India again disrupts a core sector in terms of price. First, we launched the world's cheapest car and now we are launching world's cheapest 4G services.
Reliance Jio termed as world's largest startup with an investment of Rs 1,50,000 crore, will be providing free voice calls and 4G at Rs50/GB. It will surely transform industries in an overpopulated country like India. As an aspiring or established entrepreneur, what opportunities should we look forward to?
Here are eight things you should know as an entrepreneur for future opportunities.
In a country with a population of 1.2 billion there are only 212 million smartphone users. There is a huge market still untapped. A target of 120 million users by 2016 and availability of super affordable Lyf 4G devices, Reliance Jio will penetrate 4G services in India and acquire whole new consumer groups.
We can expect the Indian smartphone market to reach 700 million by 2020 (65percent of the population),which means we will have 500 million more 4G users in the next few years, which is greater than the population of USA. It is going to create abundant new opportunities and markets for established and new ventures.
With Jio 4G, we will be moving to the bottom of the pyramid. Yes, it will be easier for brands and companies to reach the bottom of the pyramid and create more products targeted towards them.
As a digital entrepreneur, your market size will increase, and you will be able to target and reach mass market. There will be more customers to acquire and newer markets to capture.
E-commerce will be the biggest gainer from Jio. There will be a drastic increase in a number of online transactions. E-commerce market will boom, especially for products catering to online payments or wallets.
We will see bank service and operations through individual bank mobile apps and launch of Apple Pay or Google Pay. Mobile wallets will become a common mode of payments with wide acceptance.
I have personally used Jio on the cheapest Lyf phone available, additional to my Vodafone network on iPhone in Mumbai and I experienced a better network coverage and data speed on Jio.
Availability of high-speed Internet services to masses will ease the implementation of smoother user experience for tech/e-commerce.
You will rarely face network issues while booking an Uber cab or a movie ticket on Bookmyshow, or an OYO room. Also, companies can improve their interface knowing the availability of high-speed Internet to the user. Apps will no more have to compromise on interface design to increase the response speed.
There will be an increase in the number of smartphone users and increase in the average time spent on mobile by users. This will force brands to focus more on mobile marketing. Also, with the use of technology they can provide personalised content to each user.
Rural marketing has always been challenging for brands where you have to distribute the content to an uneven rural population. Now, brands have the access to be in constant touch with rural population individually.
So if you are in the advertising world, think about how you can integrate mobile into your campaigns, and leverage consumer data and wide 4G user base to create a more effective digital marketing strategy.
Also, remember Jio has launched its own free content apps that will become a major channel of advertising in the future.
How many times have you seen your co-passenger watching a downloaded movie on a smartphone while traveling to work?
Yes, we all love to watch videos as you are being informed and entertained with zero effort. Imagine, now, you can watch YouTube videos, or access Netflix/Tvfplay on the go without thinking about the constant lags and the cost of data.
Videos will become the most used media type on mobile, beating images. There will be new types of videos created especially for mobile devices. I envision that in the near future we will have interactive videos as an advertising media.
Also, making a video call while walking through a market street will be a common phenomenon, and recording a personal video for a social media post will be a new trend.
On one end, Jio will benefit the users but it will also benefit business customers. The companies with a lot of logistics required can reduce the cost of operation and become more efficient by providing Jio to all their employees.
Imagine the costs Uber, Swiggy or Big Basket will save if all their drivers or delivery guys use Jio. Also, they will become efficient with widely distributed high-speed Internet.
Reliance is launching a funding firm with Jio that will invest in digital platforms and products. It will give rise to new ventures in categories like agriculture, healthcare, education, rural lifestyle, niche market products etc.
Yes, there would be agricultural apps for farmers or educational apps for rural children. Children will get cheaper and better education than the current government schools. Special applications will be made in native languages.
There will be a lot of products that will improve rural lifestyle and provide each individual equal opportunity to succeed.
Every transaction and every moment we will make with our Jio connection will be tracked. Reliance will have all our behavioural and interests analysis. They will become one of the biggest consumer data hub and advertising platforms in India.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)