Top 10 Best Consumer Service Companies In India 2022
What exactly is it? Consumer service is an intangible product provided to individuals rather than corporations. Service providers, such as firm employees; equipment, such as vehicles, cash registers, and electronic devices; physical facilities, such as buildings; consumer connections; and individual service users are all involved in service delivery.
There are several examples of consumer service all around you. Hotel services, personal insurance, rail travel, education, health care, recreation, catering, tourism, finance, entertainment, and home maintenance are just a few examples.
It differs from consumer goods and other components of consumer products. We use the term “consumer goods” to describe tangible items like shoes, laptops, and smartphones. To summarise, consumer products encompass both consumer goods and consumer services. Consumer services marketing must be approached differently in both cases.
Furthermore, we distinguish between consumer and customer service. It is the company’s assistance and guidance to consumers who purchase or use its products. After-sales service is an example.
Difference between consumer goods and consumer services:
Consumer goods and services differ in many ways, not just physical content. Let’s have a look at them one by one.
Consumer goods are physical items. You can see or touch them because they have a material substance.
It has nothing to do with consumer service. You can’t see or feel it since it’s intangible. As a result, businesses must deliver the finest service possible for each service provided, avoiding errors and consumer discontent.
These features are distinct from those of commodities. Goods can be replaced with identical goods of comparable quality. And customers will be equally pleased. They provide a way for customers to swap damaged items for new ones.
The quality of human resources has a significant impact on the services provided. Furthermore, resources like computers and information technology can aid in delivering high-quality services. They are, however, all ultimately reliant on the personnel who provide the service.
Time is spent on service. Customers must be interacted with for services to be delivered. And once the team has assisted, it vanishes forever.
It is not the same as consumer products. Once the buyer has purchased and paid for them, there is no need to contact them again.
Even for the same people, the same service cannot be delivered differently. It is one of a kind. For each service supplied, the organisation must put forth its utmost effort. Consumers have a high level of confidence in a company if they are satisfied with its services every time they utilise it.
Consumers appreciate the service, but they cannot resell it to others. Put another way; you can’t give the services you get to someone else. You can resale it to someone else if you buy anything, such as a buddy.
Importance of Customer Service:
- Brand Image Representation
Your brand image, objective, and vision, as well as what and who you represent, are constantly apparent to the owner and personnel. As a business owner, you, like your employees, know what you want to offer and achieve. Even so, your customer care team is in charge of communicating your brand and what it means to your customers and the general public.
Customer service is crucial since it interacts directly with customers and portrays and promotes the brand image. “73 per cent of customers stated they are devoted to a company thanks to nice customer care agents,” according to a Harris Interactive survey.
- Competitive Advantage
The competitive edge that customer service provides you over other brands is one of the most critical aspects of customer service. Irrespective of the business or climate in which you operate, there will undoubtedly be competitors that provide the same product and services as you. To stand out, you must concentrate on your customers and make them feel valued.
Customers will look for a better option if they are dissatisfied with your brand’s service or are treated with disrespect. Similarly, good customer service must attract customers away from competitors and keep them coming back for more products and services.
Every company strives to grow, expand, and reach a broader audience daily. Another benefit of excellent customer service is that satisfied customers are more inclined to tell their friends, relatives, acquaintances, and even strangers about your company and how well they were treated.
A reference is critical to a company’s growth and success; it’s a chain reaction: when customers are happy with your brand, they instantly advertise for you and refer others, and the customer base grows.
- Improvement Through Feedbacks and Responses
As a business owner, you must be adaptable and flexible to provide better service and please your clients. Another benefit of customer service is that it assists you in gathering feedback and replies from your customers and the general public, which helps you improve the products and services you provide.
A good customer service staff enquires from customers on how to enhance service delivery, and these responses are collated and worked on to improve customer service delivery.
Customers also create a sense of belonging and devotion to the company when they see incorporated their suggestions.
- Profit and revenue increase
Profit and total revenue are used to determine whether or not a company or business organisation is successful. Every company’s primary goal is to create a profit. Prioritising your customer’s welfare and demand boosts patronage and revenue, which is why customer service is so important.
