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India’s export opportunity is clear and the time to tap into that growth potential is now.
For one thing, the value of India’s exports is expected to surge from the current $0.77 trillion to a whopping $1.7 trillion by 2028.1
And exports driven by digital touchpoints hold a multi-billion dollar promise.2
New research by KPMG in India, in partnership with Google, spotlights the verticals and markets with potential in that category of digitally influenced exports.
But it takes more than market intelligence to succeed overseas. Businesses also need the right solutions and strategic approaches to go international.
So here’s a playbook with strategies for achieving export growth, whether you are a new setup looking to launch overseas or an established brand looking to expand business globally.
Know the export opportunity
The remarkable potential of India’s digitally influenced exports is due to a few factors. They include the expansion of global digital trade, an increase in cross-border transactions, and proactive government initiatives aimed at easing trade regulations and boosting exports.3
The top five verticals in this category of exports — travel, retail, software, real estate, and media and entertainment — are set to surpass $110 billion by 2028.4
That comes as no surprise since customers in these verticals can be found across multiple digital touchpoints, including the internet and video platforms. Other verticals which show promise include edtech, electronics manufacturing, and medical tourism.
Where markets are concerned, India exports largely to the U.S., U.K., Canada, and Australia. But there’s growing demand from places like the Netherlands, Brazil, and the United Arab Emirates too, with the increasing affinity for products such as jewellery and textiles from India.
To ride the growth of digitally influenced exports, there are two approaches you can adopt.
1. Unlock the export opportunity with confidence
One way to drive digitally influenced exports is to invest in digital trade with confidence. For that, having real-time insight into export markets and consumers can help.
Identify changing demand
When you’re able to trace how demand is shifting in a market, you can adjust your global expansion strategy nimbly.
With Market Finder, you get insights on where demand might be picking up or lagging. You can also use the tool to discover potential markets for your specific vertical.
Understand evolving customer tastes
With insight into what’s trending in an export market, you can better cater to the interests of new customers and be top-of-mind for them.
Google Trends and Keyword Planner let you easily find out what’s popular with customers, so you can provide a relevant offering, or run a campaign that speaks to the cultural zeitgeist.
Partner with experts
By working with partners who’re adept at international operations, you can invest in digital export trade with confidence.
The Google Export Partner Hub is a first-stop resource that highlights specialists who help businesses in their global expansion strategy. These export specialists can guide you on everything from the most optimal payment methods and providers in-market, to the latest local regulations.
2. Maximise the export opportunity with AI-powered ads
By using AI-powered ads solutions, you can connect with audiences on an international scale and optimise your ROI by reaching those most likely to become customers.
The solutions also let you supercharge exports across the marketing funnel, from driving consideration to converting customers.
Drive consideration across markets
To get audiences in foreign markets to consider your product or service, use Demand Gen. The AI-powered ads solution delivers visually-rich ads on Google’s and YouTube’s more immersive surfaces to grab attention and spur action.
Domains and brand-naming platform Atom used Demand Gen to get customers in markets such as the U.S. to consider acquiring valuable domains.
Its Demand Gen campaign surfaced a series of high-impact visuals and messages to high-intent customers on YouTube and Gmail. And the result was 57% more efficient cost per acquisition and a 2.4X conversion rate among customers in the U.S.
Convert customers on an international scale
To find international customers who’ll convert, there’s Performance Max. Powered by Google AI, the ads solution lets you drive performance based on your specified conversion goals across all of Google’s channels like YouTube, Display, Search, and Maps with just a single campaign.
Kalki Fashion, which specialises in ethnic Indian wear, used Performance Max to convert customers on multiple touchpoints in its key export market, the U.S., while driving a better return on ad spend.
It paired its Performance Max campaign with first-party audience signals such as the types of apparel people were looking for, to optimise the campaign for converting customers.
Indeed, with AI-powered ads solutions and real-time insight into local markets, you can export with confidence and have the world be your oyster.
Contributors: Ankhee Bhakhoo, Head of Scaled Businesses; Tanveer Singh Uberoi, Director, Mid-Market Businesses; Gaurav Jain, Manager, Scaled Businesses; Shitiz Modi, Senior Product Marketing Manager; Vishesh Govil, Product Marketing Manager; Yamini Nayar, Account Manager; Anurag Ranjan, Executive International Growth Consultant
