Featured – Dutch Uncles https://dutchuncles.in Market Intelligence & Mentoring Resources for Startups and Small businesses | Dutch Uncles Wed, 28 Jun 2023 16:57:49 +0000 en-US hourly 1 https://dutchuncles.in/wp-content/uploads/2020/12/favicon.png Featured – Dutch Uncles https://dutchuncles.in 32 32 Mastering Impactful Communication: Essential Skills for Aspiring Leaders https://dutchuncles.in/transform/mastering-impactful-communication-essential-skills-for-aspiring-leaders/ https://dutchuncles.in/transform/mastering-impactful-communication-essential-skills-for-aspiring-leaders/#respond Wed, 28 Jun 2023 09:18:44 +0000 https://dutchuncles.in/?p=40033&preview=true&preview_id=40033 Effective communication is the lifeblood of any successful organization, and this holds particularly true for startups and small to medium-sized businesses (SMBs). In the fast-paced and ever-changing landscape of these dynamic ventures, the ability to communicate effectively is paramount for driving growth, inspiring teams, and navigating the challenges that come with scaling. Recently, Factoryal, a […]

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Effective communication is the lifeblood of any successful organization, and this holds particularly true for startups and small to medium-sized businesses (SMBs). In the fast-paced and ever-changing landscape of these dynamic ventures, the ability to communicate effectively is paramount for driving growth, inspiring teams, and navigating the challenges that come with scaling. Recently, Factoryal, a Boutique Management consulting firm, hosted a webinar titled “Secret Ingredients for Impactful Leadership Communication,” shedding light on the crucial aspects of communication for managers and leaders. In this article, we will delve deeper into this topic, exploring the key ingredients for impactful communication, real-life global examples, and how effective communication plays a vital role in the journey of a manager to a leader.

So, grab a cup of coffee, sit back, and get ready to uncover the secrets that will elevate your leadership game to new heights.

The Power of Impactful Communication

Effective communication is the lifeblood of successful leadership. It’s the glue that holds teams together, propels innovation, and fosters a culture of collaboration and trust. In today’s fast-paced professional landscape, where every interaction counts, mastering impactful communication is non-negotiable.

Ingredient #1: Authenticity 

The Key to Genuine Connection: In a world of pretense and corporate jargon, authenticity is like a breath of fresh air. Authentic leaders connect with their teams on a deeper level, inspiring loyalty and commitment. By being true to yourself and fostering an open and transparent environment, you lay the foundation for effective communication. Share your vision, values, and aspirations with your team, and watch as they become invested in the collective journey towards success.

Imagine you’re a manager in a tech startup, and you need to address a setback in a critical project. Instead of sugarcoating the situation or blaming others, you take a transparent and authentic approach. You gather the team, acknowledge the challenges, and express your confidence in their abilities to overcome the obstacles. By being authentic, you create an environment where honesty and accountability thrive, fostering a culture of growth and resilience. 

Or think, you’re the leader of a small enterprise. During a team meeting, you share your personal journey of overcoming creative challenges and how it shaped your passion for design. By opening up and being vulnerable, you create an authentic connection with your team members, encouraging them to share their own experiences and ideas. This fosters a sense of belonging and inspires creativity and innovation.

Take a cue from Satya Nadella, CEO of Microsoft, who is a prime example of an authentic leader and has transformed the company’s culture by embracing authenticity and encouraging open dialogue. He advocates for vulnerability and open communication within his organization. By sharing personal stories and lessons learned, Nadella connects with his employees on a deeper level, inspiring trust and fostering a culture of innovation. His approach has revitalized the organization, fostering a sense of trust and empowerment among employees.

Ingredient #2: Active Listening 

Hear to Inspire: Effective communication is a two-way street. It involves not only conveying your message but also actively listening to others. While sharing your ideas and vision is important, listening to your team members is equally vital. Actively listening demonstrates respect, builds trust, and unlocks valuable insights. Embrace the art of listening with intent, ask meaningful questions, and encourage your team to express their thoughts and concerns openly. Active listening is a powerful tool that fosters understanding, builds relationships, and promotes collaboration.

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Imagine you’re a leader in a social media startup, and you’re conducting a brainstorming session with your team. Instead of dominating the conversation or dismissing ideas, you actively listen to each team member, valuing their input and providing constructive feedback. By practicing active listening, you create an inclusive environment where diverse perspectives are heard and respected.

Or that you’re leading a marketing team, and one of your team members shares an innovative idea during a brainstorming session. Instead of brushing it off, you actively listen, engage in a discussion, and acknowledge the merits of their suggestion. This empowers your team member and encourages them to contribute further, fostering a culture of collaboration and creativity.

Richard Branson, founder of the Virgin Group, once said, “I have always believed that the way you treat your employees is the way they will treat your customers.” By actively listening to his team, Branson has cultivated a culture of innovation and customer-centricity, propelling Virgin Group to success.

Ingredient #3: Clarity 

Speak the Language of Simplicity: In the fast-paced hyper social media 24X7 world we live in, information overload is a real struggle. To cut through the noise and make an impact, leaders must communicate with clarity and simplicity. Avoid using convoluted jargon and complex terminology. Instead, break down your messages into bite-sized, easily digestible pieces. Your team will appreciate your straightforwardness and be able to act upon your directives more effectively.

Let’s assume, you’re leading the marketing division in an e-commerce startup, and you need to convey the strategic objectives for an upcoming campaign. Instead of using jargon-filled statements or vague descriptions, you communicate a clear and concise vision that aligns with the company’s goals. By providing clarity, you empower your team to execute with precision and focus, resulting in a successful campaign.

Or that you’re heading a complex product development team, and you need to communicate a complex technical concept to your non-technical stakeholders. Instead of bombarding them with intricate details, you break it down into simple, relatable terms that they can grasp easily. By doing so, you ensure alignment, eliminate confusion, and inspire confidence in your team’s abilities.

Indra Nooyi, former CEO of PepsiCo, mastered the art of clarity in her communication. She famously said, “Leadership is hard to define and good leadership even harder. But if you can get people to follow you to the ends of the earth, you are a great leader.” Nooyi’s simple yet powerful communication style inspired her team to achieve remarkable results. Whether it’s addressing shareholders or speaking to her team, Nooyi’s communication style is marked by simplicity, making her messages accessible to a wide range of audiences.

Ingredient #4: Emotional Intelligence 

The Human Connection: Effective communication goes beyond words. It’s about understanding and connecting with the emotions of your team members. Emotional intelligence allows you to navigate challenging situations, resolve conflicts, and provide support when needed. By showing empathy and acknowledging the feelings of your team, you create a safe and inclusive environment that fosters open communication and encourages collaboration.

