"Hidden Top Students in Southeast Asia"? What should foreign traders pay attention to when exploring
Malaysia is the third largest economy in Southeast Asia, with per capita GDP ranking first in Southeast Asia. At the same time, my country has been Malaysia's largest trading partner for fifteen consecutive years. Although the bilateral trade volume between China and Malaysia has declined in 2023, it has also reached 450.84 billion ringgit. So what should foreign traders pay attention to when exploring the Malaysian market?
Multicultural background
Malaysia is a multicultural country with multiple ethnic groups such as Malays, Chinese, and Indians. Therefore, Malaysian customers often have diverse cultural backgrounds and values. In the process of communicating and communicating with Malaysian customers, foreign trade personnel must understand and respect each other's cultural habits in order to establish a good cooperative relationship.
Tips: Although Chinese account for a very high proportion in Malaysia, Malaysia has three official languages, including Malay, Chinese, and English. Therefore, providing a website in multiple languages and being able to communicate in different languages is one of the basic conditions for foreign traders to explore the Malaysian market.
Focus on interpersonal relationships
In Malaysia, interpersonal relationships are very important. Trust and friendly relationships between customers are crucial to business cooperation. Malaysian customers generally prefer to do business with familiar and trusted partners, so establishing good interpersonal relationships and social networks is the key to developing the Malaysian market.
Poor sense of time
The pace of life in Malaysia is relatively slow, so the locals have a poor sense of time. Therefore, foreign traders will inevitably encounter lateness when negotiating with Malaysian customers. Therefore, foreign traders still need to be more patient, whether negotiating online or offline.
Credit status
The credit standing of Malaysian customers is relatively average. Therefore, when cooperating with Malaysian customers, foreign traders should still conduct background checks to avoid late payment defaults.
You can directly search the customer name through trace data, and you can see the customer's detailed information, including purchase frequency, purchase quantity, partners, official website, etc.
For example, for the buyer we searched for named "APEXJAYA INDUSTRIES SDN BHD", we will find that its number of transactions is very small, only 3 transactions, but the quantity of each transaction is very large. If foreign traders are negotiating with them, they should be very cautious, because the order amount is large and deviations will cause heavy losses. Therefore, foreign traders still need to conduct in-depth background checks before making a decision.
（Source：ueedata）
Focus on quality and service
Malaysia has a relatively high per capita income, strong purchasing power, and high requirements for product quality. Therefore, Malaysian customers will be more inclined to choose products and suppliers with high quality and complete after-sales services. Therefore, if foreign traders want to get more orders, they should start by improving product quality and services, rather than just focusing on reducing costs.
If you want to know more about the characteristics of Malaysian customers, you can send us a private message~
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