Indian rural markets for FMCG and consumer goods have been growing by leaps and bounds and companies have begun to focus on this market segment which has huge potential. As per statistics, the increase in monthly per capita expenditure between 2008 and 2012 was 19.2% and the rural expenditure exceeded the urban expenditure by 2%.
The rural customer landscape has been changing rapidly. Today they have access to almost the same level of information and data as an urban customer. With the advent of mobile phones and the internet, a rural customer views the same products and services as his urban counterpart. The women of rural India have also evolved from being just a farmhand to entrepreneurs. Hence, the household incomes of the families have increased and so have their purchasing power.
Today our country's per capita GDP in rural regions has grown at a Compound Annual Growth Rate (CAGR) of 6.2 percent since 2000. In 2018, the FMCG sector in rural and semi-urban India was expected to cross US$ 20 billion and reach US$ 100 billion by 2025.
There have been many developments in rural India marking this change. Unemployment has gone down, roads have been constructed providing better connectivity, banks have initiated processes that help rural citizens carry cashless transactions, etc.
Most companies trying to reach the rural customers broadly fall in the following categories*:
1.
Companies that have managed to gain a significant market share in the rural segment by ensuring excellence in their products, quick execution, fast implementation and strategies which have been derived from end customers' requirements and traditions.
2.
There are other companies that have tried to follow in the footsteps of the above-mentioned companies. But each product or service has its own uniqueness and the marketing strategy needs to leverage it, which these companies miss.
3.
There is yet a third set that tried to reach the rural customer through a disruptive approach. They create packaging or pricing specific to rural customers or develop new channels.
4.
Lastly, there are new entrants who have recently forayed into the rural market. They are cautious by nature and do not want to invest too much effort or resources into this market. How is it that companies have such a varied rate of success? What are the correct or wrong steps that the companies are taking?
The author is CEO & Co-founder of 72 Networks
The Internet in the Indian market has brought a massive change in the past few years.
It has increased the demand for electronic products like mobile phones, laptops, tv, etc.
These commodities have rocketed in the country, making India the second-largest consumer market.
Major companies like Samsung, Xiaomi, Nokia, etc want to reach out to the remotest corners of India.
As a majority of the Indian population living in tier-3,4 cities and urban areas are still untapped by these huge brands.
It can be a game-changer to them if somehow their products have access to this huge market.
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To the ones within the industry, they know how vast and important it is last-mile delivery logistics.
It contributes about 28 percent of the total cost of the shipment. In addition, growth in e-commerce is also rising and radicalizing the way shippers look down at last-mile logistics.
Moreover, logistics of e-commerce which includes fulfillment and delivery has further made last mile very crucial in the transport industry.
This article will tell you how to minimize last mile delivery issues
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Along with emerging trends, the market is facing some challenges which include complexity, navigating traffic, and shortage of drivers.
