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Indian textile firms need to focus on rural markets
29
Aug '12
Stressing on the need for consumer firms to fine-tune their business models in lines with brand marketing and distribution to retain their effectiveness in the Indian rural market, Aditya Birla Group, CEO (Textile Business), Thomas Varghese said in spite of a slowdown experienced in sectors like textiles and apparels, the rural markets have continued to grow.
 
Speaking after a Confederation of the Indian Industry (CII) marketing summit in Mumbai, Mr. Varghese, who also is the Chairman of the CII National Retail Committee, cited a Nielsen report and said that there is ample and extensive scope for expansion for consumer firms in rural markets.
 
As stated in the report titled ‘Emerging Consumer Demand: Rise of the small Indian town’, the total number of stores in small towns has gone up from 8,23,000 in June 2008 to 9,26,000 in May 2011, which is representative of an average addition of around 250 stores per town.
 
Entrepreneurs who realized the potential of these small markets and invested there a few years back are reaping good returns now, the study stated.
 
However, the CII Chief said that besides tweaking their business models and policies, firms even need to develop their brands and continuously monitor the changing consumption trends.
 
He said retailers and other players would have to understand that large supermarkets and big malls would not work in small markets. Besides, they also need to focus on factors like consumers’ needs and priorities, the demand cycle movement and significance of marketing strategies catering to the changing and dynamic consumer demands, particularly in Indian context, Mr. Varghese added.
 
A high GDP growth, young demography and disposable income are the factors steering consumption in India, he said.
 

Fibre2fashion News Desk - India

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