India has welcomed technology and talent with open arms and it has now become a destination for development and innovation. The city that stands out in India for start-ups is Bengaluru. It houses headquarters for most of the major tech giants. Also called the Silicon Valley of India, the city is a popular destination for start-ups to thrive because of the business environment. India is ranked 3rd on the list of countries with most start-ups. Bengaluru hosts the majority of these start-ups.
Business is becoming more and more customer oriented; therefore, the marketers will have to come up with new and unique ways to attract and engage customers. Markets will have to invent more personalized ways of marketing and try to deliver more value to the customer. Influencer marketing will become more common and customer reviews will be very significant in the coming few years.
Online shopping is a popular trend and the industry is expected to grow. Flipkart is a good example of an e-commerce start-up from Bangalore. Today, it is one of the biggest e-commerce companies in India. This has encouraged graduates from top MBA colleges in Bangalore to start up their own businesses instead of joining other companies.
A change that is expected is that online stores will work side by side with offline stores. Many e-commerce companies have already set up stores where people can go and try their products, talk to salesmen and place an order online if they’re satisfied with the product. This trend has taken off because many people are still hesitant about online shopping because they cannot test or see the product before buying it.
The business environment is also moving towards a future full of collaborations and partnerships. The companies believe that they can earn profit by serving the customer in such a way that benefits everyone. This is why instead of competing with other companies, firms are keen on collaborating with other firms.
A new way of lending i.e. online lending, is on the rise. Companies realized that approaching a lending institution in order to get a loan is a very lengthy process and new services have come up which can help people get loans in a matter of a few days or even hours.
A recent study showed that employees that work from home have higher productivity levels than those who work in offices. Long hours of traveling, traffic congestion, occasional bandhs, are all bad for productivity. This is why employees nowadays opt to work from home, cafes, co-working spaces, etc. Businesses are also expected to focus more on employee’s happiness.
Talent is hard to find and high attrition rates are a huge challenge for any business. This is why businesses focus on the well-being of their employees. Apart from the regular salary and fringe benefits, some companies even fund the educational aspirations of their employees. Keeping the employees happy involves fulfilling their career aspirations, allowing them to grow, providing them with training, etc.
The start-up environment will face many challenges but it will evolve through them. The Indian start-up ecosystem is very complex as the consumers have different behaviours in different regions. However, it will progress with the help of the government in the next few years.