Why 1mg's Business Model is so successful?

1mg is a leading Indian healthcare platform that provides a wide range of online healthcare services, making healthcare accessible and convenient for users. Founded in 2015, 1mg offers a comprehensive suite of services, including online pharmacy, diagnostic tests, doctor consultations, and health information. The company's mission is to empower consumers with information and access to quality healthcare products and services. 1mg is a complete health app for all your medical needs. View medicine information, buy medicines online, book lab tests, & consult doctors online. With 1mg, you can search for medicines online with prescription, and have them delivered to your doorstep. You can also book health tests and packages from the convenience of your home. Save on your medicine bills by using 1mg's exclusive offers, discounts, and cashback. They also provide accurate, authoritative & trustworthy information on medicines as well as help people find the right medicine for their medical condition. Using our medicine app, you can also learn about the composition of the medicine, usage of the medicine, side effects of the medicine, and precautions to be taken with the medicine. 1mg also provides you with medical information like uses, common side effects, and usage of any lab tests! 1mg's business model revolves around its online pharmacy, where users can order prescription and over-the-counter medicines through its user-friendly website and mobile app. The platform also facilitates the booking of diagnostic tests and health check-ups, allowing users to access reliable diagnostic services from the comfort of their homes. Additionally, 1mg offers online doctor consultations, connecting users with qualified healthcare professionals for medical advice and prescriptions. The revenue model for 1mg primarily involves the sale of medicines and healthcare products through its online pharmacy, with the company earning a margin on each transaction. In addition, 1mg may generate revenue through partnerships with diagnostic labs and healthcare providers, offering a one-stop solution for users' healthcare needs. The platform's commitment to ensuring the authenticity of medicines, providing accurate health information, and offering convenient healthcare services has established 1mg as a trusted player in the Indian healthcare industry.

Social impact:

Life changing: self-actualization

Emotional: rewards me, therapeutic value, fun/entertainment, attractiveness

Functional: saves time, simplifies, reduces risk, informs

Channel aggregation:

Consolidating numerous distribution routes into one to achieve greater economic efficiency. A business model for internet commerce in which a company (that does not manufacture or warehouse any item) gathers (aggregates) information about products and services from many competing sources and displays it on its website. The firm's strength is in its power to create an 'environment' that attracts users to its website and develop a system that facilitates pricing and specification matching.

Data as a Service (DaaS):

Data as a Service (DaaS) is a relative of Software as a Service in computing (SaaS). As with other members of the as a service (aaS) family, DaaS is based on the idea that the product (in this instance, data) may be delivered to the user on-demand independent of the provider's geographic or organizational isolation from the customer. Additionally, with the advent[when?] of service-oriented architecture (SOA), the platform on which the data sits has become unimportant. This progression paved the way for the relatively recent new idea of DaaS to arise.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

Healthcare:

The prevention, treatment, and management of disease and maintaining mental and physical well-being via the medical and allied health professionals' services. It includes diagnostic, preventative, remedial, and therapeutic service providers such as physicians, nurses, hospitals, and other private, public, and volunteer organizations. Additionally, it comprises producers of medical equipment and pharmaceuticals, as well as health insurance companies.

On-demand economy:

The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. The supply chain is managed via a highly efficient, intuitive digital mesh built on top of current infrastructure networks. The on-demand economy is transforming commercial behavior in cities worldwide. The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Online to Offline O2O:

Online to offline is a term (often abbreviated as O2O) used in digital marketing to refer to systems that entice customers to purchase products or services from physical companies while they are in a digital environment.

Platform as a Service (PaaS):

Platform as a Service (PaaS) is a class of cloud computing services that enable users to create, operate, and manage apps without the burden of establishing and maintaining the infrastructure usually involved with designing and developing an app.

Revenue sharing:

Revenue sharing occurs in various forms, but each iteration includes the sharing of operational gains or losses amongst connected financial players. Occasionally, revenue sharing is utilized as an incentive program ? for example, a small company owner may pay partners or colleagues a percentage-based commission for recommending new clients. Occasionally, revenue sharing is utilized to share the earnings generated by a corporate partnership.

Technology trends:

New technologies that are now being created or produced in the next five to ten years will significantly change the economic and social landscape. These include but are not limited to information technology, wireless data transmission, human-machine connection, on-demand printing, biotechnology, and sophisticated robotics.