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The World of Sales (Trends & Scope – 2022)

The world of sales has always been an integral part of the business environment. And it will continue to be so in the years to come. According to the report of Allied Market Research, the global sales market will reach $18.4 trillion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 4.2% from 2016 to 2022. Sales in India have seen tremendous growth in the past few years. The Indian Sales industry will grow at a rate of 15% in the next five years. 

The world of sales in India is severely affected by the pandemic. But it is recovering itself faster than other industries. The Sales industry in India will be worth Rs.70,000 crore by 2022. Its growth can be attributed to the growing economy and the increasing purchasing power of the people. The Sales industry in India provides employment to millions of people. Let’s see some emerging trends and the future scope of the Sales Industry in India.


5 Latest Trends in Sales

The modern world of sales and its landscape is constantly evolving. As new technologies emerge and buyers become more sophisticated, the way that salespeople sell, must adapt. With the changing market and changing habits of customers, trends in Sales are also changing. Here are five of the latest trends in sales:

1. Social Media Selling

Social media platforms like Facebook and Twitter are increasingly being used by salespeople to reach out to potential customers. By creating a presence on these platforms and engaging with potential customers, salespeople can generate leads and build relationships .

Social selling is the use of social media to connect with potential customers and build relationships. Salespeople who are successful with social selling use social media to find and connect with prospects, share relevant information and build trust.

2. Personalized Selling & Consultant Selling 

With the vast amount of data that is available online, salespeople are able to personalize their sales pitches to a much greater degree. By tailoring their messages to specific needs and interests of potential customers, salespeople can increase the likelihood of making a sale.

Consultative selling is a type of selling in which the salesperson focuses on helping the buyer solve a problem. With consultative selling, the salesperson acts as a Consultant, providing advice and expertise to the buyer. This type of selling requires a deep understanding of the buyer’s business and challenges.

3. Data-Driven Selling

Thanks to data analytics, salespeople now have access to a wealth of information that can help them close deals. By understanding the buying habits and preferences of their customers, salespeople can effectively target their efforts and improve chances of success. 

Data and analytics are becoming increasingly important in sales. Companies are using data to track customer behavior, understand what works and what doesn’t, and make better decisions about where to allocate resources. Additionally, data-driven tools such as CRM (Customer Relationship Management) systems and sales intelligence platforms are becoming more common.

4. Inbound Selling

This is a relatively new approach that focuses on attracting customers to you, rather than going out and finding them. This is done by creating content that potential customers find while searching for information related to your products or services. By providing potential customers with valuable information, you can build trust and credibility, which can eventually lead to sales.

5. Account-Based Selling

This is a targeted approach that focuses on selling to specific accounts that are more likely to be interested in your products or services. This approach involves developing a deep understanding of the needs and challenges of your target accounts, and then tailoring your sales pitch and approach accordingly. By taking this targeted approach, salespeople can increase their chances of success.


Read about Hiring Trends in Sales 2022: Before vs After Pandemic

The Scope of Sales Industry 

The world of sales will grow at a healthy rate in the coming years. This industry provides employment to a large number of people and is an important contributor to the Indian economy. Sales industry in India will grow at a Compound Annual Growth Rate (CAGR) of 7.3% to reach Rs.52.5 trillion ($792.5 billion) by 2022. The industry will grow on the back of strong economic indicators such as rising disposable income, growing middle class population and increasing urbanization.

The Indian sales world has evolved over the years and is now classified into three broad categories – FMCG (Fast Moving Consumer Goods), durable goods and services. The FMCG sector is the largest sales industry in India, accounting for over 60% of the total sales. The durable goods sector includes consumer durables, automobiles, electronics and white goods. Services Sales include telecom, retail, travel and tourism, and banking and financial services. 

Compound Annual Growth Rate of Sales Sectors:

According to the India Brand Equity Foundation (IBEF), the FMCG sector will grow at a CAGR of 7.4% to reach Rs.32.4 trillion ($495.4 billion) by 2022. The sector is driven by strong growth in the rural markets and the emerging middle class population. The rural markets will grow at a CAGR of 8.6% during the forecast period, while the urban markets will to grow at a CAGR of 6.7%.

The durable goods sector will grow at a CAGR of 7.2% to reach Rs.15.1 trillion ($229.8 billion) by 2022. The sector is driven by the growing consumer confidence and the rising disposable incomes.

Consumer durables will grow at a CAGR of 8.3% during the forecast period, while automobiles will grow at a CAGR of 5.7%. The services sector will grow at a CAGR of 7.1% to reach Rs.5.0 trillion ($76.3 billion) by 2022.

The sector is being driven by the growing demand for services in the areas of retail, travel and tourism, and banking and financial services. Retail will grow at a CAGR of 8.4% during the forecast period, while travel and tourism will grow at a CAGR of 7.3%.


