Mumbai: The millennial age is defined by convenience, quick results and constant dynamic trends. Every individual seeks more than one way to get multiple tasks done on-the-go and in the least amount of time; and why not? In this day and age of never ending to-do lists and instant problem solving agendas, multitasking your way through life is the only way out!
Here is where the ‘Digital’ phenomenon and the allied value-added-services come to one’s rescue. From apps that let you check your email, messages and all sorts of communication to the ones that simply help you sit back and relax; the digital world has helped millennial consumers juggle all the balls in their court.
With a slew of apps come an even wider range of value-added-services to help the average consumer avail the best service packages of music, games, shopping, and on-demand entertainment in addition to others at economic pricing. Since all consumers believe in the ‘more for less’ philosophy, we now have several telecom operators and service providers aggressively competing with one and another to capture the bigger consumer market share.
As the digital era continues to evolve amidst rising competition among service providers, here are the 5 reasons why the value-added-services industry currently owns the millennial age:
The digital phenomenon has completely taken over the routine lives of individuals. While it’s established that every individual has an app to execute a designated task, what consumers now look for are cost effective digital solutions to their same list of products and needs. To elaborate, for example: We have seen that Amazon, Flipkart, Myntra and Snapdeal still have the major market share however, newer apps like Shein, Roposo, Elanic among others are also setting foot in the already dominated online retail space. This has purely resulted due to the consumers’ needs for cheaper alternatives.
Service packages on the rise
As briefly stated earlier, consumers now look for service packages rather than a particular service, for the same costs. An average consumer today is more likely to opt for a service plan that gives one a complete experience of entertainment-on-the-go as well as fulfill one’s daily utility requirements. All telecom provider apps are proof of this where the platform does not only help with payment of bills and transfer of ready money, but also provides experiences of shopping, music, videos and much more.
Entertainment content on the rise
Online on-demand-content majorly in the entertainment space has seen the biggest boom in recent times. The rising surge in platforms like Netflix, Amazon Prime, Hotstar, Sony Liv, Voot and now the latest Zeel app have not just proved beneficial to consumers but have opened immense opportunities for VAS service and broadband providers. With a plethora of such platforms, VAS providers are now exploring increasing tie-ups for regional content as well.
Price wars between providers
As a consequence of rising consumer demands and digital content, price wars between service providers are inevitable. All telecom operators and VAS providers want to cash in on potential opportunities by providing the best to respective consumers. At present, feature phones are also being introduced with VAS services to cater to the vast majority of consumers who still want to access the digital benefits however, without the means of a smart phone.
5G soon a reality
Consumers don’t want to just access the world’s content at their fingertips, they want to access this at the fastest speed possible. Hence we saw transitions from 3G to 4G and will soon see the existence of 5G. Telecom and VAS providers are striving to make 5G a reality soon to cater to the digital era’s immense needs and requirements.
DushyantJani, Founder & CEO Mobclixs Technologies