India has some of the most diverse and rich history out of any nation in the world. The country has been a part of many cultural changes, but one thing that has stood out amongst all others is the markets India has housed over the generations.
India has been home to some of the biggest, busiest, and most traditional markets in the world. In a generation where buying anything is just a click away, these markets, or more commonly called bazaars, have been keeping the legacy of the traditional experience of going to markets and shopping for items alive.
Another amazing element of these markets is how much business they generate, and the various ways in which they conduct business. This element has amazed and appalled many businessmen and businesswomen in the country. Visiting the market, shopping for products, or taking away souvenirs is just one side of the coin for these markets. The other side consists of the intricate plans developed by the entire markets to sustain good business.
So, without further ado, let’s take a look at the top 5 markets in India that businesspersons should definitely visit to take away a lot of learning about conducting business and attracting customers from all walks of life.
1) Chandni Chowk, Delhi
Any Indian who has ever been a fan of shopping or is acquainted with pop culture knows about this grand market. Chandni Chowk is the oldest, and one of the most esteemed markets in India. This market’s existence dates back to almost 300 years ago, when it started in the 17th century. It was established by the Mughal emperor Jahangir, who with his daughter, inaugurated a market that would soon take the country by a storm.
The endless string of shops in Chandni Chowk ranges from jewellery shops to garment shops to local restaurants to street vendors who sell all kinds of products. The entire market has been classified as a top-tier marketplace to conduct business in. The sustainability of businesses in this market solely depends on how well they gel with the culture of the old city of Delhi. The streets here are busy, and the customers are always flooding in even on weekdays. The prime attraction of this market for outsiders is its name, which is a brand in itself.
Businesspersons visiting this market can take away a lot of things by visiting this market, like how to handle a colossal amount of customers and keep them satisfied, how to effectively conduct business in an area where you might have a lot of competitors, how to keep the business-spirit alive when dealing with a low amount of customers, and much more. The ethereal sense of being professional, but also engaging with the customers and providing optimum customer experience and satisfaction is the key takeaway from this amazing market.
2) New Market, Kolkata
A legendary spot for the locals and a primary attraction for tourists, the New Market in Kolkata exudes a unique vibe that is rooted in its history, culture, and traditions. Known for its street vendors and local shops that have been standing for more than 50 years, New Market is a great hangout spot for the locals and tourists alike.
With over 2,000 shops and vendors opening their doors every day (yes, you heard that right - every day!), this market is a pristine example of not only being sustainable and profitable, but also offering unique customer experiences. Business-wise, this market is a prime spot for a major chunk of Kolkata’s revenue in selling goods compared to other markets, of which, there are a lot.
3) Arpora Saturday Night Market, Goa
Arpora Saturday Night Market is not only a good example for running a big marketplace, but also how to position it right to generate the maximum revenue while working the least amount of days.
As the name suggests, Arpora night market in Goa is only open on Saturdays from 7 PM onwards till early morning on Sunday. This market is famous for exhibiting local merchandise and a plethora of products one can shop for. A primary attraction for shopaholics and tourists, this market has set a great example for businesspersons about how to intelligently run a market and leverage the various elements like time, day, and urgency to attract a sleuth of customers.
One other thing this market executes brilliantly to attract the demographic it aims to is hosting various events like live music, shows, and performances from local and national artists every time it is open. This not only ensures that the visitors are engaged throughout their visit in the place, but also offers them a much-needed relaxation to continue with their shopping after taking a few moments to rest and rejuvenate.
Businesspersons can take away a lot of lessons with the tactics used by this market. For starters, you would always want to offer your customers with unique experiences, so that they do not get bored or saturated during their visit. Secondly, identifying the target demographic and catering to their needs by assessing their activities is a very important step towards ensuring perfect marketing. Arpora Night Market is primarily visited by tourists and locals, who are either Millennials or Gen-Z, which is a key element in its success. Saturday nights are the most profitable as this is the time when the tourists and locals have a lot of time on their hands, and they can just let loose.
4) Police Bazaar, Shillong
One of the prime attractions of the entire state, Police Bazaar is perhaps the best place for businesspersons looking to learn about the local shopping experience and how to successfully execute it.
This market is famous for its handicrafts sold by local vendors, many of whom make it themselves. Moreover, there is no “middle person” here, which means that the vendors make all the money by selling the products that they made, and that too, at reasonable prices. The government of Meghalaya has often cited Police Bazaar as the prima donna example of how to promote local vendors and businesses and make them shine.
People visiting Police Bazaar often are baffled by the amount of diverse options of merchandise and products present in the market. The market is very inclusive of all cultures, and visitors can find vendors from different parts of the country that conduct business here regularly.
The sense of community and mutual respect amongst vendors here is a good example of how to conduct healthy business while being polite and respectful of your competition. Moreover, this market can also teach you how to effectively market yourselves and make a good impression on the customers for attracting them to engage with your business.
5) Sarojini Nagar Market, Delhi
Known more commonly as “SN” by the locals, Sarojini Market is often cited as the best place for shopping by Delhites. This market is over 100 years old, and is infamous for its bargain shopping experience, amongst many other things.
This market exhibits a perfect conglomeration of conventional, traditional, and modern shopping experience, which is a feat that you won’t find in many places in the world. Spread over a vast area, this market has anything and everything that you might be looking for. From clothes, to electronics, to food, to furniture, to international brands, this market is always lively with a massive number of customers from 10 AM to 9 PM, all days of the week.
The prime takeaway of this market for business people is how to smartly conduct business with the customers and generate profit. The market is famous for it bargain shopping experience, which is why the vendors have to be extra careful about the prices they quote for the products they are selling, and still generate profit. Moreover, there are a lot of vendors selling the same products, but almost all of them are able to sustain their business, which is a very interesting situation to dive into for businesspersons and learn from.
Q. Why should businessmen or businesswomen visit markets?
A. Markets consist of a lot of businesses that operate under a single area’s umbrella. Hence, businesspersons should visit markets to understand how exactly they sustain themselves and what tactics the markets are using. Businesspersons can take away some valuable lessons which they can implement in their working style to grow their business much more efficiently.
Q. How are markets nowadays different from what they used to be?
A. With modernisation and internet shopping making the shopping experience for customers much more convenient, markets nowadays thrive by battling to offer customers with unique customer experiences and offers to attract them. Markets nowadays are more focused on offering something unique to the customers rather than just opening shops and waiting for customers to come.