Riding the Digital Wave: How India's Consumer Tech Sector Has Redefined Technology Consumption In Last Decade
Indian consumers are increasingly turning to online shopping for its convenience, variety, and attractive discounts.
By Mohit Anand
In the bustling landscape of India's consumer technology sector, a profound transformation has unfolded over the past decade. From the advent of smartphones to the rise of e-commerce giants, India has witnessed a remarkable evolution in how technology is not only consumed but also integrated into the daily lives of its citizens. This metamorphosis has been nothing short of revolutionary, reshaping traditional paradigms and propelling the nation into a digital age characterised by innovation, accessibility, and unprecedented growth.
According to a survey, the pandemic reinforced the usage of consumer electronic products, driving consumers towards a digital lifestyle and fuelling demand for personalised products and services.
The Consumer Tech Landscape
Consumer technology spans a multitude of forms, presenting a vast array of technological functionalities. Frequently, these innovations blend seamlessly into everyday life, encompassing familiar objects that offer users a diverse range of capabilities and conveniences. Against this backdrop, the Indian ConsumerTech ecosystem has reached an exciting phase, marked by significant growth with over 4,000 deals and a staggering $54 billion in fund flows since 2018. Projections indicate that this upward trajectory will continue and possibly accelerate in the coming decade until 2028-29. Key drivers such as advancements in digital payments, enhanced physical infrastructure and logistics, and improved internet data connectivity are poised to propel this growth even further.
Driving Forces In Consumer Tech Sector
The rise of affordable smartphones and high-speed internet has made them indispensable tools for millions of Indians, narrowing the digital gap between urban and rural areas. Recent data highlights smartphones' role in consumer decision-making, with 66 per cent using them for product research, and digital payments have surged with mechanisms like mobile wallets and UPI. This transformation has been fuelled by a nearly 30 per cent increase in per capita income from 2014-15 to 2022-23, shaping a more inclusive and digitally empowered society in India.
The rapid expansion of e-commerce and digital payments can be attributed to the increasing adoption of smartphones and internet connectivity. Indian consumers are increasingly turning to online shopping for its convenience, variety, and attractive discounts. This surge in e-commerce activity has also sparked demand for logistics and delivery services, leading to job creation and contributing to economic growth. Furthermore, the pandemic has acted as a catalyst for the rise of the modern digital consumer, propelling India into the ranks of the world's fastest-growing digital economies.
Enhancing Daily Lives
In addition to smartphones and digital payment systems, a myriad of consumer technology products have become indispensable in the daily lives of Indians. Bluetooth speakers, for example, have revolutionised music listening by enabling wireless streaming from smartphones, tablets, and laptops. Similarly, surge protectors and power sockets play a crucial role in safeguarding electronic devices from unexpected power surges and voltage fluctuations.
With the increasing reliance on gadgets for work, entertainment, and communication, these protective devices ensure the longevity and safety of valuable electronics. Moreover, the ubiquitous presence of power banks has addressed the perennial challenge of battery life in portable devices. Furthermore, wearable technology has emerged as a game-changer, offering a wide range of features and functionalities to meet the diverse needs of consumers. From monitoring health metrics to tracking fitness activities, smart wearables have become an indispensable part of daily life. Features such as personalised customisation options, trendy designs, and advanced functionality cater to the evolving preferences of Indian consumers.
Megatrends Paving Way for Change
The integration of digital tools has revolutionised the consumer buying journey, offering a seamless experience from product discovery to doorstep delivery. Online retailers leverage advanced technology to cater to a vast consumer base, enhancing efficiency at every stage.
To stay ahead in the evolving e-commerce landscape, businesses are adopting innovative strategies like ecosystem partnerships, scalable service models, and content-driven commerce. Additionally, emerging consumer technologies have spurred the emergence of new commerce models such as live commerce, influencer-led sales, and integrated offline-online shopping experiences. The advent of technologies like generative AI holds immense potential for e-commerce, enabling tasks such as automated product descriptions, personalised marketing, and assortment planning.
Technology has reshaped the consumer landscape, ushering in fresh possibilities and solutions. Whether it's managing our homes via smartphones or immersing ourselves in virtual experiences, consumer-facing technology has revolutionised our daily lives, altering how we shop, interact, and navigate the world. With continued advancements on the horizon, we anticipate even greater capabilities and opportunities in the future.
(The author is the Co-Founder & CEO of Secure Connection Pvt. Ltd.)
Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP Network Pvt. Ltd.
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