India is one of those price-sensitive markets, where price primarily
determines the buy decision. With 6.9% growth in economy and rise in the
middle-class, the consumption of consumer product goods has rapidly increased
in India. With increase in buying power, the consumption is bound to increase.
The fact that India is adopting to Internet very fast, fuels the consumption
fire. The number of items available for purchase have increased enormously in
the last decade. The number of brands - be it in apparel, accessories, food,
beverages and mainly electronic gadgets - have increased exponentially and
available even in tier-2 or tier-3 cities. There is not dearth of deal
sites in India, which tend to give a good bargain for consumers.
If I need to buy a camera today, I just need two things - a) money
b) money :-). For the rest, technology comes to my assistance !
There are numerous online e-commerce sites which offer different
cameras from different brands. I can browse through the catalog and understand
the details of the offerings. There are even articles in some of the sites
which offer 'how-to' guides to chose a suitable camera. All these details would
help me garner enough knowledge to buy a camera. Presuming that I have enough
money to make the purchase, where would I buy?
There are sites like Amazon and eBay which offer marketplace
solutions, where I can figure out the best possible price. But these sites do
miss out on certain key e-commerce players like Flipkart. Thanks to technology
and budding entrepreneurship, there are sites like MyPriceIndia (http://mypriceindia.com), which allow
comparison of prices of a few items from different sites. I believe this site
uses screen scrapping technology to capture prices from some of the prominent
e-commerce sites in India. If some one else is doing this work of comparing the
prices for me, should I not be happy? I just need to think about my source of
finances to buy the camera :-)
What ever said and done, in the 4Ps of marketing (Product, Price,
Placement and Promotion), PRICE comes first in India. Is it not? :-)
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