Today we will talk about why India is a price-sensitive market and how to manage the price war.
We all know about India is a highly price-sensitive market. Indian consumer doesn’t have brand loyalty at all. We all have been the witness of it so let’s see why India is a price-sensitive market. How to manage the price war in India.
There so many reasons here to make Indian consumer a price-sensitive and same will be exploring about in the article.
Reason Why India Is Price Sensitive Market?
Competition & Competitor In The Market.
This is a very interesting fact is competition and competitor makes Indian consumer more price-sensitive because of being ahead of each other.
Like Amazon vs Flipkart, If you will get the same product at the lower cost from another platform then why go for the high one.
As we all know India is a developing country so everyone wants to stable their business in India. Everyone wants to be ahead in the market to grab the customer and opportunity.
There are so many players available in the same segments so consumers have an option to choose the most cost-effective and reliable. Options availability is becoming another major reason behind it.
Low Income & Over Expenses.
As we said above that India is a developing country that’s why the majority of people having low income so they look for the best & most cost-effective option in the market.
Brand loyalty disappearing now because people are becoming more and more conscious of money savings. In the digital & internet era, people have alternate solutions for each & every problem.
An example of alternate solutions means like amazon selling some product at 500 then the user also looks at Flipkart for the same if they will get a better deal then moved on instantly.
Struggling Phase of Majority.
Indian consumer becoming price-sensitive due to young generation. The young generation struggling phase also making India a price-sensitive market. In the struggling period, they trying to find the best solutions for their issues.
Let’s See How to Manage Price War In India.
Let’s talk with your vendors and supplier to reduce the cost of products & services. so you can be able to deliver the best rate to your potential customer.
Try to cut the operating cost of business and adjust the balance with offers in reducing the price of products and services.
There is no rocket science in it to manage the price war in the Indian market because you have two options either fight with them using the unique strategy either burn your hard-earned money.
There is huge competition from a global player along with the domestic player. There is a huge capital requirement for a price war with another player in the market.
People of India are now not loyal to any brand because they only consider the price and services factors only.