Franchise Agreements in the Digital Age: Challenges and Opportunities

?Franchise agreement will present both the challenges and the opportunity in the digital age.

First we will see the challenges that are there:

·????? Major challenge is that it will increase competition in the business as same business person will reach out to the same audience.

·????? Another challenge is that it will lead to infringement of intellectual property right and unauthorised use of the product of the franchisor.

·????? It will also create challenge of maintaining brand consistency as there is more competition in the market and there are also the same kind of products available so we have to make our product different from other in any means.

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?Now we come to the opportunity that are there:

?·????? It will expand the reach of the business as it reaches out to more number of people through digital means.

·????? It will help us to maintain the database of the customer that what they want and what are their review regarding the product and the brand by using software.

·????? It will generate the revenue for the business as they will provide the delivery system and also provide online payment system which leads to growth of the business.

·????? It will also help the franchisor to look after all the franchise remotely which also supports the franchise business.

·????? Through digital means customers are also being engaged by showing them advertisement and the by some promotional video by the influencer.

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So these all are the major challenges and the opportunity which a business will come up while dealing in the digital era where customer are mostly attracted through this source.