Empathy as a Superpower: In the realm of impactful communication, emotional intelligence takes center stage. Empathy, understanding, and recognizing the emotions of others can transform your leadership style and create a supportive and inclusive environment. By tapping into your emotional intelligence, you foster trust, strengthen relationships, and inspire your team to reach their full potential.

What if one of your team members is facing personal challenges that affect their performance? Instead of solely focusing on the tasks at hand, you approach the situation with empathy and compassion. You have an open and supportive conversation, offering resources and flexibility to help your team member overcome their difficulties. By leading with empathy, you foster a culture of support, well-being, and loyalty within your team.

Or In a real life situation, one of your team members is struggling with a difficult client. Instead of immediately jumping to conclusions or reprimanding them, you take a moment to understand their perspective. You offer support, provide guidance, and help them navigate the situation effectively. This empathy not only resolves the immediate issue but also strengthens the bond between you and your team member.

Tim Cook, CEO of Apple, is known for his empathetic leadership style. He actively listens to the concerns and ideas of his employees, fosters a diverse and inclusive work culture, and ensures that every voice is heard. Cook’s empathetic approach creates a sense of belonging and motivates his team to go above and beyond.

Sundar Pichai, CEO of Google and Alphabet Inc., is known for his emotionally intelligent leadership style. He creates a sense of psychological safety within his teams, empowering individuals to express their ideas freely and fostering a culture of innovation.

Speak the Language of Simplicity: In the fast-paced hyper social media 24X7 world we live in, information overload is a real struggle. To cut through the noise and make an impact, leaders must communicate with clarity and simplicity. Avoid using convoluted jargon and complex terminology. Instead, break down your messages into bite-sized, easily digestible pieces. Your team will appreciate your straightforwardness and be able to act upon your directives more effectively.

Let’s assume, you’re leading the marketing division in an e-commerce startup, and you need to convey the strategic objectives for an upcoming campaign. Instead of using jargon-filled statements or vague descriptions, you communicate a clear and concise vision that aligns with the company’s goals. By providing clarity, you empower your team to execute with precision and focus, resulting in a successful campaign.

Or that you’re heading a complex product development team, and you need to communicate a complex technical concept to your non-technical stakeholders. Instead of bombarding them with intricate details, you break it down into simple, relatable terms that they can grasp easily. By doing so, you ensure alignment, eliminate confusion, and inspire confidence in your team’s abilities.

Indra Nooyi, former CEO of PepsiCo, mastered the art of clarity in her communication. She famously said, “Leadership is hard to define and good leadership even harder. But if you can get people to follow you to the ends of the earth, you are a great leader.” Nooyi’s simple yet powerful communication style inspired her team to achieve remarkable results. Whether it’s addressing shareholders or speaking to her team, Nooyi’s communication style is marked by simplicity, making her messages accessible to a wide range of audiences.

Ingredient #5: Adaptability

Flexibility in a Changing World: In today’s rapidly evolving business landscape, adaptability is a vital communication skill. As a leader in a start-up or even a small-medium business, you must be prepared to navigate uncertainty, pivot strategies, and communicate change effectively. Be transparent about the reasons behind changes, address concerns, and provide support to your team as they navigate new challenges. Your ability to adapt and communicate change will inspire confidence and resilience among your team members.

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Embrace flexibility, keep your team informed, address concerns, and provide support as you collectively navigate new challenges. Your ability to adapt and communicate effectively during times of change will inspire resilience and foster a culture of growth.

Now visualize you’re the founder of a tech startup, and need to communicate a significant shift in the company’s product roadmap. Instead of avoiding the conversation or delivering the news abruptly, you take the time to prepare a clear and compelling message. You address the reasons behind the change, highlight the benefits, and provide a roadmap for how the team will adapt and succeed. This proactive communication approach eases anxiety and creates a sense of purpose among your team members.

During the COVID-19 pandemic, Anand Mahindra, Chairman of Mahindra Group, demonstrated remarkable adaptability and effective communication. He swiftly responded to the crisis, prioritized employee well-being, and communicated transparently about the measures taken by the company. Mahindra’s clear and empathetic communication instilled confidence and ensured that employees felt supported during challenging times.

Jeff Bezos, founder of Amazon, is known for his relentless focus on customer needs and his willingness to adapt. He understands the importance of staying nimble and making strategic shifts to meet changing market demands. Bezos’s ability to communicate these changes effectively has played a pivotal role in Amazon’s success and its evolution into a global powerhouse.

When faced with the COVID-19 pandemic, Satya Nadella once again demonstrated his adaptability and effective communication skills. He swiftly transitioned Microsoft’s workforce to remote work, prioritized employee well-being, and kept the lines of communication open to ensure a smooth transition.

In the Indian landscape, effective communication takes on an added dimension due to the rich diversity of cultures, languages, and backgrounds. Leaders must navigate this cultural tapestry with sensitivity, embracing inclusivity and ensuring that communication is accessible to all. By recognizing and celebrating the unique perspectives of your team members, you create an environment where diverse voices are heard, fostering innovation and growth. By embracing inclusive communication practices, acknowledging cultural nuances, and ensuring accessibility for all, you foster an environment where diverse voices are heard, ideas flourish, and innovation thrives. Additionally, effective communication helps navigate the unique challenges and dynamics of the Indian market, such as diverse languages, hierarchical structures, and varying levels of digital literacy.

What Seasoned Leaders Can Do: Seasoned leaders have a unique opportunity to mentor and guide the next generation of managers. By sharing their experiences, insights, and communication wisdom, they can shape the leaders of tomorrow. Encourage seasoned leaders to conduct workshops, share best practices, and provide mentorship opportunities to help emerging leaders refine their communication skills. Additionally, veteran leaders have a wealth of experience and wisdom to offer. They can lead by example and create a positive impact on the communication landscape within their organizations. Few giveaways:

  • Mentorship: Share your knowledge and experiences with emerging leaders, guiding them in their communication journey.
  • Training and Development: Invest in communication training programs to enhance the skills of your team members and empower them to become effective communicators.
  • Open Dialogue: Encourage open and honest conversations within your organization, where ideas can be freely shared and concerns can be addressed.

What You Can Do: As a manager or leader, the responsibility lies with you to cultivate impactful communication within your organization. Here are some actionable steps you can take:

  • Invest in personal development: Attend workshops, read books, and seek out resources to enhance your communication skills.
  • Seek feedback: Actively solicit feedback from your team members and peers to identify areas for improvement and growth.
  • Practice active listening: Make a conscious effort to listen actively and empathetically to your team members, creating an environment where their voices are valued.
  • Foster a culture of open communication: Encourage your team members to share ideas, concerns, and feedback without fear of judgment.
  • Lead by example: Demonstrate the power of impactful communication in your own interactions, setting a positive precedent for others to follow.
  • Reflect and learn: Take time to reflect on your current communication practices and identify areas for improvement. Seek opportunities for continuous learning and development.

