Service Bundling Markets In India- the next big thing?

© Sandipan Sen

Service Bundling - the next big thing?

Service Bundling Markets In India- the next big thing?

Nowadays the business implications of convergence are profound and significantly altering traditional business models. The fiercely increasing competition, dramatic change in the market structure, rapid growth, high fragmentation, Economic reforms, large scale liberalization and the entry of private players has forced the players to re-assess their current position and forced to revamp their services and product portfolios to incorporate new, innovative customer-centric schemes.

Service bundling is reshaping the market structure rapidly and making the supply side market more competitive.

INDIA THE “BIRD OF GOLD”

India has become a land of economic opportunity, both as a global base and as a domestic market.

Goldman estimates that consumer spending in China will increase by about 10 percent in 2010, while India and Brazil will be in the 4 percent to 6 percent range.

Most of India’s growth is in the future and the upcoming changes in the Indian consumer market will create both opportunities and challenges for Indian as well as MNCs. MGI’S analysis indicates that steady change in the income pyramid, evolving spending patterns will force the Indian market to undergo a major transformation in next two decades.

PARTNERING FOR SUCCESS

The only way to stay ahead of the steep open market competition is to devise innovative bundled service that rewards the consumer with discounts/bonus, flexibility and value.

Increasingly, with the confluence of telecom, web/internet, content, banking and retail services, the traditional business has taken on new dimensions.

It is impossible to maintain the same pace in all the business dimensions at which the metamorphosis is occurring.

Collaboration between financial institutions, operators, distributors, retailers and other stake holders in the value chain is pre-condition to success.

Businesses that can meet the needs of India's aspiring middle class, keeping price points low to reflect the realities of Indian incomes, build brand loyalty in new consumers, and adapt to a fast changing market environment will find substantial rewards in India's rapidly growing consumer market.

From Service Bundling prospective Sectors like Telecom, Computer Hardware & Software, Travel & Tourism, Automobile & Insurance will see a lot of positive movement and will create new market spaces in the coming couple of years.

© Sandipan Sen

Service Bundling - the next big thing?

Success Mantras

In order to become true value-added service providers and to stay ahead of the competition major players are optimizing their service, product by aligning themselves as strategic business partners in the value network.

Day by day the increasingly blurring line between consumer and business has brought the business to a cross road where customer satisfaction is Numero Uno. Customer satisfaction, Innovative customized services focusing on the total customer experience; Identifying new forms of relationships with empowered consumers, Strong 3PL Network, Technicalities, disciplinary silos, Behavior, Comfort and brand equity are going to play a vital role to gaining the customer confidence and stay ahead.

“The Rise of India's Consumer Market, the total consumption in India is likely to quadruple making India the fifth largest consumer market by 2025. Urban India will account for nearly 68 per cent of consumption growth while rural consumption will grow by 32 per cent by 2025. – McKinsey Global Institute (MGI)”

© Sandipan Sen