In a Global Economy, Let’s Make India A Glocal Economy

January 22, 2021by Administrator0

Back in the day, India was known for the finest quality of goods. Whether it was spices, textile, jewellery or anything, there was a global demand for India’s local produce. Since the year 2020, once again the whole world has realised the potential in Indian resources both human and natural and are diverting their production and research plants towards the country. 

 

Due to today’s globalization policies, various opportunities have been created for Indian businesses to expand in the international market. As the world is more connected than ever, local brands of India have an abundance of opportunities to infuse their brands in it. It’s not just big enterprises who are taking advantage of these opportunities but also small brands who are swamping to international markets. This has led to the emergence of a new term known as “Glocal brands”. To make it simple, a glocal brand is a brand that has a local presence but also is known to serve consumers in different countries. This brand basically went from being local to a global brand and hence is known as a Glocal Brand. However, to become glocal, the Indian firms should not lose the path from what the brand stands for. Instead, you can integrate the business values, principles, quality standards of your brand with the country that you are going for the expansion. 

 

The first step any brand needs to take for going glocal is conducting efficient research on the culture, taste, preferences, ideas, needs, and income of the consumers of that particular country so as to see whether your product will be successful or not in it basically creating a customer aura. And after conducting the R&D, you can go into a strategic partnership with the host company, for the simple reason that they are already perceived as trustworthy by the consumers, and your connection with that firm will help create a value of your brand in their minds. However, in today’s time when the whole world’s consumers are just a click away from discovering your product and services, it might not really be necessary to collaborate with a local brand in a different locality. It could definitely be an additional strategic partnership which will give you the advantage of accessing the already present strong distribution networks of the host firm. You must be familiar regarding the strategic partnership between TATA and Starbucks where the later has successful built its brand in India in the coffee market. So if an international firm can enter the Indian market by collaborating with the Indian brand than the domestic brands also has an opportunity to expand globally.  

 

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