A s India climbs up in the ‘Ease of Doing Business’ rankings, the size of the market is buoyed along with it. A rise in this entrepreneurship, thus, shall result in a rise in the sales market for essentially all products. Unfortunately, the number of customers does not rise with the same velocity. In fact, the creator-customer ratio widens. This means that for any product whatsoever, there will be a high amount of competition.
The high volume of increase in the availability confuses the consumers. Too much choice becomes a burden. Choosing, say one out of 25 things is more a headache than a sign of freedom to choose. Furthermore, there is a frequent inability to make one product absolutely distinct from the other. The consumer will be forced to check other factors like post-sales services to try and reach close to a decision.
If your product is among a horde of products, it is lost in the crowd. However, if it stands front and centre, individually, in a class of its own, it is assuredly going to get chosen. The choice is comfortable only until it becomes too much. As such, the focus at this point, thanks to an expansion of availability for consumers, is not on enhancing, but of shrinking an already bloated amount of choice. Setting the product in a league of its own rather than following the nominal trend is an attractive, albeit confusing option.
Imagining yourself in the consumer’s shoes is a simple solution. The difficulty of choice would entirely diminish if there was a product with a major feature that all other choices lacked. This feature can be brought by technology and technology only. A product with at least one feature that sets itself apart immediately creates a market of its own rather than joining the band wagon.
Innovative policies as those enacted to improve the ease of doing business in India, hold the potential to create an expanded market. This innovative market risks drowning your product in a pool of lookalikes. The application of technological innovation, however, has the ability to cut down on the entirety or parts of the competition. Adopting and adapting to technology, thus becomes a crucial part of a company’s strategy for growth and expansion.