Posted in Marketing & Strategy Articles, Total Reads: 1644
, Published on 12 January 2013
“Change” is indeed the happening crux of the Indian business field. When it comes to retailing, “Change” stands in its superlative form in all means. Since the Indian markets are persistently in the extreme dynamic mode, “Survival of the fittest” is the only tagline which would most suit the players of the Indian retail gaming arena.
We are basically living in an era of upheaval where change is undoubtedly the norm. With this holistically persisting business scenario, Indian retail industry has captured the global attention owing to the tenacious revolutionary happenings. The statistical cue behind the Indian retail grooming is that it is globally fifth largest and third attractive for many big players. It also has a huge significance of comprising 8% of the country’s GDP and its total national employability rate is also up to 8%. Approximately, fifteen million retail outlets are found across the country with almost 450 shopping malls comprising in it.
Indian customers are ultimately exhorted with much of the buying options on their karts from trivial to immense stuffs. On the other hand, this has created the hugest possible competition to all the available brands and the retailers in the country. The retailers and all manufacturers are in desperate need of establishing the stronger positioning on the minds of the customers than their competitors. So, they are involved in capturing maximum possible eye balls of the customers by delivering products and services with quality and economy. They are strictly trapped in sticking to sensitive segmentation of the customers in order to establish their branding to retain the customers. No matter whether the retailer is inherent or newbie in the market, the retailing podium spares spaces only for the effective players.
In earlier days, the psyche of the Indian customers was more inclined towards adaptability which has completely been changed in recent days. No more monopolies could survive in the Indian market which has space left only for brands oriented towards the needs and wants of the buyers. So, retailers are facing the biggest challenges in reading the minds of the customers and following their perceptions.
The prime rationality for this extraordinary booming in retail sector is the marvellous growth in the buying power of the Indian customers. Unless the people are not deserved to buy, retailing makes no sense here. Thanks to the tremendous transformation of Indian corporate field in the recent years which has created numerous jobs for the people which substantially increased the buying power by eliminating the scarcity of money flow to a certain extent. The economic scope of Indian customers is expanding in a perseverant phase despite the fluctuations in GDP, inflation and other national economic sufferings. So, shopping has become the incredible integrated part of Indian customers’ lives these days.
Electronic means of retailing has been the best trend from recent years and persistently catching the attentions of the customers over the internet world. Most retailing entities are also having their outlets through electronic means so as to enhance their selling proportions and promotions. Online retailing is the fastest growing and the most comfortable trend of shopping sphere for the customers.
Seemingly, customers are looking for trends and significances on their purchases with complete desperation for their delights. Hence, the manufacturers and retailers are coming up with tons of offerings and qualities to drag the customers into their space. Unless they innovate in convincing the customers, the retailers would apparently lose the game. So, marketing has been playing the greatest role of this challenging retailing era so as to captivate the customers’ attention to their brands and deviation from their competitors.
In this competitive epoch, Indian customers could relinquish their adaptability attitude for the sake of their comfort and convenience in their shopping styles. Ample availability of items also takes its responsibility in changing the shopping attitude of the Indian customers.
The heat on Indian retail has been extremely heightened by the recent exclusive entry of FDI since it has toned up the existing competition. Though this entry has given wider and better options for the customers, there is an emergence of controversial drain on the regional manufacturers’ and makers’ incline. With greater foreign investments, though there is a drastic rise in the fund flow in the national economic traits, equally increased agitations have been emerging from local investors and manufacturers. Despite all the ferments, customers would undoubtedly enjoy price-fall in their goods and commodities with ensured quality. Ironically, this would again force local retailers to gear down their pricing tags to cheer the customers. But economists are still unsure in coming up with firm foretelling about the impacts of enhanced entry of FDI since Indian retail industry is solely persisting beyond predictions. By resonating the consequences, it is essential need of the Government to incorporate this novel and productive policy of FDI with minimal restrictions so as to depreciate the upheavals as much as possible.
In fact, it is more than a factoid that Indian retail field indeed has its credible role in phrasing the Indian economy to a greater scale in the global vicinity. So, with consistent unfolding of growth and development in the recent years, huge contribution has been absorbed in country’s fruitful economic melioration.