EXTENDED ESSAY

BUSINESS MANAGEMENT

An analysis of DMart's growth strategy in the Indian market

Research question: To what extent has DMart effectively used marketing strategies to

increase market share in the Indian FMCG distribution market?

Session: May 2021

Word count: 3994

1
Contents

Introduction…………………………………………………………………………...………………3

Methodology………………………………………………………….……………...……………….5

Background Information……..…………………………………………………..………….……….6

 Porter’s 5 forces …………………………………………………….….……...….…………7

 Ansoff matrix ………………….……………………………………….……….……………13

 Extended Marketing mix…………..…………………………………………….………….15

 Ratio Analysis…………………………………….………………………………………….22

Conclusion…………………………………………………………………………..…….…………23

Bibliography……………………………………………………………………………….…...…….25

2
Introduction

The purpose of this essay is to investigate and analyze the utilization of various marketing

techniques by DMart. Founded in the year 2002 by Mr. Radhakishan Damani, DMart is a one-

step supermarket chain that offers a vast range of basic home and personal products in the

same place. All of its basic home utility products are available at competitive prices and quality

which takes after the company’s strong belief in value retailing and is one of the many

business traits DMart has which attributes to its exceptional, retained success. With the

mission statement of “to provide the best value possible for our customers, so that every

rupee they spend on shopping with us gives them more value for money than they would get

anywhere else.” DMart opened its first branch in Powai 2002, and today it is established in 216

locations throughout 11 states [ CITATION Dmart \l 1033 ] . An approximate annual revenue of $3.3

billion, is quantitative proof for its success[CITATION DMa20 \l 1033 ].

Even after being founded in the early 2000s , in a world leading towards being dominated by

e-commerce retail giants such as Amazon, BigBasket, JioMart etc. a brick and mortar

supermarket found its own niche by making its play on consumer psychology.

Therefore, this essay will analyze the: business model, business decisions, pricing strategy,

growth trends, differentiating factors etc. of DMart and analyze it using various business tools

and theories to discuss and evaluate the research question being:

“To what extent has DMart effectively used marketing strategies to increase market

share in the Indian FMCG distribution market?”

Because the purpose of this essay aims to establish the central reasons for DMart’s success

via marketing, we shall be looking at various business functions to identity it’s

3
differentiating/limiting factors. I believe that DMart is a business from which countless new

entrepreneurs can take lessons from. It has positively affected infinite Indian households by

making good quality products affordable to them, without compromising on profitability.

Accordingly making this a topic worth investigating.

4
Methodology

The research put forward is solely undertaken via secondary means. A spectrum of sources

has been used to provide depth to the investigation. Including: textbooks, newspaper articles,

business magazines, official company website, research papers, financial documents,

corporate reports etc. Authenticity of the research and analysis is verified to ensure the

integrity of the investigation. Ansoff matrix conveys how DMart has employed aspects of

growth strategies, while Porter’s 5 forces assess DMart’s external environment and its

distinctive USP. Lastly, employing Ratio Analysis has enabled us to gain insights about the

firm’s operational efficiency in comparison with competitors.

I have analyzed the organizational objectives/business philosophy of DMart and the manner in

which they have expanded their business (Unit 1.3, 1.6), Whilst paying attention to the

organizational culture and values of DMart with reference to their stakeholders (customers,

employees, vendors) (unit 2). Furthermore, in order to identify the key components of DMart’s

brand and how they constructed their identity, we have focused on the extended Marketing mix

(unit 4). Shedding light on several factors which may be the reason for its growth. As DMart is

a business in the retail industry, to a very large extent, their operations are also a part of their

branding. Which is why we have also considered several factors from DMart’s operations

management (unit 5).

However, as the organized retail sector of India is still relatively small, figures such as market

share are subject to a high degree of inaccuracy. Furthermore, this study will not take the

pandemic and recent acquisition of Future retail by Reliance into major consideration, as with

the limited amount of data available, only predictions can be made.