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4 Most Popular Sales Methods

Sales methods provide a framework for how a salesperson should interact with a potential customer. By having a defined sales method, a salesperson can more easily identify the needs of a customer and then offer a solution that meets those needs. There are four popular methods used in the world of sales to generate revenue for a company. The four methods are as follows:

1. Upselling

Upselling is a sales technique whereby a salesperson attempts to convince a customer to purchase a more expensive product or upgrade to a higher-priced version of the product than that they are considering. This is done by pointing out the additional features and benefits that the more expensive product has to offer.

2. Cross-Selling

Cross-selling is a sales technique whereby a salesperson attempts to sell a related product or service to a customer who is already considering purchasing a different product or service. This is done by pointing out how the two products or services can be used together to achieve a desired result.

3. Bundling

Bundling is a sales technique where a salesperson offers a customer a discount on the purchase of two or more products or services if they are purchased together. This is done to make it more convenient and cost-effective for the customer to purchase both products or services at the same time.

4. Free Trials

Free trials are a Sales technique whereby a salesperson offers a customer the opportunity to use a product or service for a limited period of time before deciding whether to purchase it. This is usually done in order to allow the customer to experience the product or service firsthand and to see if it is a good fit for their needs.


5 Tips for Increasing Sales

There are a number of ways to increase sales. Articulating the best approach depends on the products or services being sold, the target market, the resources and abilities of the sales team. Many businesses, in the world of sales, try different ideas to increase their revenue. Below are five general tips that can help increase sales in most situations:

1. Increase Marketing and Advertising Efforts

One of the most effective ways to increase sales is to simply let more people know about the products or services you offer. This is done through increased marketing and advertising efforts. Advertising can be targeted to specific demographic groups that are more likely to be interested in the products or services, and marketing campaigns can be designed to generate interest and enthusiasm.

2. Improve the Sales Process

Another way to increase sales is to improve the sales process itself. This might involve making it easier for potential customers to purchase products or services, offering more customized solutions, or providing better customer service. By making the Sales process smoother and more efficient, more customers will be likely to complete a purchase.

3. Create New Products or Service Offerings

To keep sales growing, it’s important to periodically introduce new products or services. This not only helps to generate new sales, but can also create excitement and buzz around the company, which can lead to more sales down the line.

4. Increase Prices

In some cases, the best way to increase sales is to simply increase prices. This might seem counterintuitive, but if demand is high enough, customers will be willing to pay more for a product or service. Of course, this approach should only be used in cases where there is a good reason to believe that customers will still be willing to pay the new, higher price.

5. Hire More salespeople

If all else fails, one of the most direct ways to increase sales is to simply hire more salespeople. Of course, this approach requires more financial resources, so it’s important to weigh the costs and benefits before taking this step.


Conclusion 

The Indian world of sales presents a huge opportunity for businesses, both domestic and foreign. With the right strategies in place, businesses can tap into this growing market and drive their sales growth. Sales in India have seen tremendous growth in recent years and this will continue in the coming years. The scope for sales in India is immense and there are a number of factors that are driving this growth. The Indian economy is growing at a healthy rate and this is translating into increased demand for products and services. Moreover, the Indian consumer is becoming increasingly discerning and is willing to pay for quality. This is resulting in increased competition among companies and driving up standards. As a result, the sales profession is becoming increasingly challenging and rewarding. There are a number of opportunities for sales professionals in India and the prospects are very exciting.


FAQs

1. What challenges does the sales industry face in India?

Sales industry in India faces many challenges. The biggest challenge is the regulatory environment, which is constantly changing and creating uncertainty. This makes it difficult for companies to plan and invest in sales strategies. With a large number of small and medium-sized enterprises, the industry is highly fragmented. This makes it difficult to build economies of scale and achieve profitability. Moreover, the industry is labor-intensive, making it susceptible to fluctuations in labor costs. Lastly, the industry is also cyclical in nature, and is therefore susceptible to economic downturns.

2. What are the top strategies for sales in India?

India will vary depending on the product or service being sold, the target market, and the resources available. However, some general tips for selling in India include understanding the local culture and customs, building relationships with potential customers, and being prepared to negotiate. Additionally, it is important to have a good understanding of the Indian market and the competition.

3. What is the future of sales in India?

The future of sales in India is very promising. With the large population and the growing economy, there is a huge potential for sales in India. The Indian market is very attractive for companies from all over the world, and many multinational companies are already doing business in India.

The Indian government is also very supportive of businesses, and has been implementing various policies to promote sales and investment in India. The “Make in India” initiative is a great example of this. This will create even more opportunities for sales in India.

Related Article: Hiring Trends 2022: Before vs After Pandemic

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