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It’s only been a decade, but internet technology today is making inroads into the very interiors of India. This is slowly but surely closing the gap between the metros and tier-3 cities. In some States, the living standard of the small town native is now akin to his tier-I city cousin. Technology has taken the front seat in most aspects of life, be it in village or city. The access to abundant electronic media, to even those from small towns, has not just exposed them to a metropolitan lifestyle but has also elevated their aspirations. They now look forward to living the same lifestyle.
Be it TV serials, movies, ads or internet, all the channels have fanned their desire to enjoy the same facilities and follow the same trends and fashions as their metropolitan counterparts. The people who travel to these cities, for private or professional reasons, wish to be as fashion conscious and “with it” as the residents there.
But as is the case with markets everywhere, ademand and supply gap continues to exist in such smaller towns due to the high price and low penetration of quality products. Here, the likes of retailers such as V-Mart aim to bridge the gap with the help of technology, to serve the mid and upper layers of the so-called “bottom of pyramid”. But there is still a lot of ground to be covered. In achieving this goal, we face a slew of challenges that may apply to any industry looking to capitalise on this segment. Some of these are:
b Fewer number of smartphones as compared to metro/ tier-I cities
b Slow acceptance of digital technology
b Non-availability of standard or professional services by vendors
b Misuse of hoardings by political parties and others Absence of quality infrastructure like good printers Non-standardisation of rates of mediums of communication
b Concrete steps to overcome these issues would not only help companies tap new and vast markets in the nation’s hinterland, but also provide the residents of those areas with a new and exciting lifestyle at a reasonable cost.
The writer is Senior VP Marketing, V-Mart Retail Ltd.
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