Modern Retail and Social Media - Marketing in India

Advent of New Era

We are living in the information age. The advancement in internet and mobile technology has changed our lives completely. Today there are people who are addicted to social media sites. Indians from urban regions, especially youngster, gives significant time to online activities which include internet chatting with friends and communicating with likeminded people. Along with this today’s social media are allowing online user to share videos, movies, music, photos and all of the information that one would want to share with other. Internet is being used by people for various purposes; now Indian consumers have switched over to paying all their bills online, banking online and even shopping online. The more people get on to internet and search for information, the more opportunities begin to develop for e-Commerce. According to a study, the Indian e-Commerce market is expected to grow from USD 1.6 Billion in 2012 to USD 8.8 Billion in 2016.

E-Commerce (Modern Retailing)

E-Commerce is one of very rapidly growing modern retailing format in India. It is removing the need for brick-and-mortar (physical) store and allowing vendors to sell their product online.  For instance, grocery traditionally a category has started to move online and is doing well with the middle- and upper-class online shopper in metropolitan India.  E-Commerce retailers in India are expanding their offerings to the online population outside metropolitan India and are investing heavily in the infrastructure to support these cities. In recent times, several E-Commerce companies has launched in India, which include flipkart, jabong, myntra, ebay and so on.

Some brick-and-mortar retail operations are also recognizing the opportunity online in India. For example, Croma, one of India’s largest consumer electronics stores, moved online to sell its full range of products. And global multi-brand, multichannel retailers like Wal-Mart that are currently restricted by India’s foreign direct investment (FDI) laws are anxiously following developments to take advantage of opportunities as they arise.

E-Commerce brings its own unique advantages and contribution to the businesses. First and foremost, the use of internet allows business to reach out to millions of customers in an instant which is not possible in any conventional mode of marketing. One of the most significant advantages that E-Commerce offers is the cost. The cost of marketing online across the globe is miniscule when compared to the actual cost of marketing in the conventional ways. The cost per transaction works out to be very cheap.

Social Media

When one look at the social media marketing websites from the eyes of the marketing companies, one gets to see a huge potential waiting to be explored. Social media networks represent markets and customers who are online and listening. With captive audience being available, marketing companies can reach out to the prospective customers and help build opinion about their products and services as well as initiate discussion about their products with the help of those who are interested as well as those who have been customers of the company. Marketers can learn a lot and get real feedback about their product and experiences from the customers online and besides initiate interest in others who are watching and following the topic.

Social media marketing is a phenomenon and this is a medium that no marketing firm can afford to ignore or be absent from. Marketers have dual advantage in the fact that they are able to get in touch with those who have already become their customers and experienced their products as well as those prospective customers who might be inclined to or may be influenced to buy the product.

Unlike the traditional media where the readers or viewers are passive participants, social media network is one place where the customers are actively participating and exchanging information, sharing experience, giving their opinion and reviews based on their understanding as well as experience. 

Second important feature is that social media network spread across variety of channels and medium including audio, video, text, audio pods, and private forums, public discussion boards, SMS, chatting, emails as well as blogging etc.

Thirdly, social media network is a dynamic, flexible medium that keeps changing in terms of content, tools and keeps evolving all the time.

Fourthly, social media network calls for a different kind of participation from the marketers. Unlike the traditional media where marketers run campaigns and customer designed advertisements focused on a particular audience or group, social media network enables the participants to steer the discussion and the marketers are required to do more of listening than leading the discussion. Marketers have got to approach the prospective customers in an indirect fashion by helping to build public opinion and then indirectly steer them towards taking an interest in your product.

Consumer Behaviour and e-Marketing

Today’s customers are net savvy and know what they want. In essence today’s customers are not willing to wait. No matter how good the product may be, speed is the essence here. From online shopping to online dating and searching for life partners, all of the individual’s needs are being addressed by businesses via the web.

Looking at e-Commerce from a marketing perspective brings the product or the service closer to the customer. It enables the customer to view, read, download and experience the product. The other significant difference from conventional marketing is that the online marketing enables the marketing company to customise its sales pitch or product offering to the customer. As against the conventional modes which target consumers and markets at large, with internet marketing and e-Commerce it is possible to target every single individual making it more personalised and customised offer e-Commerce is just catching up.

Studying the behaviour and understanding the needs of the internet customers gives us an insight as to how to forge a relationship with customers via the internet and offer customised solutions. Internet customers today are looking for convenience of shopping and transacting easily and are also looking for the cheapest bargains as well as faster service and delivery too. These are the basic demands of every customer who will be going through your website. But then how will firm stand out from amongst the competition and engage your customer into a relationship is the primary challenge in e-Marketing.

Marketing Strategy in Recession Condition

In the globalized market scenario, the impact of recession at one place/ industry/ sector percolate down to all the linked industry and this can be truly interpreted from the current market situation which is faced by the world. In this time of uncertainties and prolonged recession, business are focusing on core businesses, improving their efficiencies and taking measures to improve their effectiveness.

Marketing places a vital role in the recession scenario, firms should emphasize their core values to the consumers. The marketing needs to be more aggressive in recession and more comprehensive than ever. On the marketing and advertising efforts of the company should focus on re-strengthening the demand for their core products. Marketing should ensure holding the existing consumer base firmly in the uncertain times and can be gradual in building new consumer base. Due to low cost nature, the use of e-Marketing could prove to larger help to the companies in the time of recession. Additionally, higher penetration, two-way communication and other benefits can also be found effective for the companies.

Conclusion

Marketers in India have to realize the huge potential of e-Marketing that exists in being able to reach out to a large customer base at negligible cost. Understanding of this aspect of the consumer behaviour on the social web is a must for any marketing professional wishing to design social media campaign for his company. There is no choice for marketers but to get on to the social media and e-Commerce way. In recession time, companies should re-strengthen the core values of their offerings. Download this here.