The Spanish start-up monkey markets has developed the first digital platform that brings together all the key information to streamline and improve decision-making when exporting food and beverages to China.
Monkey Markets is the only application in the world that offers quick and easy online access to the most up-to-date and complete information about the Chinese market; from public and paid sources that are constantly updated.
For example customs data, sales development, imports and demand, prices, competitors, origin, countries, importers and exporters, brands, marketing channels… It can be used for any food product, from orange juice to fish has 500,000 transactions from 8,500 importers, which can be filtered by examining the 23 provinces based on a specific product.
This information is segmented according to the different regions of China given the variety of consumption habits that coexist in the country. For example, it is possible to know exactly the exact amount of milk of each brand imported into the Henan region, its prices, its countries of origin or its packaging.
An integrating platform: data and experts
The platform contains not only market information but also legal and bureaucratic processes to launch a product for the Asian giant. In fact, it has experts in legal sales, marketing, socio-cultural aspects, negotiations and the Chinese market that can be contacted through the platform.
In addition, well-known importers take part, who explain their purchasing criteria, and qualified exporters, who describe their market experience. In this way, Monkey Markets aspires to become not only an intermediary to overcome the difficulties of exporting to China, but also a meeting place for all agents involved in the process who have the information needs of business executives, export managers or commercial directors.
“The Spanish food and beverage market has a great opportunity in China, but only 7% of our exports go to this country, which shows how complex selling in this market is,” explains Iago Sanmartín, one of the founders. “Monkey Markets was established to democratize and encourage exports to China by combining data and analytical tools, with the vision and interaction with professionals and institutions that can help.”
From Galicia to China: a history of local entrepreneurship
Monkey Markets was born from the hands of two young Galicians, entrepreneurs Sebastian Wornham and Iago Sanmartín. Although they became friends at school, their work experiences separated them while bringing them back together. Regardless, they had the opportunity to do business with China for their own projects or those of large multinational companies, which helped them “a great need to better understand the Chinese market and a time problem in companies to devote to research “, to recognize. explains Iago Sanmartín.
This learning led them to reunite and undertake a first joint project, which was to do mediation work between Europe and China. To support their decisions and justify them to their customers, they started using big data and analytics. “We encountered many difficulties in accessing information, as well as the lack of an automated method adapted to the digitization process we are experiencing, and so the idea of creating Monkey Markets was born,” recalls Iago, CEO and co-founder by Monkey Markets.
Export process steps
Monkey Markets is marketed under a Software as a Service (SAAS) model and its functionalities are broken down into steps that correspond to the phases into which the export process is divided. Customs data, market analysis, entry alternatives, market segmentation, sales strategy, customer visualization, and documents and requirements. All this information is accompanied by a very useful training section.
“Monkey Markets is an inclusive platform that accommodates all businesses, regardless of size. A space that brings together all the players involved in the export process and where experts share their knowledge with the common goal of increasing the market for everyone,” concludes its CEO and co-founder.