5 Tips to Make a Successful Entry into the Indian Market

1. 5 Tips to Make a Successful Entry into the Indian Market India is the 2nd populous market across the globe, and is also one of the fastest growing economies. As per the Asian Development Bank, Indian GDP is set to grow at 7.5% in FY 22, staging a powerful comeback after the pandemic – induced crisis. By 2030, the retail consumption in India will reach USD 6 trillion. However, it is quite a task to enter the Indian market, especially if you have zero knowledge about the area you are about to enter. India is also a diverse and vast market, which can further make swift entry a cumbersome task. Come and let us share 5 tips to make a successful market entry in the Indian market with you- Find the Correct Partner- India has the 7th largest economy (GDP) with a 1.3 billion population. And being a complex market, understanding the market can be daunting for you if you hire market research that is not based in India. That is why finding the correct partner like The India Watch, which understands Indian consumers and their needs will be a great catch.

2. Mould your Product or Service as Per the Local Consumer- Why are you doing the business? To help consumers avail of your services right? Then what can be better than modifying your product or service as per your consumer needs and requirements? It will not only garner your profit but also give you a consumer base that can be relied upon. Be Price Sensitive- Being a newcomer in the Indian market, you must work on your pricing strategy, especially if you aim to target lower middle class or middle-class people. India has a rising economy but still has to go a long way. Thus, pricing your products as per their usage and affordability will fetch you great benefits. Aim for Long-term Success and Not a Quick Turnaround- If you think the Indian market can be a quick win for you, then better not aim for it. India has a huge market, and to get your product or service understanding consumer needs time. That is why you need to invest more time to achieve success. The consumer here holds different tastes and needs, which leads them to take their time to explore your product or service and then give a judgment. Navigate Regulatory Landscape- Both union and state laws have a single administration in India as we follow- common law. However, there are also state specific laws and regulations with respect to company formation. Meanwhile, every state or union territory has specific industry-specific rules in terms of discounts, subsidies, taxations, etc. One needs to have a good understanding of the same. For any further information feel free to drop us a mail at info@theindiawatch.com