Man on his smartphone

5 Reasons Why Taiwan’s Smartphone Penetration is Great for US Businesses

Taiwan has the second highest smartphone penetration in the world, with 76% of Taiwanese people using a smartphone daily.

 

How does this affect your small business?

 
 

1. Production

 

Smartphone penetration positively affects a nation’s production.

 

A 2012 report projected that a 10% increase in smartphone penetration would produce a 4.2% increase in Total Factor Productivity, a measurement of a nation’s long-term economic outlook.

 

Since Taiwanese goods are being manufactured quicker and cheaper, your business can benefit from purchasing these exports at a discounted price

 

Increased productivity means that more Taiwanese goods can be created, more efficiently and more effectively. Since Taiwanese goods are being manufactured quicker and cheaper, your business can benefit from purchasing these exports at a discounted price.

 
 

2. Economy

 

A 2011 report out of India revealed that every 10% increase in smartphone penetration leads to a 1.3% increase in GDP. Taiwan had the 22nd highest GDP in 2016 but with these findings, things may be about to change.

 
Image of currency in the back pocket of Jeans
 

How does your business benefit from trading with a country that has high GDP potential?

 

An increase in GDP means an increase in personal income, which leads to people spending more money on goods and services. With Taiwan’s mobility, this spending is likely through overseas businesses. An improving Taiwanese economy means more sales for your business.

 
 

3. Technology

 

Smartphone penetration is a great indication of a country’s technological ability. Taiwan passes this test with flying colors.

 

For perspective, even economic giants like the US and China can’t get to Taiwan’s level, despite their vast resources.

 

know the value of using the latest technology to beat out the competition. And they know how technology can streamline processes and cut expenses, which leads to better prices. Need we say more?

 

It’s safe to say that if Taiwan is leading the way in telecommunications, they’re probably doing quite well in other technological sectors as well. If you’ve read the Taiwan country guide, you know that this is indeed the case.

 

Taipei is considered the most “technologically developed” city in the world, joined by other Taiwanese cities, like Kaohsiung and Taichung, which are also frequently mentioned.

 

Business owners like yourself know the value of using the latest technology to beat out the competition. And they know how technology can streamline processes and cut expenses, which leads to better prices. Need we say more?

 
 

4. Connected

 

It’s hard for many of us to remember a time before cell phones. Marketing and advertising efforts used to focus on TV commercials and magazine advertisements, rather than social media.

 

Many countries still don’t have high smartphone penetration. In these nations, marketers have to reach consumers through the traditional methods, if they can reach them at all.

 

Taiwan’s high smartphone penetration connects you with 76% of their population, which is close to 18 million people. And that’s not just for selling goods either.

 

Some of those individuals are Taiwanese suppliers that, without mobile connection, your business may have never learned about.

 
 

5. Convenience

 

The famous saying “time is money” is especially true for those who own a small business. After all, the greatest advantage that your business has over the large competitors is its flexibility.

 

Instant access to Taiwanese suppliers allows you to negotiate multiple business deals from anywhere on the globe.

 

Instant access to Taiwanese suppliers allows you to negotiate multiple business deals from anywhere on the globe.

 

This increases your capability and productivity as a business, and allows a global audience of importers and exporters to interact with your business.

 

Speaking of convenience, sending B2B payments doesn’t get any easier than using Veem.

 

It’s a digital payments platform that makes money transfers to your Taiwanese supplier as simple as sending an email.

 

Small businesses thrive on innovative new-age technology. Veem offers you the ability to avoid antique bank wire transfers and revolutionize the payment process.

 

What’s not to love?

 

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