Catering to Discerning VT Consumer Segments

Observations and experiences

The elevator and escalator sector in India encompasses various aspects related to the design, manufacture, installation, maintenance and modernization of elevators, escalators and other vertical-transportation (VT) systems. In the VT industry in India, a discerning consumer segment refers to those consumer groups that are highly selective, thoughtful and highly analytical in their purchasing decisions regarding elevators and escalators. These segments typically prioritize certain factors such as quality, safety, customer impact-cost (efficiency), excellent after-sales services and aesthetics while choosing elevators and escalators.

Understanding discerning consumer segments is crucial for VT manufacturers and service providers, as it helps them tailor their products and services to meet the specific needs and preferences of these target groups. Elevator buyers in India have specific preferences shaped by rapid urbanization, increasing construction of high-rise buildings and a growing emphasis on safety and accessibility. Here are the key preferences observed among Indian elevator buyers:

• Personalized Settings: This includes customizable cabin interiors, door types, control systems and size configurations to accommodate different building layouts and usage patterns, creating an interior and ambiance that suit the project’s tastes.
• Smart Elevators: Discerning consumers who prioritize exclusivity and efficiency for elevators and could offer special services such as priority access consider smart elevators that integrate with building-management systems and offer advanced features like destination dispatch and predictive maintenance.
• Advanced Security: High-security features such as biometric scanning or advanced encryption for access control can cater to segments concerned about safety and privacy.
• Smart Technology Integration: Integration with smart devices can offer conveniences like voice-activated controls, real-time updates on weather or news and integration with smart home systems.
• Accessibility Features: For segments with specific accessibility needs, elevators could offer features such as braille signage, audio announcements and adjustable controls.
• Environmental Sustainability: Consumers increasingly value sustainability, so elevators catering to discerning segments could incorporate energy-efficient technologies such as regenerative systems and solar panels.
• Artistic Design: Elevators can be designed as pieces of art themselves, with unique architecture, interior design and even commissioned artwork, appealing to segments with a keen eye for aesthetics.
• Custom Branding: Elevators in luxury hotels or high-end residences could be branded to reflect the identity and values of the establishment, further enhancing the overall experience.
• Advanced Safety Features: Elevators with advanced safety measures such as obstruction sensors, emergency communication systems and redundant power supplies are highly sought after.

Understanding discerning consumer segments is crucial for VT manufacturers and service providers, as it helps them tailor their products and services to meet the specific needs and preferences of these target groups. 

By integrating these features and services, elevators can cater to discerning consumer segments by providing a luxurious, personalized and efficient transportation experience. In essence, discerning consumer segments in the elevator industry represent a niche market opportunity for companies that can deliver superior value and meet the needs of such customers in India.

Catering to discerning VT consumer segments: As part of a study, 18 odd VT buyers who are highly selective and analytical in their purchasing decisions regarding elevators were interviewed in an unstructured qualitative market survey. This is what they said:

• The majority of respondents acknowledge that they do prioritize customization. Their preferences are driven by the diverse requirements of building types, such as residential, commercial, retail and infrastructure projects. The need to address specific aesthetic and functional needs is critical. This includes personalized designs, aesthetics and features that cater to luxury, corporate preferences and user interface.
• Every professional gave adequate importance to good post-sale service for elevators. Feedback is important; to note here: Buying decisions are based not only on equipment customization and price quality, but also on service and cost. An elevator deal is incomplete unless the maintenance terms are fixed and the sales contract includes adequate clauses pertaining to post-sales service Key Performance Indicators (KPIs). 
• A few prominent VT buyers talked of advanced safety features. Elevators with advanced safety measures such as obstruction sensors, emergency communication systems and redundant power supplies are highly sought after in their projects.
• The majority of VT buyers acknowledge they look into every detail of the VT company’s ability to offer customizable solutions, and their focus on meeting specific project needs through tailor-made elevator designs is a significant factor in project branding and popularity.  
• Feedback from some prospective VT equipment buyers is that they were promised equipment customization and workability of various features by the OEM, but were not able to satisfy their end users since many features were not provided in the actual supply. They felt that their experience was different, despite paying a high price. 
• The majority of VT buyers acknowledge that they do enough online searches for equipment customization and alternatives. These comparisons turned out to be a major game changer. VT buyers discovered that learning to use information available online allows them to better negotiate on equipment customization, technical specifications and price. 
• Every VT buyer spoke about keeping their customers at the center of what they do. They are harnessing the power of digital technology and the Internet of Things (IoT) to deliver an even higher level of customized products and services.
• There was interesting feedback from high-value VT buyers: We hire VT consultants to buy our equipment. As per their opinion, a VT consultant is good support to prepare tender details, which include traffic study, layout design, technical specifications and proposal evaluations; coordinate with architects for aesthetics; and prioritize customization. Their unbiased input helps tremendously in concluding elevator proposals.

In essence, discerning consumer segments in the elevator industry represent a niche market opportunity for companies that can deliver superior value and meet the needs of such customers in India.

Analysis of these opinions and views from VT buyers lead us to a few important insights:

1. It is important to educate buyers by conducting frequent company-customer meets and provide online details on the website and participate in events like expos and seminars. Such platforms provide direct access to customers where buyers gain insights and can explore, analyze and compare various customizable options from different manufacturers. These types of programs highlight the importance of customization in buyer decision-making processes, as they showcase a wide range of tailored solutions to meet the specific needs of different customers. Buyers attending programs can actively seek out VT sellers that offer bespoke solutions that integrate seamlessly with their building projects, reinforcing the priority placed on customization.
2. The aesthetic aspect of elevators, including cabin finishes, lighting and design, is another area where customization is highly valued. Buyers often seek unique and stylish designs that align with the overall interior decor of their buildings, further emphasizing the importance of customizable options.
3. Customization is indeed a priority and an important indicator for a buying decision. Furthermore, the ability of the OEM to tailor elevator solutions to meet specific functional and aesthetic needs, combined with advanced technological features, plays a critical role in purchasing decisions. 

In essence, elevators are no longer viewed as mundane utilities but as integral components of the built environment that contribute to the overall brand experience. By aligning with discerning consumer preferences and leveraging brand-led strategies, elevator companies can capitalize on the evolving market dynamics and carve out a distinct position in this highly competitive business.