Entrepreneurship in India is like an art of survival embedded with the flavors of Jugaad innovations in Indian Bazaars. The everyday Jugaad that Indians have brought in their lifestyle, is further spreading like wildfire in business woods.
These Jugaad innovators have become modern-day alchemists and are exhibiting the gutsy art of spotting opportunities even in the most adverse circumstances. However, this Jugaad spirit is not only limited to India. Many ingenious entrepreneurs have emerged with frugal innovations aimed to ease the daily errands of working class in both information and entertainment sectors.
One of the best example to acquaint with is Amazon’s Kindle innovation. Thinner or thicker, carrying multiple books is hectic, isn’t it? Now it's possible to store more books in less space and that too in affordable prices. What Amazon and ebooks have done to reading is same as that MP3s and iTunes have done for music. And ultimately this modernization has not only brought revolution in the conduct of conventional readers but also in the realm of digitalization. With the growth of ebooks, entrepreneurs have created a multitude of marketing and income possibilities in the E-Commerce sector.
There’s only one word which can entirely describe the Indian book market i.e. ‘Complex’. With the thriving economy, India stands as the 6th biggest market by GDP in the world . India ranks 3rd after the US and UK in the world in English Language Publishing . In fact, at the global level, it is one of the finest markets in which print and digital publishing statistics are positively going hand in hand.
It may seem surprising but worth to accept that educational books dominate the comprehensive Indian book industry with 70% share. While other 30% are trade books and if we talk in monetary terms, academic books encounter around 40% of sales, trade books for 30% and the remaining constitutes for children books. On an average 50,000 publishers broadcast a volume of 120,000 books each year with almost half of the titles in Hindi and English. And this is how the Indian book industry is currently worth Rs 261 billion, making it the sixth largest Book Industry in the world and the third largest in English language book market and further, it is expected to touch Rs 739 billion by 2020.
Undoubtedly the ebook segment in Indian markets is a potential and emerging estate to invest. The extracted data from the results of the survey year 2016 account that this industry is 85 million dollars worth and is expected to grow 3 to 5 times in the next three years.
These astounding figures are the consequences of benign assets enjoyed by Indian users having access to the internet. The evergreen internet demand has further triggered online marketing beyond geographical boundaries in and across the globe. With 900 million internet users, India stands out of the crowd as the mobile-first country when it comes to accessing the internet and out of them, 42% have already purchased digital content.
Well, the popularity of ebooks has been tremendously increasing because of the massive engagement of literate, educated and innovative young entrepreneurial minds, simultaneously bringing enormous opportunities for market growth in publishing industry and that too specifically in the education sector.
Coming back in the context of ebooks, their sales are highly driven by smartphones, tablets and mobile commerce. Thus the growth of ebook industry is drastically proportional to E-Commerce sales growth and eventually stimulates turbulent minds of new entrepreneurs to explore new ventures.
Another area of application of ebooks which we can’t afford to ignore is marketing. Well, the use of books for marketing purposes isn’t new but the evolution of ebooks and print-on-demand made it easier and more affordable than the conventional publishing of books for business owners to showcase their credibility.
Whether you are a writer, a publisher, a business owner or anyone who is somehow associated with ebooks, you will surely need the assistance of digital marketing to promote your content online. If you are running an E-Commerce store, the very first thing which will strike your mind is the promotion of your products/services. Similarly, if you wrote a book or publishing ebooks is one of your marketing strategies as a business owner, it’s obvious you will crave for making your products/services ads flow over the web against millions of other ads raised by competitors of the same field. Thus ebook industry runs parallelly while creating opportunities for other industries like E-Commerce, Digital Marketing, and Entrepreneurship. If you are looking for more digital ways to give an easy and affordable makeover to your business , gamble your few minutes in reading this and wait for the amazing results.
As mentioned in the very beginning of this article, Jugaad is a synonym to entrepreneurship. Any entrepreneur working in such highly resource-constrained and chaotic environment of Indian markets is assured to keep practicing jugaad and develop market-relevant products and services that are inherently affordable and sustainable. May it be ebook industry or any other commercial field, entrepreneurs are destined to bring laurels in every sector they trigger. Lastly, if we sum up the context of this article in one sentence, it won’t seem wrong to say that Entrepreneurship is an innovation, E-Commerce adds fuel to the fire and Ebooks are the end results of this innovative blend produced beyond startup phase and corporate reinvention.
An emerging Indian startup has beautifully combined the essence of the 3Es wherein they have created a platform for reading addicts, budding writers, established authors, booksellers, book publishers, and advertisement seekers. This startup is purely an amalgam of thirst for knowledge, entrepreneurial zeal, and e-commerce spirit. Give them a visit and explore ways to make your space in their reign.