Top 12 Industries that Blockchain Will Disrupt in Future

“The application of Blockchain technology is rapidly becoming a core component of our infrastructure!” ― Kevin Coleman

A business process consists of a series of actions with the required steps to achieve an expected outcome. Every process is structured and repeatable. Every employee in an organization has to experience the same process. If a sort of action is unperformed, the entire workflow might become a mess. Therefore, streamlining a business process is the key feature of an organizational structure. With a structured business process, every employee can recognize their responsibilities and reduce errors to achieve added productivity. Blockchain technology has initiated a new world of possibilities with innovative business processes. Around the world, Blockchain service providers introduce novelties in every business function.

Every growing company needs to introduce novel elements for getting revolutionary changes to all components of their business functions. Recently, blockchain has entered the tech world as a game-changer. This disruptive technology generates distinctive opportunities to decrease complexity, produce secure and immutable information, and facilitate collaboration.

By decentralizing data, blockchain technology keeps our personal information more secure. With the support of this technology, every firm can ensure a safer online experience. In this article, learn about the top 10 industries that blockchain technology will disrupt in the future.

  1. Banks and Financial Services

It was said that what internet has done to media applies to what can blockchain do to banking. Banks and other financial services face different types of risks since they hold various data regarding the personal and financial information of customers. According to statistics, banks can save approximately $19 billion in the total banking process as a whole if they have an authentic approach to storing and sharing. To reduce the risk, banks can apply blockchain technology to performing their routine tasks and other major functions. A few banks have already started using this but not all. 

  1. Healthcare Industry

Adopting blockchain technology to transform the healthcare industry increases the security, interoperability, privacy of health data and minimize the costs while providing patients access to healthcare.  This technology provides a safe and systematic model for making medical records well-organized and secure. With its unique and result-oriented functions, healthcare industries improve healthcare communications, facilities, and functions on the whole.

It is expected that blockchain will change the world of healthcare with so many possibilities. In the coming years, every healthcare industry may boost its functions with this disruptive technology. Nevertheless, implementation will not be a cakewalk since every company needs to make a new infrastructure to avail all the opportunities of blockchain technology. The potential benefits of blockchain in the healthcare market are enormous as it:

  • Creates the data which cannot be altered by anyone.
  • Gives patients medical records of every communication and prescription.
  • Develops healthcare industries with more reliable approaches.
  • Offers possibilities for pharma companies to collect data in real-time.
  • Presents healthcare professionals easy access to the patient’s data.
  • Provides a great deal of transparent communication related to patient billing.
  • Stores the data in a hack-proof centralized database.
  1. Internet of Things

If we connect any internet-connected devices with other things or gadgets wirelessly, the things in this system can transmit and receive data from each other. IoT supports smart work and modern management of life. It aids in improved business process insights. It also helps in cutting down operational costs and downtime as well as enhances overall efficiency and productivity. With the support of blockchain technology, we can transform IoT industry processes to protect communications, facilities, and modernize software, monitor bugs and energy usage and functions on the whole.

  1. Cloud Computing

Unique features of Blockchain such as decentralization, transparency, and security have brought a revolutionary technology for the present generation of several industrial usages. One of those technologies is Cloud Computing. Blockchain provides a very crucial solution that can remove all the challenges in Cloud Computing through decentralization and provides data privacy as well as network security.  Hence, the integration of blockchain and cloud computing becomes very useful for a large number of industrial applications.

  1. Digital Marketing

Blockchain is also useful to disrupt the ways digital marketers do as it has a massive effect on delivery, purchases, metrics and value on such digital marketing campaigns. It is the future of digital marketing. With the support of this technology, small businesses can compete with larger companies to reduce costs, increase transparency, and trust with consumers. The following are some of the benefits of blockchain technology in marketing.

  • Blockchain allows marketers to accept alternate payments.
  • Companies can get genuine customer-related data.
  • Small companies can build trust in customers.
  • Companies can post ads without middlemen.
  • Every company can improve security.
  • Blockchain enables consumers to take charge of the ads they see and give advertisers an advanced means to fabricating high-quality leads.
  1. Public Transportation

Every national highway in the world has become a centre of accidents. To reduce the number of accidents, governments must install traffic systems expensively. Employing blockchain technology could help global national highways to become accident-free zones and it may bring statistics to better understand how people are utilizing public transportation options. Blockchain could also contribute to public transportation with a more functional, streamlined system, and pollution-free system.

  1. Energy Management

Blockchain technology is technologically potential to transform the energy sector as well even though Energy Management has been an extremely centralized industry for such a long time.  This energy industry is continuously introducing several innovations such as rooftop solar, electric vehicles, and smart metering. These innovations bring new use cases that include new business models for energy markets with real-time data management, and moving carbon credits or renewable energy certificates with the support of blockchain. 

  1. Government Records

The management of government services is another area in which blockchain can help decrease paper-based processes, lessen fraud, and increase accountability between authorities and the public. Some governments have already started taking it upon themselves to enjoy the benefits of blockchain technology-based advancement.

  1. E-commerce

Blockchain technology can transform the e-commerce industry by reducing transaction costs and increasing transaction security. Most famous e-commerce companies such as Amazon, Walmart, and Alibaba have already begun utilizing blockchain technology. By keeping time-stamped records of shipping and receiving, both owners and customers can reduce several price-related disputes. To simply put, blockchain can give a massive impact and changes on the following E-commerce categories- technological, legal, organizational and quality concerns and consumer issues.

  1. Retail

When it comes to the retail industry, customer trust is the most important factor. If companies apply blockchain technology to increase auditability, transparency, and confidence in every business process, it may be an approach to building trust among payment gateways, retailers, and customers. Blockchain will link consumers to vendors and won’t be needing a middleman with associated fees. Next-generation retail industry will be based on blockchain technology as both retailers and customers need to be more transparent and authentic in buying and selling.

  1. Real Estate

By applying blockchain, such issues concerning bureaucracy, no transparency, scams and public records errors which are normally faced in the buying and selling process in the Real Estate Industry will be reduced. Blockchain technology can fasten negotiations as the paper-based record keepings will be minimized and related work such as trailing, confirming ownership, ensuring precision of documents and transferring property deeds will be more convenient and efficient. 

  1. Insurance

Blockchain is an advanced way of trust management and can be used to authenticate various types of data in insurance contracts like the insured person’s identity. An oracle can be used to incorporate real-world data with what you call ‘blockchain smart contracts’ and this type of technology is very advantageous for any type of insurance that counts on real-world data.

Conclusion
Blockchain will not only transform how we use the internet but it has the potential to primarily reinvent and redesign business functions on the whole. Apart from the above companies, the business functions of every company are based on a certain process which needs more authentic data management for solving problems. Hence, blockchain providers can focus on solving problems of various sectors. Companies, which aim to become next trendsetters, should rely on providing blockchain-centred services that help them achieve an efficient management and innovative infrastructure.

