The time has come to establish a foothold in China, thanks to technological breakthroughs
China is preparing to issue a digital version of its currency, the yuan.
That said, if you want to start a business in China, now is the right time to do so, as technology has given rise to professional employer organizations that will make your recruitment process transparent and successful.
Let’s take a closer look at the phenomenon
- Why is it time to get involved in the Chinese market?
- New product and service lines
- A more profitable real estate industry
- Management of important data
- A better corporate culture
- Increased competition
I. Why is it time to get involved in the Chinese market?
Many economists and business experts consider China’s digital transformation to be the main driver of the country’s GDP growth by 2025.
This explains why many Chinese companies are shifting from traditional business methods to more efficient digitalized business models.
This transition precipitates many changes, including the adoption of a customer-centric management style.
Business owners and CEOs in China now realize how important customer experience is in the marketing strategy of all their products and services.
That’s why more than 80% of China’s digital transformation is aimed at improving the customer experience and making it more attractive.
An important aspect of the transformation also involves marketing, both online and offline.
That is, in addition to marketing products in China, local companies in the country can now effectively market their products abroad through e-commerce.
Other key areas that have been positively influenced by China’s digital transformation include innovation, human resource management, and employee evaluation and compensation.
All these changes have taken together mean that business opportunities in China are becoming more important and juicier every day.
II. New product and service lines in China
Digital processing has led to the adoption of all kinds of technologies from manufacturing to the marketing stage.
These technologies maximize the potential of each production process by precipitating multiple, high-quality by-products.
In addition, technological growth helps workers discover their talents more quickly, allowing them to put more effort into developing those talents.
In the long term, companies are able to exploit this new talent to improve their existing brands and the quality of their future products.
New technologies are also helping to streamline supply chain management systems.
Interactions with customers are improved and sales volumes increase significantly.
Companies that benefit from the ongoing digital transformation will be able to improve the productivity of their workforce and, as a result, develop better e-commerce strategies for more effective global reach.
And with the arrival of new customers, the most logical thing for a company to do will be to offer more product lines and services to satisfy as many tastes as possible.
In addition, to have better quality and more targeted products for your customers, you’ll also need to do a lot of research to understand Chinese customers before you embark on this journey.
It will also be easy for you to find a trusted translation company that will help you better understand the Chinese consumer.
III. A more profitable real estate industry
China now has more money market funds than it has ever had in history.
The emergence of marketplaces and online brokerage services in China’s real estate sector is also a key topic of discussion with regard to the digital transformation.
In the future, these changes will make it easier and more convenient to own and rent homes in China, which in turn will increase the demand for commercial and residential property.
This will certainly be an interesting time for real estate investors in China.
IV. Managing important data
In recent times, important data has penetrated key sectors of the Chinese economy, including e-procurement, e-payments and Internet banking.
This trend will continue, in which case business options will continue to develop.
Outsourcing foreign talent will become increasingly easy through the Internet.
Paying remote workers and suppliers is already being done without difficulty thanks to the digital transformation experienced so far, which means that things can only get better.
Then there are the new markets that the Internet of Things is building.
As the number of connected devices increases and online media content becomes juicier and easier to share, more and more middle-class Chinese will join the smart world, creating a whole new demographics for marketers to tap into.
V. A better corporate culture
Traditionally, CEOs and business owners focus more on technological development and largely neglect their workers and customers.
But today, with the digitalization of services, every company has been forced to rethink its policies and adopt strategies that promote a useful culture and working style.
Companies are now looking inwards and focusing on sustainable growth through employee empowerment.
And, of course, sustainable growth will mean more jobs and career opportunities for Chinese professionals.
VI. Increased competition
Thanks to the digital transformation, growth is now based more on innovation than on the financial strength of a company.
Chinese consumers are now more informed than ever before; they know the qualities they want to see in a product before they invest their money in it.
This means that small businesses will be more likely to compete with established brands as long as they are creative and innovative in their products.
If you’re considering expanding your business in China or becoming more established with the advantages listed above, now is a good time to do so.
Access to the most modern technological infrastructure, digital marketplaces, large-scale operations, and a focus on sustainable growth and innovation-based competition are all major positive developments that make China a favourable market for both start-ups and established companies.