Over many decades, technology has taken hold of diverse domains and is responsible for facilitating the advancement of civilization. For every possible problem, there is a solution within the reach of information technology. Today the global tech giants have adopted this technology on a massive scale. Also, without the use of IT in today’s era, there is no chance of keeping the competitive edge in the markets.
However, a lot has changed since this term primarily appeared in 1974 in India with the launch of its first IT firm. Companies using IT as a base have now developed many solutions for the community. Furthermore, it has also transformed the preferences of the users as they have been catered to by these firms with facilities that were unimaginable before.
To start understanding what evolution did take place in all these years which has impacted the Indian economy and the lives of consumers, a brief past of IT needs to be studied.
The past & present of Information Technology
From its inception, which included coding and body-shopping, IT has gradually climbed up the ladder of success while making its importance clearer in multiple domains. Just to name a few, it has been actively used in the domains such as insurance, healthcare, automobile, customer service, and online education. Primarily, the operations of these sectors were offline and the consumers had to spend a lot of time in either queue or waiting for a physical document via postal services. However, under the umbrella of Information technology, came the technology of the internet which accelerated many processes at a faster pace.
Apparently, it revolutionized the way an individual looks at the world. A few decades ago, it was hard to imagine the usage of wireless technology in the hands of the common people, but while looking at the present scenario, smartphones are the new norm now. Previously the economy wasn’t opened up to accepting a new technology as it was considered that it might displace several jobs. But instead, it created a myriad of profiles for future generations making India one of the biggest IT solution providers at a global level.
Changing preferences of consumers: Demand for a rich experience
New technologies like the internet have given a sense of convenience to consumers. With a lot of information available readily, their expectations to receive quality products and services have been gradually increasing. As the speed of the technology increases, so does it accelerate the change in consumer preferences and these demands spur the companies to evolve rapidly. It has potentially given rise to the growth of the industry, given that they cater to the needs of the consumers. Furthermore, consumers demand speedy internet connectivity with lower cost and fewer hardware installations, making it an opportunity for companies to enter this domain and provide a solution.
As digital pioneers have raised their bars in providing multiple solution to their demands., consumers know they have bargaining power in terms of quality and experience. The business hours of the companies are the least priority because the user expects to be given importance immediately without any waiting time to reach a customer service executive. Furthermore, the consumers know if they are not treated well or the experience is not rich enough, they can go for a significant competitor to get the same service for a better experience.
Prioritization of information and connectivity
With rising in the usage of smartphones and access to the internet, more and more users are now capable of gathering information on various topics which was not possible a few decades ago. Without an internet connection, nothing seems to be possible remotely. The smart consumer has their own research before buying any product while staying connected to the brand. A lot of options and platforms are available for them to express their opinion and feedback. Word of mouth is still in its presence, but it also went under a digital transformation with reviews available for a product and service in a hassle-free manner. With virtual meetings and conferences, they feel more connected with each other and can enjoy a service within the comfort of their homes. Emails and text messages via apps are a go-to thing for the user, which has gradually reduced the distance and bridged the communication gap. They expect everything to have a digital presence and that too at their fingertips.
The world is in the midst of a technological revolution and the end users of this technology experienced a totality of solutions under one roof with multi-disciplinary reach and availability of every service at their fingertips. However, with the constant advancement of IT and the increase in the trend of user-centric products, the preferences of consumers are changing. As newer technology enters the market, the expectation bar is always on a higher level.
The Indian IT sector is growing at a rapid pace, almost twice the rate of the Indian economy. Nasscom forecasts the Indian IT sector market to reach $350 billion by fiscal 2026. Therefore, at this rate, it will make a remarkable difference in the community in terms of services and products. The IT boom has sparked a growth in the user’s expectations and will continue to do so in its future endeavours.
Article is authored by Arshdeep Singh Mundi, Managing Director, Netplus.