5
Background Information

DMart opened its first branch in Powai 2002, and today it is established in 216 locations

throughout 11 states[ CITATION Dmart \l 1033 ]. Radhakishan Damani ventured into the retail

business for the first time with a purchase of franchisee of Apna Bazaar, after which 2 years

later he opened DMart. Now DMart is the 3 rd largest supermarket chain in India and out of 12%

share of organized retail in the market, DMart accounts for 0.4% [ CITATION Jan20 \l 1033 ]

[ CITATION SAN20 \l 1033 ].

DMart operates in stores that are between 20k to 30k square feet in size and majorly targets

the average Indian household. They aim to be the lowest priced retail in the regions they chose

to establish themselves in[ CITATION Dmart \l 1033 ].During the start of the company its promoters

walked around the supermarkets and co-operatives existing then, to gain understanding of

what the customers bought and why and why they rejected the other products. Philosophically

the business followed the principles laid down by Sam Walton [ CITATION Dam17 \l 1033 ] . Giving

DMart the identity of ‘The Indian Wal-Mart’.

6
 PORTER’S FIVE FORCES

Appropriate policies can only be helpful to a certain extent. Favorability of external/market

circumstances is vital for the progress and survival of a firm within the market. DMart operates

in the Indian retail market which is one of the fastest growing markets in the world and is

expected to reach Rs.76.87 lakh crore in 2020[ CITATION Rav201 \l 1033 ]. Therefore 5 relevant

aspects will be used to assess the external environment of DMart:

Competitive
rivalry

supplier threat of
power new entry
Porters's
5 forces

threat of
buyer power
subsitution

7
  Competitive rivalry

The retail industry in India is filled with a spectrum of businesses, firms and shops. On one

hand you have giants like Future Retail, DMart, Reliance Retail and on the other hand you

have 12 million ‘kirana stores’ exclusive to every neighborhood in the country [ CITATION

Fin201 \l 1033 ]. After the sudden boost in modernization, number of supermarkets in India have

gone up to up to 8.5 thousand in 2016 from a mere 500 in 2006 [ CITATION Mad20 \l 1033 ] ;

despite the presence of numerous retailers, these local stores have thrived and sustained

themselves. Reflecting the magnitude of the demand from Indian consumers. The retail

industry in India accounts for approx. 12% of the GDP, out of which DMart only takes up

0.4%. Therefore, the cumulative potential of the whole industry is enough to encompass a

spectrum of retailers. As there is no predominant ‘winner’ in the physical retail market, many

retailers may co-exist [CITATION Man18 \l 1033 ][ CITATION Jan20 \l 1033 ].

DMart already has a eminent position within the market, as it earned a revenue of Rs.6450
Company No. of stores Cities
crores, procuring Rs.211 crores profit
DMart 214 69
in FY14-15. Which was higher than Reliance Retail 10901 6700

Reliance Retail’s Rs. 159 crores and Big Bazaar 2000 400

Future Retail’s Rs. 153 crores,

despite having fewer outlets [ CITATION Bal19 \l 1033 ]. Partly because DMart’s per store revenue

was close to Rs. 53 crores, while Reliance was making around Rs. 7.45 crores per

store[CITATION sou19 \l 1033 ]. However, The recent acquisition of Future group by Reliance

Retail will increase revenue by 33%.

8
 The combined revenue of both retailers is estimated to be 2 times that of DMart’s.

Brick&Mortar presence of Reliance will also rise with the addition of 290 large format Future

retail stores in the pre-existing 797 Reliance stores [ CITATION Ami20 \l 1033 ]. Also taking into

consideration the intensely competitive market and DMart’s weak e-commerce, this force is

relatively strong. DMart’s traditionalist approach will not be able to withstand the

pressure applied by takeovers and e-commerce retailer.

 Threat of new entry

This external factor co-relates with competitive rivalry. The Indian retail market is at the

boom stage and may seem very attractive to people on the outside. With the high

consumer demand in India there are likely to be a lot of new players trying to enter the

market and establish themselves. As consumer spending reached in India an all-time

high of 21823.52 INR Billion in the fourth quarter of 2019 and India's retail market is

estimated to reach $1.75 Tn by 2026, the market can see been as an international

opportunity to businesses.