           

Business Model Innovation: The Key Strategy of Business Evolution

“A business model describes how your company creates, delivers, and captures value.”Steve Blank

How powerful and effective is your business model?

What does business model innovation mean to your company?

What are the problems that could have been caused by your business model?

Do you want to look for the answers to the above questions? Then this article will tell you about the complete picture of business model innovation. When we talk about the success story of any brand, the major element is the business model. A business model plays a key role in making profits, implementing functions, and capturing value. If innovation is added to a business model, it will become a framework to capture or create value by doing things uniquely to serve society with products or services in an innovative way.

Business model innovation is the art of enhancing essential features and functions by developing unique concepts for supporting an organization’s financial viability and advancing the business functions. It is where a company forms, distributes, and gets its value. The key goal of business model innovation is to recognize new revenue sources by advancing product value and how they are delivered to customers.

Why is business model innovation so important?                       

Nowadays innovation is immensely important for every company in the world. In many cases, innovation is only connected with innovative products or services. However, a business model innovation should be significantly more profitable. Continuous changes in customer buying behaviour, globalization, and revolution in digital technology are presently creating a “window of opportunity” for developing new business models. A business model innovation is important because it helps businesses:

  • Boost Long-Term Market Value
  • Cut Expenses to Save Money
  • Increase Sales and Improve Profitability
  • Enhance Business Performance
  • Improve Employee Performance
  • Implement Business Growth and Expansion Strategy
  • Gain Competitive Advantages
  • Improve Management System
  • Build Learning Organisation
  • Explore New Business Opportunities
  • Develop New Markets
  • Create Branding Strategies
  • Contributes to overcoming sales rejection
  • Helps prepare the company for unexpected events, for example, Pandemic

Examples of Business Model Innovation

Let us have a look at how to do Business Model Innovation and discuss a few examples to get a clearer idea of what it looks like when being practiced:

  1. Freemium -This is a word that comes from ‘free & premium’. It pertains to business models where the company is providing free services but will charge more when a customer uses the special features then they will be upgraded to paying “premium customers”. For businesses with exceptional products, high gross margins, and high customer acquisition costs, this can be a very dominant model.
  2. Subscription Models– An effective way to transform one-off purchases to a more anticipated, and over time larger, stream of revenue while guaranteeing that the customers are consistently getting value and is also able to purchase higher-end services because of the purchases arising over time. B2B and B2C businesses are the best examples for Subscription models.
  3. Platforms– These are categorized by their distributed approach to creating value. Basically these are either marketplaces or matchmakers that come in many forms. They usually earn money by either getting commission from the transactions or by charging the supply side for the value-added services being provided. The most common examples are Airbnb, Alibaba & App Store.
  4. Direct-to-Consumer (D2C)– This method gives the manufacturer a bigger margins as middlemen are not needed anymore. It gives manufacturers more customer experience and relationship, more control over the brand. Best examples for this are Casper in mattresses or Tesla in electric vehicles.
  5. Ads, affiliates and sponsorships– Smartphones and Internet are dominating the world and we have witnessed a big improvement in content creation which turned the conventional business model of monetizing content with advertising challenged because competition to capture market’s attention heightened up. For example, Spotify produces the majority of its revenue and profits from its users, the advertising revenue provides the company with a solid secondary revenue stream that can be useful for investing in their new developments.
  6. Hybrids– A huge number of the most innovative businesses have hybrid business models that actually consolidates multiple aforementioned patterns in a way that is customized for their specific businesses. A perfect example of hybrid business model is Peloton which sells high-end treadmills and bikes for home use which goes with a subscription service that provides exercise programs, online classes and many other useful features to go with the bike. Even if their products are pricey, they are able to sell them at break-even and then generate income with the subscriptions.

9 key points about business model innovation

  1. Every company needs a business model innovation since updating a business concept is the most important for making revenues.
  2. The business model innovation of a brand should transform partially and completely to ensure its success to come and present survival.
  3. At the same time, BMI should focus on both adding quality to existing products or services and introducing new products or services.
  4. Business model innovations do not essentially require the development of completely new business concepts. It may be a combination of already existing ideas that are widely used all over the world.
  5. Based on the type of industry or the type of service or product, it can be both a micro and macro innovation model.
  6. Instead of just one model, a brand can develop several business models at the same time. Moreover, several companies can use a type of business model.
  7. Business model innovations should focus on the potential to transform an entire industry with a new way of what customers prefer to buy.
  8. A good business model innovation may have the competence to collaborate with other business model innovations.
  9. Our present life is to focus on providing good life for our posterity. Hence, a good business model innovation should focus on what would happen in the future.

A combination of the above tips and techniques is essential if you want to develop a good business model innovation. To stay competitive in your business, you need a strong understanding of the key concept of your business model innovation. Based on the elements of a key concept, you can develop a business model innovation with the power of the latest technology. Make sure that your business model innovation will stay positive even under risky situations. Apart from all these things, when you develop a business model innovation, you need to consider other following key elements that will make your business successful.

Money: Running a successful business needs an expensive budget. You need to focus on controlling and managing loans, investments, capital amount, and/or revenue to make the financial function of your business go smoothly.

Pricing: Adopt the right pricing strategy. If your products or services are too high, you restrict your customer base. If they’re too low, your products or services may look substandard. So it is essential to price a product or a service after market research.

The right customers and clients: The most successful companies should be able to discover the right customers and clients as marketing their products or services is around them.

Less competition: As the market is already filled with several types of products and services, you should find out a less competitive product or service.

Need: If your product or service is not the choice of customer’s needs for the time being and in the long run, your business success may become a question. Diligent market research is essential to find out the needs of customers.

Growth: The growth component of a business model innovation should focus on what a company should do to increase the number of customers and key strategies to accelerate the functions to make profits immediately and continuously.

Business network: A good business model innovation should be a model which is suitable to collaborate with a business network. Joining a strong business network is the most valuable resource to succeed in any modern business. Some of the notable key benefits of a strong network are strengthening business connections, developing your creative intellect, improving your visibility, connecting you with extra resources and high-profile individuals, creating new business and marketing opportunities, achieving constant business growth, and increasing profit.

Conclusion
The concept of a business model innovation is highly important to redesign the structure of any business since business model innovation is one of the most authoritative approaches for companies to stand out from the crowd.  If a company needs long-term success, an ideal business model is essential. Dhunicorn offers all types of companies with comprehensive business solutions. Business model innovation is one of them. If you want to have a successful business model innovation for your company, we will guide you to enter the right path. And also you can renew your business model with us now for better outcomes!

“The Power of Partnerships: Why They Matter?”

Strategic partnership is one of the most fundamental approaches to improving business outcomes. As it is crucial to the growth of any type of business, merchants and traders make use of the principle of a strategic partnership to enhance business functions and expand business operations. The power of partnerships in business manifests itself in a number of forms, ranging from cooperation to investing in a project to sharing business expertise knowledge and goals between companies.

