There are no such things as pure goods or services in the world. Products are being serviced in the same way as intangible services are being tangible or productized. Services have always had a distinct advantage in the ‘differentiate or die’ marketing conflict.
Even pure products like Tata salt have experimented with incorporating advisory services, such as detecting blood pressure and prescribing a low sodium salt to hypertensive customers. Companies that provide skincare already provide consultations based on skin and hair types, such as normal, oily, or dry.
For its products, Samsung India offers a “Try now, buy later” rental scheme. Startups like SabRentKaro and IndianRenters.com offer one-stop solutions for a complete spectrum of 3G-5G Android/Apple/ Windows mobile phone rentals in India.
The Chartered App is an amazing example of a bicycle rental app that eliminates the need for bicycle purchases in the catchment region (New Town smart city, Kolkata).
The problem of urban squalor has now become a national emergency in India. Eureka Forbes, India’s leading durable consumer brand in the health and hygiene segment, has joined the ‘Swachh Bharat Abhiyan’ by launching a nationwide mega cleanliness drive across public spaces. Contracts for cleaning services in institutions and factories are also increasing.
Predictive analytics to predict specific failure modes, remote communications to resolve issues from a distance, cons monitoring to create customer-specific service offerings, and pushing information to employees/customers via mobile platforms.
To access business software remotely for maintenance support are five key technology trends that capital equipment manufacturers rely on to enable servitization in the future. With a service level agreement, servitization ensures asset uptime.
India is a one-of-a-kind example of an economy that has leapfrogged the traditional economic evolution model, moving from the primary sector (agriculture) to the tertiary services sector. India is transitioning to a service-led economy in a beautiful way, even ahead of the manufacturing sector.
Furthermore, subscription payment methods assist in overcoming financial restraints. Even small firms can benefit from durable, modern buildings if the overall cost of ownership is spread out over time.
Millennials and Generation Z value experiences over possessions. They want to feel the thrill of adrenaline, but they don’t have any ties, thus Uberization or the sharing economy is assisting them.
Transient customers (Transumers) only want fractional ownership, putting their status-seeking demands on the back burner in favor of larger goals like sustainability. They are discovering that permanent ownership of things is full of difficulties, thanks to the booming auction culture of celebrity fashion and accessories.
They believe to themselves, “Why to buy when you can rent?” During the pandemic-induced economic depression, there is also a section that rents because fashion is affordable. Aspects like sustainability are also significant. Designs focused on taking, making, and waste are unsustainable. Servitisation is a cost-effective solution with a high total value.
The win-win of servitization is that it protects businesses from price competition that would otherwise destroy them. Servitization provides consumers with services that are not only simple and accessible but also quick and adaptable.
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