Essential for Southeast Asian customer development! Inventory of Southeast Asian customer characteri
Data show that the bilateral trade volume between my country and ASEAN will reach 6.41 trillion yuan in 2023, and my country and ASEAN have been each other's largest trading partners for four consecutive years. Obviously, Southeast Asia is also one of the markets that foreign traders can choose from. So what are the characteristics of Southeast Asian customers? How can we better develop Southeast Asian customers?
Limited scale
Although the Southeast Asian economy is in a period of rapid development, the markets of most Southeast Asian countries are still relatively limited, which results in most of their procurement scales being small. Of course, this does not mean that all buyers have small purchasing volumes. Therefore, foreign traders still need to conduct basic background checks before developing customers.
You can directly search the customer name through trace data, and you can see the customer's detailed information, including orders, purchase frequency, purchase volume, etc. If you are a small and medium-sized supplier, and the customer you searched for is this customer named "ASTI ELECTRONICS CORPORATION", we will find that its purchase volume is very large, then the other party is not actually your best choice. At this time You will need to find other customers.
（Source：ueedata）
more price sensitive
Due to the degree of economic development, Southeast Asian customers do not have high quality requirements, so most foreign trade companies can meet the requirements. But at the same time, this also makes Southeast Asian customers more price-sensitive, and they will hope to obtain orders at the lowest possible price.
To this end, they are also willing to make greater compromises on quality. Therefore, for foreign traders, when optimizing products, they may focus more on cost control, which will make it easier to obtain more orders.
credit status
The overall credibility of Southeast Asian customers is at an average level, so foreign traders must pay attention to background checks when conducting transactions with Southeast Asian customers. Including the customer's current operating status, past cooperation status, whether there is any default in payment, etc.
Diversity
Like the African market, the Southeast Asian market also has many countries. Different countries have different customs and habits, use different currencies, and even have slightly different time zones. Therefore, although most foreign trade people develop Southeast Asia as a whole, foreign traders still need to have an in-depth understanding of each country, so as to avoid violating the other party's lightning points in the process of developing customers, resulting in Negotiations failed.
negotiation style
Different countries in Southeast Asia also have slightly different negotiation styles. For example, Vietnamese customers attach great importance to emotional exchanges and without personal relationships, it is more difficult to make deals in Vietnam.
Singaporean customers attach great importance to etiquette. If there is impoliteness, it will leave a bad impression on the other party, which is also very detrimental to the advancement of negotiations. Therefore, foreign traders also need to have a deep understanding of the negotiation styles of Southeast Asian countries in order to quickly advance the negotiation process.
If you want to know more about the characteristics of Southeast Asian customers, you can send us a private message~
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