With the right partnerships, companies can advance their business concept and increase their market size. And also, partnerships between businesses foster collaboration and longevity in firms and provide better solutions to society since companies can blend some of the best services together to introduce innovative products and services.

Before you start to have partnerships, you have to decide what types of partnerships your business needs. Generally, there are three types of business partnerships:

 

Partnerships matter for the following reasons:

1. Same goals and vision

If your partners also have the same goals, vision and core values for your new business, the success ratio of business operations and expansions is enormous. A combination of business elements under the same goal will help you achieve improving organizational structure as you blend more ideas to develop one idea. Moreover, the right partner can assist in every growth of the business, and share a large chunk of the workload to run business functions smoothly. When it comes to corporate social responsibility (CSR), business partners who have the same goals and core values may contribute to the society for solving a number of social issues since two helping hands are better than one helping hand.

2. Partners with the different skills

When your business partners have skills that you don’t have, you’ll empower your start-up with more skills. For instance, subject-matter experts can form partnerships with marketers to market their expertise as a service. This way, both you and your partners can share skills for unleashing your potential mutually.

3. Shared Roles and Responsibilities

As every partner will take care of their roles and responsibilities, you can decrease your workload. So, you will have more time to focus on other development factors. And also sharing roles and responsibilities play a major role when your business faces any crisis.

4. Increased Brand marketing

In today’s market, brand marketing, which can reach a customer’s overall perception of a business, should be done through various digital marketing activities such as SEO and Content Marketing, Social Media Marketing, Email Marketing and Paid Advertising, and offline activities such as Business Cards, Pamphlets, Tradeshows, Workshops, Canvassing, Classified Ads and more. Simultaneously, both of these activities are essential to gaining brand awareness and growth. If you have strong business partners, you can promote your brand
collaboratively and effectively.

5. Discovering Your Competitors and Their Services

Knowing who are your competitors, understand their offering, will help you create strategies to improve your business performance. Here, competitor research can play a major role. It is strategic research that specializes in collecting data about rival firms. With the support of partners, you will become capable to discover who your competitors are.

6. Improved Brand Marketing & Target audience

Discovering your target audience is the most important step in brand marketing. Whenever performing brand marketing, keep in mind who your customers are since you can modify the elements of your services or products according to their exact needs. It can make you focus on a niche market, and you can create a brand identity based on their hopes, desires, cultures, languages and needs. Once a company understands the target audience, they can promote the brand based on customers, create a logo, colours, fonts and tone of voice according to their needs, make products and services for the right people and tell brand stories as per the buyer persona. With the support of partners, you will become capable to improve your brand and to discover your target audience.

Forming a partnership regardless of whether it is a general partnership or limited partnership or limited liability partnership, is the key to advance your business to the next level.

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“Finding the Right Strategic Partnerships for Your Business”

Strategic partnerships help businesses grow and succeed by letting them pool resources, skills, expertise, knowledge, innovation, latest technology, etc. Partnering strategically is a great way to grow the customer base, access new markets, expand geographic reach, diversify product lines, cross-promote, utilize each other’s strengths, gain competitive advantage, boost sales and revenue, and support business resilience.

Strategic business partnerships can be very advantageous for businesses of all sizes. However, the partners must be competent to build, develop and make the best of the partnership.

Finding the right strategic partners for your business to function jointly and co-operatively to create mutual benefits and success is the most crucial task in strategic business partnering.

To identify the right strategic partners for your business:

Set Clear Goals And Build A Business Partnership Profile
One of the major reasons why strategic partnerships fail is the lack of clear goals. When partners team up without any definite purpose, just for the sake of partnering then the partnership is likely to head towards failure.

So, set concrete goals and objectives that you are wanting to achieve through this strategic partnering. Also, ensure that your intentions are impartial and mutually favorable. Being only self-focused and not reciprocal cannot work in the long run.

While defining the goals, ask questions like:

  • What are your business goals?
  • How to accomplish them?
  • What is the time frame for attaining them?
  • What goals would be achieved by partnering with other businesses?
  • What type of company/business partnering can help you in achieving the goals?
  • Which industry your business partner must be involved in?
  • What are the weaknesses of your company? What kind of company can help fix these problems?
  • What support/help could your company offer in return?
  • What other benefits can you gain from this kind of partnering?
  • How can you make the best of this strategic partnership?
  • What according to you should be the ideal time frame for the partnership?
  • Are you looking forward to having a long-term or short-term partnership?

These questions can help you in listing your business goals and create a precise profile of the type of businesses you need to team up with.

 

Do Intensive Research
Before you actually approach the potential partner, carry out intensive research about them. Understand their business thoroughly. Determine the favorable aspects and strengths they have to fulfill the business goals that you specifically want to achieve through this partnership.

Pursue the company you can gain the most by partnering with. Your partner must be potent in the areas you are struggling in so that they can support you to enhance your growth.

Also find out how you can benefit them, unlike others by this partnership so that you can interest them to team up with you. It is important to ensure that both your and your partner’s goals will be met by doing business jointly.

Pitch To A Potential Strategic Partner
When approaching a potential partner, be direct and to the point. They must get the idea of why you want to team up with them and what are you anticipating through this business partnership. Also, present them with a short bio of your company so that they can understand your business and business goals.

Identify the chief decision-makers and pitch directly to them. If they are interested in the partnership idea, present a comprehensive partnership proposal.

Be Honest And Transparent
Be upfront with your potential partners if you want to gain their trust and make the partnership work. Being candid with them makes certain that you both have a clear idea of what to anticipate in this possible partnering. Let them know about your business strengths and weaknesses and bring up the areas where you would want to leverage their support.

Similarly, talk about your offerings and how your strengths can help with the weaker aspects of their business. Give details on how can you support them as well.

Thus, you build confidence in your potential partner and get rid of their hesitations to make them proceed further partnering with you.

Dhunicorn, the Best Place To Look For Strategic Business Partners For Your Company
Finding the potential partner for strategic business partnering can often be overwhelming and taxing, even if you know how to find them. It is also time-consuming to find someone you can really trust and who shares the same values as yours.

At Dhunicorn, our business experts know what it takes to form the right strategic business model. We meticulously analyze and bring those companies together that perfectly match with their goals, intentions, values, insights and are ready to team up for the long-term.

Dhunicorn has a network of 40,000 public listed companies and many private companies around the world. We can carry out confidential exploration of potential strategic partners specifically for your company from our vast network of companies.

Apart from supporting your company in getting apt and stable partners, we can also assist you with the business model design, strategic planning till the execution and implementation stage.

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Strategic Business Partnership & Joint Venture Development

What is Strategic Partnership?
A strategic partnership involves creating a business partnership between two or more business persons or companies to share resources, innovative ideas, and technology, knowledge, expertise, capabilities, skills, trustworthy vendors, distribution channels, customer base as well as facilitate access to new markets, for mutual growth and success.

Although the strategic partners are independent, they mutually generate value for each other and endure risks together.

