Entering the Chinese market is well worth considering if you want to expand your reach and tap into a potentially highly lucrative segment, and it’s now easier than ever before. Where it was once struggling economically, China is now booming and is home to a wealthy class of consumers who are keen to get their hands on Western products and consumer goods.
Internet users in China are estimated at around 632 million and growing. Many of the younger generation are spending time and buying online.
Here are four reasons why there has never been a better time to enter the Chinese market.
- The Free Trade Agreement between Australia and China.
The Free Trade Agreement between China and Australia was signed at the end of last year and is expected to bring a whole raft of new opportunities for Australian businesses as it is phased in. These include the removal of tariffs and increased streamlining of processes and licensing requirements between Australia and China.
- Increased payment gateway options.
The number of payment gateway options available to Australian businesses has increased dramatically in the last few years. This means that it is easier than ever to accept and process payments from all over the world, especially from countries like China where the mainstream payment systems used in Australia are not as common. Some of the new payment gateways on offer include Alipay, Secure Pay and China Union Pay.
- Easy order fulfilment.
Fulfilling those orders from China is now more straightforward than it was before with mainstream carriers like Australia Post offering direct shipping. As links between Australia and China grow, the number of warehousing and fulfilment providers in China is expanding.
- A genuine demand for quality products and services.
Australian products and services are in high demand in China with public perception often viewing Western products and goods as being higher quality and safer than their local equivalent. Younger consumers in China are increasingly brand aware, and are willing to pay more to seek out the Western labels and brands that they want online.
With the Free Trade Agreement, along with improved payment processing, easy fulfilment of orders and a genuine demand for Australian products and services, there are plenty of reasons to enter the Chinese market. Getting into the Chinese market can bring your business numerous opportunities to reach more people than ever before, and extremely lucrative rewards.