9
 However, several barriers to entry could involve the inability to build economies of scale

due to dominant firms, expensive supply cost management, product differentiation, legal

restrictions differing from state to state etc.

Regardless, as DMart expands in clusters and strives to form a loyal customer base in

its locations, new entries in the market may not be majorly harmful. Furthermore, it is

difficult in distinguishing a firm in the retailing industry as all firms sell products

manufactured elsewhere. This threat can be considered moderate.

 Threat of substitution

The threat of substitution for DMart is relatively high. As DMart stocks essential

products the demand is inelastic. However due to the availability of so many retailers,

consumers can easily switch to buying from other retailers. To ensure market relevance

DMart must maintain their phenomenal prices and humble customer service.

DMart’s business model is not easy to imitate wherein, the company lays emphasis on

cost-control over revenues with a belief that revenues will come if the processes are

right In contrast to other retailers who built up high central costs,

D-Mart focused on getting the front-end right and invested in supply chain.

Retail is all about detail therefore even though business cloning is a serious problem, it

doesn’t pose much of a threat to brands like DMart who have earned consumer’s

trust[ CITATION Man18 \l 1033 ] . However aforementioned mergers/acquisitions can really

increase the purchasing power of competitors thereby rendering DMart’s competitive

edge vulnerable.

10
 However, the pandemic has caused a change in the customer base of DMart.

Consumers from the upper middle-class income sector chose to stay safe within the

confines of their houses and shop online. Causing DMart to lose a segment of their

previous consumers to online retailers.

 Buyer power

Within the Retail industry, Buyer power is quite a strong force. They hold massive sway

within the competitive market, as firms want to establish loyal consumers. As

mentioned above, consumer expenditure just reached an all-time high in India, hence

creating a surge of demand. As all supermarkets and their information such product

range/prices are available for the customers to know and compare, consumer

awareness is quite high. Even though the bargaining power of buyers is weak at an

individual level, due to multiple substitutes; almost all business decisions aim to attract

customers. Despite product rates being fixed, firms with optimum customer service and

least price get the most benefit, Ecommerce has us taught that even a slight change in

price makes the consumer switch to another seller.

However, with reference to DMart customers don’t have a low switching cost, As

DMart offers the lowest prices; Safeguarding them from customer turnover and

rendering this a weak force.

 Supplier power

Suppliers are one of the 3 pillars which DMart is based upon. Due to the availability of

suppliers in the retail industry and their ability to support new competitors, they tend to

dominate when negotiating with retailers. However, that’s not the case for DMart.

11
 One of DMart’s strategies form the get-go was to ‘go local’. Their reliance on local

supplies instead of complex supply chains [ CITATION 10s17 \l 1033 ] enabled the business

to form close, personal relations with their suppliers. Vendors are usually small,

medium traders or micro-entrepreneurs.

Because supermarkets buy goods from reputed MNCs via distributers, small traders in

India are perpetually short on capital. DMart decided to capitalize on this opportunity, by

paying vendors faster that most of its competitors; therefore, building themselves a

reputation of quick payments and sincerity.

Because of this, vendors are loyal towards DMart and want them to succeed [ CITATION

Dam17 \l 1033 ]. DMart has also made itself appealing to suppliers and manufactures by

being a giant point of sales, even towards massive FMCG firms such as Hindustan

Unilever,etc[ CITATION BAN20 \l 1033 ] ; they even charge a slotting fees in exchange of

stocking a product in their stores[ CITATION Fin20 \l 1033 ].

Which is why, when the industry suffers from the strong force of supplier power; for

DMart it is weak.

From the analysis of the external factors we can deduce that DMart has created an eco-

system for themselves that helps them overcome the complexities of the retail industry.

For example, their ability to inspire loyalty from not only customers, but vendors have rewarded

them with paramount progress. Regardless of competitive forces, strategic planning seems to

be an asset for DMart. To comprehend how DMart operates in these external circumstances

and analyze the role of various growth strategies in their success we will refer to the Ansoff

matrix.

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 ANSOFF matrix

 Market penetration

To achieve success while selling homogenous products in existing markets, businesses

require a distinct competitive edge. DMart is known for its ‘conservative’ approach. In

order to play safe: they stock common, well knows brands in their stores. However,

existing markets pose the challenge of pre-existing competitors with a wide customer

base. Amidst this competitiveness DMart formulated its own USP.

