The Rising Need for Korean Translation
Korea has built up a reputation throughout the world for innovation, which means it is a leader for new ideas, particularly in the digital world. Along with this has been the development of the e-commerce sector which is expected to top $107 billion by 2024, as more and more ventures specialize in just selling products through online shops to both the home and overseas markets. There is no better time for online translation companies to start offering effective translations to South Korean e-commerce businesses that will attract buyers overseas.
Business Opportunities Grow as Korea Develops
Some of the business opportunities in Korea include the following:
E-commerce
E-commerce is first on the list as South Korea offers internet speeds that are better than any other country globally so any business that is considering marketing to the South Korean customer from their base abroad will benefit from these internet speeds.
Technology
South Korea is ranked as number 9 for internet users in Asia, so it is a great country to market new software applications as there is always a demand for anything that is new and useful.
FinTech
Because the Korean government actively supports FinTech development, Korea is just the right country for FinTech expansion. Korea has built up a global reputation for its growth in technology so the infrastructure is present or a surge in FinTech.
The fashion scene is booming in Korea
Koreans have a great interest in fashion including K-Pop so the fashion scene is experiencing a boom and it is estimated to rise by 2024 to $26 million by 2024. Any business involved in the fashion world is likely to increase its customer base if it enters the Korean market as long as it translates its marketing material into Korean.
Growth of Korean industries into New Markets
As well as overseas businesses expanding to include Korea many industries based in Korea are trying to tap into international markets too. Currently, about 85% of all medium and small enterprises in South Korea are exploring possibilities to set up a branch of their operations abroad. The cosmetics industry is leading this trend as it expands its influence abroad. South Korea’s cosmetics industry focuses on wellness and health and its beauty products emphasize the natural look. Along with this are the visually appealing packaging and the reasonable price tag on the products. Additionally, the packaging of the products tends to be visually appealing, and the prices of the products are reasonable. Because of these positive features, international customers may well see more Korean products being marketed in their home markets. Because of this trend, any Korean cosmetic company which has an interest in entering any new markets will need to get assistance from a translation company that can provide translators to translate beauty product instructions and packaging details.
Setting up a relationship with a translation company
Whether your business is considering expanding to South Korea or from South Korea to other regions finding the right translation services is crucial as the success of the marketing in South Korea will depend on the quality and dedication of the translator.
What needs to be translated?
Website material comes first and it needs to be translated and localized to fit the language and cultural preferences of the targeted market. It is the first point of entry for someone who isn’t familiar with the products and wants to learn more about them. Choosing to hire native speakers of Korean to translate key materials is crucial to ensuring the right message is sent out to prospective customers.
Document translations
Document translations are always part of any translation job when completed for a business wanting to set up in an overseas country. This could be anything from contracts to labor laws. But any legal document depends on translation accuracy for it to be relevant to the company requiring the translation.
Start-ups supported by the Korean government
The Korean government is one that allocates the highest amount per capita for startup businesses which means the number of businesses entering the market will continue to grow. Many will need translations so that they can expand into overseas markets. Because South Korea is the 16th of the best countries worldwide for engaging in the business many overseas businesses want to take advantage of this trend and engage with these businesses through Korean translations.
