Over the past decade there has been a rise in technological innovations across India which has created a digital economy that is worth over $200 billion. It is estimated that widespread internet access (there are almost 900 billion users), the production of cheap smartphones, and some of the cheapest data tariffs in the world will cause the country’s digital economy to reach over $1 trillion by 2030.
The digital boom has meant that there are many new tech startups and significant foreign investment in Indian tech companies. India is the second largest manufacturer of smartphones after China and the number of tech jobs that have become available have created a larger middle class with more disposable income. The combination of a consumer driven market, content creation, the increasing number of unicorn companies, and entrepreneurship opportunities means that India’s economy is growing rapidly.
Digital Platforms Are Booming in India And Are Influencing Consumer Behaviour
In an economy that is 60% consumer led, India’s digital platforms are influencing consumer behaviours across different digital industry sectors:
For decades India was a cash dominant culture and up until the last decade almost half of the population did not even have a bank account which meant that the only way to conduct transactions was through cash transactions. However, the digital transformation that has swept the country has meant that the introduction of Fintech has revolutionised how Indians pay for goods. The creation of payment systems such as FreeCharge, Mobikwik and Paytm still had their limitations, and it was only when UPI (Unified Payments Interface) was introduced that users can now easily use their smartphones to make purchases even in remote areas with the currency of their choice including cybercurrency.
With more than half of the population connected to the internet as well as more disposable income E-commerce has become an extremely popular method of shopping. It has helped to transform how Indians purchase goods and the increased demand for these services has led to an increase in the number of new e-commerce businesses that are being created. After China, India boasts the largest online shopping population. This trend is especially prevalent among the younger generation whose purchases are often influenced by online short video content. This demographic is very brand oriented which has created a growing demand for premium brand items that are aspirational and high quality.
The digital transformation is beginning to improve the delivery of healthcare. There has been an increased investment in the sector which has contributed to the growth of this sector. India is a country that has a doctor patient ratio of 1:1,500 and 1.7 nurses for every 1,000 people. The arrival of the Covid-19 pandemic made the healthcare industry realise that it was essential to find digital solutions in order to provide better care for India’s citizens and there are several technological solutions that are being developed:
Patients now can access treatment through the use of telemedicine, e-pharmacies, wellness platforms, and e-diagnostics. However, despite increased investments in this sector, it is still well behind other digital services and further innovation is required in order to provide health care for the world’s largest population that has an acute shortage of medical professionals.
Leisure activities have been transformed as a result of the digital disruption. Now individuals can access many activities that were beyond their reach due to financial, time, and location restraints. The Covid-19 pandemic meant that individuals needed to find forms of entertainment that they could enjoy from their homes and this opened up a whole new demographic of online users who before would have either not engaged in the activity or would have physically participated in it.
Online gaming exploded, especially online casinos and other forms of immersive activities where individuals used the platforms not only to seek entertainment but also engage in social activities to avoid their feelings of isolation and loneliness that were a result of being shut in their homes during lockdown. Other leisure activities such as online learning, virtual exercise classes, and multiplatform events such as watching a film simultaneously or going on a virtual holiday were also very popular. Once the pandemic came to a close, users had become so accustomed to the convenience these leisure activities offered that they actually have continued to grow in popularity due to the easy accessibility and convenience that they offer.
Platforms That Focus On User First Design and Seamless UX Appeal to Users
Platforms that are focused on delivering a seamless user experience and a dynamic design that is centred around users first create trust and loyalty. With so many platforms to choose from, users are spoiled for choice. Successful platforms realise that first impressions can make or break a user’s visit and they will form their opinion in a few seconds and most certainly choose a competitor that features seamless navigation, an interface that is visually appealing and offers an intuitive experience that encourages users to further explore the platform.
Platforms that feature easy to use menus and buttons with clean simple designs and the ability to easily switch between different pages enhance the user experience creating engagement and often means that users will linger on the platform which helps to generate revenue and also encourages users to return in the future.
Any good platform will offer mobile optimised access that offers the same user experience as the web browser with a design that is optimised for mobile devices. Customers seek efficient delivery of content that is responsive and offers personalised recommendations based on their past user history and offers a seamless experience from when they log on until they have completed visit creates trust and credibility and not only creates loyalty but also attracts new customers as satisfied customers will recommend a platform that offers them an exceptional user experience.
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