Hot trends in franchising for 2023

Read on to know about the most trending business arenas in franchising

Post pandemic Franchising Industry has picked up more pace in the business ecosystem. According to Gaurav Marya, Chairman, Franchise India. Franchising brings along great operators. Micro efficiencies are very significant for any business franchising brings that in business to be successful. Franchising as a model saves you in situation like pandemic as it is also a way to divide risk as it involves different operators. Franchising business model is a best form of capital and funds. As the industry is getting tighten in terms of funding now because of global adversities, therefore, franchising gives an entrepreneur an opportunity to raise capital via involvement of multi micro operators. This decade would be for franchising and franchising businesses would be more valuable.

The multi-billion-dollar franchise industry in India is credited for high growth, sales, and for creating more jobs than any other type of business in the coming years. As per recent Francast Franchise Forecast 2023-24, 2.8 million people are employed in franchise industry it contributes 4 % to Indian GDP. The stint of 3-4 years which have just gone by have witnessed a sea change in franchise business ecosystem and is now reviving with new business trends. Read on to know about the most trending business arenas in franchising.

Digital Franchising: With tech enabled services products in every business, cloud-based applications and internet connectivity, a new front line of franchising is growing into a revolutionary segment that will impact how many industries operate their business. Digital Franchise Concepts arebecoming one of the fastest growing areas in franchising industry. From EDtech brands to digitalization of food menus or tech enabled services in franchise businesses, Digital franchising is trending.

Entertainment leisure franchises: The entertainment franchises are taking the control in their hands to let everyone enjoy their bit of fun experiences with their family and friends in more ways than one. The way mall culture has taken over the market, it has also opened numerous opportunities for franchisees to attract customers easily. Game station franchisees, indoor theme parks, indoor water and snow parks etc where children and adults can enjoy their fun games and have some physical activity indoors are gaining popularity everywhere

Electronic Vehicle business: India is categorized as a developing country where many sectors are growing at an exponential rate. Electric Vehicles are considered one such sector which is growing rapidly, where companies from across the globe are focusing on the Indian market to acquire their business in-country in the coming years. Many existing automobile brands and new brands too have jumped into the EV industry to reap benefits and most of them are operating via franchising dealer distributorship models.

Innovative FB CONCEPTS: Food innovation is the improvement and commoditization of food products, processes, and services. In a growing market like India, its happening rapidly. Food and beverage companies are looking for ways to make offerings that are not only enticing, accessible, exciting, and unique, but also sustainable and lucrative. New food products like Bubble tea, fresh fruit desserts and ice creams, theme-based regional Indian Thalis and tea cafes are thronging the FB franchise arena. Speaking about the opportunity in food business, Jared Mazzis, CEO-Business Development at Barcelos, said, Prior to Covid in our earlier stint, there were a limited number of stores on the ground and the brand had got diluted. We want to now come back with a strong focus on our core products and take the brand to the masses and focus on getting consumers to come in more frequently.

Ayurvedic wellness franchises: As per a report by Research and Markets, the Ayurveda market in India was valued at INR 300 billion in 2018 and is expected to reach INR 710.87 billion by 2024. Rising awareness about the importance of a healthy lifestyle, increasing preference in favor of chemical-free natural products, as well as favorable government initiatives have led to the expansion of the Ayurveda market in India. Brands dealing in Ayurveda products and services, especially D2C brands are now opting for franchise operating model to scale.

Eco-Friendly biz ideas: From retail to FB to Fashion to beauty and much more, brands spanning across all categories are going above and beyond to ensure their businesses are eco-friendly and sustainable. These days brands consider the environmental impact in everything they do to thrive in their markets. Brands offering eco friendly product franchises in Agarbattis, paints, beauty products, clothes and many more were seen showcasing their business opportunity at the Franchise India 2023.