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With the fastest-growing e-commerce market in the world and Internet users in the country expected to double to 730 million by 2020, India is on the cusp of a “digital revolution.”
Singapore companies, said the two business leaders, can — and should — embrace the many opportunities emerging from India’s digital transformation.
“There’s still a huge gap in India for Singapore companies to tap into,” said Mr Narula [CEO of Shopmonk]. “The market promises to pan out very aggressively over the next 5 to 10 years, and Singaporean companies could benefit the most from this. They just have to be there at the right time when the consumer is looking for those quality products and services that Singapore can provide.”
Without the need to invest in costly physical infrastructure, there are fewer barriers to entry for Singapore companies looking to win big in India’s digital space. “Digital infrastructure makes it easier for someone to enter the market,” said Mr Avula [CEO and co-founder of Shopmatic]. “It means you don’t have to have physical infrastructure in multiple places, which leapfrogs [companies] into being able to reach out to many consumers.”
Read more from Enterprise Singapore’s Doing Business in India.
Credit: Enterprise Singapore