Why Create Strategic Partnerships?
If done right, strategic business partnerships can prove to be your business asset. Let’s see how strategic partnering can enhance your business growth:

1. Brings In More Business
If you want to grow your business, boost your profits and revenue then creating strategic business partnerships is the rapid way to achieve your goals with ease. It helps to bring in more business, apart from offering significant benefits and cost savings.

2. Gets New Customers
Growing a customer base is one of the main goals of any business, and a functional strategic partnership agreement helps to achieve it. Partnering with another business provides you a reach to their customers as well. This being mutual, businesses go for new partnerships to increase their market share.

For example:
Uber, the ride-hailing company formed a strategic partnership with Spotify, the music streaming company, for their mutual benefits.
Uber lets its customers stream Spotify and enjoy personalized music whenever they take their ride. This also makes Uber riders want to subscribe to Spotify Premium. The personalized music experience with its ride offers Uber a competitive advantage over its competitors.
Thus, both the companies attract and acquire new customers.
Strategic partnering is the right solution for your company to acquire new customers without investing in extra capital.

3. Adds Value for Loyal Customers
Customer retention is as important as getting new customers. Satisfied customers promote the products through word-of-mouth marketing. Partnering with companies that offer products related to yours cuts down the risk of some competitor company reaching and acquiring your customers. The strategic partnership adds value for your existing customers and thus helps you in retaining them.

4. Gives Access To New Markets
If the strategic partners have customers from a different market than yours then new-market penetration becomes easier than trying to enter the new market on your own. Sometimes, partner companies get to access the new market without any extra capital, additional routes, infrastructure, and distribution network expansion, which is not feasible to do on their own. Besides, building trust is very crucial when entering a new market and the trust your partner company has already built in the market benefits your company as well. This can help you get ahead of your competitors.

5. Expands Geographic Reach
Expanding into a new geographical market can positively help in the growth of your business. Partnering with companies in different geographic locations offers an opportunity for geographic expansion. Also, leveraging your business partner’s expertise and resources can help you reach your business goals without bearing the expenses and overheads on your own.

6. Helps in Extending Product Lines
If product diversification is your main objective, then a strategic partnership is advantageous in getting access to the resources, knowledge, innovative ideas, and market that are needed to broaden your product lines with minimal investment. Bonding strategically is mutually rewarding so you can also partner with a company that offers complementary products, services to enhance the quality of the existing products or develop the latest products, affordably.

7. Enhances Brand awareness
When you strategically team up with business partners with a huge customer base, you escalate the chance of enhancing your brand awareness as your logo, design and other branding aspects is now viewed by a greater number of people.

8. Builds Brand Trust
Customer’s trust in your brand will certainly grow if you create good business partnerships. If you have entered a new market and do not have a strong local presence then customers tend to doubt whether you really offer what you claim to offer. On the other hand, if you team up with well-established companies that have already proven themselves and won the trust of the customers, then it becomes easier for you to build your brand trust in the new market.

9. Helps in Overcoming Business Fears
At times, all business owners feel uncertain and worried when they face changes that can impact their business. Teaming up with great business partners ensures that you are not dealing with those challenges alone. It brings in solutions, innovative ideas, abilities, expertise, and strengths of several people to work out complex challenges and manage difficult times. This ensures your business’s longevity.

10. Helps In Boosting Sales And Revenue
You can create more than one strategic business partnership to form multiple revenue streams and improve your capacity to sell to a bigger market. The more companies you strategically join to enter a target market, the more probability you have for boosting your sales and revenue.
Strategic Partnering is the right approach for your business if:

  • You are looking for ways to sustain as well as thrive post-pandemic.
  • You are seeking to expand your business through new market development.
  • You want to cut down the cost and risk of your R&D.
  • You need new skills, expertise, and proficiency to grow and develop.
  • You desire to improve your competitiveness and beat your business competitors to win the market.
  • You are trying to set new standards in the industry.
  • You are striving to find new customers and increase sales.

How To Create Strategic Partnerships for Strong Business Growth?
If you are looking for strategic partners to build the most advantageous and stable strategic business partnership then you definitely need guidance from the experts in the field.

Our company, Dhunicorn has a global network of more than 40,000 public listed companies and private companies. We offer the best strategic business partnership opportunity to meet your needs. Our business experts can support your company to develop a successful strategic business partnership starting from the most important step of getting the right partner, model design, strategic planning till the execution and implementation stage.

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Using Chatbots To Grow Your Business

Recently, Chatbots are becoming more and more popular and important because of their efficiency and convenience. They are transforming the way businesses interact with their customers. Consumers also like them. A recent study states that nearly 74% of customers prefer chatbots for their prompt response. About 87.2% of customers say that they had neutral or positive experiences with chatbots.

Chatbots have the capacity to boost and grow a business. Let us see how they can be implemented to grow any business.

 

24/7/365 Real-time Customers Service

Good customer service is one of the most important aspects of a business. It helps in increasing revenue, improving reputation, retaining customers, decreasing customer churn, and enhancing brand awareness.

AI-based chatbots carry on real-time conversations with customers, help them with their inquiries, and resolve product/service-related issues. Humans have limitations but chatbots provide service round the clock and attend to multiple inquiries simultaneously in an engaging and personalized way.

Today, generally people prefer chatting online over calling customer support because they want fast service. Also, they do not have the patience to fill up a form and wait for someone to get back to them. They demand quick reach and immediate reply. If a business does not keep up with such demands, then it may lose its customers.

Catering to the customers 24/7, with instant replies can dramatically boost sales. Chatbots being very responsive are immensely helpful in satisfying customers, boosting sales, and growth of the business.

Example:

Amtrak, the American national passenger rail company was losing its potential customers because it could not keep up with the massive number of inquiries. So, it employed an AI-based chatbot that competently responds to five million inquiries on average a year.

It provides relevant information to inquiries of the website visitors just as human customer support would do. Apart from that, it promptly books tickets for them by asking them the place, date, and time they would like to travel and also offers them a route map for their destination.

It offers other information such as what items the passengers are allowed to take with them. It is capable of making hotel, and rental car reservations as well.

Consequently, the company could boost its booking rate by 25% as well as it experienced a 50% upsurge in user engagement and customer service.

 

Sales and Marketing

Contrary to common belief, the usage of chatbots is not limited to customer support. They can be used to promote and sell products/services as well. They also increase brand visibility and optimize the sales funnel with message applications in a sophisticated and handy manner.

Marketing is a complex part of business and has several tasks to take care of to convey the message to the end customers. Chatbots come in handy as they can be used to automate some marketing processes. Because they handle large volumes of conversations at a time, there are more possibilities of closing more sales calls. 

Using chatbots for sales and marketing is not just time-saving but also very cost-effective. They provide data for analysis which can be used to formulate effective marketing strategies and expand the reach.

They can deliver a personalized experience to the customers and create a great impression with the customers. This results in a better relationship with the customers and improved sales and conversion rates. 

