Chapter 1 : How stone industry will change in next 5 years.
India is a naturally blessed country with an abundance of natural resources. One such precious resource is natural stone for which the nation has been lucky to have the most diverse variety of stones. Indian market contributes 27% to the international stone market with 11% of export share. The stones produced in India include marble, granite, sandstone, slate, limestone, and quartzite. Out of these stones, the market for marble is quite vulnerable as it faces rapid movements of many internal as well as external factors.
As per the expert’s estimate, the marble market in India is around 35 million tons per year. Out of this, 800,000 tons is exported and rest is utilized by the natives. The market is a closely knit network of marble factories, suppliers, wholesalers, and retailers.
Now, like any other industry, marble industry has shown signs of growth. The first sign of which is ‘adaptation’ to newer technology and smart techniques of the trade. The members of the industry have understood that change is the way to keep pace with the continuously evolving market trends and thus are eager to learn new business styles and techniques.
Some progressive retailers, who have a futuristic vision have estimated the way stone industry will operate in next 5 years. But, for all to survive and succeed; it is important that this concept is shared with all:
As we discussed, technology will have a major hit on the stone industry. Not only will it affect how business is done (from scratch) but also how the industry will outgrow other industries in terms of effective technological utilization. This includes more business done through, e-commerce, more influence of online presence and faster and efficient modes of logistics aligned with online transactions.
The world has become completely digitally optimized, as we turn to the internet to find anything we need. The interesting part is, this dependability of the consumer on the internet is going to rise by each passing day. More and more customer will reach online to find marble and thus to have an online presence will become imperative.
Government rules and regulations:
In September 2016, the government announced a new policy for marble import block which had a great effect on marble business. Similarly, the demonetization policy imposed by the government also had a significant effect on the market as the closely linked construction industry was purely based in cash inflow. There can be many such government policies and regulations that can affect the marble industry.
These are the many aspects that will frame the future of Indian marble industry in future. The signs of each of these factors can be easily seen on the market. In next 5 years, Indian stone industry will be technologically advanced and guided by strict government rules and regulations.
To ensure that you have a competitive edge over the changing scenarios, you need to have a strategic plan keeping all these influencing factors in mind.