South Asia's multi- billion-dollar book retail industry is all set to witness exponential growth in the times to come. South Asia's Book Retail Industry is dominated by the gargantuan book retail industry of the Indian sub-continent. The Book publishing industry in India alone is all set to grow at the rate of 15% per year. Other markets in South Asia are slated to experience similar growth rates in the times to come.
In India, book retail, which was a cottage industry dominated by family managed companies is now being increasingly populated by organized players. Other prominent market in South Asia is the Indonesian book market, which is experiencing high growth after years of stifling control. The Asian Economic Crisis in the late 1990's forced publishers across South Asia has to rethink their cost structures and their marketing strategies.
The net result being that publishers came out with low priced versions and slimmer volumes. This significant change of approach arrested the sliding growth rates as customers lapped up these slimmer volumes. Reprinting of previously successful titles is also one of the innovative strategies used by publishers to shore up their bottom lines.
Across South Asia, innovative marketing strategies have been deployed by publishers to capture the imagination of consumers. Celebrity book launches, blog discussions, email marketing, preview booklets and similar such initiatives have been launched to increase the size of the book retail industry in South Asia.
Book Retail across South Asia's metropolitan cities has become a lifestyle business as publishers try to promote the reading habit amongst the youth. Plush reading galleries at Bookshops and coffee parlors try to promote reading as a leisure activity. Specially designed coffee table books for the high-end consumers, circulation of e-books, book reading sessions are some of the ways publishers have devised to target the premium segment of the market. Most booksellers in South Asia admit that when it comes to books relationship marketing works wonders. Email, phone calls help in cultivating a loyal base of readers who in turn generate higher business through referrals.
More and more publishers and booksellers have started attending International book fairs to gain an understanding of international publishing standards. This international exposure has convinced them to increase their investments in infrastructure to deliver publications that meet or exceed the expectations of both domestic and international consumers. Even today, majority of the books published in South Asia are printed in the English language. However, analysts predict that across South Asia, the growth in regional language press is likely to exceed that of the English language press. This is primarily because of the rising literacy levels and the proliferation of media in the remotest corners of the South Asian Peninsula.
The author is an aspirant writer on medical text books
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By Singh Vineet
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