Taiwan is one of the fastest growing economies in the world, and over of the past few years, its e-commerce market has also solidified as an excellent site for investment. In 2017, the country was estimated to have a US$42. 69 billion market value, with an estimated 10-20% 5-year average growth rate. Its capitalist and export-driven economical approach has created a comprehensive foundation for the e-commerce realm, and the money flow and distribution service providers allow for smooth transactions. These place the country as one of the most dynamic trading powerhouses in the world today.
Taiwan has also taken the age of globalization in stride and hosted a sophisticated consumer market. While English is also used, messages will be more effective when carried out in their primary language, Mandarin Chinese, or a combination of Mandarin-English that must be simple and easy to understand. Other important facets of the Taiwanese market are that they are loyal to brands, respond well to a personalized approach, and give importance to environmental care, behaviors that will be further discussed in the article. To sum it up, brand identity should be a focal point of marketers in building their strategies to successfully connect with the Taiwanese audience.
Currently, the e-commerce market in Taiwan has expanded to strategies such as live broadcast promotion on social media and the use of big data and AI to merge traditional and modern platforms. However, Taiwan is currently at a conundrum regarding its economical state on the international scale. It currently faces problems with underdeveloped infrastructure, pollution, among other issues, places the country in the gap between developed and emerging countries.
This article will discuss Taiwan’s digital marketing environment, industry challenges and opportunities, successful campaigns, as well as the best possible ways on how to reach the Taiwanese audience.