Impactful communication is a superpower that can elevate you from being a mere manager to a revered leader. By embracing authenticity, active listening, clarity, emotional intelligence, and adaptability, you unlock the secret ingredients that will help you connect deeply with your team, navigate challenges, and inspire greatness. As you embark on your leadership journey, remember these ingredients of impactful communication and let your words become the catalyst for growth, empowerment, and lasting impact.

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Effective communication is not a one-time act but a continuous journey of growth and refinement. So, take these insights, apply them in your leadership journey, and witness the transformative impact it creates. Together, let’s communicate, collaborate, and conquer the world!

As Helen Keller wisely said, “Alone, we can do so little; together, we can do so much.” Let impactful communication be the catalyst that unites your team and propels your organization towards shared success.

In the professional realm, effective communication is not just a desirable skill; it is an absolute necessity. Whether you are an aspiring leader or a seasoned one, incorporating these into your communication toolkit will enable you to navigate the challenges of the startup world with finesse and make a lasting impact on your organization. As you continue your journey as a manager or leader in the world of startups and SMBs, remember the power of impactful communication. Harness the art of effective storytelling, listen attentively, adapt to change with agility, and lead with empathy. Let your words and actions inspire and motivate your team, and together, you can achieve greatness.

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"The most powerful person in the world is the storyteller."

~ Steve Jobs, Apple Founder

Remember, the power to communicate effectively lies within you. Harness it, refine it, and let it become the catalyst for your professional growth and the success of your venture.

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]]> https://dutchuncles.in/transform/mastering-impactful-communication-essential-skills-for-aspiring-leaders/feed/ 0 Navigating the Path to Impactful Leadership: From Manager to Leader https://dutchuncles.in/aspire/navigating-the-path-to-impactful-leadership-from-manager-to-leader/ https://dutchuncles.in/aspire/navigating-the-path-to-impactful-leadership-from-manager-to-leader/#respond Fri, 23 Jun 2023 07:26:38 +0000 https://dutchuncles.in/?p=40008&preview=true&preview_id=40008 In the ever-evolving SME/Startup landscape, the distinction between managers and leaders has become increasingly crucial. As a middle to senior manager aspiring to advance your career, understanding the nuances of effective leadership is paramount. In this article, we will explore the significance of leadership lessons, discuss the key differentiators between leadership and management, and provide […]

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In the ever-evolving SME/Startup landscape, the distinction between managers and leaders has become increasingly crucial. As a middle to senior manager aspiring to advance your career, understanding the nuances of effective leadership is paramount. In this article, we will explore the significance of leadership lessons, discuss the key differentiators between leadership and management, and provide actionable insights to help you navigate the complexities of climbing the professional ladder.

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I don't believe in taking right decisions; I take decisions and then make them right.

- Ratan Tata

The Significance of Leadership Lessons:

Leadership lessons serve as a compass, guiding professionals toward a more impactful and influential role. By acquiring leadership skills, you transcend the realm of task-oriented management and evolve into an inspiring figure who motivates, empowers, and shapes the future of the organization. These lessons provide you with the tools necessary to create a positive and productive work culture, fostering innovation, collaboration, and long-term success.

Differentiating Leadership and Management:

While management revolves around efficient planning, organizing, and controlling of resources to achieve specific goals, leadership encompasses a broader scope. It involves inspiring individuals, providing vision and direction, and nurturing a cohesive and high-performing team. The ability to strike a balance between managing daily operations and leading people toward a shared vision is the hallmark of a successful leader.

Navigating the Complexity of Climbing the Career Ladder:

  • Embrace Personal Development:

Invest in continuous learning and self-improvement. Develop your emotional intelligence, communication, and decision-making skills. Seek opportunities to enhance your knowledge base through workshops, industry conferences, and relevant certifications. Stay informed about emerging trends and adapt to changing market dynamics. 

  • Foster Collaborative Relationships:

Cultivate strong relationships with colleagues, superiors, and subordinates. Actively listen, provide support, and foster a culture of open communication. Collaborate across departments, leveraging the diverse expertise within the organization to drive innovation and solve complex problems.

  • Cultivate Strategic Thinking:

Adopt a strategic mindset by envisioning the future and identifying potential obstacles and opportunities. Think beyond immediate goals and embrace a long-term perspective. Analyze market trends, competitive landscapes, and customer needs to develop informed strategies that propel the organization forward.

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  • Lead by Example:

Demonstrate integrity, authenticity, and ethical behaviour in all aspects of your work. Establish a strong work ethic, showcase professionalism, and maintain a positive attitude. Inspire and motivate others through your actions, serving as a role model for the team.

  • Effective Communication:

Master the art of clear and concise communication. Tailor your message to different audiences, be it your team, superiors, or clients. Cultivate active listening skills to understand and address concerns effectively. Foster a culture of transparency and trust by encouraging open dialogue and providing timely feedback.

  • Embrace Change and Innovation:

In today’s fast-paced business environment, change is inevitable. Embrace it with a growth mindset. Be adaptable and encourage your team to embrace innovation. Foster a culture that encourages creativity, experimentation, and continuous improvement. Embrace technology and leverage it to streamline processes and drive efficiency.

The Mindset Shift: From Managing to Leading:

To truly embrace the path of leadership, we must first understand the fundamental differences between managing and leading. Managing is about overseeing tasks and ensuring efficiency, while leading is about inspiring, empowering, and driving meaningful change. It’s a mindset shift from being solely focused on operations to cultivating a vision and inspiring others to follow suit. 

The Power of a Growth Mindset:

A growth mindset is the secret sauce that propels managers to become exceptional leaders. It’s about believing in our ability to learn, grow, and adapt. As Indian business tycoon Ratan Tata once said, “I don’t believe in taking right decisions; I take decisions and then make them right.” This growth mindset encourages us to step out of our comfort zones, take calculated risks, and learn from both successes and failures. 

Leading with Emotional Intelligence:

In the Indian context, where relationships and emotions hold immense value, emotional intelligence plays a crucial role in effective leadership. Leaders who possess high emotional intelligence can navigate diverse personalities, build trust, and inspire their teams. As Mahatma Gandhi famously stated, “Be the change you want to see in the world.” Leaders must lead by example, fostering a positive and inclusive work culture.

Moving Up the Ladder: Building Your Leadership Toolkit:

To move up the ladder, middle to senior managers must consciously invest in building their leadership toolkit. This includes developing excellent communication skills, honing decision-making abilities, fostering collaboration, and nurturing a culture of continuous learning and growth. Remember, leadership is a lifelong journey, and the more tools you acquire, the more effective you’ll become.

