The Covid-19 pandemic brought a new ‘necessity’ to people’s lives: technology. People were compelled to rely on technology for survival. This increased reliance on electronic equipment necessitated devices’ continuous function for an extended amount of time. It also necessitates ongoing service after the sale.
Manufacturers of electronic appliances are focusing on after-sales services to improve customers’ satisfaction as well as a revenue-generating option. People are now interacting with consumer technology which has evolved to meet and exceed their needs. Consumer tech is a vast variety of products and services that assist us in solving problems and having better experiences in our daily lives.
The expanding Indian population indicates that consumer technology would thrive in the foreseeable future. Many investors have taken advantage of this, while others have proposed investing millions of dollars in its market. The rapidly expanding Indian market is a paradigm shift.
Consumer technology market in India
India has one of the world’s fastest-expanding economies. By analysis, consumer spending will reach fourfold by 2030. It will continue to be one of the world’s youngest countries, with over one billion active Internet users.
Future initiatives to expand physical and digital connectedness, and adopt novel distribution channels. This will promote well-being and unlock rural India’s actual consumption potential.
Global firms see India as one of the primary markets from which future development would most likely arise. A favorable population structure and rise in disposable income would drive growth in India’s consumer sector.
India’s untapped consumer technology opportunity
Although there are many after-sales service providers in India of varied sizes, the total service offering has remained a lip service. The Indian after-sales sector is highly unstructured, and a considerable portion of consumer needs is provided by localized servicemen.
Nevertheless, this has rapidly changed. Business owners have begun delivering extremely lucrative and dependable services, employing cutting-edge technologies at reasonable prices.
With approximately 4 billion electronics devices, India is a largely untapped market. Used in all walks of life, when these gadgets are damaged, they require dependable service. The entire market size has increased rapidly in recent years as a result of increased reliance on cheaper internet connectivity, smart devices, increased social media usage, and the convenience of buying a device.
It is necessary to mention that much has occurred in the Indian market area between April 2000 and June 2021, with tech products attracting FDI inflows of around $3.2 billion. There is no doubt the future of the consumer tech market is promising, particularly in the next few years to come. It is wise to tap into this market to benefit from it in the nearest future.
Companies like Tata Consumer Products, Westinghouse Electric Corp., Lenovo, etc., the Indian dishwasher market, and many more are already taking advantage of this market.
— Santosh Sarraf, Director, ReQlaim Technologies.