By offering prices which are 6-7% lower than that of the competition’s[CITATION Bal19

\y \l 1033 ], DMart has constructed for itself a loyal customer base.

13
 Within 65% of the Indian population who come under the categories of lower middle

class, middle class and upper middle class; all of whom are its potential customers

[ CITATION Jan20 \l 1033 ] . Following the strategy of EDLC (every day low cost) has

enabled them to practice EDLP (every day low price) and perpetually offer products

below MRP; contrary to the sporadic discounts offered by competitors. Religiously

following the penetrative pricing strategy, not only attracts customers, but also acts as

a promotional strategy. Complementing this, DMart’s tagline is- ‘Daily Savings, Daily

Discounts’[ CITATION Dmart \l 1033 ].

Lastly to sell pre-existing products in an existing market, brand awareness in a vital

factor as well. DMart’s cluster-based expansion strategy is phenomenal in creating a

community of sorts, within a specific area. Establishing Numerous branches located in

one location, is a play of DMart’s on the traditional Indian ‘kirana stores’(local grocery

stores which can be found in almost every street). Because of which DMart has the

‘convenience’ factor to woo customers into shopping with them. This has also led to

DMart establishing an influencing market presence in West and South India which in

turn reduces logistic costs as well. Due to DMart’s dominant presence in their clusters,

competitors are discouraged to open outlets where DMart stores are found.

The slow pace of expansion allows DMart to focus on profitability. Which is exactly

why DMart has never shut down a single store since it started and [CITATION Anu17 \l

1033 ]. Due the company’s stringent belief in the ownership model, the company has

spent up to Rs. 23 billion on acquiring land and buildings or they enter into long term-

lease agreements. Because of this the company has never turned in a loss since its

establishment[CITATION sou19 \l 1033 ].

14
 Number
of
stores
per
year

With reference to other growth strategies, due to the company’s precautious

expansion policy and rigorous focus on its core products, diversification for DMart

is minimal and rare. DMart follows Market penetration, with little to none product

development as they largely stock products from 3 rd party manufacturers. Because of

their risk averse approach, they employ market development as patiently, diligently and

tactfully as they can[CITATION Inv20 \t \l 1033 ] . However, to remain competitive in the

market DMart must increase its expansion rate, as their competitors can surpass

DMart’s cost advantages by using Economies of Scale. Essentially every strategy which

enables DMart to increase market share and customer base within the existing market,

helps enforce Market Penetration to its full potential.

15
However, to further increase market share in the industry; market development will be

vital[ CITATION San20 \l 1033 ]. Amalgamating low-cost strategies with marketing objectives has

been very effective for DMart; When low costs transform into low prices, consumers get

attracted to them regardless of DMart’s no-frills approach.

To decipher how each of these objectives and policies fit into DMart’s brand identity, their

prime marketing tool; we will utilize the Extended Marketing Mix.

EXTENDED MARKETING MIX

PRODUCT

PHYSICAL
PRICE
ENVIRONMENT

TARGET
MARKET
PROCESS PROMOTION

PEOPLE PLACE

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  PRODUCT

DMart is an ‘all in one’ supermarket chain that strives to offer their consumers a wide

range of basic home and personal products all in one place. They stock home utility

products - including food, toiletries, cosmetics, garments, kitchenware, home

appliances. DMart doesn’t have to pay attention to the product life cycle of these

commodities as they are essentials.

The product range provided by DMart is limited because they want to maintain low

margins.

However, all of their products are branded and of optimum quality. Branding is an

important factor which differentiates a firm’s products from that of competitors. DMart’s

brand is based upon ‘Value retailing’ in accordance with its customer base. Products in

each cluster are stocked with the local needs and preference of customers in mind.

Since DMart’s products are analogous to that of the competitor’s, there isn’t much

scope of distinction. Diversifying into related sectors such as apparel and e-retailing can

be an opportunity for Dmart.