The journey from manager to leader is not an overnight transformation. It requires a mindset shift, embracing a growth mindset, developing emotional intelligence, and continuously refining your leadership skills. By understanding the differences between managing and leading, learning from real-life incidents, and investing in your leadership toolkit, you’re on the path to unlocking your true potential and making a lasting impact.

 As a middle to senior manager, your journey toward leadership requires constant growth, adaptation, and a strategic approach. By embracing leadership lessons, understanding the distinctions between leadership and management, and honing your skills, you can position yourself for success in climbing the career ladder. Remember, effective leadership is a dynamic and ongoing process that empowers individuals, drives organizational growth, and shapes the future of businesses. 

With insights gained from Factoryal’s recent webinar, “Manager to Leader: Mindset Vs Skillset,” there is a profound significance of leadership lessons, the transformative power of mindset, and the essential keys to unlocking your true potential as an impactful leader.

Keys to Impactful Leadership Communication:

A central pillar of effective leadership lies in mastering the art of communication. In our webinar, we explored how impactful leadership communication goes beyond merely conveying information—it engages, inspires, and motivates. By honing your communication skills, including active listening, crafting persuasive messages, and fostering open dialogue, you can build trust, inspire collaboration, and create a culture of authentic and transparent communication within your organization.

As you embark on your leadership journey, stay committed to cultivating the qualities of a visionary leader. Your ability to inspire, empower, and guide your team will not only shape your organization’s success but also leave a lasting legacy in the world of business.

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]]> https://dutchuncles.in/aspire/navigating-the-path-to-impactful-leadership-from-manager-to-leader/feed/ 0 B2B Aggregators Disrupting the FMCG Distribution https://dutchuncles.in/transform/b2b-aggregators-disrupting-the-fmcg-distribution/ https://dutchuncles.in/transform/b2b-aggregators-disrupting-the-fmcg-distribution/#respond Thu, 21 Apr 2022 09:42:15 +0000 https://dutchuncles.in/?p=39978&preview=true&preview_id=39978 The independent grocery store colloquially known as the Kirana store is a vital channel for FMCG companies also forming the bedrock for the economy, and supporting the livelihood of millions of households. Our lives now intertwined with technology have simplified tasks that earlier were cumbersome. Right from ordering food, clothes, and medicines within a click […]

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The independent grocery store colloquially known as the Kirana store is a vital channel for FMCG companies also forming the bedrock for the economy, and supporting the livelihood of millions of households. Our lives now intertwined with technology have simplified tasks that earlier were cumbersome. Right from ordering food, clothes, and medicines within a click to fintech apps disbursing loans with the least paperwork, it is evident that technology has made our lives comfortable. But, sadly the influence of technology on the B2B FMCG distribution is less. According to a report by Nielsen, over the past decade, India’s 6.6 million network of small grocery stores is growing at a slower pace than the overall consumer market.

A supply chain full of bottlenecks, inefficiency, and inconsistency

The slower pace of the small grocery stores can be blamed for its fragmented market system. About 90 percent of India’s FMCG operates in unorganised channels, which comprises a million individual distributors, and wholesalers who reach over 15 million mom and pop Kirana stores serving millions of Indian consumers. With the rapid growth of e-commerce and modern retail formats, it is likely, that the fragmented or unorganised channels made of small grocery stores and independent distributors, and wholesalers will lose ground. There are several inefficiencies and bottlenecks in the supply chain process originating from small and multiple intermediaries that service the same routes and same retailers, frequently with partially loaded trucks. The distribution system is riddled with manual processes which are slow, inefficient, and inconsistent. 

Besides this, there lies a challenge for credit. Small stores are cash strapped leaving them dependent on purchasing goods on credit and eventually keeping a limited range of products as compared to modern retail stores resulting in a shift of shoppers. The increasing channel conflict on pricing general trade, e-commerce, and modern trade lowers the price of products in turn benefiting the end consumer but the pressure on margins on small retailers continues to build up. 

In addition to this, the distribution is mired in an inflexible supply chain where the sales plans to delivery routes alter dynamically once or twice a year. This provides no room for growth for agile reallocation of resources and with the growth of modern retail stores, the small grocery stores become burdened with higher costs to serve. 

Witnessing the challenges in the supply chain the FMCG companies will attract a digital disruption that will help these companies to track, analyse and improve sales and distribution at these small outlets. They need data for outlet-level information and real-time insights on market trends that can help build their strategy. 

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According to a report by Nielsen, over the past decade, India’s 6.6 million network of small grocery stores is growing at a slower pace than the overall consumer market.

B2B aggregators are bringing in disruption

A majority of the B2B aggregators witnessed that the FMCG distribution space is highly unorganised and a wide gap exists between the company and the channel partners. Aggregator platforms like Udaan, Xpand, and Creando are disrupting the FMCG distribution and changing how Kiranas operated in the past. These new-age ventures are a one-stop solution for providing an entire basket of products within a click and are empowering them through sales training and technology.  

Below are how they are disrupting the conventional FMCG distribution: 

  • Direct connectivity: These platforms help connect brands with retailers, and empower them through technology. It provides consulting to kiranas, smaller brands, and FMCG brands in the area of business strategies, sales, and marketing.

  • Better inventory control: The platforms act as replenishment apps based on sales trends that auto-generate the order for a retailer, and reduce salesmen’s interaction with a retailer. It also provides information on inventory, products, and input on sales and management.

  • Providing credit: Aware of the fact that small retailers are cash strapped, the platforms can provide credit for buyers and sellers and also offer the facility for doing hassle-free transactions online. They have partnerships with other financial institutions to extend credit facilities on its platform.

  • Predicting perishables: Perishable items like vegetables or fruits, have a short shelf life but using predictive analytics these platforms can accurately predict the demand for various categories of food and non-food items and source the right supplier.

  • Fair price: The emergence of e-commerce and most FMCG brands going D2C are attracting consumers with deep-cut discounts and slashed prices, thereby creating channel conflict. The buyers in an offline wholesale market are unsure if the products are sold at the right price. B2B aggregators ensure fair prices, reliability, predictability, and quality. The price is fair for everybody since the retailers are not under the clutches of middlemen making the entire transaction reliable.

