8 minutes read

The Evolution of India's Consumer Services and the Rise of New Platforms in 2024

Explore how India's consumer services sector is evolving with a focus on profitability, the success of platforms like Namma Yatri, and the expansion of quick commerce in 2024.

Dheeraj Kumar
22/01/2024

As we step into 2024, the landscape of India's internet economy, particularly in the consumer services sector, is undergoing significant transformations. With the maturation of this sector, there's a noticeable shift towards prioritizing revenue and profitability over mere expansion. This change is evident across various domains, from mobility solutions to quick commerce and beyond.

One of the standout developments in mobility is the success of ONDC-backed Namma Yatri, which is paving the way for similar platforms to emerge, especially in smaller cities. This indicates a broader acceptance and integration of electric vehicles (EVs) into the mainstream mobility ecosystem.

Quick commerce platforms are not far behind, with many expanding their services to include a wider range of ecommerce categories. This expansion aims to leverage their existing user base to boost revenue, a strategy that's becoming increasingly common as these platforms strive for profitability.

However, this focus on profitability comes with its own set of challenges and implications. For instance, consumer services are expected to become more expensive in 2024 as platforms implement strategies like platform fees and per-order charges to maximize their revenue per order. This shift is a direct result of platforms' efforts to improve their unit economics and ensure sustainable growth.

Despite these challenges, the future looks promising for India's consumer services economy. Innovations like the ONDC-backed Namma Yatri and the expansion of quick commerce platforms into new categories are likely to spur further growth and diversification in this sector. Additionally, the anticipated national ecommerce policy and the potential social security code relief for gig workers could have significant impacts on how these services operate and evolve.

In conclusion, as India's consumer services sector continues to mature, we're likely to see more innovative platforms and business models emerge, driven by the dual goals of profitability and sustainability. Amidst these developments, Probz.ai stands out as an AI-powered platform offering qualitative and quantitative insights collection, helping businesses navigate the evolving landscape with data-driven strategies.

Tags:
Marketing
Development
HR & Recruiting
Design
Management
Share:

Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

Latest Posts

08 Apr 20248 minutes read
Exploring the Surge in India's Two-Wheeler Market: Trends and Forecasts
Dheeraj Kumar
View All

Get Free
Product Feedback

hello@probz.in
Bangalore, India 560066

Sign Up For Newsletter

Receive 50% discount on first project after the Launch