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Franchise trends 2018-05-10

Know How to Build a Franchise Brand

Indian market is expected to reach $64 billion by 2021, growing at a five-year CAGR of 31.2 percent.

By Senior Sub-editor
Know How to Build a Franchise Brand

 

The technological revolution, which is taking place in the world, right now, is one of the reasons that e-commerce companies are getting encouraged to come up with more and more options.

According to a new study by Forrester Research, approximately a fifth of total retail sales will take place online by 2021 in the Asia Pacific, with 78 percent of that coming from mobile, up from 63 percent in 2016. The study adds that online retail via mobile will grow at a CAGR of 15.6 percent, to reach $1 trillion in 2020, up from $539 billion in 2016.

China accounts for nearly 80 percent of online retail sales in the Asia Pacific, and Forrester expects it to become the first market to reach $1 trillion in online retail sales in 2020. Indian market is expected to reach $64 billion by 2021, growing at a five-year CAGR of 31.2 percent.

The market is hot for those who want to try their hands on the e-commerce business, either they can choose to be a part of the retail world or can come up with their own ideas to start an e-commerce business in 2017.

Coming up with a franchise business and becoming a sensation in no time, is not a cake walk but the most difficult part of this business is to be in the game, for which it is important to build the franchise from business to a brand:

Define Your Franchise Brand:

India is a home for many upcoming startups, aspiring entrepreneurs, where new ideas flow like a river from the all the states and its cities. The ‘Make-in-India’ move has also given the required encouragement from the government side as well.

Thus to stand out in the crowd, it is important to define your franchise brand and to define that one needs to answer some vital questions before going forward:

Who are you?

What are you doing?

Why are you doing it?

In short, keep your unique selling point (USP) clear in your head. These answers will help you in figuring out the basic idea of starting the business in the first place and will even push you into putting efforts to build the brand.

Brand Positioning:

There is a combination of four aspects that draw revenue for the brand and they are Product, Price, Place, and Promotion.

Brand positioning helps in directing and narrowing down brand awareness to the target audience.

It will solve a number of problems such as identifying the key partners, who will help in the investments, key activities, on how to proceed further, determining value positioning, customer relationship, key resources, distribution channels, cost structure and revenue stream.

Research reports seem to indicate that Indian consumers seem to be looking forward to witnessing more development on the technological side, such as apps for easing out their day to day life. This, reports say, is largely fuelled by young consumers aged 14-45 years.

Get Technologically Connected:

The technological bug has bitten everybody and if you still live in that old school thought bubble, of promoting or marketing on newspapers and radio ads, then time to burst it and hit the social media for promotions.

Social media alone has produced many e-commerce businessmen, online tycoons and renowned entrepreneurs, who have become an online celebrity.

Internet and technology create convenience, so take advantage of it to create the kind of space people look forward to returning to. Look at your market and ask yourself what kind of conveniences technology can offer them.

Now sitting at home, one can place orders for almost every basic needs of an entire family, without wasting time, energy and temper. This is the kind of revolution technology has made in people’s lives.

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