International companies that have changed their business strategy to be successful in 2020 in India
Indians are generally distinguished from other countries of the world in several ways. Thus, multinational companies entering India might have to change their business ideas to fit the Indian market. Many popular international brands and companies have changed widely to suit the Indian business market. The huge population of India still maintains the demand for certain products. Thus, international companies have great opportunities to sell their products in this densely populated country.
How did Amazon become a thriving online business platform in India?
Amazon is an online shopping platform that was launched in India in 2013. Amazon has developed a new business model in India to carve out a niche in the Indian e-commerce market. From the inception of the company until now, the company has undergone a series of changes from its original business model to be comfortable in the Indian e-commerce market.
The Indian cash economy did not broadly support online transactions when Amazon launched in India. Thus, Amazon launched the “cash on delivery” payment method for the first in India worldwide. This new business strategy implemented by Amazon in India has proven to be a huge success in the Indian e-commerce market. Amazon also had other business plans to carry out a healthy marketing strategy. Amazon had a partnership with some Indian delivery companies like Blue Dart and Indian Post. Amazon has greatly helped small Indian retailers to sell their products on Amazon. All of these initiatives taken by Amazon have enabled the company to reach a milestone in the Indian e-commerce market.
The success of the Japanese Suzuki in the Indian car market:
India and Japan have always enjoyed healthy trade relations in the automotive sector. Suzuki Motor Corporation was founded in 1909 in Japan. Suzuki Motor Corporation started operations in India in 1982 after signing the joint venture agreement with Maruthi Udyog Limited. Like any other international company, the Japanese company Suzuki Motor Corporation is also changing its business strategy to expand its business in the Indian market. This joint venture was later called Maruthi Suzuki. From 1983 the company started manufacturing the Maruthi 800. This car eventually became a huge hit in the Indian market. In fact, the Maruthi 800 car was produced for the longest period of 31 years.
The Maruthi 800 was one of the best-selling cars in India until 2004. The cars produced were also exported to other small countries like Sri Lanka, Nepal and Bangladesh. The Maruthi 800 cars have also been labeled as “the people’s car of India”. The success of the car shows that the establishment of Suzuki in India has turned into a formidable victory. This is how the Japanese company Suzuki Motor Corporation has carved out a niche in the Indian automobile market. When incorporating Suzuki in India, the company made few changes that may suit Indians. They carefully considered the size, design and price of the car. The Maruthi Suzuki joint venture continues to produce quality cars that fascinate Indians.
Colgate Business Action Plan in the Indian Market:
Colgate is an American multinational corporation that has made its presence around the world. In 1937, India saw the first modern toothpaste marketed by Colgate.
The Indians used twigs of neem and baboon branches to brush their teeth. The Indians also used herbal and species dental powders to clean their teeth. To change this traditional Indian way of brushing teeth, Colgate started promoting their brand as the best for maintaining oral health. Colgate has also promoted their brand by saying that it gives off a pleasantly sweet and minty taste. It also gives instant refreshment to the mouth after brushing. All these facts published by Colgate convinced the Indians and as a result Colgate secured its prominent place in the Indian market.
Another marketing technique used by Colgate was the launch of a new flavored toothpaste containing Indian spices and herbs. Colgate Vedshakthi is one such toothpaste introduced to the Indian market by Colgate which contains ingredients used in traditional Indian oral care such as neem, clove, fennel, cinnamon, aloe vera, camphor, thymol and many others. So virtually since Colgate entered the Indian market, Indians have changed their traditional oral care habits and continue to follow any toothpaste launched by Colgate.
Adapting to the place is of good quality and can lead to success, just like Amazon, Suzuki, and Colgate.