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]]> https://dutchuncles.in/transform/b2b-aggregators-disrupting-the-fmcg-distribution/feed/ 0 How Mattress Brands should Market Themselves? https://dutchuncles.in/build/how-mattress-brands-should-market-themselves/ https://dutchuncles.in/build/how-mattress-brands-should-market-themselves/#respond Fri, 01 Apr 2022 12:32:02 +0000 https://dutchuncles.in/?p=39956&preview=true&preview_id=39956 Rewinding the time machine to the early and mid-2000s Kurl-On, India’s then sole player in the mattress industry made a commercial that threw a question about having a good night’s sleep to its audience. The commercial portrayed individuals belonging to all age groups yawning at the odd hours of the day. Cut, to 2022 today’s […]

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Rewinding the time machine to the early and mid-2000s Kurl-On, India’s then sole player in the mattress industry made a commercial that threw a question about having a good night’s sleep to its audience. The commercial portrayed individuals belonging to all age groups yawning at the odd hours of the day.

Cut, to 2022 today’s mattress is more than about a good night’s sleep and yawning during the daytime. The mattress industry largely dominated by the unorganised players, which use cotton material as a filler is witnessing the entry of organised players and is poised to grow at a CAGR of 10 percent to become a market worth $2.5 billion as per a Redseer report. As disposable incomes rise, and people become more considerate about health they are focussing more on the comfort and functionality of the product.

Pandemic has led to sleeping disorders

With the corporate rat race becoming fierce, the sleep cycle of Indians already went disturbed which further aggravated the outbreak of the virus. The anxieties surrounding health, finances, a slump in business, and reduced incomes topped with abrupt lifestyle changes like going to bed late brought irregularities in people’s sleeping patterns. Many complained of having insomnia, sleeping hours getting reduced, and difficulty in falling asleep. The mattress brands in line with the changing times should include innovative marketing strategies to gain traction. Mattresses are no longer considered consumer durables but they indicate the quality of life. Here is how they can do it.

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The mattress industry largely dominated by the unorganised players, which use cotton material as a filler is witnessing the entry of organised players and is poised to grow at a CAGR of 10 percent to become a market worth $2.5 billion as per a Redseer report.

Marketing strategies for mattress brands

  • An easy buying experience: Purchasing a mattress online will not be welcomed by Indian consumers, since buying one requires a measurement of the bed that is to be matched with the mattress size. But, mattress company Casper solved this hassle by easing the process of buying a mattress online without worrying about the quality and measurements. It developed several unboxing videos and made easy guides, manuals, and graphics that helped buyers easily place orders on the website. An easy buying experience becomes the topic of positive word of mouth for the customers. It also offered a 100-night free return policy — no questions asked.

  • Sell comfort and sound sleep: Few people are aware or unconcerned that insufficient sleep deteriorates health. Most people are unaware of the number of hours required for a sound sleep. Therefore, the marketing campaign should contain educative content that strikes the correct pain points of their consumers by educating people about a night of sound sleep. It should look like your business has the solution to the problem of sleep. 

  • Expanding the product line: For a mattress brand, the lifetime customer value is low since the mattress is a product that people will buy once in several years. There are no repeat and multiple orders from the same customer. To increase the order value, the company must develop products other than mattresses that will help sleep better. Products such as flight cushion pillows, aroma candles for sleep, sleep oils, and sleep yoga should be added to the product range directing people to people to sleep better. 

  • Social media: Mattress brands can effectively leverage the social media user base to promote their offerings by engaging the audience in a two- way communication through quizzes, contests, and memes. Advertising on social media platforms will widen its reach as the outbreak of the pandemic has increased the screen time of Indians on social media. 

B2B Market- a territory untapped for mattress brands

Apart from going B2C, the new age mattress brands should consider targeting the B2B customers as the demand for construction in both residential and institutions is on a steep growth curve in India. It should target more hotels, strike deals with builders, educational institute hostels, dormitories, etc.

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]]> https://dutchuncles.in/build/how-mattress-brands-should-market-themselves/feed/ 0 UPI 123 Pay : Democratising Retail Payments for Small Merchants https://dutchuncles.in/build/upi-123-pay-democratising-retail-payments-for-small-merchantsayments-for-small-merchants/ https://dutchuncles.in/build/upi-123-pay-democratising-retail-payments-for-small-merchantsayments-for-small-merchants/#respond Thu, 31 Mar 2022 12:39:28 +0000 https://dutchuncles.in/?p=39942&preview=true&preview_id=39942 For financial inclusion of the feature phone users in India, RBI has recently launched UPI for the non-smartphone users in India to further deepen and democratise the digital payment network, especially in rural areas. Although India is on the cusp of the smartphone revolution but has a sizeable number of people who use feature phones. […]

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For financial inclusion of the feature phone users in India, RBI has recently launched UPI for the non-smartphone users in India to further deepen and democratise the digital payment network, especially in rural areas. Although India is on the cusp of the smartphone revolution but has a sizeable number of people who use feature phones. According to Statista’s reports, out of a total of 118 crore mobile users in India, around 44 crore people yet use feature phones and 74 crores have a smartphone with them in the country. The UPI 123 Pay will enable users of the lower economic strata of our society to effectively use digital payment who cannot afford smartphones to access UPI.

People from rural India are aware of UPI payments but want to stick to feature phones, also if they own a smartphone as a second device they do not want to keep it solely for making digital payments. 

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According to Statista’s reports, out of a total of 118 crore mobile users in India, around 44 crore people yet use feature phones and 74 crores have a smartphone with them in the country.

How does UPI 123 Pay work? 

UPI 123 Pay differs from standard UPI which allows users to integrate their feature phones with bank accounts to pay digitally without internet connectivity. This payment system does not require any QR scan code to pay. 

Digital payments through UPI 123 Pay is a three-step process of the call, choose and pay. Through its voice-based system or IVR, users need to call 080 4516 3666 a number provided by NPCI, select their preferred language, tap the ‘1’ key on the phone to transfer money, confirm the bank name through voice-based command, again tap the ‘1’ key to transfer the amount, enter recipient’s mobile number and the amount followed by the UPI PIN to authorise the transfer. The UPI PIN can be set up on the call through debit card details before transferring the amount. 

There are three more ways to transfer payment: 

  • The second mode of payment is through an app-based channel where app functionality is offered in a feature phone.

  • The third mode of payment is through sound proximity where the technology is based on sound waves to enable contact and networking to make contactless payments.

  • The fourth mode of payment can happen through a missed call where users can send a missed call and will get back a call to authenticate by inputting a UPI pin and carrying out the payments.

The central bank has also launched a 24*7 helpline for digital payments – DigiSaathi

How will UPI 123 Pay benefit small businesses? 

For small merchants in India, the launch of UPI 123 Pay is poised to become a gamechanger, since the payment settlement time through cheques takes up to 48 hours, and if there are bank holidays, festival holidays, or weekends the settlement period might extend up to 6 days. Hence, managing cash becomes cumbersome. 

