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Not one, but many - the business faces of Asia 2019 UPS Asia Pacific INDUSTRIAL BUYING DYNAMICS STUDY Foreword By Sylvie Van Den Kerkhof, Vice President of Marketing, UPS Asia Pacific Region. Global Industrial Buying at a Glance Understanding the differences in purchasing behaviour of buyers across Asia, the U.S. and Europe will be crucial in enabling manufacturers to stand out against competitors in a crowded marketplace. Shifting Procurement Models Ecommerce has disrupted the traditional procurement model, threatening the role of distributors. Sourcing Goes International More robust international sourcing is on the rise everywhere our world is shrinking, after all though domestic sourcing still holds strong opportunities in key Asian territories, especially Japan. Post-Sales Shifts An excellent returns operation presents unique chances to complete the customer experience in a satisfying way, adding value and creating loyalty. Looking Forward Learn more about how these insights will impact your business. Methodology The UPS Industrial Buying Dynamics Asia Pacific Study is based on a survey of 600 buyers based in China, Japan and Thailand. CONTENTS 03 04 11 18 25 29 31 2Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology FOREWORD This 2019 UPS Industrial Buying Dynamics (IBD) Asia Pacific Study looks at buying practices in three important Asian nations China, Japan, and Thailand. We see buying dynamics in common, but cultural and economic factors starkly distinguish purchasing behaviors in each country. In China, manufacturers face a persistent rise in domestic competition at the same time local demand is falling off. Increasingly, Chinese companies seeking growth have no choice but to look for expansion internationally. In Japan, manufacturers and distributors have nearly equal buyer share, but new trade agreements are likely to open more international opportunities for smaller businesses, with possible redistributions in buying patterns, as well as sourcing decisions. In Thailand, an energetic focus on stimulating high- end manufacturing (aerospace, robotics) brings new opportunities and new demands for the buyer and supplier. Businesses should be encouraged by the Thai governments renewed focus on innovation and technology, as it works toward a more value-based economy and the development of new growth hubs in its Eastern Economic Corridor. We commissioned this study to help suppliers understand how industrial buyers in each nation choose their products and suppliers. We analyze what satisfies buyers about their existing suppliers, and we look at buyer trends in channel preferences and online and mobile use. We also examine expectations about convenience and payment in Asian countries and overall differences among buyers. As with every nation and every economy today, global changes affect Asias buying dynamics. Our study identifies and analyzes three important Asian trends: A Shifting Procurement Model. Ecommerce has disrupted the traditional procurement model, threatening the role of distributors. Buyers increasingly use ecommerce for direct-from-manufacturer (DFM) sales and for purchases from online marketplaces. Also, business-to-business (B2B) companies are newly exploring digital options to boost sales. Underlying everything is a changing buyer demographic increasingly skewed toward mobile apps, websites, and online marketplaces. Sourcing Goes International. More robust international sourcing is on the rise everywhere our world is shrinking, after all though domestic sourcing still holds strong opportunities in key Asian territories, especially Japan. Returns Help Secure the Customer Experience. Asian buyers value all post-sales services more than United States or European counterparts. An excellent returns operation presents unique chances to complete the customer experience in a satisfying way, adding value and creating loyalty. We trust this report offers guidance to help you succeed in one of the worlds most intensely competitive industries. The insights are intended to deliver value that enables your business to grow and meet challenges head-on, whether it means adopting new strategies, identifying a new market, or finding a path forward for new product lines. BY SYLVIE VAN DEN KERKHOF VICE PRESIDENT OF MARKETING UPS ASIA PACIFIC REGION 3GLOBAL INDUSTRIAL BUYING AT A GLANCE In general, suppliers in Asia and the U.S. do a better job than Europe at providing buyers with online and mobile capabilities. Though slow to adopt digital capabilities, the Europeans are now making changes. Still, theres a gap with a waiting