As the financial year, 2017-2018 is about to conclude, it’s worth taking a look at how the franchising industry has performed what looks like an interesting period.
The franchising industry in India is constantly growing that is showing no sign of slowing down. The franchise sector has proved so beneficial for many franchisors in 2018 that is expected to create a similar result in 2019, or even more better.
The development of India witnessed in terms of globalization, liberalization, and brand awareness has heavily contributed to the success of the franchising industry. In fact, India is now being considered among the best and fastest emerging markets globally for establishing a business.
Franchising has proven itself time and again, offering an attractive prospect of a business. In addition, the franchising benefits like a well-established stability followed by minimal risk factor are attracting many entrepreneurs to invest in a franchise model.
Here we look at some of the trends that transformed the Indian franchising industry in 2018.
Artificial Intelligence Drove Customer Experience
The roar Artificial Intelligence has created since the starting of the year 2018 is not a hidden thing. Initially, a concept that invaded the country as a foreign thing has become an essential tool in today’s Indian business industry.
Brands are using Artificial Intelligence as a tool for performing redundant, repeatable tasks, processing a large amount of data along with enriching the human interaction. Artificial Intelligence has become a norm for consumer experience in the current time.
Brands Embraced Live Interactions over Social Media
The franchisors in 2018 realized that establishing a company and relationship engenders long-term brand loyalty. They came to a conclusion that nothing could drive a strong relationship better than in-person and live interactions.
Even live video gained popularity and momentum that has become an essential tool for marketing. Social media apps like Facebook and Instagram have been a regular playground for franchisors interested in live interactions.
Millennial Welcomed Generation Z
Generation Z is being considered as the millennial successors. The eldest of the Gen Z are expected to enter their formative years, rising in influence.
Millennial are no more children anymore as many of them are playing leadership roles with many organizations spread across nationally and internationally, both. In fact, millennials are opting to guide their peers, that is Gen Z.
Millennial will soon be seen managing Gen Z employees for running and increasing productivity at an organization. Gen Z is the first generation that is born with devices in hand that makes them tech-friendly since their childhood.
All of the above trends created a huge impact in the business industry in 2018 that is expected to continue in the year 2019. Therefore, if you are planning to become an entrepreneur or a franchisor, considering these trends could help you elevate your business successfully in no time.