Key Metrics to consider before launching digital product in India

The digital economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hyper-connectivity which means growing interconnectedness of people, organizations, and machines that results from the Internet, mobile technology and the internet of things (IoT).

India is one of the largest and fastest-growing markets for digital consumers. With increase in internet penetration and push by government towards digital economy, new business & startups are emerging across all sectors be it agritech, defense tech, social tech or fintech’s.

But before launching any digital product in market specially rural India, following metrics should be considered-

Total Population- 1.39 billion

Urban- 35% Rural- 65%

Male- 52% Female- 48%

Median Age- 28 years

Literacy Rate- 74%

Male Literacy- 82% Female Literacy- 65%

Mobile connections- 1.10 billion

Coverage- 80%

Prepaid- 83% Postpaid- 17%

Internet Penetration- 624 million

Coverage- 45%

Internet Usage via smartphone- 92%

Download Speed-13 MBPS

Social Media Users- 448 million

Coverage- 32%

Device Ownership (For Internet users of age 16-64)-

Smartphone- 96% Other Phones- 16% Laptop- 56% Tablet- 23%

Web Traffic-

Mobile-76% Laptop- 23% Others- 1%

Financial Inclusion-

Account with Financial Institution- 80%

Credit Card- 3% Online purchases- 4%

Above metrics indicate India’s digital economy now exceed those of most other countries. Both government and the private sector is moving rapidly for digital services across the country and connect people with mainstream economy. The digital economy could be an important vehicle for change and could dramatically expand India's role and influence in the global economy and become a powerhouse of digital innovation.

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Sources-

https://digitalindia.gov.in/

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-india-technology-to-transform-a-connected-nation

http://maximumgovernance.com/perspectives/digital-india-expanding-the-focus-and-redefining-the-metrics/

https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/McKinsey%20Digital/Our%20Insights/Digital%20India%20Technology%20to%20transform%20a%20connected%20nation/MGI-Digital-India-Report-April-2019.ashx

https://www.gwi.com/

https://www.statista.com/topics/754/india/#dossierKeyfigures

https://datareportal.com/digital-in-india

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