17
  PRICE

DMart follows perennial penetration pricing. It is vital that while deciding their pricing

strategy firms create a favorable balance between competitiveness and profitability. To

sustain low margins from selling products at discounts, DMart has to tweak its business

model to save finance on marketing and operations. As DMart stocks FMCG products

and sells them to price sensitive customers, their pricing strategy also acts as their

brand. In FY19, when DMart faced an increase in discounting by other brick &

mortar/online grocers, it cut prices across the board. Regardless of downfall in gross

margins, they retained their ‘lowest price’ position. This compels consumers to trust

DMart as they kept their promise of EDLP[ CITATION Jef20 \l 1033 ].

 PROMOTION

DMart’s promotional strategy is extremely cost effective. As DMart expands in clusters,

they develop a presence in that area. Which is why with the help of ‘Word of Mouth’,

consumers get attracted to the heavy discounts. Other than this DMart sends out

newspaper adverts and depends on sales promotions and point of sales promotion from

the perpetual discounts and offers. DMart doesn’t believe in promotional strategies such

as customer loyalty/memberships, as they aspire to treat all of their customers equally.

Their focus and determination to provide EDLP, has created a strong association of

value with price-sensitive Indian customers.

18
  PLACE

DMart expands itself in clusters to facilitate easy supply chain with local vendors, so

that inventory can be transformed into sales swiftly, they deliberately situate themselves

near residential areas which are population dense and cost effective in comparison to

malls etc. Hence making it convenient for customers.

DMart eliminates all intermediaries so that they don’t have to pay other middlemen

and can control the quality and quantity of stock themselves [ CITATION Bal19 \l 1033 ].

Quick payments and personal relationships with suppliers further smoothen the supply

chain. The network of local vendors facilitates them to provide its below MRP rates.

DMart grabs the opportunity of economies of sales, bulk buys and pays the suppliers

upfront within 48 hours(while other organized retailers buy goods on credit of 30-

60days) hence saving 2-3% from suppliers[ CITATION Bal19 \l 1033 ].

Because stores are close to distribution centers, transportation costs decrease.

However, as DMart has already occupied the low-cost spaces, further expansion

might raise costs as the real estate prices of existing properties might be higher and

cause short-term cash flow problems as DMart believes in the ownership model.

19
  PEOPLE

DMart makes all of its employees follow the ACT model:

DMart’s employees are one of the firm’s 3 pillars. DMart employs simple, hardworking

people and then trains them to become efficient retail associates. Because the

employees don’t have a heavy job description, they aren’t extremely pedigreed

people. The simplicity of the staff is balanced with global-standard store equipment.

Employees are pressure-free as they don’t have a sales target. Even if the staff is

rewarded and trained, DMart lives by its ‘self-service’ policy and rather devotes focus on

its products and supply chain[ CITATION Dam17 \l 1033 ]. DMART's operational costs with

respect to employee expense are significantly lower than its competitors, as they

majorly hire workers on a contractual basis[ CITATION IDB19 \l 1033 ].

20
  PROCESS

As DMart is a consumer-oriented business, their strong promoter background and

experienced senior management team have helped offer a pleasant shopping

experience at their stores. Because DMart puts such focus in testing than doing, they

have developed an in-depth understanding of local consumer preferences. Regular

training programs for employees, improve their skills and service standards, while

reducing attrition rates. Because DMart has high footfall, there is always a crowd in the

stores, even still the payment method goes on in flow and there are staff members who

constantly help customers locate products etc. Regardless, for middle incomed

households the benefits of discounts is so great, that they might forgive slight flaws in

customer service but still come back for the unparalleled prices of the products

[ CITATION Dma00 \l 1033 ].

 PHYSICAL ENVIRONMENT

DMart aims is to provide their customers with quality products at less prices, and

they don’t let any factor deviate themselves from this goal. Whatever comes in between

profitability and low costs is abandoned, including posh interior, wide lanes, attractive

displays, category flows and etc.

DMart could have tried to achieve all of these elements as well, but then it would have

lost its competitive edge. Their No-Frills policy inspires a minimalistic but hygienic

interior.

