Digital technology facilitates international business through the seamless acquisition of goods and services, the ability to hire and work remotely, and the ability to trim down production costs using interconnected supply chains. India is one of the leading countries in the world when it comes to remote business infrastructure and workforce availability, this vast country employs millions of people to fulfill the extensive set of needs of both domestic and international business entities.
As the seventh-largest country in the world, India is home to more than 1.2 billion people that differ in ethnicity, religion, spoken language, and a series of other cultural and social views. It’s very difficult to keep a nationwide presence in India without having a massive budget that will support the costs of a lease, utilities, or necessary hardware for every office space required to establish a physical presence within major cities around India. To cut down expansion costs, many local and international brands use the ever-growing trend of virtual office spaces to mitigate operational expenses.
Cheap and efficient virtual office space services in India allow small enterprises to expand their reach and gain access to a nationwide consumer base and compete with large business entities. Local virtual office space in India gives business owners a chance to provide a more comprehensive customer service crafted according to consumer needs in a particular part of the country which could include specific language or even the range of available products. Moreover, thanks to the advancement of video conferencing solutions that enable seamless communication across large distances with multiple users, business owners can meet up with their staff, analyze the business flow and create operational strategies.
Setting up an office space in any major city in India costs more than an arm and a leg, so low-budget startups and freelancers opt for renting hours at a co-working hub. These are the low-cost office areas where users can conduct their business using both hardware and software tools offered at these collaboration centers. Software development teams can meet web design startups and freelance copywriters and work together while sharing the same space, and since their operational costs are lower without regular office space costs, each of the participants can offer a cheaper price for their services.
In Europe and the United States, coworking hubs have especially been an integral part of digital industry development for years now, however, the 2020 lockdown created turbulence in coworking space. Social distancing measures caused a decrease in occupancy and forced hub owners to invest in health protection and sanitation equipment. One would expect that COVID-19 would usher in the end of coworking space but the effects were quite opposite and the requests for new locations are increasing.
According to an article published by Business Insider India, lockdown measures made corporate entities seek out affordable office space for essential workers. Furthermore, those who needed a place for their work before 2020 still have the same need despite the new regulations, which makes a solid foundation for the expected 20 percent growth per year in flexible workspace development.
As one of the most diverse countries in the world, India has a long-lasting business culture that doesn’t differ from European or US business traditions. Since India’s cultural landscape changes with different parts of the country it’s important to understand the background of your business partner. Thanks to the widespread use of English, it’s very easy to communicate with partners from India, no matter which part of the country they come from.
The most important aspect of India’s business culture that should be considered is the strict formality in hierarchical relationships between managers and employees. Apart from that, running a business from India, Berlin, or New York makes no considerable difference in cultural aspects.