Think Global- How to enter the China market?

Think Global- How to enter the China market?
First up, let’s dig into the reasons for entering the Chinse market. From a business perspective, China's economy is filled with lucrative industries as it has become the economic leader globally. Entering China's market means availing the opportunity to penetrate several profitable sectors. The rapidly changing demographics, rising disposable incomes, and consumer spending have made the Chinese market highly attractive to businesses.
Furthermore, trade is rooted deep in the DNA of this economy and contributes significantly to its GDP (47%). China has become the world's largest exporter in merchandising and the second-largest importer. Most importantly, China is the only major economy that has shown impeccable resilience against the economic shock set off by the COVID-19 pandemic. Even though the growth continued at a slow pace, the fact that it was sturdy enough to take this financial blow and still end up on its feet is rather commendable. Let's learn a little more about this leading yet challenging market.
"Doing Business in China is a Journey with Full of Thorns and Flowers"
HOW- Market Entry Strategy
If you are planning on penetrating China's market, there are multiple ways to go about it. Let's dive deeper into them:
You can utilize a defensive method such as Joint venture/ partnership/ licensing/ acquisition to reduce overall costs by partnering up with another party to pool resources and expertise. Reduce culture shock and enhance the capacity to access market knowledge, distribution network, financial, technological, and specialized human resources. This method is effective if the objectives of your business include expansion and seeking investors. The difficulty level can be described as moderate.
On the other hand, relying on E-commerce as the primary sales channel is an effective way to cut costs and save time. It is done by eliminating the need for intermediaries altogether. You can take more direct control and avoid dependence on others. This method is relatively less complicated and provides a good chance of increasing sales revenue.
While discussing the market entering strategies, it is imperative to cover social media strategy or digital marketing. China has become the world's largest social media market. It is now vital to have an online presence to reach out to the masses. The latest marketing tactics include an endorsement from public media, SEO marketing, and KOL. It helps to generate online traffic and the potential for social sharing. Influencer marketing has also become a powerful marketing tool. This method is the least difficult and allows businesses to achieve online exposure and spread brand awareness.
Besides, product seeding is a method that allows businesses to reach potential consumers quickly and get feedback. Companies acquire this valuable information to create user-generated content. As a result, it provides them mouth-to-mouth referrals, which again is a very effective promotional tool. It works best for testing the market and for instant product feedback. The difficulty level is low to moderate.
WHAT- Market Entry Roadmap (Questions you may ask yourself)
After weighing different market entry modes against each other, it&...