Although, China and India are attractive markets due to their sheer size and the vibrant cultures associated with them, the Japanese market still offers amazing opportunities to the aspirant entrants from other countries. We are going to discuss some of the most important reasons behind the attractiveness of Japanese market.
Top 7 Reasons To Enter Into Japanese Market
- Japan share of the world economy is 15%
- Japanese companies manufacture 25% of the 25% of the world’s high-tech products
- 10% of the world’s cars are made in Japan
- 30% of the world’s cars are made by Japanese brands such as Toyota, Honda, Nissan, etc.
- Japan’s mobile communications market is arguably the most advanced in the world.
- Japanese people are willing to pay premium prices for high quality products and services
- Due to the high labor costs, it is almost always feasible for Japanese companies to import products instead of making them locally
However, for you to successfully enter into the Japanese market, you have to do the following.
- Learn from the mistakes of other companies which tried but failed to enter into the market successfully
- Learn the business culture of the country thoroughly
- Under the typical buying process in Japan
- Research your market to understand consumer tastes and preferences of your target industry
- Find the right business partners who have the resources and the requisite experience to do business well in Japan
- Revise your business plan and your market strategy as often as you need to
We, TokyoBigSight, sincerely hope that we can help you succeed into the Japanese market