One of the challenges we face as a consumer is how do we trust the quality of a product or service. This is where, I believe, the biggest opportunities lie for the startups.
Let me explain:
Due to the inherent diversity of our country, typically a single company is unable to serve the different needs of various segments out there. This is why the unorganised industry starts to flourish. In a lot of industries in India, the unorganised market can account for 80-90% of the entire market.
As an entrepreneur, you can be in a unique position to ensure the customer of a quality product or service by managing the quality of unorganised players and providing it to the customer in the most convenient way, thus ensuring a good customer experience
Let’s look at a few examples:
Oyo Rooms: The complete premise of booking an Oyo Rooms for the customer is to be able to book a budget hotel while being ensured of basic quality of the room (which is managed by Oyo).
Amazon/ Flipkart/ Snapdeal: Since retail industry is rife with retailers who will sell duplicates to make a few extra bucks, it is easier for a consumer to trust the e-commerce companies which mention Genuine products everywhere on it platform.
Ola/ Uber: Since the quality of taxi services in India was unreliable, Ola and Uber promised to deliver a better customer experience through the use of technology.
It is debatable how far these startups have been able to standardize quality of product or service at scale but the value proposition remains.
Unfortunately, we have seen less startups accomplish these objectives in healthcare industry. There are many verticals in healthcare which have similar macro-economic parameters: High unorganised industry and lack of standardised quality.
At Labstreet, we have a vision of enabling consumers to get tests done with high quality and accuracy by managing the quality of our partner labs with standardised processes and use of technology while ensuring the maximum convenience and minimum turnaround time.
We look forward to more people coming forward to achieve the same objective in healthcare as the opportunity is very large not just in terms of market size but also in terms of social impact
[About The Author: Ujjwal Chaudhry, Co-Founder Of A Healthcare Startup]