Customer service and profit do not have a direct relationship, but the former multiplies the latter. Customers that receive poor customer service are more likely to go elsewhere, resulting in a loss. Similarly, excellent customer service endears your brand to your customers and encourages patronage, which leads to increased profit.
- Customer Lifetime Value (CLV)
Customer lifetime value is determined by the amount of money and investments a customer provides to a firm throughout their relationship. Customer service is essential in this industry, especially regarding investment programmes and partnerships.
No one wants to put money into a company that mistreats its partners and customers. For these potential investors, customer service is the first point of contact. Clients aid in the positive portrayal of the company’s image, which woos customers and eventually commits their dollars to the brand.
- Business Longevity
Excellent customer service is the surest method for any organisation to maintain momentum and prevent failure. “20 per cent of businesses fail in their first year, and 50% fail by their fifth year as a result of challenges related with bad customer service,” according to Fundera.
Clients and patrons are a company’s lifeblood; they are always accurate. To avoid going out of business, you should pay attention to your customers’ needs. Customers treated like kings keep coming back and referring others, which demonstrates the value of customer service. You will earn more consumers the longer you stay in the market with good customer service. The lifetime of your brand is a competitive advantage in and of itself.8. Company Culture and Practices
A corporation that places a premium on its customers will also place a premium on its employees’ well-being. The general methods of doing things and carrying out tasks are called company culture.
When your staff work hard to provide exceptional consumer service, they also increase productivity. You develop an efficient working culture in firms that focus on consumer service delivery as you find ways to improve service delivery. Your staff are content and happy with their jobs when your consumers are delighted with their treatment.
It’s no surprise that businesses that don’t care about their consumers don’t care about their employees.
The following is a list of ten consumer service-based organisations in India that you should consider:
1. Tata Consultancy Service
TCS is an integrated organisation that delivers consulting, engineering, and business solutions to India’s top companies. With a market value of $169.2 billion, this firm, founded in 1968, is today India’s largest multinational IT corporation.
Tata Consultancy Service is India’s largest IT service-based corporation and one of the world’s most distinctive technology-centric enterprises, with over 140 offices in over 40 countries.
TCS is an Indian multinational information technology (IT) services and consulting corporation headquartered in Mumbai, Maharashtra, with a primary campus in Chennai, Tamil Nadu. As of February 2021, TCS was the world’s largest IT services company by market capitalisation ($200 billion). It is a Tata Group business with operations in 149 locations in 46 countries.
It was ranked 64th overall in Forbes’ World’s Most Innovative Companies ranking in 2015, making it the highest-ranking IT services company and the top Indian company. As of 2018, it is ranked eleventh on the Fortune India 500 list. TCS became the first Indian IT business to reach a market capitalisation of $100 billion in April 2018 and the second Indian company to ever do so (after Reliance Industries achieved it in 2007) when its market capitalisation on the Bombay Stock Exchange reached 6.793 trillion (equivalent to 7.7 trillion or US$100 billion in 2020).
Tata Sons held 72.05 per cent of TCS in 2016–2017, and TCS produced more than 70% of Tata Sons’ dividends.
Tata Sons chose to sell $1.25 billion worth of TCS stock in a bulk sale in March 2018. TCS became the first Indian IT company to reach a market capitalisation of $200 billion on September 15, 2021.
Infosys is a company that any software engineer or employee with a similar background is familiar with.
Infosys is one of India’s greatest service-based firms, with a market valuation of $ 47.7 billion and 228k workers.
It is the first Indian film to be listed on the NASDAQ (National Association of Securities Dealers Automated Quotations), and it is well-known for its IT and consulting services.
Infosys Limited is a multinational information technology corporation based in India, specialising in business consulting, information technology, and outsourcing. The company was established in the Indian city of Pune. According to the Forbes Global 2000 list, Infosys will be the second-largest Indian IT company by 2020, behind Tata Consultancy Services and the 602nd largest public company in the world. CRISIL AAA / Stable / CRISIL A1+ is the company’s credit rating (rating by CRISIL).
Infosys became the fourth Indian business to reach a market valuation of $100 billion on August 24, 2021.
