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Technology has long been used to improve quality of life. Concepts like consumer technology also existed in his 19th century, when innovations such as radio and television revolutionized the entertainment industry. Today’s advances like AI, ML, and IoT have enabled technology to be used by the masses to interact with family and friends, order food, book transportation, improve health, or enjoy movies and games in the most interactive way possible. is now available.
Companies are betting heavily on consumer technology, a massive category of products and services that offer better everyday experiences to improve consumers’ lives.
Quoting the ConsumerTech report, Sudhir Sethi,Founder, Chilate Ventures “The consumer tech sector has evolved to set the stage for Indian consumer companies to go global. It has gone global and dominates several niches outside of India.At the fund level, Chiratae’s portfolio companies with 10% of revenue, about $1.7 billion, come from international markets.In fact, companies like Playshifu and Emotex derives 90% of its revenue from abroad, we provide consumer companies through both organic and inorganic routes to international markets, the Middle East and Southeast Asia are natural extensions, as is the opening of the United States. I have been strongly urged to open up to
Megatrends Reshaping Global Consumer Technology
A March 2022 study of consumer tech by Chiratae Ventures and PGA Labs presented several opportunities and trends that will dominate the industry in the years to come. The report suggests that more than $42.4 billion was poured into this space, with significant increases in investment in areas such as edtech, social commerce, games and media, and the creator economy.
With the trend shifting from horizontal e-commerce to verticalization and personalization, long-form supply chain distribution channels are now being replaced by direct-to-consumer sales and Internet-first brands. Other emerging trends in this space include increasing adoption of digital payments, customer enterpriseization and globalization.
Sectors revolutionizing consumer technology
The report also delves deep into areas of great consumer interest and progress through constant innovation. These are e-commerce 2.0, the creator’s economy, online gaming and entertainment, and electric vehicles.
e-commerce 2.0
Trends like fast shipping and easy payment methods dominated the first phase of the e-commerce revolution. However, e-commerce 2.0 is poised to further democratize online sales as the focus shifts to value-conscious buyers from small Indian cities and towns who buy affordable, generic products.
Commerce 2.0 can primarily be configured as social commerce and digital. Brands with enablers that drive the effective implementation of these opportunities.
- Social commerce enables new-age brands to sell through alternative channels such as live video and social media. It primarily caters to low to middle income groups through trust-based selling of unstructured product categories.
- The second phase of the e-commerce revolution involves the D2C ecosystem, where brands sell directly to consumers without intermediaries.
- Finally, the emergence of digital enablers has allowed brands to ensure a smooth end-to-end consumer buying experience. From product discovery to last-mile delivery, checkout processes to customer data, digital enablers use cutting-edge technology to help online sellers reach millions of consumers.
Ecommerce 2.0 is witnessing players innovating and developing capabilities such as ecosystem partnerships, scalable service models, and content-driven commerce to remain competitive in their respective segments.
Creators Economy
According to a global study by Forbes, the average amount of time spent consuming content per day is currently 6 hours and 59 minutes, which includes phone calls, television and other forms of digital media. Online consumption of content has been increasing all the time, especially since his COVID-19 pandemic, characterized by people switching to online platforms for both education and entertainment.
Creators, whether companies or individuals, leveraging technology to reach out to the masses are benefiting greatly from this boom.
Five major business models emerge across the creator lifestyle value chain: SaaS tools, vertical marketplaces, advocacy platforms, fan platforms, and creator support. These models have led to new opportunities across segments, including creators in various areas of knowledge, passion, lifestyle, celebrity, health and fitness, gaming, patron platforms, fan communities, and education.
Online games and entertainment
In addition to online content consumption, the COVID-19 pandemic has also led to an increase in online gaming in India. This sector is expected to reach US$2 billion by 2023, due to increasing internet penetration, increased consumption of local language content, and more.
New gaming trends include real money games, cloud games, esports, casual games, and play to earn games.
Play-to-earn games introduce a wide range of consumers to the gaming world, offer a viable revenue opportunity and have the potential to drive the growth of the Indian gaming sector over the next decade.
Electric car
All stakeholders, whether the private sector, the startup ecosystem, or the government, are working together to increase the adoption of EVs in the country. The electric two-wheeler and three-wheeler markets are projected to grow to $1.8 billion and $1.5 billion respectively by 2025.
Startups are emerging in the field of manufacturing EV components made in India. Bounce, a popular bike-sharing app, recently launched an electric scooter that is affordable and has swappable batteries over the Bounce network.
Share his thoughts on the report’s insights, Anoop Menonmajor, Chilate Ventures “Hybrid lifestyles and discerning consumer behavior in urban and semi-urban areas are giving great impetus to new business models/product categories such as quick commerce, live commerce, and sustainability-related food and mobility choices. Today’s consumers prefer to experiment with more options, and building engagement and loyalty will be a key anchor point in defining consumer brand success. .”
Please click here to download the report.