The India economy is continuing to be the fastest-growing large economy and continuing to create exciting business opportunities. After a dip in the GDP half year, due to large governmental reform and strong business growth for some key segments, the annual GDP rate is now back at over 7%.
However, the India market is complex. It is not easy to find a pattern based on which companies have been successful in India. How do you enter this market? Or re-enter, as some companies also have done? Here are three things I wish I knew before entering the India business market:
- The premium segment is often smaller than you account for. On the other hand, the India market itself consists of many markets. Therefore, it is not very uncommon that the market is either under-estimated or over-estimated.
- For most of the fields in India there is an unbalance between buyers and suppliers. The buyers are not as many as the suppliers. This leads to an intense competition. This also tells us why it is so important to find the right niche opportunities.
- There are some intangible culture barriers that are often neglected in business discussions. These can cause companies to select the wrong entry model, the wrong distributor and finally not achieving their business plan goals.
On the 14th of June we will host a webinar on this very topic. Join us to listen to our India experts sharing their insights on how to enter the India market. In the session we will share common key pitfalls to avoid when trying to enter the India market.