Potential customers who inquire online or on social media are most often on the verge of making a purchase decision at that instant. Human customer support is not feasible round the clock. On the other hand, Chatbots are and they engage well with the customers and prevent potential customers from leaving the website with disinterest. A chatbot is capable of generating an 80-90% response rate.  They also reduce cart abandonment rates.

Chatbot automation can be used to schedule meetings with customers. They make scheduling, modifying, and canceling meetings easy-breezy and quick. Thus, they increase the chances of gaining leads and closing sales than the manual effort.

 

Lead Generation

Adopting AI-based lead generation chatbots is extremely valuable in growing a business. Such chatbots assist in knowing the prospects better by asking the visitors questions and identifying their preferences and interests, likes and dislikes. It not only grows the lead database but also segments the potential customers, which helps the marketers present the relevant and useful content at the right time so as to move the leads into the sales funnel. It also helps in lead nurturing which consequently enhances brand image and trustworthiness.

When conventional forms are replaced with lead generation chatbots, they collect the information about the leads by asking qualifying questions as well as carrying out further questioning formed on the answers to the previous questions. Also, such chatbots get more qualified leads too, so there are more possibilities for making new sales. As they are mostly found on social media messaging platforms, it is very convenient to reach wider audiences.

These chatbots are valuable in providing complete and convincing information about the products/services to the visitors who show an interest. This ensures an effective conversational lead generation.

 

Up-Selling And Cross-Selling

Chatbots can be used to gather customer data such as their previous searches, preferences, and purchase history and they can be leveraged to offer personalized product recommendations, by tracking the user behavior. They allow any business to promote to its clients through an interface as they are designed to provide answers towards a purchase and can be programmed with a flow chart to assist the users in their purchase with the information they desire.

When a visitor is unable to decide which product/service to choose, the chatbot can recommend suitable options for them to select in a non-salesy way. When a chatbot assists in shopping and retrieving the products, the shoppers need not waste their time browsing the website.

When customers navigate through the chatbot to look for a product, it recommends similar products based on what they were initially looking for, and for the undecided customers, the chatbot provides the most applicable option that suits them. Thus, a chatbot can help businesses to up-sell and cross-sell.

By incorporating up-selling and cross-selling techniques (to sell higher-end versions and complimentary items of any product, respectively) into the chatbot’s configuration, sales and profits can be boosted incredibly.

 

Cutting Down The Operational Costs

When a business grows, it needs to hire more employees for executing the business operations efficiently. This means the cost also increases as they have to be paid with remunerations and need to be trained too.

However, chatbots have no such drawbacks as they have the ability to scale with the business growth without added expenses. Yes, they need initial investment which may seem pricey in the beginning but as the business grows, the investment is worth it.

Because chatbots are designed to replace humans for certain tasks, the companies can save their substantial employee costs with the advantage of carrying out their operations 24/7.

 

Chatbot technology is evolving rapidly day by day. It is absolutely possible that in the very near future, new integrations would be incorporated into the chatbot technology which can bring more value to business growth.

Businesses must understand their shortcomings and needs and figure out which hitches can be resolved by utilizing chatbot so that they can apply its features innovatively and make the most of it for boosting profits and accelerating business growth.

The Need for Green Energy Ramps Up; Oil and Gas Sectors in the Energy Transition

“A transition to clean energy is about making an investment in our future.”Gloria Reuben

Nowadays oil and gas sectors face opposition from the public because of the environmental impact of fossil fuels.  Apart from the public, stakeholders and policymakers also express their opinions on the need for alternate energy since the world with green energy will seem significantly different from today’s world. If oil, gas and coal companies want to remain successful in their domains, they need to focus on not only surviving the low carbon energy generation but also on producing green energy.

The energy transition has become a challenging question due to the demand, social and financial future of oil, gas and coal sectors all over the world. The value of these sectors in producing next-generation energy resources and technologies will depend on how well they apply Environmental Social Governance principles to their green energy-related business models. Here, let’s see some of the best green energy sources that could be great solutions to global energy needs in the future and innovative methods for sectors in the energy transition.

Wind Energy

Wind energy, specifically appropriate to offshore and higher altitude sites, depends on the power of airflow that pushes turbines to generate electricity. The form of kinetic energy is converted into mechanical power with the power of wind turbines, and then mechanical power is converted into electricity through a generator. Mountains, vegetation and water bodies control wind flow patterns, and the wind is caused by several elements – the uneven heating of the atmosphere by the sun, rotation of the earth and variations in the earth’s surface. We can use wind energy because it is available everywhere on the earth.

Solar Power

This type of green energy source is generated using photovoltaic cells that capture sunlight and convert it into electricity. There are several benefits of sunlight in our daily lives such as Solar Electricity, Solar Lighting, Solar Heating, Solar Water Heating, Solar Ventilation, Portable Solar and Solar Transportation. As the sun is a boundless energy source, it is the ultimate approach to solving the energy needs of the world. And also, solar energy brings a number of business and job opportunities.

Hydropower

Hydropower has been the most commonly used form of renewable energy. Through the flow of water in rivers, dams and streams, we get hydropower. This type of energy is generated by capturing the energy based on the forces created by flowing water. Generally, hydropower is generated by storing water in a dam or reservoir.

Biomass

Biomass, one of the types of sustainable and renewable energy, is the fuel that is developed from organic materials such as scrap lumber, forest debris, certain crops, manure and some types of waste residues and is very useful for rural areas Biomass provides us with some other benefits that include protecting our environment and generating business opportunities.

Geothermal Energy

It is a clean and sustainable form of energy. We get this type of green energy from the thermal energy stored under the curst of the earth. It is used in more than twenty countries for heating and cooling purposes and the US is the largest producer of geothermal energy in the world.

Tidal

The least popular energy source but has the enormous capability of becoming one in the succeeding years. It can be produced in two ways: barrage generation or tidal stream generators. The power it produces is environmentally friendly and has less effect on ecosystems. 

Companies in the transition

The following energy companies, which have already started projects for the energy transition, are the major energy-focused companies and have agreed to six energy transition principles such as; 1. Public support for the goals of the Paris agreement, 2. Industry decarbonisation, 3. Energy system collaboration, 4. Development of carbon sinks, 5. Transparency and 6. Industry and trade associations.

ExxonMobil

Exxon, one of the largest international oil companies, has focused on its interest in investing in renewable energy technologies for future projects. They plan to promote well-made, high-impact policies that can advance the deployment of market-based, cost-wise solutions.  Even though the major strategy of the company revolves around decreasing greenhouse gas emissions, the company has signed an agreement to buy 2.5 million barrels of renewable diesel.

Beyond Petroleum                                                                                          

BP, the first big oil company which started renewable projects, generates energy from wind and solar. Beyond Petroleum, formerly known as the British Petroleum Company, has more than 2200 megawatts of wind capacity in the US, and invested in and built a renewable energy capacity of 50 gigawatts by 2030. It also develops bio-energy offer solutions for marine, heavy-duty transportation and aviation and a few of its most thrilling work is in venturing, where they are creating investments in a variety of smart technologies and exploring new business models.

