In this day and age, there is no need to emphasise the role that technology and scientific innovations have in everyday life. Technology is the driving force of progress in every industry and sector. Once used mainly by scientists and researchers, it is now a way of life of an increasingly tech-savvy population today. In 21st century India, even kids are digitally literate and playing with technology is a big part of their daily routine.
It is therefore unsurprising that the sectors such as healthcare, education, mobility and other services use technology extensively to serve the general public better and make their life more convenient.
Business is a crucial part of the Indian society, and commercial chains around the country have been constantly investing in technological innovations for the past two decades.
With the COVID-19 pandemic acting as an impetus to fast-track research and development of necessary technologies, businesses have been adopting new technology to increase their consumer engagement and segments. At a time when traditional means of interaction have been limited by the virus, tapping into technology to deal with a digitally literate population is only natural for businesses around India.
When a majority of rural populations do not have access to clean water and food, or proper sanitation for that matter, technology has reached the remote rural areas of India where everyone has at least one smartphone. Today, as digital connectivity is seen as a basic need and a parameter for development in rural India, businesses use digitization and technology as the biggest tool to acquire customers from tier II and tier III cities.
One of the brightest examples is Reliance Jio, which ushered in a digital revolution in India by offering low-cost telecom and internet services that reached out to not only the urban section of India’s population but also the rural hinterlands of the country. Reliance Jio, while amassing massive revenues and popularity for itself, also opened up avenues for other businesses to interact with their grassroot consumers via advanced technology and communication. The scale of success for Jio is so huge that the relatively new 2016 initiative of Reliance Group is valued at US$65 billion today and has acquired Facebook as its stakeholder despite the pandemic challenges.
Success of e-commerce platforms and the reach of online retail platforms such as JioMart, Amazon and Flipkart points to necessity of connecting local and hyperlocal businesses with local consumers for successful retail businesses. This has been seen majorly during the pandemic when the people of small towns are also depending on online vendors for their essential needs.
From the rise of online payment processes and the trend of going cashless, to digitizing the sales process in the retail industry while moving away from large malls and luxury sector shopping, technology is transforming how business is done in India.
As the pandemic has made everyone realise, businesses need to adapt to the changing market and its demands by using technology in order to stay relevant for the consumers.