Let’s watch this video, first.
At first glance, it will look like any market in rural India. But a close look will reveal tall apartment buildings. This is where the market was located. It’s active for half-a-day, twice a week.
The market is located just opposite to a property developed by ATS in Sector 109, Gurgaon. It is approximately 5 kms from the Delhi airport, as the crow flies.
These are some of my observations:
Approximately 100-125 people were in the market when the video was taken (around 6.30 PM).
- The total number of people who will visit this market from past one year is around 700-800 people, spending on average Rs 75-100.
- There are between 40-50 vendors selling vegetables, fruits, sweets, toys, clothes, dry fruits, utensils, meat (usually chicken and fish), fruit juice, ice cream, food and everyday use items like comb, hair brush etc.,
- Majority of people buy from vegetable vendors. They seem like anchor clients in the market.
- Majority of customers are neighbouring villages (which were there before the place was urbanised) and construction workers. In another post, we will discuss about purchase patterns of construction workers and what they reveal.
- Rain or storm, the markets function with great regularity.
- The quality of vegetables are far superior compared to what Big Basket supplies, and prices are much cheaper.
- The vendors move as a pack, with their own transport vehicles.
- The market opens post-lunch, and ends by around 9.30 PM. Hardly seen them functioning beyond 10 PM.
- Most customers walk to the market, hardly anyone come by vehicles.
What you won’t see here:
Near absence of any branded goods. It’s a challenge to find a single brand.
Think of this: This is a market in one of the most urbanised cities (Gurgaon) and located very close to Delhi. Yet, brands have no presence in the market – which is catering to the people in the bottom of the pyramid. A back of the envelope calculation shows the market makes a turnover of Rs 80,000 – Rs 100,000 in a day. A small economy of 800 consumers, 40 vendors and turnover of Rs80,000.
If I am a policy maker, I will look at ways to promote these markets which creates employment.
And, if you’re an executive looking to expand your brand’s presence, this is a market waiting to be studied and understood, so that next range of products targetting the bottom of the pyramid can be launched.
For more reading on ‘bottom of the pyramid’, read C K Prahlad’s essays on this topic.
(How India Lives has the most granular data about India. Name any village in a rural area or a ward in an urban location, we have 550 metrics ranging from demographics to asset ownership to how they live. Contact us, if you think we can help you.)