Direct Selling is one of the fastest growing and exciting industry that provides companies an alternative channel for the sale & distribution of products and/or services directly to the customers, away from a traditional location. The industry uses a variety of distribution model which includes Multilevel Marketing and Network Marketing.
The rise of the emerging middle class, technological innovations and a relaxing of restrictions on capitalism has triggered a major growth in this industry. As more people begin to discover the benefits of a free market economy, entrepreneurship through direct selling has continued to flourish.
The Direct Selling Industry has already emerged as a successful industry in over 100 countries, generates around 184 Billion dollars ($) and engages over 107 Million Independent Distributors globally.
In India, this domain is likely to reach a value of INR 64,500 Crores and is likely to provide self-employment to around 1.45 million people by the financial year 2024-25 a FICCI-KPMG report said.Direct selling market to touch Rs 64,500 crore by 2025: Report Click Here
In the age of globalization, advancements in information technology and increased connectivity, the realm of marketing has undergone a sea change. Traditional marketing involved "brick and mortar" retail outlets, malls and multiplexes. This has now been replaced by e-commerce - a new frontier for marketing. Increased spending on advertising, celebrity endorsements, customer-friendly websites, the plethora of products and services available online, and easy access to these through social media have re-invented marketing completely.
iRICH plan is to make the best of this opportunity and transform the life of as many people as we can.
It is important to note that the direct selling industry is sometimes portrayed in a way that is misleading and erroneous. Often, genuine companies are bracketed with pyramid schemes that are fraudulent in nature. Pyramid schemes continue to harm consumers across the world, and the media hype over these scams has led to increased scepticism. Some of that scepticism has been unduly extended to direct selling.
iRICH is known for its advocacy of direct selling and the need for legislation to regulate the industry in emerging economies. Direct selling deserves to be protected by Indian & international governments as it offers many well-documented benefits to the economy.
The direct selling industry generated an estimated USD 184 billion in 2016 (WFDSA Report 2017)
While there are many advantages of this industry, consumers are often misled by unscrupulous businesses due to lack of awareness. There are a few simple ways in which consumers can protect themselves from being taken in by pyramid schemes. It is important to remember, direct selling is not a get-rich-quick scheme. It is a tough business, one that requires a significant investment of time and effort. Here are the key distinguishing factors: