Will be posted at July 20, 2022 | author DR. MOHAMED IDREES UL ISLAM
Businesses today are changing dramatically as technology changes, and the business environment of the future will not change. The use of technologies such as artificial intelligence, machine learning, and automation will be part of almost every business. More and more companies are adopting cloud-based business management software or other software to manage their day-to-day operations in the valley. With the popularity of startup culture in India, similar behavior can be seen in the valley. More businesses will be driven by individuals in the form of freelance skills and social media influencers. At the same time, some companies do not reach the future. Many companies struggle because they are reluctant to adapt to changing situations. People’s buying methods are changing. The way we access the market is changing. The way they communicate and get to know each other is changing. To make a profit in the future, businesses need to see their customers through this changing lens. Here are some of the business ideas that are feasible and will be successful in the future.
In India, the online shopping market is expected to grow from $ 46.2 billion in 2020 to $ 188 billion in 2025. A new trend in the industry is the entry of new small D2C players. Direction to the niche segment. Our valley has not yet participated in the e-commerce revolution. There are some successes, but many failures. Companies here are reluctant to change and adapt to modern methods. In today’s market, if you don’t reach your customers on your side, someone else will. One of the fundamental characteristics of most industries today is fierce competition. Clothing store owners in downtown Srinagar are unnoticed competing with Mintra, Agio, Flipkart, Amazon and more. Valley companies need to have an online strategy and start selling goods and services online by joining the multinational platforms already mentioned. They can use social media to promote their products and are actually using them. Opening a retail website is not a viable option as it does not have the same customer flow as large companies. As the brand gains popularity, this could become a viable option in the future.
The future of outsourcing in India surpasses major global outsourcing players due to high internet penetration, large remote workers, talented people, high quality results and increased access to excellent response times at low cost. increase. Technology outsourcing is expected to grow by approximately 20% annually over the next decade as companies around the world step up their digital transformation initiatives and renew their existing contracts with IT vendors. Kashmir has a pool of talented IT professionals and is constantly growing. The various costs associated with running an outsourcing business are lower than in most parts of the country. Rangreth already has some successful examples of IT outsourcing companies. But I see more possibilities. People with outside experience and industry knowledge need to take the process home and carry it out here. They are confident that they will save a lot of money and add to their bottom line.
We have already seen the consequences of the e-commerce revolution in the form of a boom in logistics activity here. In addition to domestic players, many indigenous peoples have also started the logistics industry. This is a complementary business and exists in the e-commerce industry. In fact, the rise of the logistics industry is due to the needs of e-commerce. According to a 2019 forecast by the McKinsey Global Institute (MGI), India’s logistics industry will grow at a compound annual growth rate of more than 10%, from $ 200 billion in early 2020 to at least $ 320 billion in 2025. .. Partners are the key and entry point for the success of new players in the industry.
Many people have decided to pursue self-employment professionally because it is difficult to find employment with COVID-19. Importantly, most startups and businesses are currently hiring freelancers to meet their needs. It saves them a lot of money. In the future, we plan to supply a large number of talented people with various skills. Many people choose to have the flexibility to work wherever they like, when they work, and at work. The number of freelancers in India is expected to reach 20-30 billion by 2025. Many IT professionals are already working from home for multinational corporations. Content creation work and online education are some of the other freelance entrepreneurs that already exist around us. There are many more opportunities for freelance work and the list continues to grow. All you have to do is learn the skills you are looking for.
Online learning allows both teachers and students to choose their own learning pace. You also have the flexibility to create a schedule that is useful to everyone. India already had the second highest percentage of Internet users in 2019. It is the second largest internet market in the world. Revenues from the well-known learning app “Byjus” provide further evidence that online education is becoming more and more accepted in India. According to a February 2021 survey, approximately 18 million Indians will need to change jobs by 2030. Kashmir has a wealth of talented teachers. You can pool resources and investigate the potential of online education individually. This model makes the product available worldwide and has the potential to teach skills in demand and skills in the future.
Become an investor in your current or new business
It’s definitely new to the valley, but I put it at the top of my list and make it my favorite. In the next few years, this could be a successful business model in the valley. Companies always need money to get up and running, and the availability of money is not always there. People who have money do not always have ideas, and people who have ideas do not always have the money to invest in them. When the two come together, we can witness a wonder. There are many potential and existing businesses in the valley that require funding. Investing in them will be considerable. This requires not just one person, but a team of people. Personally, this happens in the valley at the family and friend level, but success at a higher level requires a more organized and analytical approach.
Social media influencers
This is already valuable and has potential for the future as the demand for social media content grows. YouTuber today needs to focus on affiliate marketing and local business promotion, as domestic and international influencers do. Those who have the skills and tips to influence others need to share their talents online. Social media influencers are improving in terms of creativity, teamwork and strategy. The impact on social networks is no longer a secondary concern or a coincidence. Social media influencers recognize the value of the impact they have accumulated over time. Demand for micro-influencers in the influencer marketing industry is expected to surge in 2022. The industry-wide share of micro-influencers has grown significantly over the past year as brands favor them for their engagement rate and reachability.
In addition to the following, there are many other future-ready business opportunities in the Valley. Become a wholesaler or distributor of new or established brands. Expand SMEs at the district level. And finally, invest in a small real estate unit. Kashmir is a huge, populated market and consumer demand is constantly increasing. You will find a buyer for anything at an affordable price. Reaching your customers is what differentiates you from success and failure.
(The author is a professor of business administration at the North Campus of Cashmere University. Contact firstname.lastname@example.org)