The world is going digital, but do you know where does India stand on the competition in the world of digital technology? According to IMD, India ranks 45th on the Global Competitive Index and is far behind from top countries like Switzerland, Singapore, the UK and the US.
However, the trend shows that India has taken a swirling leap in the past two years. So, the National Platform is already and it’s just the right time when you can step ahead and establish yourself in the world of digital technology. To reach the top rank, here are some key ways to rule the world of digital technology:
- It’s the era of small enterprises and innovative technology and products or services brought by these enterprises under branding schemes like Digital India and Make in India can give you success in no time.
- Choose whether you want to become a platform owner (designing & developing), digital partner (using Application Programing Interfaces or APIs), or become a producer or supplier to directly sell goods at marketplaces. Depending on the niche you want to take up, newcomers should consider all the market factors and the scope of growth before choosing your set up.
- There are five criteria for a win-win situation- ‘Proposition, Personalization, Partners, Protection and Price’. If you can master and scale all these factors according to the consumer needs, you can reach the top rank in the world of digital technology in no time. One of the current and most popular business models is based on innovation in the field of STEM (Science, Technology, Engineering and Mathematics).
- Since large platforms and marketplaces like Amazon and Alibaba are going beyond their traditional limits and expanding their global market presence, it’s important for you to choose a niche that is little unexplored. For example, digitization of niches like Women’s Fashion and Electronics or even blogging are already overloaded and you are quite likely to be left behind, unless you have a unique business model.
With growing use and awareness in the world of digital technology, it is important for us to understand that there is no ‘one rule’ that fits all and you ought to face a dreadful competition. For such a stage, innovation and strategy are the only two keys to rule over the digital market.
- Lastly, advertising and trust building are the two factors for attracting the masses. One thing to know here is, that most masses are attracted to what is tagged as ‘free’ or on which coupons and vouchers can be applied.
Other factors to consider for ruling the world of Digital Technology are cyber security issues, privacy control, business policy, price strategy, balance of internal and external monetization and most importantly, mindfulness.