opportunity for smart ventures to win European buyers. Personal touch points remain a vital part of the industrial buying process in Asia, even with the growing use of online channels for virtually every purpose. Asian buyers especially enjoy establishing a relationship in person before purchasing online. This practice is strongest in China, where winning trust before doing business is far more customary than in Europe or the U.S. AT A SIMPLIFIED GLANCE FIGURE 1 ASIA MANUFACTURERS PLAY A MORE PROMINENT ROLE IN INDUSTRIAL BUYING DUE TO THE CLOSE PROXIMITY OF FACTORIES TO MARKETS OR END- USERS AND TO THE EFFICIENCY OF SUPPLY CHAINS. THE HIGH QUALITY, STRONG SAFETY STANDARDS, AND EGALITARIAN TRADE REGULATIONS OF EUROPE ATTRACT MANY BUYERS TO ITS PRODUCTS AND SERVICES. DISTRIBUTORS, THOUGH LOSING SHARE IN RECENT YEARS TO MANUFACTURERS AND MARKETPLACES, STILL PLAY POWER ROLES BECAUSE OF THEIR VALUE AND THEIR CONVENIENT SHIPPING SERVICES. EUROPE U.S. 4GETTING TO KNOW ASIA How do Asias industrial buying dynamics compare with those in the U.S. and Europe? Asia has Larger firms Younger buyers More general manufacturing and processing companies Purchasing propensity for all types of products High feelings of importance for onsite service Overall lower ratings of vendors More buying restrictions Industrial buyers in Asia skew toward general manufacturing, with 32 percent representing general manufacturing/ processing firms. The U.S. and Europe have higher proportions of contractor, healthcare, and other non-manufacturing companies. ASIAN COMPANIES ARE MUCH LARGER FIGURE 2 ASIA | 513 (AVERAGE NUMBER OF EMPLOYEES) U.S. | 374 (AVERAGE NUMBER OF EMPLOYEES) EUROPE | 348 (AVERAGE NUMBER OF EMPLOYEES) ASIA HAS A SLIGHTLY HIGHER PROPORTION OF MALE BUYERS FIGURE 3 ASIA | 69% U.S. | 66% EUROPE | 61% WITH A RECENT UNITED NATIONS REPORT REVEALING THE REALITIES OF JAPANS WORKFORCE,1 IT IS NO SURPRISE THAT JAPAN HAS LESS YOUNGER BUYERS. ASIAN BUYERS ARE YOUNGER FIGURE 4 ASIA | 41 (YEARS ON AVERAGE) U.S. | 45 (YEARS ON AVERAGE) EUROPE | 43 (YEARS ON AVERAGE)1 In Japan, the potential support ratio, which compares numbers of persons at working ages to those over age 65, is falling around the world is 1.8, the lowest in the world. Source: United Nations, 17 June 2019, World Population Prospects 2019: Highlights Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology 5While all three regions prefer buying online, by website, Asians like talking in person, phoning a representative, or using a mobile app slightly more than counterparts in the U.S. and Europe. All three regions prefer to research product and vendor information on a company website and with search engines. Asian buyers value the personal touch: making purchases in-person at a suppliers physical location is the most preferred method in China, and second most preferred in Thailand. HOW ASIANS BUY, AND THEIR SOURCES Across all three regions, the top factors in vendor selection are price and quality. Asians and Europeans report lower overall levels of satisfaction with a primary vendor than buyers in the U.S. In fact, Asians give their vendors lower ratings on nearly all attributes. Asians award their primary vendors the highest scores on quality, fast shipping, shipping where supplies are needed, and selection. The lowest ratings are for emergency fulfillment, using a preferred shipping carrier, and disposal services. When giving reasons for purchasing from a supplier, 41% of Asian buyers that purchased from all three vendor segments manufacturer, online marketplace or distributer selected customer service as a factor during the consideration phase. This factor was considerably more important for Thai buyers than those in China or Japan, with 23 percent of ranking this as one of their top three factors compared to 17percent in China and 9 percent in Japan. The biggest vendor attribute gaps between Asian and U.S. buyers? Reputation, shipment tracking, and shipments going where theyre needed. WHAT MAKES THE RIGHT VENDOR? Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology With larger firms to serve, Asian buyers are more likely to buy a wider variety of products than more specialized American and European buyers. Asian manufacturers get most industrial buyer spend (40 percent). In the U.S., spend is more evenly spread across vendor types. In Europe, nearly half the spend of industrial buyers goes to manufacturers. Of buyer spend that goes to distributors in Asia, large distributors get the most, as in the U.S. and Europe. And like for the U.S. and Europe, the top reason Asians prefer manufacturers is product quality. Second? Price, then availability. WHAT ASIANS BUY AND WHERE 24% 21% 12% MANUFACTURERS MARKETPLACES DISTRIBUTORS SINGLE PROVIDER SOLUTIONS FOR SCHEDULING, TRANSPORTATION & BILLING PREFFERENCES FIGURE 5 6In the region, manufacturers are preferred most often for industrial equipment purchases. Considerations like a money-back guarantee, insurance coverage, and a robust returns service are valued more highly by buyers that purchase directly from manufacturers. A money-back guarantee matters more to those purchasing from manufacturers (27percent) and less from distributors (17percent) and marketplaces (15 percent). Manufacturers (28 percent) and marketplace (21 percent) buyers cite insurance coverage as a purchase driver, while distributors (16 percent) rate it as less of a factor. More than a quarter of those purchasing from a manufacturer give returns as a reason for preferring to purchase from a supplier. However, just 19 percent of those that buy from distributors and 16 percent from marketplaces, say they make purchases with returns as a consideration. VALUE-ADDED SERVICES MATTER Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology 7The top restriction faced by buyers in all three regions is management approval for purchases. Asians, however, have more restrictions than buyers in the U.S. and Europe. Asian buyers are more likely to need management approval for purchases, as well as making sure a purchase comes from a list of approved vendors and brands. ASIAN BUYERS FACE MORE RESTRICTIONS Asian buyers value all post-sales services, especially onsite maintenance and repairs, more than buyers do in the U.S. or Europe. Ratings of vendors for all post-sales services, including returns, are similar. Buyers that purchase from manufacturers and marketplaces were more likely to rate their primary vendors as strong (24 percent) at providing a good product warranty, while those that bought from distributors (18 percent) place less importance on warranties when assessing their primary vendors. POST-SALES SERVICES Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology 8Asia is a region of tremendous complexity. When one buyer says Asia, another one might well ask, Which Asia do you mean? The continent is so diverse that its sometimes hard to think of its countries and cultures holistically, as one entity, apart from locations on a map. Economically, three nations stand out China, Japan, and Thailand. Taking all the data gathered together, these industrial giants of Asia today do not appear have much in common when it comes to industrial buyer behaviors and preferences. TO BE SUCCESSFUL IN THE REGION, VENDORS MUST APPROACH EACH NATION UNIQUELY. THINK OF IT AS CUSTOMER CUSTOMIZATION. ANY ATTEMPT TO PROVIDE ONE-SIZE- FITS-ALL SERVICE TO ASIAN BUYERS AS A WHOLE LIKELY WILL NOT SUCCEED. A recommended approach in Asia is to consider buyers by job responsibility, rather than nationality or age demographic. As this study will show, all buyers keenly focus on the targeted demands of service for their organizations. A job role defines what an Asian buyer can and cannot do more completely than other categorizations. ASIAS BIG 3 9Megatrends like urbanization, technology advancement and product customization affect buyers and producers all over the world. So does the 21st-century customers powerful desire for convenience and control. Firms with fingers on the pulse of the customer must constantly adapt their strategies to keep growing. IN INDUSTRIAL BUYING, THREE TRENDS ARE NOW MOST STRONGLY INFLUENCING ASIAS POWERHOUSE ECONOMIES. HERES A LOOK: THREE TRENDS CHANGING ASIAN BUYERS 10A recurring headline over the past five years is the emergence of Asia as the promised land for direct to consumer ecommerce. The regions exponential growth - 22% in 20172 - is driven largely by China, which has seen a rise of the middle class and disposable income. SHIFTING PROCUREMENT MODELS 1 TREND WHEN IT COMES TO INDUSTRIAL PURCHASING, THIS TREND IS NO DIFFERENT: ONLINE WEBSITES RULE AS THE PREFERRED METHOD FOR PURCHASING IN CHINA, JAPAN, AND THAILAND. Foreword | Global Industrial Buying at a Glance | Shifting Procurement Models | Sourcing Goes International | Post-Sales Shifts | Looking Forward | Methodology2 United Nations Conference on Trade and Development, 29 March 2019, Global e-Commerce Sales Surged to $29 trillion. Buyers increasingly use ecommerce for direct-from-manufacturer (DFM) sales and for purchases from online marketplaces. Also, business-to-business (B2B) companies increasingly look at digital options to boost sales. Underlying all is a buyer demographic increasingly skewed to
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