Eni                                                                                                                                

Eni, an Italian company, has long-term goals and plans related to renewable energy. Currently, the company is coming up with two new business groups: Natural Resources and Energy Evolution. With the purpose of growing its offshore and onshore wind capacity, Eni has made partnerships with Norwegian Energy Company Equinor and GE Renewable Energy in France. With clean energy sources as an important corporate strategy, Eni, an integrated energy company, aims at achieving the entire decarbonization of its processes and products by 2050.-

Shell

Shell, one of the global groups of energy companies, uses advanced energy technologies to build a sustainable energy future. It is investing in a much lower-carbon technology such as wind and solar, new electric vehicle charging and hydrogen and an interconnected power business that will provide electricity to millions of industries, homes and companies. It reinforces global economic activity and develops the quality of life.  The total plan of Shell for renewable is to invest $500m a year in clean energy technologies.

Chevron

Chevron, with the aim of creating a better life with reliable and affordable clean energy, believes in the power of energy for a brighter future. Even though Chevron’s investments in renewable have been comparatively scant, this US company has invested in solar, wind and geothermal projects for the last two decades. In 2018, Chevron opened a Future Energy Fund with the first commitment of $100m. 

Renewable Energy Organizations and Research Centres

Research related to renewable energy research in order to invent new approaches or technologies to counter climate change is on the rise around the world. The key concept of this research is to lead the world with clean energy solutions. These are the most renowned research centres and organizations, and the companies in the energy transition use their latest technologies or methods for green energy generation.

  • American Council on Renewable Energy
  • American Solar Energy Society
  • American Wind Energy Association
  • Biomass Thermal Energy Council
  • Centre for Alternative Technology
  • Centre for Renewable Energy Systems Technology 
  • Citizen Partnerships for Offshore Wind 
  • Clean Energy Institute at the University of Washington
  • Environmental and Energy Study Institute
  • European Renewable Energy Council
  • Florida Solar Energy Centre
  • Geothermal Energy Association
  • Geothermal Rising
  • International Hydropower Association 
  • International Renewable Energy Agency 
  • International Renewable Energy Alliance
  • International Solar Energy Society
  • National Renewable Energy Laboratory 
  • Solar Energy Industries Association
  • World Bio-energy Association

Conclusion

In view of the above, we have concluded that green energy can dominate the corporate world if the oil, gas and coal sectors adopt appropriate transition measures. Green energy, which provides a cleaner alternative to many present energy sources, is the hope of the future world. These energy sources are not only good for the environment but also good for job creation. When it comes to fossil fuels, they do not provide a long-time solution to our energy needs and the related energy sources don’t create many job opportunities in this post-pandemic world. As per the statement of the Environmental Protection Agency (EPA), green energy offers several compelling environmental benefits for the future of the entire world. Hence, companies can create a sustainable energy-centred future, without polluting and damaging the entire world, but with a number of business opportunities.

Why is India Emerging as “The Land of Agritech Business Opportunity?”

“Agriculture is the most healthful, most useful and most noble employment of man.” – George Washington

AgriTech is the abbreviation of Agricultural technology. It means the application of technology in Agriculture to enhance the yield, efficiency, and profits.

Why India is the best place for the AgriTech business?

Nearly 58% of India’s population is dependent on agriculture as their main source of livelihood. India is a substantially agrarian economy and so there is huge potential for growth of the AgriTech industry in India.

At an earlier time, agriculture was a powerful economic sector of India. However, with the rise in industrialization, service & manufacturing-based economy, and rural to urban migration of labors, agriculture failed to get the attention it deserves from entrepreneurs & policy-makers.

The decrease in land holdings, shrinking agricultural land but increasing population, depletion of groundwater, poor seed quality, and lack of agricultural mechanization are the major problems that hinder the growth of agriculture here. Further, a disorganized supply chain & produce marketing system, malpractices within that system, farmer exploitation, lack of proper transport & storage facilities, lack of access to credit as well as the latest technology has pathetically lowered the incomes of farmers.

Consequently, there is a huge demand & enormous opportunity for AgriTech start-ups in India. There is immense scope in improving crop yield & farming efficiency, enriching the nutritional value of crops, cutting down input costs, improving the supply chain & creating minimal wastage distribution. There is also a brilliant possibility in the segment of market linkages like retail, B2C as well as B2B market. Banks have also been cooperative in developing new platforms that can provide solutions that may contribute to AgriTech start-ups’ transformation.

The future of the AgriTech market in India

India will witness AgriTech as a rapidly booming industry with no signs of slowing down in the coming times. The AgriTech segment in India is preparing itself for growth in the next two decades and so will surely attract investors and create excellent infrastructures as well as make way for sustainable market connections.  Food production is always a huge concern here due to the increasing population.

In 2013, India had only 43 start-ups in this sector, but it progressively increased to 1000 start-ups in 2020. The numbers are expected to grow further with the rising interest of the investors. The catalysts factor responsible for the growth of this number includes a rise in digital infrastructure & increasing internet penetration in rural parts of the country.

The turnover of the AgriTech market in India in the year 2020 is 204 million USD & is still under 1% of its market potential.

India’s AgriTech market is estimated to grow up to 24.1 billion USD by 2025.

The five chief AgriTech market segments that seize the largest share of the AgriTech market value include:

  1. Supply chain tech & output market linkages
    • It is the largest segment with an estimated value of 12 billion USD by 2025.
  2. Financial services
    • It is the second-largest segment with an estimated worth of 4.1 billion USD by 2025.
  3. Precision Agriculture & farm management
    • It is estimated to reach up to 3.4 billion USD by 2025.
  4. Quality management and traceability
    • It is estimated to grow up to 3 billion USD by 2025
  5. Supplying farm inputs
    • This segment is estimated to value up to 1.7 billion USD by 2025

AgriTech Trends in India

Farming-as-a-Service (FaaS)

It involves offering pay-per-use-based technology solutions, farm services & agricultural equipment leasing at a reasonable price for efficient farming. EM3 Agri Services is the company that introduced FaaS to India.

Big Data

Utilizing Big Data Technology to offer farm management solutions, input channel solutions, and enhance sustainability. It also includes combining technology & advanced analytics for risk mitigation, forecasting solution, Traceability & compliance. CropIn, AgNext, and Airwood are some of the companies working on this idea.

Robotic Technologies

Robotic technology is applied in agriculture to boost productivity in processes like spraying, weeding, crop-harvesting, fruit-picking, etc., and nowadays often in doing more intricate and precise tasks. Its demand is rising due to its immense help in solving problems like labor shortage, high labor cost, and the shortcomings of traditional methods. TartanSense, and Grobomac are examples of companies that apply robotics for farming.

