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“There is a huge market out there in rural India, which translates to a mind-boggling $25 billion buying power,” according to Mr Rajeev Karwal, Founder & CEO of Milagrow Business and Knowledge Solutions.
He said there is a shift in consumption patterns. India's share of wallet is shifting from basic necessities to discretionary items.
Delivering the keynote address at the meet on ‘ Innovative Marketing Trends: Global Enabler for Indian Industry ', hosted by the Confederation of Indian Industry (CII) here today, Mr Karwal said marketing experts need to factor in the rapidly changing Indian business environment, with very deep penetration of mobile phones. Mobile commerce holds great promise, particularly with a vast young population hooked to mobile phones.
“There are about 700 million wireless phone users, 60 million Internet users and about 50 million credit card holders. But a good number of youngsters have begun to use mobile phones for Internet usage. This opens up new channels for marketers,” Mr Karwal explained.
He said there have been a few fundamental shifts in Indian marketing. These include rapid growth of services industries, emergence of organised retailing, potential growth in rural India, emerging inter-generation chasm, rise of demanding consumers, India getting globally integrated and the technology revolution impacting everyone.
India has more working women than any other country in the world, including those engaged in labour.
The level of influence women exert on purchase is directly proportional to their increased financial independence, Mr Karwal explained.
Design new methods
The marketers need to design new ways to meet current day demands.
This means embrace the new consumer reality, treat organised retailers as market segments, embrace new media and think globally, he said.
The Chairman of CII Andhra Pradesh, Mr Jay Galla, said communication and digital revolution are changing the trends of marketing requiring innovation in core areas of marketing.
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