In a globalized economy, some of the most futuristic cities in the world lie within India. From Bangalore to Chennai, new businesses are taking root in the region and attracting global attention. But if you’re looking to expand your business in India, look beyond the well-explored hubs of Delhi and Mumbai. Vogue Business explains why India’s smaller cities are just as worthwhile for businesses to explore.
1. Reinventing the Usual: Beyond Delhi and Mumbai
- Goa – the sunny shores of India! Goa is well known as the place to visit for beach seekers and backpackers across the world, but all of India has more to offer. The state has some of India’s best colonial architecture, stunning churches and beautiful sceneries. Not to mention the delectable food Goa has to offer!
- Kerala – the “God’s Own Country” of India. Kerala is full of greenery from the backwaters, valleys and natural sights. With stunning views, beautiful rivers, and some of the best cuisine the country has to offer – Kerala is a must visit for those looking for something beyond the city. From the misty mountain hills to the palm groves, Kerala is one of India’s most beautiful holiday destinations.
To explore further, consider other Indian locations such as Rajasthan – with its heritage sites, mesmerising forts, palaces, sand dunes and lively culture. You can experience a local festival or give traditional arts and crafts a try! Finally, there’s Ladakh – the stark, high-altitude desert of India. It’s a place of stark beauty with breathtaking snow-covered mountain ranges, high-altitude lakes and some of the most unique culture of India.
So for a unique and beautiful holiday, look beyond Delhi and Mumbai and explore all India has to offer.
2. Exploring India’s Untapped Potential
Agriculture
India has immense potential for agricultural growth, yet remains mostly untapped. With its wide variety of soil types – ranging from the Himalayan Mountains to the moist tropical coasts – India possesses the kind of land suitable for any kind of crop. With ongoing initiatives by the Government to modernize its agricultural sector and boost the investment in storage and transportation, India is slowly but steadily converting its vast unexploited land banks into vibrant economic grounds.
Services
Statistically, services industry accounts for the largest portion of Indian’s GDP and has plenty of untapped potential. The growth of digital infrastructure in India has opened doors for unimagined possibilities. The GIG economy, e-commerce, and digital payments are the new buzzwords that carry the promise of a growing economy. There’s plenty of scope for India to further capitalize on this industry by exploring the unexplored areas, such promoting digital literacy and guarding the online platform from malpractice.
3. Entering India’s Diverse Markets
India is one of the world’s most rapidly growing economies. As an emerging superpower, India is a prime market for international businesses. Facing such a large market comes with its own unique set of challenges, from cultural and language differences to divergent consumer preferences.
Nevertheless, there are plenty of opportunities to be taken advantage of. Businesses must carefully consider the different regional markets and develop strategies and plans which are tailored to each one. Here are some of the key considerations businesses must keep in mind:
- Timing: Different regions in India have different celebrations and times to launch products. It is important to understand and appreciate when these periods are and make the most of them.
- Demographics: There is an array of differences in terms of age, gender, education, income and life stage across India’s many socio-cultural markets. It’s essential to understand the demographics of markets which you choose to target.
- Price Points: Price points vary in different regions, so businesses must make sure to understand local demands and tailor pricing plans accordingly.
- Messaging: Every region has its own language preferences and dialects; — make sure all messaging is crafted to match the local tone and customs.
4. Finding Success Through Expansion in India
Doing business in India is a smart decision, as the country has a rapidly growing population and a strong economic growth. Expansion in the region can help you gain a competitive edge in an increasingly interconnected world, and help you achieve success. Here are a few steps to help you get started:
- Understand the Market: Research India’s economy and consider the local market size, trend in both demand from buyers and supply from local competitors.
- Build a Team: Establish an office in India with talented and knowledgeable local staff, as well as resources in the country to meet your company’s goals.
- Analyze Risk: Assess legal, economic, and social risks in India, and contingency plans to meet those risks.
- Create Opportunities: Leverage digital channels to reach new customers, increase market visibility and create opportunities for new partnerships.
Expanding in India can provide a wealth of opportunities, despite the complexity of the market. Making a careful assessment of the market and risks can help you take advantage of the potential rewards that come with expansion in this region.
Delhi and Mumbai are obviously important locations for business growth in India, however, global businesses should explore the possibility of expanding their operations within the boundaries of locations that could represent richer potential for their industry vertical. Businesses that actively seek to give other cities a chance and show their commitment to fuel further development could benefit on a scale beyond their imagination, while rightfully contributing to socio-economic development.