Crop Monitoring Technologies

It is about monitoring crops utilizing advanced drones technology and satellites all through their growth, harvesting, and storage phase to eliminate any possible risks of losses. Examples include Equinox’s Drones and SGS India.

Supply Chain and Logistics

It utilizes technology to improve crop storage, packaging & shelf life, food security & traceability. Examples include the Farm to business companies like Crofarm & Ninjacart. These companies source produce from farmers and supply it to businesses. These companies offer digitized Agri-supply chains thus offering efficient, zero wastage distribution.

IoT sensory system

Advanced IoT based software is used to track & give precise information related to

  • Soil parameters like moisture, pH level, temperature, etc.
  • Environmental parameters like humidity, temperature, light intensity
  • Realtime Geographical parameters

to improve productivity, maximize yields, curtail waste, and conserve resources like water & fertilizer. Companies that execute this technology include AIGROEDGE & Infosys.

Vertical farming

It is a smart farming system in which the crops are grown stacked in vertical layers to solve the space shortage problems. The most popular method of several vertical farming techniques includes:

Hydroponics

This technique needs no soil to grow crops by adding mineral nutrients of the correct amount in the water they are grown.

UGF (URBAN GREEN FATE) farms, Homecrop, and Pindfresh are a few examples of vertical & hydroponics farming solutions offering companies in India.  

Drones in Farming

Drones in Farming contribute to lower down the cost. Drones help farmers to overcome challenges by consolidating raw data, which decodes very useful information for farm nursing.

What support does the Indian government provide to the AgriTech Start-ups?

The Indian government provides multiple incentive schemes to encourage AgriTech Start-ups in India. Here are the various steps taken to provide a major boost to India’s Agricultural Industry:

  • The government of India has launched ASPIRE to create a network of tech technology centers and incubation centers to promote AgriTech Start-ups.
  • The Government’s NSTEDB start-up scheme offers limited, one-time, non-recurring financial aid, up to INR 25 Lakhs.
  • The quantum of SFAC Venture Capital Assistance will be subject to the project cost and can be the minimum of the following:
    • > 26% of the promoter’s equity
    • > INR 50 Lakhs.
  • SERB has no maximum-minimum limit for a project grant. The budget depends on the need for its successful implementation.
  • Soil Health Cards have been launched to improve the productivity of certain crops reasonably and shall be issued to all 14 crore holdings in India. About 248 lakh samples are to be analyzed in 3 years cycle.

In 2020, The ministry of agriculture planned to invest INR 36.71 Cr to support 346 AgriTech & allied sector Startups.

Skyrocket Your Sales And Profits With The Global Sales Network

What is “Global Sales Network”?
Global Sales Network, abbreviated as GSN is a powerful strategic sales platform for companies all over the world to successfully market their products and services in the global marketplace quickly, smoothly, and cost-effectively.

WTO has predicted global merchandise trade volume growth of 10.8% in 2021—up from 8.0% forecasted in March and followed by a 4.7% rise in 2022. Global market penetration opens the door of opportunity for conglomerates and companies to achieve global economic growth, reach new audiences, and create more demand for products and services.

However, there are many intimidating challenges for companies going global.

Let’s see how GSN helps companies to overcome those challenges and supports them in skyrocketing their sales and profits.

GSN Facilitates Global Selling Without Heavy Investment
Global expansion is not feasible for every company as it requires huge investment.

GSN offers the best strategic sales partnership program to help companies to find the right strategic partners. Strategic business partners team up and operate together to create mutual benefits and success.

This means that companies can leverage their strategic partner’s business expertise, skills, resources, infrastructure, and distribution network. Thus, they can sell their products all around the world without heavy investment.

In return, they can support and facilitate their strategic partners in realizing their business goals.

GSN Helps With Low Budget Marketing
GSN allows companies to spend less to promote their products to penetrate into global markets.

​Businesses, particularly in these pandemic times have limited budgets. This means promoting their business can become a tough challenge for them.

Experts in the field can offer low-budget marketing ideas, strategies, resources to promote the company’s products and services effectively in the international market.

GSN provides partnerships with the largest companies
Companies can sell their products or services along with the largest companies such as Amazon, McDonalds, eBay, Walmart, KFC, and so on. Some of the companies can easily make a large number of sales since they are not just selling along with a big company, but with several big companies at the same time.

For companies to skyrocket their sales, it is the best option since they can collaborate with a wide range of companies at the same time. Some of them may be digital while some of them are physical. They can also join hundreds of affiliation networks that have thousands of products and services available to choose from.

GSN Minimizes and Mitigates Complex Challenges
When companies go global, they face tough challenges related to fluctuating currency rates, foreign laws and regulations, global pricing strategy, payment methods, competing with local brands, supply chain complexity, acquiring and retaining talent, tax and compliance issues, language barriers, and cultural differences, etc.

GSN offers solutions to these daunting international business challenges while reducing costs, mitigating risks, and boosting profits.

GSN Cuts Down Lengthy Business and Marketing Processes
Business processes are crucial for any company to effectively execute its business strategies. Any business that grows and develops progressively gets more and more complex. More people engage in its day-to-day business operations, its data gets divided among diverse systems, and its customers expect more options. Eventually, its business processes become highly complex, lengthy, inconsistent as well as hard to manage.

GSN helps client companies in cutting down lengthy business and marketing processes by evaluating and enhancing them. So, the client companies save huge labor costs as well as reduce operational expenses while increasing their revenues.

GSN Assists Distribution Channels Expanding
Product distribution can be very troublesome for any company expanding globally. If sales decline by a considerable margin, then it can result in business stagnation.

And so, any company that wants to grow its business and improve sales, must constantly explore new distribution channels. It can help the company sort out inconsistent buying by its customer base and boost sales.

Not just that, discovering new distribution channels can build a strong brand internationally, and make the business less susceptible to the fluctuations of the current distribution channels. GSN also helps its clients’ companies in maintaining the quality of their product distribution so they can increase their sales and profits.

GSN Helps to Discover New Opportunities
There are countless new ways to boost global sales. However, just putting effort to find ways to improve sales cannot assure successful business growth. Any business that seeks success in the global markets must incessantly try to discover new techniques for improving the quality of its product or service, understand the changing demands of its customers, and seek innovation. Any business leader aspiring expansion of international sales must explore new opportunities.

GSN helps client companies to identify and understand the nature and trends of the markets they want to penetrate in. It creates an ultimate global business network for its client companies so that they discover innovative business opportunities and investment opportunities internationally.

If you aim to make the world your target market, then you definitely need the support of the Global Sales Network, to grow your business globally.

Dhunicorn’s GSN offers immense value & incredible results to any company that wants to expand globally, with the support of its substantial business resources, extensive business networks, professional guidance, and other services and platforms of Dhunicorn.

Dhunicorn’s GSN assists our client companies to grow their sales by providing them with a business network of 40,000 public listed companies from over 200 countries and territories around the world. They can get sales leads and referrals, global sales partners, resources, diverse channels through this valuable business networking.

