effort rather than a routine job.
Many Asian companies are founder-owned by first-generation entrepreneurs who have the skills, commitment and drive to see their business through. It is important to be visionary leaders who see beyond the current digital landscape, seek constant growth and plan for future digital transformation.
More Reliance on Social Media
Social-network penetration in Asia is extremely high, much more than some of the developed markets. Unique business systems can be found in those markets, as they seek to exploit those opportunities offered by social networks. People in Asia are more open to new technology and the mobile internet, which makes it easier for business to gather more opportunities. There is a heavier reliance on social media reviews for products than there is in the U.S. It is important to tap into social networks relentlessly because there are endless, expansive opportunities not just for the U.S. market but internationally.
Implementation of Soft Skills
Asia values soft skills, the right personality traits and communication skills over experience or knowledge. Hard skills such as technical skills are still valued but not viewed as superior attributes. Hard skills can be learned over time, but soft skills are ingrained within one’s personality. The priority lies in finding the adequate blend of soft skills and hard skills that can help grow the business to its greatest potential.
The characteristics of the most successful business leaders in Asia are curiosity, creativity and resilience. Curiosity and creativity allow leaders to accept their views aren’t always the best answers, which helps them stay open to greater expansive ideas. It’s important to always be listening in order to grow, learn and implement the best ideas into your business.
There is great value placed on face-to-face interaction, because it is the best way to create a relationship, foster trust and growth. When beginning partnerships or working with other companies, start with a face-to-face interaction and afterwards, online methods can be utilized to sustain and further grow the relationship.