The Asian Development Outlook (ADO) 2023 showed that the Cambodian economy is estimated to grow on more robust tourism recovery and higher growth in the services sector.
The ADO pointed out that Cambodia’s tourism and agriculture are expected to grow 7.3 percent and 1.1 percent respectively this year. Next year, tourism growth is set to ease to 6.8 percent while agriculture is predicted to grow at 1.2 percent.
Cambodia’s Gross Domestic Product (GDP) is predicted to grow 5.5 percent in 2023 and 6 percent in 2024, while inflationary pressure is anticipated to moderate, according to the Asian Development Bank.
According to IPS Commercial, Cambodia is a developing country that has undergone massive and rapid changes over the years, making it the best place to launch a business and make it grow alongside the economy. However, you have to choose the right industry to launch your own business venture in 2023.
Here are some of the top profitable business opportunities in Cambodia for 2023:
Using market research to understand the target market and make informed decisions
Market research is the process of identifying information about your target industry as well as your target customers.
When starting a new business, it will help you to answer the following questions:
- Demand: Is there a desire or need for your product or service?
- Competition: Are there already businesses offering similar products or services?
- Target audience: Who are your potential customers?
- Market size: How big is the market for your product or service?
- Pricing: What are customers willing to pay for your product or service?
Market research methods can be divided into two main categories: primary and secondary. Primary methods involve getting in touch with customers directly or through a third-party firm, while secondary methods involve exploring existing data sources.
Some commonly used primary methods are surveys, interviews, focus groups, observation, and field experiments. Surveys are the most popular method as they allow quick and easy data collection and analysis. Secondary methods include internal reports, external data, government records, research papers, and the media.