India is emerging as an import market for U.S. businesses, while offering quality exports that meet the standards of the U.S. market.
McKinsey Global Institute projects that average household incomes will triple over the next 20 years to become the world’s fifth-largest consumer economy. It ranked 12th when McKinsey released the study’s results in 2007. The demands for imports will increase.
An emerging middle class is located mainly in urban areas. Along the coasts, ports are upgrading to handle increased cargo traffic to aid in the export of supplies from India. Yet, for U.S. businesses wanting to make sales in India or develop ties with reliable suppliers, developing a business strategy for India requires careful planning.
Quanta Consulting is a key organizer behind the annual India Trade Conference in the greater Los Angeles area. The company provides key consulting services to U.S. companies, large and small, that want to enter India as a marketplace.
Patience – U.S. companies may need sales; but just like business networking takes time developing the trust to make sales internationally may take many months as well;
Researching markets – a thorough understanding of entering the market, regulations, and the sales potential gives companies a greater chance for business success in India and reduces the likelihood for costly mistakes;
Understanding culture – India is a diverse mixture of local cultures and languages. English is a major trade language but consumer needs and quality control may be vastly different from the southern coast to the northern mountains;
Strategic partnerships – Quanta consulting maintains close ties with entities such as the U.S. Commercial Service that exists to help small and growing businesses enter the international marketplace.
Long-term outlook – small and mid-size businesses need a long-term outlook to compete in India.
Quanta sponsors the India Trade Conference to help interested companies network, understand the impact of diversity on business, and get help from those who have hands-on business experience in India.
Companies that provide alternative energy, cater to a young adult crowd, or have ties in the social entrepreneur space are among those who may benefit from profitable business relationships.
Resources: Quanta Consulting
U.S. Commercial Service