The Rise in the Demand of Assistance and Protection Services
The cash rich but time poor Indians need quick assistance with their electronic devices and players in the market have started responding to the demand
We have seen an exponential rise in the migration of people across India, largely in search of better opportunities in the metros and Tier 1 and 2 cities of the country. This has led to a consequential rise in urban, middle-class, nuclear families with higher disposable incomes. A larger percentage of our urban population today are cash rich but time poor.
A Mobile Frenzy Market
At the same time, people are spending more time on their smartphones, which is understandable given how it has become a gadget which helps us with so much on a daily basis. Simultaneously, both smartphones and the internet have together seen a massive rise in penetration across the country. The share of smartphones as part of the overall mobile market has risen from 21per cent in 2014 to 36per cent in 2019.
All of these factors have meant that consumers today who are cash rich but time poor are looking for services that are centred around convenience and at the same time do not compromise on the quality of the service itself – services that make their lives easier, more comfortable, convenient and make the most of their time. Services that help them do the things they want to without any disruptions to their daily routines.
From smart televisions that provide custom programming through OTT services to smartphone apps that help customers do everything from booking cabs and flight tickets to ordering food and shopping online and laptops that have become indispensable at the workplace, our home appliances, laptops, smartphones and other gadgets have become an indispensable part of our life.
Handicapped Without Devices
While our appliances and gadgets help make our lives far more comfortable and convenient, this dependence has also meant that any loss or damage to these devices disrupts our daily lives making it hard to do the same daily tasks that these devices make so easy.
Getting these devices repaired though is as hard as going about our day without them. The process includes identifying a service centre close to you, getting in touch with them, getting your device to the centre, waiting in line for hours, getting an exorbitant quote, a lack of updates while the device is being repaired and then having to go back to get your repaired device.
While all of this is happening, a consumer is forced to make do without their smartphone, laptop, or any of the home appliances that they rely on the most on a daily basis and find himself an alternative for the number of days the repair takes.
More and more consumers are therefore looking for protection services that go beyond regular warranties, services that help customers handle not only the financial loss involved when our appliances, smartphones or laptops are damaged but also the rest of the stress points that disrupt their daily lives.