Also, this feature in non-smartphones will allow the SME business to flourish, explore more new markets, channels that took a backseat for not using digital payments. The UPI 123 Pay makes the facilities under UPI now accessible to the lower rungs of the society which were so far excluded from the digital payment landscape.

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]]> https://dutchuncles.in/build/upi-123-pay-democratising-retail-payments-for-small-merchantsayments-for-small-merchants/feed/ 0 Zomato’s 10 Min Delivery Model : Is it Far-Stretched? https://dutchuncles.in/scale/zomatos-10-min-delivery-model-is-it-far-stretched/ https://dutchuncles.in/scale/zomatos-10-min-delivery-model-is-it-far-stretched/#respond Wed, 30 Mar 2022 08:35:12 +0000 https://dutchuncles.in/?p=39924&preview=true&preview_id=39924 As Zomato’s Deepinder Goyal announced his ambitious aim of achieving ultra-fast delivery within 10 min delivery on Twitter, it drew immense flak from netizens. Most stand-up comedians took to their social media handles to make hilarious and sarcastic digs by showing ordering a dish on Zomato’s app but the delivery guy knocks on the door […]

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As Zomato’s Deepinder Goyal announced his ambitious aim of achieving ultra-fast delivery within 10 min delivery on Twitter, it drew immense flak from netizens. Most stand-up comedians took to their social media handles to make hilarious and sarcastic digs by showing ordering a dish on Zomato’s app but the delivery guy knocks on the door within 10 min to only deliver the ingredients such as vegetables, oil, and spices of that particular dish.

Besides, social media, Zomato’s 10 min food delivery feature has invited criticism from delivery personnel, the restaurant community, and the industry leaders in the ultra-fast delivery space. Delivery partners find that delivering in 10 min is impossible since even delivery within a 1 km radius takes 15-min, in addition to this the skyrocketing of fuel prices and food consumes a significant Rs 300-350 of their meagre daily earnings and will leave them with a net income of Rs 550-600.

Hotel owners who serve momos and biriyani found the 10-min delivery to be far-stretched since proper packaging and preparation of dishes alone takes a good 4-5 minutes leaving only 5 min for the delivery guy to deliver, which also raises safety, rash driving concerns, and undue stress to achieve the same. 

Pros and Cons of Zomato’s 10 min ultra fast delivery

Pros 

Quick deliveries do not mean equal rash or fast driving 

To many, the 10 min delivery promise seems to be a marketing gimmick. When we hear about faster deliveries we perceive an Indian road to be full of traffic jams. But, Zomato is exploring several models where it will utilise warehouses of its B2B supplies or rent out new facilities. It is exploring possibilities where restaurants can supply and select menu items directly by partnering with multiple restaurant partners and cloud kitchen companies located near the locality. This reduces the time to deliver. 

Data will help in faster deliveries 

Data will help Zomato realise its dream of faster deliveries. The data set from the restaurants and locality will help Zomato accurately predict the kind of food dishes that might get sold where and when in the future. The acquisition of Blinkit (formerly Grofers) will help the food aggregator effectively capitalise on the customer data generated from buying groceries through the app. Moreover, the ambitious plan can be brought to fruition if Zomato has the required technical expertise and back-end tools for effectively capitalising on the pool of logistics which already exists and delivering food within 10 minutes.

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According to NewVoiceMedia’s report, poor customer service in a business costs losses worth $75 billion annually.

 Cons 

Deterioration in food quality

The concept of faster deliveries is a foreign one that more appropriately suits the American audience. The American culinary consists of salads that require minimum usage of heating and cooking. 

 In addition to this, there is a high probability that in a hurry to reduce the food preparation time the food might not be freshly prepared but stored in a half-cooked state until the order comes in. Pre-cooked or pre-stored food is repeatedly heated loses its nutritive value and aroma thereby compromising the food quality. 

Putting Zomato in a bad light

The visible cons of this quick delivery are the concern for road safety and human life. Post pandemic people appreciate businesses that are socially and environmentally conscious than ventures reckless and indifferent about their employees. Consumers want to remain loyal to companies that are honestly doing the legwork of giving back to society and putting people first. Moments after Zomato gave this announcement, Twitter caught fire with Zomato’s criticism that positioned it as being insensitive, and devoid of compassion. 

In the quick delivery space, Zomato is not the only company wanting to enter. Dunzo, Swiggy Instamart, and Zepto do deliver within 10 -20 minutes for most items. However, for Zomato what is to be observed is the ticket size per delivery since a small ticket size would make the model difficult to sustain. Although companies claim that they do not incentivise faster deliveries but the fact remains unchanged since most delivery people would like to rush to achieve maximum deliveries a day. Such platforms should increase the minimum income of delivery personnel. Also, the model seems to be burning investor’s money unless a premium is charged. With the emerging fast-paced lifestyle, the 10 min model will stay, but the question raises about the model’s profitability and its ability to sustain itself. 

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]]> https://dutchuncles.in/scale/zomatos-10-min-delivery-model-is-it-far-stretched/feed/ 0 Delhivery: Balance of Technology and Human Touch Both are Essential in Logistics https://dutchuncles.in/build/delhivery-balance-of-technology-and-human-touch-both-are-essential-in-logistics/ https://dutchuncles.in/build/delhivery-balance-of-technology-and-human-touch-both-are-essential-in-logistics/#respond Mon, 28 Mar 2022 12:39:12 +0000 https://dutchuncles.in/?p=39911&preview=true&preview_id=39911 Musician Dave Caroll along with his band Sons of Maxwell came up with a trio of hilarious protest songs under the name United Breaks Guitars after he received a broken guitar after flying with United Airlines in 2008. His guitar while in United Airlines’ custody was roughly handled by the baggage handlers who threw his […]

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Musician Dave Caroll along with his band Sons of Maxwell came up with a trio of hilarious protest songs under the name United Breaks Guitars after he received a broken guitar after flying with United Airlines in 2008. His guitar while in United Airlines’ custody was roughly handled by the baggage handlers who threw his guitar on the ramp at Chicago O’Hare International Aiport during a layover on his flight. He arrived at the destination only to find that his $3500 Taylor guitar was brutally damaged. He had applied for compensation from the aviation company but was ineligible since he failed to claim within the 24-hour timeframe. He also underwent fruitless negotiation for about nine months. In his song, he sang how the employees of United Airlines turned a deaf ear to the manhandling. The song became an immediate hit on YouTube and iTunes upon its release in July 2009 and a public-relations embarrassment for the airline. And soon a sarcastic dig on United Airlines became synonymous with an aviation company that breaks guitars.

