I think many people have lots of interest in advancing to Chinese Market. So, I am going to tell you a brief history and current status of the Chinese franchise market of these days. :)
As China's population grows day by day, various industries are developing rapidly in various fields. But the franchise market has only begun to stand out lately. We can take a look at its developmental process by step.
STEP 1: Due to a lack of information as well as a lack of technology on the infrastructure related to franchise business, most of the food business put up ads through magazines. Franchise business was, in general, not normative.
STEP 2: As the awareness on franchise industry was growing, its field started expanding and various kinds of projects appeared, but a lack of experts did not create enough competition. However, compared to STEP 1, franchise business was relatively normative and started to operate smoothly.
STEP 3 (This is the current market): As the standards for selecting entrepreneurs get higher due to the growing public awareness of franchise industry, expert scalability, and diversified places, the competition in the market has become fierce and rigorous. Excellent projects are required to meet the needs of rapidly growing Chinese market. If a franchise business does not appeal to the public using excellent projects with extensive advertising marketing, telemarketing, communication, customer management, and employee service capabilities, it may not succeed in the market.
In December 2013, China classified Chinese cities from 1ST TIER to 5TH TIER cities in terms of top 10 business categories such as GDP size, per capita income, presence of 100 top universities and presence of 500 top companies.
The number of franchise companies registered in the Ministry of Commerce of China is about 3200. Looking at the situation by region, famous franchises and famous non-franchise brands are attracting attention in the regions with high economic growth and high population density such as Beijing and Shanghai. In such places, the franchise sector is in a saturated state with 1/3 of the share of a whole city.
As China's urbanization continues, China's top 100 franchise companies are promoting the policies of franchise expansion and commercial development in the 2ND and 3RD TIER cities rather than the 1ST TIER cities. Therefore, many companies are interested in franchise business and its infrastructure. So far, the basic infrastructure, service system and consumption market information of 4TH to 5TH TIER cities are still at the insufficient levels. Therefore, it is projected that it will take some time to activate the franchise business in China.
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