If you’ve ever stepped inside a shop in Japan, you’ll know what a memorable experience it is. Cries of ‘Iraishimase!’ sound out from all sides as shop assistants greet you and usher you through the aisles, falling over themselves to help and be at your service. It’s quite an experience.
Replicating this online is a little tricky, but the Japanese eCommerce opportunities are no less welcoming.
As the 4th largest eCommerce market in the world, with over 74% of the population (that’s 88 million consumers) buying online last year, if you haven’t thought about selling into the Japanese market before, perhaps its time to think again.
According to the recent reports, Japan’s eCommerce market is expected to exceed $112 billion in 2021 and $325 billion by 2026 as the country makes the digital journey of moving from brick and mortar stores to online shopfronts. This makes sense considering how dense the urban landscape is, the advanced internet infrastructure and how technically savvy its citizens are. In addition, Japan’s distribution channels are highly developed, and the country’s small size makes shipping and product delivery efficient for all.
While Amazon Japan, Yahoo Japan, and Rakuten are the leading three eCommerce marketplaces in Japan, accounting for more than 50% of all eCommerce revenue, and Amazon especially driving the market due to their same-day delivery offering, there are several others worthy of looking into.
With a projected market volume of $28 billion, the Japanese market’s largest segment is Food and Personal Care products. But there are plenty of opportunities for profit in other segments, too. Clothing is a major category, as are books, personal care, and cosmetics.
Of course, you don’t just have to be selling physical products to this lucrative market. Travel and hotel bookings are also done through online methods and car insurance, e-books, online tickets, and entertainment sales are popular items as well.
Read on for more great tips on how to sell in Japan.
Payoneer’s Global Payment Service provides you with access to international receiving accounts, which essentially act like a local bank account and allow marketplaces like Amazon Japan, Rakuten and many other Japanese online marketplaces to pay you as easily as a Japanese-based online merchant. This makes it easy for you to receive payments in Japanese currency, and the best part is…ZERO currency conversion fees when receiving payments and ZERO loading fees!
Once payments have been received, you can then withdraw them to your local bank account, transfer to another currency using our ‘Manage Currencies’ function within your account, or use the funds to pay suppliers and contractors directly. Your all-in-one business solution can all be managed from one place.
Amazon Sellers, set up your account by following these 4 simple steps:
So, now you’ve had a brief overview of the Japanese market, there’s no need to wait. After all, this is the Land of the Rising Sun, and with growing numbers like these, make sure to catch this sun while it’s still rising, and you too can shine brightly with it!