When people pay for expensive flight tickets they expect their belongings to be handled with care and in return, if they do not deliver as expected tends to erode their reputation. Similarly, in any logistics business, the smooth handling of shipments and parcels is integral to its success. But, for Delhivery- an Indian delivery and e-commerce logistics company rough handling of the goods seems to have resulted in harsh customer reviews. According to  Trustpilot- an online customer review platform, it found 93 percent of the customer reviews are negative about the rough handling of goods. On other customer review platforms Mouthshut.com and TrackingMore, customers have expressed their harsh reviews about receiving no response and updates from the company regarding the shipment and delayed deliveries. Some people have complained about its WhatsApp chatbot that does not solve issues with its automated replies. According to NewVoiceMedia’s report, poor customer service in a business costs losses worth $75 billion annually. In addition to this, a survey from Voxware finds that 69 percent of consumers are unlikely to shop from e-commerce retailers again if an item they purchased is not delivered within two days of the date promised. This speaks of huge losses and high consumer acquisition costs for e-commerce and D2C retailers which will be about 5 to 25 times more than retaining an existing customer.

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According to NewVoiceMedia’s report, poor customer service in a business costs losses worth $75 billion annually.

How can Delhivery improve its operations? 

  • Implement Cargo Trackers and monitoring: Logistics business is an execution game. If a significant percentage of the cargo or shipment gets damaged due to rough handling one cannot know since, the managers and business owners are not on the field to monitor and review the handling and have no information in case someone has mishandled it, which is a challenge. Therefore, the challenge can be overcome by employing an advanced, real-time cargo tracking and monitoring service. 

  • Minimise Delays: Delivery delays in the logistics business are an existing problem that further worsened with restrictions in the pandemic. To minimise late deliveries the business must have diversified supply bases and alternate shipping routes as contingency plans for when troubles arise. To minimise delivery delays, businesses should look forward to adopting micro-fulfillment centres, and cross-docking. Let us peek a little deeper into what do the above ones mean- 

a. Microfulfillment centres: Micro-fulfillment refers to small-scale distribution centers positioned closer to the end-consumer.

b. Cross-docking: in a cross-docking facility, the main function of the distribution center is as a place where goods quickly move through to the next stage of the shipping process. Storage space is minimal, and everything must be carefully organised according to inbound and outbound shipments.  

  • Prevent tampering of goods: while goods are in transit they change several hands and pass through several different partners, employees, therefore one cannot figure out if the package has been tampered with. Tracking tampered packages or parcels becomes a challenge, where blockchain integration comes to the rescue. Blockchain integration is backed with real-time sensor data that ensures the integrity of the supply chain and prevents any unauthorized manipulation of cargo.

  • Chatbots are not enough: Several consumers have complained about Delhivery’s WhatsApp chatbot giving out replies for solutions for predictable problems. In chatbots the solutions offered to the problems are mechanised, and when there is an occurrence of complex or technical questions, consumers would like to speak with a live agent. As per NewVoiceMedia’s survey, 86 percent of customers feel that an emotional connection with a customer service agent is likely that customers will continue to do business. 

  • Seamless warehouse management: Seamless warehouse management is the need of the hour for every logistic business. There have been common instances where customers are found complaining that the goods have reached a wrong destination, no updates, incomplete orders, etc., these are errors which if not regulated can be costly. These can be avoided with the help of effective and updated warehouse management systems. Implementing new warehouse technologies such as mobile apps for picking, automated picking and packing systems, voice picking, develops a system of checks throughout the process that can reduce errors and streamline processes. Assuring that warehouse staff is well-trained and that policies clearly state where and how the product is to be handled reduces the risk of error.  

Therefore, the key takeaways are that the logistics business should not lose sight of human connection. There should be a balance of both technology and human interaction. Nonetheless, technology will certainly aid the business to simplify, speed up and enhance customer services but people will never forget how in their time of need you made them feel. The art of regularly communicating and sending updates to the consumers will further increase their loyalty to the business.

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]]> https://dutchuncles.in/build/delhivery-balance-of-technology-and-human-touch-both-are-essential-in-logistics/feed/ 0 Razorpay’s Fifth Acquisition with IZealiant – A Gamechanger for the Banking Industry https://dutchuncles.in/scale/razorpays-fifth-acquisition-with-izealiant-a-gamechanger-for-the-banking-industry/ https://dutchuncles.in/scale/razorpays-fifth-acquisition-with-izealiant-a-gamechanger-for-the-banking-industry/#respond Fri, 25 Mar 2022 12:37:16 +0000 https://dutchuncles.in/?p=39897&preview=true&preview_id=39897 Digital payment in India has witnessed a steep growth curve in the past few years where 48 billion digital transactions alone were recorded in the calendar year (CY) 2020 despite the COVID-19 pandemic and its effect on the economy, according to PwC. Indian banks and financial institutions are leaving no stone unturned to adopt advanced, […]

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Digital payment in India has witnessed a steep growth curve in the past few years where 48 billion digital transactions alone were recorded in the calendar year (CY) 2020 despite the COVID-19 pandemic and its effect on the economy, according to PwC. Indian banks and financial institutions are leaving no stone unturned to adopt advanced, flexible, and secure solutions to fulfill the expectations of an evolving customer. Realising a demand for this, recently fintech major Razorpay announced its acquisition for an undisclosed amount to I -Zealiant Technologies, a leading fintech startup that provides mobile-first, API-enabled, and cloud-ready payment processing products for banks and financial institutions.

Failed digital payments with Indian banks 

The steep rise of digital payments in India can be owed to the increasing number of mobile device users. According to PwC, digital transactions in 2019-2020 amounted to Rs 3434 Crores and grew at an annual growth rate of 44.1 percent. The months of November and December 2020, alone witnessed more than 2.2 billion UPI transactions. However, with daily high volume digital transactions taking place, there are several incidents of failed digital payment due to technical issues arising from infrastructure, network outages, and server downtimes that affect customer confidence and satisfaction. In 2020, five of the top ten banks had a technical decline rate of 1.8 percent 2020. An RBI report necessitated the improvement of system design, monitoring, and architectural changes to address the issues of technical decline. 

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According to PwC, digital transactions in 2019-2020 amounted to Rs 3434 Crores and grew at an annual growth rate of 44.1 percent.

How will Razorpay’s acquisition help? 

This acquisition of Razorpay will help pursue state-of-the-art payment banking technologies that can not only meet evolving business needs but also tackle some of the financial industry’s most complex challenges. Izealiant will deploy its ‘ZealPro’ product suite in Indian banks through Razorpay. In addition to this, The ZealPro product suite has been deployed in over 50 banks across 18 countries, processing millions of transactions. It consists of five digital products such as : 

  • Zeal TX3: Transaction acquiring, Authorization, and Switching to interchanges and core banking. 

  • ZealCim: Consumer onboarding, Debit, and Prepaid card production and managing programs for consumer spending patterns and manage card insurance.

