Emerging Business Trends in India: Opportunities for Entrepreneurs
India has quickly established itself as a fertile ground for new business ventures. The country’s progressive policies and growing middle class has brought about a wave of emerging business trends that are proving to be prime opportunities for entrepreneurs looking to establish themselves in the market. Here are some of the latest business trends in India and what it means for aspiring entrepreneurs.
E-commerce boom
India is experiencing a remarkable e-commerce boom. The country’s online retail market is set to exceed $150-billion by 2022. This growth is driven by the increasing internet penetration in the country and the rise of smartphone usage. The accessibility of online platforms like Amazon, Flipkart, and JioMart has made e-commerce more accessible and convenient for consumers. This development presents vast opportunities for entrepreneurs looking to start their businesses in the e-commerce market in India.
Digital Payments
The Indian government’s push towards a cashless economy has paved the way for digital payment platforms like Paytm, PhonePe, and Google Pay, among others. The demonetization of certain banknotes in 2016 provided a significant boost to digital payments, leading to a surge in the number of digital wallets and mobile payment options available. This trend is only expected to grow as more people are choosing to make digital payments instead of cash transactions. Entrepreneurs can capitalize on this trend by building businesses around digital payments, including mobile payment solutions, digital wallets, and payment gateways.
Healthcare Industry
The Indian healthcare sector is projected to grow to a $372-billion industry by 2022. With increased awareness and demand for better healthcare, there is ample opportunity for entrepreneurs to innovate in the healthcare sector. With the advent of telemedicine, e-pharmacy, and medical tourism, healthcare is becoming more accessible and affordable to the masses. Entrepreneurs can leverage these trends to build businesses around healthcare services that serve a particular niche, such as remote consultations and wellness programs.
Cryptocurrency
The Indian government has been ambiguous about its stance on cryptocurrency, but the country is currently a hotbed of blockchain technology innovation. Ethereum co-founder Vitalik Buterin has stated that India will be among the leading blockchain adopters in the world. With a growing number of cryptocurrency exchanges like WazirX, Unocoin, and Zebpay, the potential to make a profit in this emerging market is enormous. Entrepreneurs with a keen understanding of cryptocurrency and blockchain technology can capitalize on this trend by starting businesses around cryptocurrency investment platforms, trading tools, and other blockchain-based solutions.
Conclusion
India is a country filled with opportunities for entrepreneurs to establish themselves in various industries. By staying abreast of emerging business trends and innovating around them, aspiring entrepreneurs can take advantage of the possibilities that the Indian market presents. From e-commerce to healthcare, digital payments to cryptocurrency, the sky is the limit for entrepreneurs looking to make their mark in India’s ever-growing business landscape.
