By Michael J. Silverstein, Abheek Singhi, Carol Liao & David Michael
How an innovative business strategy, first developed in India’s market stalls and street bazaars, is starting to spread from East to West as companies search for ways to deliver value for money in an era of austerity. It is an idea driven by the consumer’s search for value and exposure to higher-quality goods—and a global consumer view that there is a need to acquire the best goods at lower prices.
When Indian consumers experience the perfect mix of quality and value, they will often say “paisa vasool.” It is the highest praise. Around the world, consumers are budget squeezed, skeptical of suppliers and merchandisers, and worried about their future. Paisa vasool can become the watchword to creating greater value, more features for less money, and consumers who become your advocate.
For more than a thousand years, there has been a vigorous exchange of ideas and technology between the East and the West. But the newly affluent consumers in China and India are changing the direction of the stream of ideas once more—particularly in business.