A Step in 2016, a Leap for the Decade
Date: Tuesday , January 26, 2016
The Indian landscape has changed with the onset of a newer generation and their innate nature, i.e., a turn towards a consumption based economy versus a saving economy. The change thus, commands a re-look at the nature of businesses to create enough supply and provide choices to the end consumer while also ensuring convenience of use.
It is in this context that we have seen the rise of the stars today - startups ranging from e-Commerce websites and food delivery businesses to payment wallets and hyperlocal services.
As the trend continues, we anticipate startups catering to basic needs (while spoiling one for choice) to flourish. At the same time, newer sectors are expected to surface as India leverages the changing macro-economic factors to sustain growth of such startups while enjoying more educated/aware consumers and established means to reach out to them.
With the onset of 2016, we anticipate the story of consumption to continue while rationalizing spends. From simply buying things on e-Commerce, getting customization and augmented reality as benefits would enhance the online experience. A tablet to operate everything at home and your fridge telling you what groceries to order and perhaps, automatically placing the order would soon be a reality. The optionality to monitor your health stats and sending an alert to your general physician via tracking devices and integrated health database tech systems would be set into place. The seed for all these over-reaching milestones will be laid this year with the advent of IoT, augmented reality and big data.
Learning would be made accessible via increased mobile usage and penetration. From pre-school to executive education, learning patterns would be studied with the use of artificial intelligence. The intelligence gained would help with more customized solutions and mentoring for students. Edtech would thus, continue to play a big role, as has been the role of Education for the economy.
For larger businesses, operations are due to see a meticulous change with the dawn of technology enabled solutions. From geo-spacing and precision agriculture enabled by drones to use of robotics for warehouse management, every technology would show paradigm shifts for a labor-intensive economy such as India. Finding job seekers via platforms which use artificial intelligence to map candidates and using simpler ERP systems developed as a SaaS offering would alleviate overheads and simplify non-core functions. Refined data collection and analytics for marketing, inventory management, resource planning and studying consumer behavior would add a more efficient layer of prognostic planning to business operations.
This landscape of true tech-enabled businesses and solutions offered thereof are possible only with the help of a more investor and entrepreneur-friendly economic environment. Relaxation of FDI and taxation regulations coupled with simplified listing norms would sustain businesses. Easier access to capital is possible only by creating an ideal environment for investors vis-a-vis exemptions or at least lenient capital gains, taxation regulations as well as efficient processes with minimal approvals and paperwork.
While the startups continue to cultivate innovation, the fertility of the breeding ground lays in the hands of Indian\'s law-makers. The hope for accelerating the pace of growth of a developing economy like India rests in the hands of new age entrepreneurs and their out-of-the-box thinking.