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nscious, which in reality is not true. The experience of Casas Bahia in Brazil and Elekra in Mexico (two of the largest retailers of consumer durables) suggest that BOP customers are brand conscious. It has also been proven that BOP consumers are value buyers.

BOP customers are the people who are willing to experiment, learn and change. Serving these people demands innovation in technology, products, services and business models. When ITC e-Choupal allowed farmers to check soybean's prices in the local auction houses as well as future prices with Chicago Board of Trade, farmers were able to improve their margins. Many such stories strengthen our believe that Innovation is Imperative to Emerging markets.

C.K. Prahalad rightly said in his book 'To convert the BOP into a consumer market, we have to create the capacity to consume. Cash-poor and with a low level of income, the BOP consumer has to be accessed differently.' And doing so requires use of innovation.

RFEFERENCE - https://books.google.co.in/books?id=RPSG4JxAZzYCHYPERLINK '#v=onepage&q&f=true'&HYPERLINK '#v=onepage&q&f=true'printsec=frontcover#v=onepageHYPERLINK '#v=onepage&q&f=true'&HYPERLINK '#v=onepage&q&f=true'qHYPERLINK '#v=onepage&q&f=true'&HYPERLINK '#v=onepage&q&f=true'f=true, on 11 Dec 2010.

节俭创新-Frugal innovation

Frugal innovation, also called constraint based innovation, takes into account the basic needs of the consumers and working backwards rather than just fiddling with existing products. Frugal does not mean second- rated but to rethink the business models so as to have a holistic approach towards the product. It discourages the fact of adding ever more bells and frills to the existing product line but to narrow piece the products down to their bare essentials. Frugal products need to be sturdy and easy to use so that they comply with the needs of target market(rural market in general).Frugal often also means being sparing/thrifty in the use of raw materials. Now a large number of frugal products are available in the market. Take for e.g. Tata motors has launched a $2,200 car, the Nano. Also Anurag Gupta, a telecom entrepreneur, has reduced a bank branch to a smart-phone and a fingerprint scanner that allow ATM machines to be taken to rural customers. So in order to reach to the wider audience, the companies not only have to work towards making more user friendly products but also to squeeze costs and accept thin profit margins to gain volume. Different countries associate the term frugal in different manner, for e.g. Indians give the name JUGAAD and Chinese give the name SHANZAI to what we call as frugal. Indians believe in the Jugaad philosophy i.e. making things do with what we have and never giving up and this approach helps us to look at things from a new perspective and hence bring about innovation.

反向创新-Reverse Innovation

To put it simply Reverse innovation is any innovation that is adopted first in the emerging economies and is then made available to the world market. The trickle-up innovation refers to low cost but superior value products developed for emerging economies and eventually graduate to the developed world. The income gap between the rich and the poor countries is the fundamental driving force behind reverse innovation. Consumers in different countrie