Asia is home to many emerging economies in the world. The purchasing power and financial independence of the Asian population are increasing, so the countries are becoming more prudent to finance the domestic market. Hence, the demand for new products, innovative ideas, and new businesses are very high.
Like in other regions, starting a business in Asia requires much research and effort. Selecting a business idea is one of the most important steps before starting any business project. Hence, we have collected several stimulating ideas, which are in-demand in Asian countries.
E-commerce or electronic commerce is an activity of buying and selling over the internet using online services. E-commerce is a booming industry in Asia, especially India, Indonesia, and China are the biggest and fast-growing markets for e-commerce businesses. (Global Village Space, https://www.globalvillagespace.com/top-4-fastest-growing-industries-in-asia/)
These Asian markets can be considered as favorable destinations for online selling. For instance, retail e-commerce in China and the Philippines growing at 30%, which is 9.3% faster than the global average. (Emarketer, https://www.emarketer.com/content/global-ecommerce-2019).
The industry is relatively new in many countries. Also, the improved speed of the internet and enhanced trust for online services let people actively purchase items electronic way.
The population of Asia accounts for over 4.6 billion people and increasing by 0.86% annually. The growth rate is 0.24% higher than in Northern America and 0.80% more than in Europe. China alone has 18.5% of the world population. (Worldometers)
Hence, the large population, along with a high growth rate, is a perfect opportunity to establish education-related businesses, such as education centers, libraries, and online classes.
Especially, the Information Technology (IT) courses such as digital marketing, cybersecurity, robotics, and programming languages achieved high popularity in the region. (Matt Schneiderman, https://blog.btrax.com/the-best-new-businesses-to-start-in-asia/)
Health care business
Health-related business can be another trending idea for doing business in Asia. In the majority of countries, including the world’s 60 biggest economies, healthcare spending will drop by 1.1 percent in 2020.
However, the only continent which experiences a rise in healthcare spending will be Asia. Many factors, such as the increase in wages and reduced poverty in several Asian countries, have caused a rise in demand for healthcare services.
The industry will grow by 7.8% in Asia. Hence, it can be a business idea worth consideration and in-depth research. (The Straight Times, https://www.nst.com.my/business/2020/05/594159/asia-be-only-region-see-healthcare-spending-rise-2020)
Asia is the biggest waste-generator continent in the world. On average, Asia produces about half of the total waste. For instance, India generates 9.25 million tons of plastic waste currently, which is expected to reach 31.25 million tons by 2031. (Entrepreneur, https://www.entrepreneur.com/article/331029)
Although waste management businesses like plastic recycling, medical waste disposal, and rubber recycling require high investment, it can generate high revenue. The market was growing at 5.5% compound annual growth rate and expected to reach $2,339.8 billion by 2027. (Allied Market Research, https://www.alliedmarketresearch.com/waste-management-market)
Hence, the industry is a perfect opportunity in developing countries for international businesses because of reliance on foreign investment.