The new report, Franchising Market
in India, states that India has witnessed large scale adoption of franchising
as a prospective entry route for expansion. It is hailed as being a key
strategy when growth becomes saturated in domestic markets and companies look
beyond borders for untapped potential and markets.
The Indian franchise market is
particularly poised to grow exponentially with the recent Government mandate
barring foreign majors undertaking a direct entry which compels them to
establish their venture through franchising. Greater demand for goods has
translated into generation of greater demand for franchises which is presently
growing at an impressive rate of 30% annually.
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A comparative analysis indicates
that a symbiotic relationship between franchisors and franchisees exists which
culminates into an amalgamated advantage for the end consumers. While
franchisors render a set business model, franchisees leverage the understanding
of the local and cultural milieu of the country and resultantly consumers
derive a wider range of options in products both domestic and international. Based
on different strategies adopted by franchisors in high probability, unit
franchising emerges as the option with the highest takers. Though this route is
a known concept for almost all sectors, food and beverage and education
constitute the lion’s share among all the sectors or markets adopting this
route.
There are certain factors the
predominantly work towards enabling the sector to grow in the likes of higher
disposable income that aids in greater spending power by consumers, access to
internet that opens avenues to people and make them aware about global trends,
introduction of FDI in retail which bars any direct entry by foreign companies,
availability of credit which renders more purchasing power to consumers,
development of malls and supermarkets that attracts franchisors by proposing a
growth potential in the country.
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Though there is no specific
regulation pertaining to this sector, yet there are certain regulations that
are factored when franchising is concerned. Newest trends that characterize the
sector involve e-newsletter as a promotional technique, e-franchisees and a
particular business model that addresses the gap between rural and urban
scenario.
Franchising in India is taking a big
shape and is set to carve a successful niche ahead, yet there are certain
impediments that are challenging the sector and need to be overcome in order to
march ahead towards success.
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