3. HCL Technologies
HCL is an Indian multinational information technology services and consulting corporation established in Noida, Uttar Pradesh, India. It is a subsidiary of HCL Enterprise. When HCL entered the software services market in 1991, it began as a research and development section of HCL before becoming an independent company in 1991. The company employs approximately 187,000 people and services 250 Fortune 500 and 650 Global 2,000 firms through offices in 50 countries, including the United Kingdom, the United States, France, and Germany, and a global network of R&D, “innovation laboratories,” and “delivery centres.”
Aerospace and defence, banking, capital markets, chemical and process industries, energy and utilities, healthcare, industrial manufacturing, consumer goods, insurance, manufacturing, media and entertainment, mining and natural resources, oil and gas, retail, telecom, and travel, transportation, logistics, and hospitality are among the industries in which it operates.
Forbes’ Global 2000 list includes HCL Technologies. With a market capitalisation of $50 billion as of September 2021, it is among India’s top 20 publicly traded firms. The corporation and its subsidiaries had a consolidated yearly revenue of 71,265 crores (US$10 billion) as of July 2020.
HCL Technology is a multi-service solutions provider for clients in Manufacturing, Financial Services, and various other industries, using an integrated digital approach that incorporates modern-day technology such as cloud, artificial intelligence, data science, and so on.
The company’s motto of “Reimagining Tomorrow’s Enterprise Today” is justified by the company’s digital global disruptive strategy.
HCL is ranked among the top service-based firms because of its unique Mode 1-2-3 growth strategy.
4. Wipro Limited
Wipro Limited, headquartered in Bangalore, Karnataka, India, is an Indian multinational conglomerate. FMCG, lighting, information technology, and consultancy are among the company’s numerous operations. According to the Fortune India 500, it is the 29th largest Indian firm in total sales. With nearly 221,000 people, it is also India’s ninth-largest employer.
Wipro Limited, which was formed in 1945 and is now India’s fourth-largest multinational corporation, offers IT solutions, consulting, and business process services to consumers in various industries around the world.
Wipro has created a global presence not just because of its excellent services but also its sustainable practices and impeccable corporate citizenship ideals. Wipro Limited is India’s ninth-largest employer, with more than 190,000 employees.
5. Redington India Ltd.
India’s 5th largest multinational IT company, Redington India Ltd, began with a single product aimed at a niche market.
Nonetheless, the company transformed into a billion-dollar service company catering to 220 international IT brands and providing services to over 30 markets, thanks to practical strategies and modern technologies such as Internet of Things (IoT), Robotics, Artificial Intelligence, Big Data and Analytics, and Automation.
Redington (India) Limited began operations in India in 1993 to become a major distributor of world-class IT goods, focusing on supply chain quality and operational efficiency. Redington (India) Limited began by distributing HP peripherals and has since expanded its portfolio to include newer products and brands, rising from 5 workers, three branches, 25 dealers, and $2 million in revenue in 1994 to 1800 employees and global market penetration of 24 countries.
Automated distribution centres facilitate a network of over 47000 channel partners. Redington (India) Limited has emerged as the industry’s most efficient distribution company with a strong management team, a robust and automated order processing system, and a professional business development team supported by a dedicated execution team. Redington is a distributor of choice for both vendors and resellers.
6. Tech Mahindra Limited
Tech Mahindra is a multinational IT services and consulting company based in India. It is headquartered in Pune and is a subsidiary of the Mahindra Group. Tech Mahindra has 125,236 workers in 90 countries and a market capitalisation of $5.2 billion. In the Fortune India 500 list for 2019, the company was placed #5 in India’s IT firms and #47 overall. Tech Mahindra announced a merger with Mahindra Satyam on June 25, 2013. As of April 2020, Tech Mahindra has 973 active clients.
Tech Mahindra Limited, a part of the Mahindra Group, was founded in 2012 and is one of the top service providers in the Indian market.
With its consumer-centric approach, cutting-edge technology, reusable assets, and new platforms, the company has built a reputation for providing innovative and efficient IT and business outsourcing services.
The company now has a market capitalisation of more than $5 billion and employs more than 125 thousand people.
7. Bharti Airtel
Bharti Airtel is one of India’s largest telecommunication mobile service providers, with a subscriber base of over 336 million people.
