News Karnataka
Tuesday, January 31 2023
Business

Will India experience a home-based business boom in 2019?

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Although India certainly represents one of the largest economies in the world, the fact of the matter is that many of its citizens are still struggling to make financial ends meet on a daily basis. Traditional business opportunities always exist and yet, there are only a limited number of positions available for a population that is continuing to expand. This presents the young entrepreneurial generation with an interesting dilemma. How they earn a substantial living while putting their talents to use (particularly those who hold a university degree)? The Internet could very well represent the next big economic change throughout India and home-based businesses are expected to perform extremely well.

The logical reasons to expect a change

Why might such a change take place? One of the main reasons involves the outsourcing trend that we have witnessed over the past decade. As businesses look to trim their in-house expenses, a growing number are choosing to source their work from countries associated with favorable exchange rates. So, it is no surprise that India holds a significantly large presence within the telecommunications and telesales communities. It is likely that this momentum will pick up speed in the coming year.

Internet connectivity is another important factor to mention. Although the number of static connections might be rising at a relatively slow pace, the vast majority of the population within major urban locations now possesses some type of mobile device such as a smartphone. This has enabled them to instantaneously connect to the Internet and as a result, many are considering a foray into the world of online retail sales. A perfect example can be seen in the rise of India-based smartphone applications currently on the market.

Another factor within the equation relates to a truly global community. No longer is the retail marketplace defined by traditional geographic borders or even language barriers. Electronic payment methods provide the ability to purchase a product from a supplier located halfway around the world. In the majority of cases, this very same item will be delivered to the address of the buyer within two weeks. Such technology would have been considered fictional only 20 years ago.

Home-based businesses represent an opportunity to become involved within a burgeoning online community and even those with little professional experience are intrigued by what such options have to offer. Still, there are more than a few pitfalls which need to be addressed in order to achieve success. Some of these are more easily quantifiable when compared to others. Let’s take a closer look.

The hurdles which need to be surpassed

There is a major difference between coming up with an innovative home-based product and presenting this product to the online marketplace. This is arguably the most profound stumbling block which needs to be addressed from the very beginning. While creating a basic website with the help of hosts such as WordPress is relatively straightforward, the same cannot always be said when attempting to implement complicated e-commerce software. Users should not be required to possess a great deal of technical experience to access the most intuitive platforms on the market today. In other words, they will need to employ streamlined software applications in order to properly present their services to the intended target audience.

Another concern revolves around the logistics associated with storage and shipping. Warehouse space is at a premium within most major Indian cities and those who are confined to a limited budget are not able to afford such so-called luxuries. This is why procuring the services of a drop shipping provider such as Oberlo is a wise choice. The theory behind this architecture is actually quite simple:

• An order is placed through the seller.
• This order is then passed on to the supplier. It is thereafter sent out to the buyer.
• The buyer receives the product in a timely fashion.

Furthermore, there are thousands of products to choose from. Many of these could be encountered at discounted prices; an excellent selling point. Shipping rates will be automatically calculated and perhaps most importantly, the need to develop in-house inventory storage solutions is no longer required.

To be clear, India is not the only country which is expected to enjoy an Internet-based retail  sales boom. Other portions of the world such as Asia and South America are likewise set to be transformed by such opportunities. The main question is whether or not the average citizen will be able to fully appreciate the possibilities at his or her disposal. Those who possess the motivation and the correct mindset could very well come across lucrative business opportunities in the coming year. The digital age is truly upon us and it shows no signs of slowing down. We are now only beginning to take the first crucial steps.

 

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Martin William

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