Technology Based Products Find A New Growing Market Segment In The Senior Citizens
Harish Khatri, Founder, India Assist Insights, 0
With increasing number of families going nuclear units in India, and children living away from parents due to professional pursuits, it is not only a need but also a necessity to equip our Elders with friendly technology that will be their safety net.
This is also a rapidly growing consumer segment globally; the elderly are increasingly richer, healthier, more active and more inclined to prefer quality to saving. Life expectancy has constantly been on the rise for the last 150 years in developed countries, mainly due to better living conditions., higher hygienic standards & improved medical care. World Health Organisation, (WHO) has stated that the Global average life expectancy increased by 5.5 years between 2000 and 2016, And, as per the National Health Profile 2019 the Life expectancy in India has increased from 49.7 years in 1970-75 to 68.7 years in 2012-16.
So, focusing on tech-based products for this segment is not just about doing social good! In the U.S. alone, the spending of Americans aged 50 and up in 2015 accounted for nearly $8 trillion worth of economic activity. The Boston Consulting Group projects that by 2030, the U.S. 55-plus population will have accounted for half of all domestic consumer spending growth…So, there is this whole market segment open wide here to capture. Intelligently conceived and specialized technology driven products for the Older Adult segment would not be a bad thing for new businesses and the Indian economy either!
Technology, much more than before, now supports and streamlines many day-to-day activities. The COVID-battered world has seen all people changing their lifestyles. From delievery of day-today conviniences and requirements to education, health, entertainment and communication. everything has moved to digitally driven platforms.
For our Senior Citizens technology has come as a boon, helping them stay at home and be able to handle many tasks. Making technology inclusive of the elderly population will improve their quality of life tremendously.
From Financial Management, where netbanking simplifies and empowers them to manage their finances from the comfort of their homes and knowing their statements, transfer funds, receive money all very conveniently, to Social Interactions wherein by using video calls and platforms like Facebook & Whatsapp the Elderly can communicate with their loved ones so easily via tablets and smartphones. This helps seniors combat feelings of depression and isolation, which are common to living alone.
Then there are areas like Entertainment. They need never be bored and lonely! They can have 24x7 streaming of their favourite shows and films and music. An entire world of knowledge and information opens up for them even as it becomes tougher for them to step out with ageing problems.
One of the most critical relevance of technology for the Elderly is the Assistance & Support. Recently launched Apps like India Assist address a deep concern area. When parents and our elders live alone, children are always worried about their support structure. Now, medicines purchase & Doctor consultation can be done online. One doesn't need to go out for daily needs. Groceries and other conveniences can be delivered at home. Cleaning services, electricians, plumbers, paramedical helpers are all available at the click of a button. As are cabs and travel assistance. What’s very important to note is that these services are verified and the personnel are credible and safe.
Once the Elderly are taught to overcome their resistance to technology and use it, they will love the ease of living and social fulfillment it brings to their lives. As the growth and purchasing power of this demographic outpaces other groups, marketers and businesses have become very interested in catering to elderly consumers. Technology products crafted specifically for this segment will be a big boom in the coming times.
The Elderly consumer is very convenience-oriented. Convenience would definitely mean for them ease of doing business by phone or mail, and ease of using the tech-driven products and services.
Making the design simpler and relevant, making useability uncomplicated, and making the services offered trustworthy, empathatic and reliable will be a part of this evolution.
From Financial Management, where netbanking simplifies and empowers them to manage their finances from the comfort of their homes and knowing their statements, transfer funds, receive money all very conveniently, to Social Interactions wherein by using video calls and platforms like Facebook & Whatsapp the Elderly can communicate with their loved ones so easily via tablets and smartphones. This helps seniors combat feelings of depression and isolation, which are common to living alone.
Then there are areas like Entertainment. They need never be bored and lonely! They can have 24x7 streaming of their favourite shows and films and music. An entire world of knowledge and information opens up for them even as it becomes tougher for them to step out with ageing problems.
One of the most critical relevance of technology for the elderly is the assistance & support. Recently launched apps like India assist address a deep concern area
One of the most critical relevance of technology for the Elderly is the Assistance & Support. Recently launched Apps like India Assist address a deep concern area. When parents and our elders live alone, children are always worried about their support structure. Now, medicines purchase & Doctor consultation can be done online. One doesn't need to go out for daily needs. Groceries and other conveniences can be delivered at home. Cleaning services, electricians, plumbers, paramedical helpers are all available at the click of a button. As are cabs and travel assistance. What’s very important to note is that these services are verified and the personnel are credible and safe.
Once the Elderly are taught to overcome their resistance to technology and use it, they will love the ease of living and social fulfillment it brings to their lives. As the growth and purchasing power of this demographic outpaces other groups, marketers and businesses have become very interested in catering to elderly consumers. Technology products crafted specifically for this segment will be a big boom in the coming times.
The Elderly consumer is very convenience-oriented. Convenience would definitely mean for them ease of doing business by phone or mail, and ease of using the tech-driven products and services.
Making the design simpler and relevant, making useability uncomplicated, and making the services offered trustworthy, empathatic and reliable will be a part of this evolution.