Airtel has a presence in 16 countries across Asia and Africa, offering DTH, 2G, 3G, and 4G wireless services, home internet connections, fixed line services, international and national long-distance services, and much more.
Airtel, or Bharti Airtel Limited, is an Indian multinational telecommunications services corporation headquartered in New Delhi, India. It operates in 18 South Asia, Africa, and the Channel Islands. Airtel provides 2G, 4G LTE, 4G+ mobile services, fixed-line broadband, and voice services, depending on the country of operation. VoLTE technology from Airtel has also been rolled out across all Indian telecom circles. It is the world’s third-largest mobile network provider and India’s second-largest mobile network operator. In Millward Brown and WPP plc’s first-ever Brandz ranking, Airtel was awarded India’s second most valuable brand.
Airtel is credited with developing the minute’s factory’s low-cost and large volume manufacturing model by outsourcing all its business processes except marketing, sales, and finance. Several operators have since embraced the method. Ericsson, Huawei, and Nokia Networks provide and maintain Airtel’s equipment, while Amdocs provides IT support. Bharti subsidiaries and joint venture firms such as Bharti Infratel and Indus Towers hold transmission towers in India. For the first time, Ericsson agreed to be paid by the minute rather than in advance for the installation and maintenance of their equipment, allowing Airtel to offer low call rates of 1 (1.3 US) per minute.
Deloitte Touche Tohmatsu Limited (/dlt tu tomtsu/)is a global professional services network with over 150 locations in 150 countries and territories. It is one of the Big 4 accounting firms and the world’s largest professional services network by revenue and number of professionals, with headquarters in London, England.
William Welch Deloitte & Touche was established in London in 1845 and expanded to the United States in 1890. Deloitte Haskins & Sells was founded in 1972 when Haskins & Sells joined with Deloitte, while Deloitte & Touche was founded in 1989 when Touche Ross combined with Deloitte to establish Deloitte & Touche. Deloitte Touche Tohmatsu was renamed Deloitte Touche Tohmatsu in 1993 and then reduced to Deloitte Touche Tohmatsu.
In 2002, Arthur Andersen’s UK practise and other European, North American, and South American practised agreed to combine with Deloitte. Monitor Group, a large strategic consulting firm, was acquired in January 2013 as a follow-up transaction. The international firm is a limited-by-guarantee UK private corporation supported by a network of independent legal entities.
With over 334,800 experts worldwide, Deloitte provides audit, consulting, financial advice, risk advisory, tax, and legal services. In the fiscal year 2021, the network brought in $50.2 billion in revenue. According to Forbes, Deloitte will be the third-largest privately held corporation in the United States by 2020. The firm has sponsored several activities and events, including the 2012 Summer Olympics.
In addition to litigation involving a few of the firm’s audits, the firm’s involvement in a “potentially misleading” report on illicit tobacco trading in Australia, the fact that it suffered a significant cyber-attack in September 2017 that breached client confidentiality while also exposing extensive employee information, its role as internal auditor of the insolvent contractor Carillion, and its role as external auditor of Autonomy whirlpools have all sparked controversy.
9. Larsen and Toubro Limited
Larsen and Toubro is a multinational firm interested in finance, engineering, manufacturing, construction, and technology. Larsen and Turbo Limited is one of the world’s most revolutionary service companies, with world-class services and technology spread throughout 30 countries.
10. Mphasis Limited
Mphasis Limited, established in 2000, is an Indian IT service provider that offers an integrated portfolio of infrastructure technology, architectural, and design services, all delivered with cutting-edge technology and a consumer-centric approach.
Mphasis works with some of the most well-known names in the banking, financial, and insurance industries. Mphasis believes in giving technology to businesses and a transformation to help them grow.
In recent years, service-based businesses have been one of the most critical drivers to the economy’s growth. Not only that, but with the strong demand for services in areas such as banking, finance, insurance, and information technology, every service-based business has shifted its pace to become a fast-growing business with cutting-edge technologies and techniques.
Hence, it can be stated that service-based businesses in India have a big pool of talented workers and will continue to grow to their full potential.
Edited and published by Ashlyn