You’re probably considering the Chinese market as the first port of business expansion. And if you aren’t or it hasn’t crossed your mind, there’s no reason to ignore it. China’s gross annual e-commerce marketplace is more than $1 trillion.
It’s still hard to say how much of that is accessible to brands, but with those numbers, even a small amount of exposure to that is a big deal. Here are some of the key strategies to consider if you want to succeed on Tmall.
Know the market
To have success on Tmall, you need to know if there is a market for what you want to sell. You’ve also got to know who you’re selling to and how to attract them. About 60% of the Tmall market is made up of younger females in the millennial and Gen-Z demographics. Gen-Z is quickly making up the largest consumer market on Tmall.
In China, the business operates in a more nuanced way. Modicums of culture and other regional specificity are often lost in translation. To have success in the China business market, you’ve got to be aware of these seemingly small details and WPIC marketing and technology consultancy can help you with that. They offer helpful, insightful resources to help you expand your business into the Chinese region.
Is there a market for your product
Your best selling product might be lost on the Chinese consumer market and you may find your less popular products become more popular. As yourself, if the market exists for your product before you consider expansion.
Perform market data analysis to establish what you stand to make in the market and if there is any demand for it in the region. You will need to remarket products to suit a newer, savvier consumer. Gathering as much information about a potential expansion will put your business in a better position financially to go ahead.
The importance of product information
One of these seemingly insignificant details is product information. The Chinese market is very discerning about product information. When it comes down to buying, the more information you provide about the product, the more likely a customer will be to purchase.
Unlike a brand’s western consumers, their Chinese counterparts spend a lot of time looking into details about materials used to make the product, sizing options and other manufacturing details. They want to make informed buying decisions. This is why their influencer market is based on streaming platforms and is so lucrative.
Make use of industry trends
American and European influencers are based on YouTube, Instagram and Facebook, but because these platforms are not available in the region, their influencer base relies on local streaming and social media platforms to garner a following.
Because influencers are such a big deal in China, their involvement in your marketing strategy is crucial. To meet the Chinese e-commerce market where they are, you will need to invest your time and effort in local streaming platforms, like Taobao and Douyin.
Invest in influencer marketing
Influencers, locally referred to as key opinion leaders (KOL), are big business and Tmall has a streaming platform built into their site to help showcase your product. Although the involvement of KOL’s comes at a price, the guaranteed ROI will change your business forever.
The number 1 Chinese influencer Viya broke her own sales record last year by generating over $49 million in sales in just one day. Getting involved with influencers will become your foot-in-the-door to the Chinese market. By collaborating with them, potential customers may be more inclined to purchase your product.