India never ceases to amaze. With an economic growth rate of over 7% and a population of over 1.2 billion, India is the world’s fourth largest economy and has a plethora of diverse consumers, demands and needs. The time is ripe for international retail and consumer brands to enter the melee of the Indian market.
However, the good news of India’s growth trajectory can often conceal the difficulties of doing business in India. While the huge population growth provides great opportunities to retail and consumer brands, they must first navigate the often unfathomably complex, diverse and unique cultures of the region. A combination of diverse global and regional consumer demands prevail, with everything from product quality and price point to taste in design varying from state to state. While India has moved from 134th to 130th rank in the Ease of Doing Business Index over the last year there is still much that the country needs to do to streamline business practice. There remain many challenges for businesses trying to operate in India.
Odgers Berndtson surveyed industry leaders to uncover the challenges facing foreign consumer and retail brands in India. The following four central topics emerged -
- People, Culture and the Eco-system
- Disruption, Strategy and Adaptation
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