Rural economy in India has witnessed a dramatic and explosive growth, almost twice that of the urban economy and marketers of products and services are sized both the opportunities and the challenges of rural marketing.
It is apparent that
transposing the urban mind-set to the rural context will not work and
innovation and customization are the strategies to be adopted for reaching the
rural markets.
The opportunities in rural markets are
immense. Rural India is home to be nearly 41% of the country’s middle class and
58% of total disposable income as reported by National council for applied
economic research (NCAER). It is
obvious that any organization, be of goods or a service provider such as bank,
has effectively exploit this market segment for sustained future growth for our
country.
However, to be able to succeed in tapping
this huge rural consumer segment, it is necessary to understand the distinctive
features of this economic class. A low per capita income, highly dispersed
nature of the market, low literacy levels, widely variable incomes, inadequate
infrastructure for storage transportations and communication and strong
cultural bias are the unique features of these markets.
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