Business models diversified to meet consumer demands from "summary" of A Business History of India by Tirthankar Roy
The evolution of business in India has been marked by a shift towards diversification in order to cater to the ever-changing demands of consumers. This shift is evident in the way businesses have adapted their models to meet the needs and preferences of a diverse consumer base. In the past, businesses in India were often focused on a narrow range of products or services, catering to a specific segment of the market. However, as consumer preferences have evolved, businesses have had to diversify their offerings in order to stay competitive. One example of this diversification can be seen in the retail sector. Traditionally, retailers in India focused on selling a limited range of products, often catering to a specific demographic or income group. However, with the rise of e-commerce and changing consumer preferences, retailers have had to expand their product offerings in order to attract a wider range of customers. This has led to the emergence of online marketplaces that offer a diverse range of products, from electronics to fashion to groceries, in order to cater to the needs of a diverse consumer base. Another example of diversification can be seen in the food and beverage industry. In the past, restaurants in India often focused on serving traditional Indian cuisine to a local clientele. However, as consumer tastes have evolved and the dining landscape has become more competitive, restaurants have had to diversify their menus in order to attract a wider range of customers. This has led to the emergence of restaurants that offer a fusion of Indian and international cuisines, as well as vegetarian and vegan options, in order to cater to the diverse dietary preferences of consumers.- The concept of businesses diversifying to meet consumer demands is a reflection of the changing nature of the Indian market. In order to stay competitive and attract a diverse consumer base, businesses have had to adapt their models and offerings to meet the evolving needs and preferences of consumers. This trend towards diversification is likely to continue as consumer tastes continue to evolve, shaping the business landscape in India for years to come.
