- Growing Emerging markets- Developing countries will see the highest economic growth as they come closer to the standards of living of the developed countries. If we want to expand and grow our business then we have to consider them selling in the emerging and developed markets.
- Population and Demographic Shifts- The population of the youths is increasing in India and their mindset, thinking, interests are more towards international business. Youths are indulged in becoming entrepreneurs, actually successful entrepreneurs and they want to represent themselves and their organization at the international level.
- Speed of Innovation- The speed of innovation is increasing as many new companies are emerging and are developing new products and services and improving the old ones and bringing new versions.
- More informed buyers- As the internet has eased everything, buyers nowadays are much informed about the products and services they want to buy. As pricing and quality information are now available in the market, businesses will lose their pricing power.
- Increased Competition- As more and more businesses are entering the markets, the competition has increased. Many western companies come and invest in the Indian market, as labor in India is cheap but they face a challenge to get ahead of the Indian companies and this is done by effective innovation and automation.
- Slower Economic Growth- As India’s GDP growth has slowed down, we are now exercising and indulge in promoting exports so that foreign currency will come in our country in order to increase India’s GDP. And also, many foreign companies will invest in the Indian market and for that, they will need a workforce and then employment will be generated and will help in contributing and increasing India’s GDP.
Jaspreet Singh Anand