Online vs. Offline Buying and Selling- understanding two sides of retail coin
The way we shop and sell today has changed significantly. With e-commerce booming, many of us are now just a...
Read MoreUttar Pradesh, a northern state boasts a rich history, vibrant culture, and immense economic potential. UP homes a wide network of 108,595 weekly markets, called as hatt bazaars. Millions of villagers come together every week to buy necessary items. Undoubtedly, these lively marketplaces provide a special opportunity for companies to reach a big group of people.
Exploring the Benefits of Hatt Bazaars
The hatt bazaars in Uttar Pradesh are more than just weekly markets. We can call them as lively systems that encourage community involvement, business, and economic development. By understanding how these markets work, brands can find new ways to grow and expand. These hatt bazars can be strategic touchpoints for brands to reach and engage customers.
Understanding the Hatt Bazaar System
– Weekly Visitors: 2,000-3,000 villagers attend each market
– Typical Spending: ₹400-₹700 per person
– Market Revenue: ₹1 million per market
– Transactions: B2B, B2C, and C2C thrive in these markets
– Entrepreneurial Spirit: Farmers sell directly to consumers and retailers, while women entrepreneurs sell homemade food products
Brands have a big opportunity to reach the large audience in very low promotional cost per consumer. Furthermore, new wholesale network can be developed. Also, it can be a good opportunity for new collaborations with retailers to sell products directly from manufacturer to customers. As this also means reduced supply chain cost, products can be offered at discounted rates. Ultimately this fosters increase in demand and sales.
Strategic touchpoints:
Companies can reach around 20 million consumers through these weekly hatt bazaar.
Around 5 million merchants including retailers, farmers, distributors, household businesswomen can be tapped and engaged for enduring business opportunities.
The buying power of villagers has increased 5 times in last one decade. Moreover, the standard of living in rural areas has enhanced significantly. Brands can tap this opportunity and capitalize on the expanding customer base.
Diverse sectors:
The market encompasses opportunities for all sectors including FMCG, Consumer Durables, Fashion & Lifestyle, Loan & Insurance, Household equipment’s, Hardware, Household appliances, Gaming app, IT software service providers (Tech apps), Farming Equipment’s, Fertilizers products and Automobile.
Hatt bazars of Uttar Pradesh present a huge untapped market for brands. The key here is to identify opportunities, understand the market dynamics and leverage right strategies to unlock the potential of these markets.
