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Business Disruption in India: a Review Introduction

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Business Disruption in India: a Review Introduction ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 3 (2016) www.elkjournals.com ……………………………………………………………………………………………………… BUSINESS DISRUPTION IN INDIA: A REVIEW Shinde Prajakta Shruti B ABSTRACT: The review paper studies the extent to which new start-ups have disrupted the existing Indian market. It has seen a skyrocketing increase in the number of new entrants in the economy with advanced technology and creative strategies. It is a structured study which gives information about the theory, characteristics, parameters and current market examples along with their market statistics. It also comments on the emerging disruption that have high probability to create sustainable value for shareholder as well as the customers. Also it throws light on whether this phenomenon is an opportunity or threat for the existing business. KEYWORDS: business disruption, start-ups, blue strategy, venture capital, disruptive technology, sustaining innovations INTRODUCTION: business strategy. Usually, the disruptor Business disruption is a phenomenon offers the product or service at a lower price achieved when a new start-up business in a and the quality or performance may be particular sector competes with already lower than the existing business. The established giant business firm by product or process is good enough to meet minimum use of resources. A disruptive some customer’s needs; others welcome the innovation is a technology, product, or disruption's simplicity. Gradually, it process that creeps up from below an improves to the point where it displaces the existing business and threatens to displace incumbent and establishes a reputable it. The new entrants focus more on the position in the market1. Disruptions in the development of their product and services business environment allows new entrant or so much and such that customers are under forward-thinking established players to their strong influence due to their unique introduce innovations that transforms the ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 3 (2016) …………………………………………………………………………………………………… way companies do business and consumers opportunity or as a threat. These disruptions behave. These disruptive changes might also cause economic shifts that destabilize serve as the source of innovation including industries, companies, and even countries. technology shifts, new business models, This is brought about by successful serial industry dynamics, global opportunities, entrepreneurs who are able to recognize and regulatory changes. They can cause patterns before an opportunity takes shape. economic shifts that destabilize industries, They search for ideas at the intersection of companies, and even countries. They also markets, industries, and emerging allow new entrants or forward-thinking technologies. They look for disruptors that established players to introduce will "unfreeze" a stable industry and the innovations—in products, markets, or companies that compete within them. They processes—that transform the way look for business models that worked well companies do business and consumers in one market and can be adapted and behave. These disruptive innovations are applied in another. They recognize that they not just novel inventions. Successful must listen to customers but must innovators take these ideas and turn them sometimes educate the marketplace to new into opportunities by adding a business approaches. Entrepreneurs learn to identify model that creates sustainable economic ideas by raising their head above day-to- value for all stakeholders. They then go one day operations and expanding their vision. step further and exploit the opportunity by They then prioritize and narrow the many creating a sustainable business. Some of the ideas they generate into a potential disruptive changes in the industry are in the opportunity that addresses a compelling following fields: problem for customers who are able—and 1. Technology willing—to pay. 2. Business models 3. Industry dynamics According to a study conducted by 4. Globalization Christensen C, Craig T and Hart S- 5. Offshoring and outsourcing disruptive technologies create major new 6. Regulatory, Macroeconomic, growth in the industries they penetrate-even Political, Societal when they cause traditionally entrenched firms to fail-by allowing less-skilled and Thus, the disruptive changes can be viewed less-affluent people to do things previously from the two perspectives- as an done only by expensive specialists in ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 3 (2016) …………………………………………………………………………………………………… centralized, inconvenient locations. In to their best customers, therefore, the less effect, they offer consumers products and they will recognize that the disruption is services that are cheaper, better, and more important. Second, such companies convenient than ever before. Disruption, a carefully measure the size of markets and core microeconomic driver of their growth rates to understand their macroeconomic growth, has played a customers better. But disruptive fundamental role as the American economy technologies foster new products and has become more efficient and productive. services with a market impact that cannot The tendency of good managers to be easily predicted. Third, good managers overshoot, can allow disruptive focus on investing where returns are the technologies-cheaper, simpler, and more highest. Disruptive innovations, however, convenient products or services-to enter the usually translate into cheaper products with tiers of the market where customers are lower profit margins. (It never made sense already overserved by the existing (but for IBM to market software in the 1970s, more expensive) offerings. The leading because the profits from making hardware companies in such industries are so focused were so much greater). Finally, leading on sustaining innovations and addressing companies almost always pursue large the more sophisticated and profitable markets. As companies become successful customers that they ignore the disruptive and grow, their managers are compelled to innovations piercing into the market from rake in more revenue each year to maintain the low end. In this way, disruptive their growth rates and boost stock prices. technologies have plunged many of But the emerging markets for disruptive history's best companies into crisis and, innovations are much smaller at first than ultimately, failure. There are four reasons mainstream markets and cannot provide the why good managers become paralyzed huge volumes of new business that keep a when faced with disruptions. large company growing3. First, leading companies listen to their START-UPS IN INDIA: customers because disruptive technologies In the 2008 economic recession India was perform significantly worse than one of the few countries which was least mainstream products in the beginning, most impacted by the crisis? Due to this attractive customers typically will not use incidence the youths of India thought that them. The more carefully companies listen they cannot stay dependant on the MNCs ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 3 (2016) …………………………………………………………………………………………………… for their job, their aspirations and their SOME KEY FACTS OF NASSCOM & dreams and many of them started with ZINNOV REPORT ON INDIA’S business as soon as they finished their START-UPS: studies. India has new breed of young start- The NASSCOM and IT consulting firm ups and has evolved to become the third ZINNOV in its Report 2015, on start-ups largest base of technology start-ups in the reveals that India is the most exciting Start- world. The famous investors in start-ups are up nation emerging globally. Some of the – Ratan Tata, Tata group (Cardekho, Ola, well-known key facts of Indian start-ups HolaChef, Lyberate); Sachin & Binny are: Bansal, Flipkart (news in shorts, tracxn, 1. No. 3 ranking in the Global Start-up Roposetc); Kunal Bahl and Rohil Bansal, Ecosystem: India ranks 3rd with 4,200- Snapdeal (Bewakoof, Routofy, Urban Clap, 4,400 companies and follows US which is Shadowfax). Some of the successful start- the largest for technology driven Start-ups ups in India are – Paytm, Flipkart, with 47,000-48,000 companies, second is Housing.com, Inmobi, Ola, etc. the Great Britain has 4,500-5,000 The start-ups are not only making profits companies, Israel has 3,900-4,100 and but some have already disrupted the China 3,300-3,500 companies. China, existing businesses. For example, the taxi also, has ambitious plans to promote Start- business is being overtaken by private taxi ups and is giving strong competition to services like Uber and Ola. The reasons for companies from other nations. Between this growth of start-ups are: 2013 and 2015, Start-ups in India grew by 70%, and between 2015 and 2020, the 1. Technology growth rate is expected to be 75%. 2. Risk-taking abilities 2. 9 Indian Start-ups valued at over $1 3. Favourable economic environment billion: Between 2014 and 2015, 4. Social Entrepreneurship valuations of several Indian Start-ups have 5. Availability of funds skyrocketed, reflecting the confidence 6. Ease of communication investors are placing on the Start-up
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