Applying their local business strategies for international sales expansion is the worst idea for any company. GSN is a platform of Dhunicorn which has clients and members in more than 40 countries. It operates in a network of over 1000 internal and associated consultants, advisors, experts, and professors worldwide.

The client companies thus get the advantage of the international business networking as well as professional consultative support of GSN which can tremendously help them in boosting their sales and profits.

To get further information & to know how Global Sales Network can help your company with international sales expansion. Contact us at info@dhunicorn.com.

The Nature of Indian Economy and Investment Opportunities in India

“It is really gratifying, for example, to visit India now and see that because they’ve had good educational institutions, and they’ve had a focus on it, there are more and more people in India participating in the world economy.” — Bill Gates

India, one of the fastest growing economies in the world, is expected to be one of the top three global economic powers over the next 10-15 years. According to the Hurun Global Unicorn List, India has become the fourth-largest country in the world with over 21 unicorns valued at US$ 73.2 billion. Moreover, with more than 7,000 public listed companies, India has become one of the deepest equity markets among emerging markets in the world. With a population of around 1.4 billion people, India keeps creating opportunities for growth and investment in all the sectors of the economy. There are a plethora of industry-based investment opportunities in India. In this article, let’s find out them in detail.

Information Technology

IT sector is the one which keeps growing at a rapid pace in India. And also it is the only sector that meets or even exceeds the expectations of the industry experts since the number of India’s internet and Smartphone users is continually increasing. India’s IT industry has evolved from the 2000s and entered into system integration, maintenance and remote infrastructure management of software development. Since then, Indian IT companies have achieved several striking factors both in private and government sectors, and have created a great impact even in the global IT space.

Key takeaways

These takeaways indicate why India’s IT sectors show great investment opportunities.

  • Availability of Special Economic Zones
  • By 2022, IT is sector expected to touch $1 tn digital economy.
  • By 2025, IT-BPM industry is expected to reach $350 bn.
  • Favourable government policies
  • India is full of IT-skilled employees.
  • Tax advantages and less salary ratios
  • Updating with new IT technologies – AI, cloud computing, Blockchain, Big Data, etc

Financial Services

The banking system of India, with a large and interconnected financial system, is regulated by the Reserve Bank of India. As every sector in India grows, the people of India get wealthier. Indian capital markets are expected to have a steady growth and financial services such as insurance, pensions, asset management, brokerage etc. are also growing along with India’s economic growth. Hence, investment opportunities on financial services in India are enormous if investors are ready to enter Indian financial market.

Agriculture

Agriculture-based industries and harvesting crops are the primary sources of livelihood for most of the India’s population. In 2019, India achieved the 9th largest exporter of agriculture based products worth of $37.4 bn. Indian government strives to increase foreign direct investment and allows 100% FDI to promote the contribution of private sectors such as agriculture-based machinery and equipment, fertilizers, horticulture, livestock farming, seed development, fish farming, and more.

Auto Components

The auto component industries provide us drive transmission & steering parts, body & chassis, engine parts, suspension & braking parts, equipment & electrical parts and more. India has achieved as the preferred global manufacturing base for auto OEMs. India’s auto components industry is expected to become the 3rd largest sector in the world by 2025. According to the forecasts of ACMA, this industry based on Indian exports may touch US$ 80 billion by 2026.

Chemicals

In India, chemical and petrochemical industries are expected to touch $300 bn by 2025, according to Invest India. These industries bring various products such as basic chemicals and its products, petrochemicals, fertilisers, paints, gases, pharmaceuticals, dyes, etc. Chemical industry includes more than 70,000 products, and provides raw materials to several SMEs such as dyestuffs, paper, finished drugs, plastics, polyester, pesticides, fertilisers and detergents. India’s chemical industries keep opening the doors for foreign investments since India needs to supply various chemicals to its population of 1.4 billion.

Construction

By the end of 2025, construction industry in India is expected to evolve as the third largest sector in the world. India allows 100% FDI under automatic route for construction of industrial and residential projects. And also India allows 100% FDI under automatic route for infrastructures like water supply, urban transport and sewage treatment. Construction sectors of India provide a number of investment opportunities for foreign companies as the country focuses on modernizing infrastructure, building ‘smart cities’, advancing logistics and transportation routes and ensuring affordable housing for every Indian citizen.

Electronic Components

India’s ambitious Initiatives such as ‘Digital India’ and ‘Make in India’ have brought the emerging growth of production in electronic components. Hence, Indian Electronic Components Market has increased considerably and is expected to touch $1 tn by 2025. As India is one of the largest electronics markets in the world, India allows 100% FDI under the automatic route. And also, India’s young generation who like to achieve something on the digital world is an interesting aspect for foreign investors who like to invest in India’s electronic component industries.

Food Processing

India’s food processing sector provides huge opportunities for investors because of ever-growing stance of food-related sectors. India’s food processing industry may reach over half a trillion dollars by 2025 with favourable economic policies and good fiscal incentives. And also, India’s annual household consumption increases every year. Under NIP, 15 food processing-based projects and 20 agriculture-based projects will be implemented by the end of 2025. Food processing-related Investment opportunities in India are enormous since The Ministry of Food Processing Industries encourages foreign investments across the value chain.

Pharmaceuticals

India, an important and fastest growing pharmaceutical industry, is the largest global provider of generic medicines and the largest supplier of vaccines. The pharmaceutical industry in India presents potential research and development factors for drug development, advancing biotechnology and manufacturing of chemicals and medicinal products since India’s pharmaceutical industry is expected to be worth US$65 billion by 2024. Investors who like to enter Indian pharmaceutical industry may contact India’s health ministry as government of India strives to serve Indians with all types of healthcare facilities.

Renewable Energy

India with an ambitious target of producing 175 GW of renewable energy by 2022 is one of the largest renewable contributors in the world. With a large number of solar PV projects and auctioned wind, India looks at an enormous $500 billion worth of investment on renewable energy by 2028 as per the study conducted by the Institute of Energy Economics and Financial Analysis (IEEFA). When it comes to investment opportunities on renewable energy, Indian market can be the best option for investors as India’s huge population depends on renewable energy and India is full of natural resources.

Conclusion

Planning is a key factor to have a success in any endeavour.  If you want to enter Indian market, you need to make a planning with a long-term strategy. Nowadays India is one of the most important international markets for global entrepreneurs. Globalization has modernized the economy of India for two decades, and also India has a very good history of economic trade and commerce. India, a country with around 1.4 billion consumers, is the second-most populous country in the world, and the largest producer of milk, pulses and jute in the world. In terms of nominal GDP, India has become the fifth largest economy in the world. The Indian market is looking for novel products and services to quench its 1.4 billion customers. Nevertheless, before venturing with any new project, you have to look into various issues on India –– politics, environment, various culture, language and more.  PCPB of Dhunicorn helps you find hot investment opportunities in India with suggestions, connections, expertise, the component of MarketSuccess India and more.

 

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