Marketers today are getting more and more consumer-centric in implementation of their strategies. Consumerism has driven the world market in such a manner that customer needs and preferences are always the first priority; be it for product designing or strategy designing. Hence, devising and implementation of appropriate strategies have become an inevitable part of every organisation's marketing department.
Indian consumers are amongst the world's most positive clan when it comes to job prospects and personal finances, according to 'Nielsen's Global Online Consumer Confidence 2Q 2011'. Moreover, India's consumer markets are set explode during 2000-2025, wherein the total consumption in the country is likely to quadruple making it the fifth largest consumer market by 2025, according to McKinsey Global Institute (MGI). MGI expects India's real gross domestic product (GDP) to grow at 7.3 per cent annually through 2025.
In the light of such positive future aspects in the Indian business environment, it can be easily stated that India is increasingly attracting foreign marketers and facilitating new avenues of growth for the domestic ones, which is ultimately proving beneficial for the consumers.
A report by National Sample Survey Office (NSSO) has revealed that rural households' expenditure on durable goods has increased from 3.1 per cent (1987-88) to 4.8 per cent (2009-10), confirming that the expenditure on non-food items like durable goods has increased over the past few decades.
Another study has revealed that lesser developed eastern states such as Bihar, Orissa, Chhattisgarh and Assam are leading rural sales in India. The analysis has strengthened the fact that rural markets are driving consumption of fast moving consumer goods (FMCG).
Companies across sectors such as telecom, pharmaceuticals, banking and even cosmetics are following the footsteps of FMCG companies who have strong presence in hinterlands. Certain developments that took place on the Indian rural canvas are discussed below: