India has been attracting new business for a while now, alongside growing its own start-ups into massive brands and companies. The economy is strong and growing as this nation develops and business prospers. In fact, Forbes predicts that India will soon beat that of China, making them the second biggest economy in the world.
Start-ups have already flourished into giants in this prosperous environment, though the boom is only really just beginning. As with anywhere else, the successful companies often cite similar trends when asked about their success. So what are these trends?
1. Being Healthy/Eco-Friendly
Like much of the world, India has been gripped by the urge to go healthy. Education on the problems of pollution and loss of wildlife strike a chord with everyone. Healthy lifestyles and organic food have likewise seen increases in popularity. The population is huge and still growing, with awareness increasing massively.
This isn’t to say people will go wildly out of their way to be eco-friendly. It does suggest that being eco-friendly and with a healthy theme is the long-term winning strategy here. After all, if you don’t do it, your competition might – and with everything else equal, most would choose the green option.
Related: How to Beat Competition in Business? 13 Steps to Beat Your Competition
2. Staying Lean
Keeping lean is key to start-ups worldwide though India is a nation where this is applied more than most. Starting with low costs and from home is common, with many people using shared accommodation and workspaces to cut expenses. Any income is generally funneled into the growth of the company, as the increasing levels of competition mean you have to go hard unless you want to end up going home.
3. Mobile & Social Focus
The mobile market is huge in India and growing at a faster rate than many other nations. Social media usage is also increasing. That makes it important to target these market segments specifically and separately from any other area. Making sure your website is compatible and you have social accounts is only the start. You have to research each area and target it properly to make the best gains possible.
4. Innovation
Innovation is key to the Indian market. They are no longer so far behind the Western world on products and services, so coming up with something original or with a unique twist is as important here as anywhere else. There’s already a stack of great innovations seeing huge success, such as Let’s Barter and Inspirock.
5. Providing a Service/Subscription
Being either a locally provided service or an easy to access service (online, mobile etc) means repeat custom. In a country which is projected to be the most populated on Earth by 2024, and with a capital city projected to be the most populous within a few years of that, it’s obvious why service/subscription models can become massive.
Software as a service, often on a business-to-business basis is also very popular because there are so many start-ups taking a shot right now!