21
 Therefore, it can be concluded that DMart delineates utmost importance to PRICE, and all the

other P’s are somehow interconnected with that factor. In order to prove this statement in a

quantitative manner we shall conduct a ratio analysis on DMart in comparison with Future

Retail.

FUTURE GROUP DMART

FY 2017 FY2018 FY 2019 FY 2020 FY 2017 FY2018 FY 2019 FY 2020
Sales 17,098.8 18,489.6 20,185.3 20,201.9 11,926.2 15,102.5 19,967.6 24,738.3
revenue 9 4 7 2 5 2 6 4
Expenses 16,730.6 17,874.4 19,452.5 20,168.0 11,166.2 13,898.9 18,520.0 22,955.4
1 6 6 8 5 3 2 5
Net profit 368.28 11.31 732.81 33.84 747.03 1,222.07 1,447.64 1,782.89
before
tax
Net profit 2.15 0.06 3.63 0.17 6.26 8.09 7.25 7.21
margin(%
)
RATIO ANALYSIS

DMart’s main area of focus has always been their expenses. The business model is built with a

cost minimizing foundation. All further decisions directly or indirectly help achieve this

objective. the cost-efficient system that D-mart has built for themselves, right from the discount

from vendors, higher focus on asset turns, lower employee costs and a strategy to own stores

to name a few; has exemplified within their expenses, which are consistently low. By passing

down these boost benefits, they fortify themselves in the market. There has been a congruous

rise in profits from 2017-2020, even during the pandemic when DMart faced operational

issues, such as an absentee workforce [ CITATION For20 \l 1033 ] etc. In comparison with Future

22
Group, DMart’s Net profit margin has been constantly higher; even after having lesser

operational capacity.

DMart ensures EDLP by maintaining low expenses. However, repercussions of the Future

Group acquisition can only be analyzed once 2021 financial reports come out. It can be

assumed that DMart will need to increment revenue from Brick&Mortar whilst establishing an

online presence. However, ‘DMart Ready’, DMART READY

FY17 FY18 FY19 FY20
DMart’s online initiative is currently running in Revenue 12 441 1,436 3,540
Profit (261) (481) (508) (800)
losses even after the recent change in before

customer behavior, encouraging online tax

shopping. DMart’s conservative approach to

e-commerce does protect its profitability, and it aims to focus on developing DMart ready only

in large towns while keeping focus on Brick&Mortar. In the long run Dmart might capture online

potential, however too conservative an approach remains a bigger risk with the acquisition in

view[ CITATION Ede20 \l 1033 ].

Conclusion

The business model of DMart is influenced by an armada of cost-cutting factors, the

conversion of low expenses to low prices is their trademark. Their observant nature has

brought value within their corporate culture. The interconnectivity between the firm’s 3 pillars:

Customers, Vendors and Employees; exemplifies their success.

Whilst inhabiting in a competitive environment, they stringently used market penetration to

establish a strong foothold within the market. The community of vendors and employees

23
enabled them to do so. Their risk averse behavior-maintained profitability; however, it now

threatens to weaken their competitive advantage as competitors gain more market share.

Compelling them to pursue market development more aggressively.

Further analysis showed that another critical reason for DMart’s success was their cluster-

based expansion strategy, which fulfilled marketing objectives as well. DMart’s Promotion is a

byproduct of its operational activities, therefore negating a lot of expense and focus. This

allows them to focus on only the products. The analysis revealed opportunities for DMart to

diversify into related product sectors and work towards trying to better in-store experience

without increasing expenses.

Due to focus in certain areas, even after being founded before the retail boom in India, DMart

has not been able to achieve market prominence. Which makes it vulnerable to dominant

firms, takeovers/mergers and online retailers. DMart’s online segment is vastly

underdeveloped and the firm has not been able to capitalize on the e-commerce growth

opportunity presented by the pandemic.

Therefore, this essay concludes that: DMart has very effectively and uniquely used marketing

strategies to establish themselves within their present areas. However, it has been staggering

to increase market share in other parts of the country. Rapid market growth is surfacing to be a

major threat towards DMart.

Further investigation can be conducted solely based on DMart Ready (e-commerce) and how

DMart combats the Reliance-Future merger.

24
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