Digital Franchise opportunities growth to be driven by increasing consumer spending
India is the second largest franchise market globally, and five years from now the Franchise industry is looking to touch USD 140-150 Billion market size. Focusing on digital franchising, the recently launched Francorp Franchise Forecast 2023 states that “Digital franchising is the new frontier of franchising that will revolutionize how many businesses operate, by combining power of the internet and cloud-based applications with the distribution scale of franchising.”
With the emergence of digital franchises, offering a low-cost and flexible avenue for entrepreneurs to leverage technology and provide products or services exclusively through digital platforms. This innovative model allows aspiring business owners to tap into a proven business framework with minimal overhead costs and a broader market reach. The whitepaper also states that “India has around 3.5 lakh franchise outlets; Currently, there are 4,600 active Franchisors across all sectors operating nearly 200,000 outlets. The franchise industry accounts for close to 2% of the national GDP. Job creation is at 1 million annually in the Franchise industry in India.
The whitepaper was launched at the two-day Franchise India’s 19th International Franchise and Retail show, Startup Summit 2023, highlighted that more than 300 companies start franchising every year with 53% of all Franchises by multi-unit Franchisees.
Gaurav Marya, Chairman of Franchise India Group, spoke about the significance of the Digital Franchising, and stated, "We are thrilled to present the Digital Franchising Report, which sheds light on the immense potential of online business opportunities. The digital landscape has transformed the way businesses operate and engage with customers. Digital franchising offers a unique proposition, allowing entrepreneurs to establish a presence in the online realm, leveraging technology to provide products or services. This report serves as a valuable resource for individuals seeking flexible and cost-effective business opportunities in the digital sphere."
The Francorp Franchise Forecast 2023 explores the advantages and opportunities presented by the digital franchise model. With minimal physical infrastructure requirements, digital franchises provide an affordable entry point for entrepreneurs. By leveraging digital platforms, franchisees can reach a wider customer base and tap into the global market. The report delves into various sectors that have successfully adopted the digital franchise model, including e-commerce, digital marketing, online education, virtual services, and more.
Digital franchising allows franchisees to benefit from an established brand reputation and proven business systems, along with comprehensive training and ongoing support. The model offers flexibility, scalability, and the potential for higher profit margins, making it an attractive option for individuals seeking a low-risk and innovative business venture.
The launch of the Francorp Franchise Forecast 2023 report at the Startup Summit 2023 signifies the growing importance of the digital landscape and its impact on the franchise industry. Entrepreneurs looking for adaptable and cost-effective business opportunities now have a comprehensive resource to guide them towards success in the digital sphere.
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