  • ZealWay: Offers payment aggregation with payment Gateway, QR Payments, MPOS, Mobile Payments, and Merchant Integration. 

  • ZealMux: Defines, configures, onboard retail and online merchants to accept transactions and settle merchant payments seamlessly. 

  • ZealMac2: Offers Multi-factor authentication with 3DS ACS, 3DS Server, and 3DS SDK that is certified for Verified by Visa, Master-card Secure code, and American express Safe key programs. & Mobile Token. It supports the authentication methods like OTP, Password, PIN, 3D secure, challenge-response, and a Mobile token that can be configured as per the customer’s requirements.

Razorpay’s acquisition will be a game-changer for the banking sector and its 8 million customer base that includes names such as Facebook, Ola, Zomato, Swiggy, and Cred. Combining payment abilities with IZealiant’s high-performing digital payment solutions, Razorpay can expand its business by developing advanced, flexible, and secure solutions payments experience for its banking customers. Before this acquisition, Razorpay had acquired Malaysia-based fintech firm Curlec, TERA Finlabs, (AI-based risk tech SaaS platform) in 2021, Opfin (payroll and HR management solution) in 2019, and Thirdwatch (fraud analytics AI-platform) in 2018.

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]]> https://dutchuncles.in/scale/razorpays-fifth-acquisition-with-izealiant-a-gamechanger-for-the-banking-industry/feed/ 0 India’s Tech Industry Keen to Set Foot in the Global Markets https://dutchuncles.in/expand/indias-tech-industry-keen-to-set-foot-in-the-global-markets/ https://dutchuncles.in/expand/indias-tech-industry-keen-to-set-foot-in-the-global-markets/#respond Thu, 24 Mar 2022 12:39:12 +0000 https://dutchuncles.in/?p=39888&preview=true&preview_id=39888 2022 has been a watershed year for India’s tech industry that according to Nasscom’s recent strategic review report has registered a revenue growth of 18.7 percent to $13 billion. Tech industry’s revenue growth in 2022 has been by far the highest y-o-y in a decade at 30 percent. In addition to this, the domestic consumption […]

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2022 has been a watershed year for India’s tech industry that according to Nasscom’s recent strategic review report has registered a revenue growth of 18.7 percent to $13 billion. Tech industry’s revenue growth in 2022 has been by far the highest y-o-y in a decade at 30 percent. In addition to this, the domestic consumption of the tech industry alone clocked a growth multiple of 1.2x over pre-pandemic levels to reach about $50 billion and not to forget the exports that contributed 17.2 percent growth year-on-year with a revenue of $178 billion. The digital transformation in Indian businesses was supposed to happen within 9-10 years but has been catapulted by the pandemic that forced the majority of Indian enterprises to pivot their business models to online mode, adapt products and services to emerging markets and customer needs and collaborate efficiently in remote work culture. 

Factors behind the growth of India’s tech industry

  • Increase in the adoption of cloud: Platformisation and XaaS in 2022 have been instrumental in accelerating tech adoption As per a report by research and consulting company Gartner, Indian companies will spend an estimated $105.2 billion on IT in 2022 which is 5.5 percent more than the amount spent in 2021. A majority of large organisations and Indian CIOs will depend on external consultants to develop their cloud strategy. Therefore, one can expect increased spending on IT services by 9 percent from 2021. As Gartner’s report cloud-based software consumption alone will be one of the biggest contributors towards the 15% growth in the software segment in India, while the demand for data centre technologies will reach up to 4% in 2022. Several tech startups will enter into a scale-up mode where mainly the e-commerce space will invest more in tech to achieve operational excellence. E-commerce recorded a growth of 39 percent to reach $79 billion in 2021-22.

  • Upping the hiring game: India’s tech industry witnessed the biggest hiring of 4.5 lakh in 2022 out of which women were along 2 lakh thereby taking the total workforce upto 51 lakh. The industry’s people-first employee-centric” approach saw tech firms quickly adapt to hybrid work models to scale up the industry’s digital capacity/capability building program. The share of digital to total revenue currently stands at 30-32% with 1 in 3 employees being digitally skilled stamping India’s position as the Global Digital Talent Nation. 

  • Investment in deep tech startups has grown: The deep tech startups have attracted the investor’s attention. According to Venture Intelligence, the investment in deep tech startups has grown from $5 million in 2020 to around $11 million in 2021. The range of India’s deep tech startups is wide that is focused to solve challenges that the world is currently dealing with in space, biotech, EV s, and quantum tech. Data has become the pulse of any business and is valued more in B2C startups. 

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Tech industry’s revenue growth in 2022 has been by far the highest y-o-y in a decade at 30 percent.

India’s tech industry to gain a foothold in global markets 

The pandemic has birthed six major global megatrends that will remain relevant for the coming 5-8 years and beyond. The trends include: 

  • Global Talent Pool Transformation
  • Global Supply Chain Replanning
  • Global Big Tech Regulation
  • ESG-Led Business Models
  • Formalization of Circular Economy
  • Technology for Good @Pace and Scale
  • North America, Europe, and Asia are potential markets for India’s tech startups as these markets are large. But, the challenge lies in market access. Nasscom along with the government will help Indian tech companies to find customers globally, for which they are setting a target of enabling 1000 deep-tech startups out of India by 2025. There will be more than 80 mentors from the world, who will empower these startups through their great experience and connections in global markets. 

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]]> https://dutchuncles.in/expand/indias-tech-industry-keen-to-set-foot-in-the-global-markets/feed/ 0 Digital Transformation: What are the Challenges for MSMEs https://dutchuncles.in/transform/digital-transformation-what-are-the-challenges-for-msmes/ https://dutchuncles.in/transform/digital-transformation-what-are-the-challenges-for-msmes/#respond Wed, 23 Mar 2022 12:25:41 +0000 https://dutchuncles.in/?p=39881&preview=true&preview_id=39881 Known as the backbone of the Indian economy, SMEs contribute more than 30 percent of the GDP and 45 percent of all manufacturing. The malaise brought in by the virus left a spell of uncertainty to the MSMEs that forced them to innovate and adapt. The businesses had to keep aside the conventional mode and […]

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Known as the backbone of the Indian economy, SMEs contribute more than 30 percent of the GDP and 45 percent of all manufacturing. The malaise brought in by the virus left a spell of uncertainty to the MSMEs that forced them to innovate and adapt. The businesses had to keep aside the conventional mode and experiment with digital methods to run their businesses. The MSMEs are a thriving section where several businesses work at the grassroots or rural level where they apart from assistance in capital loans and skill development largely require technical skill development and upgradation. MSMEs are not shying away from digital transformation but now they need to take a more long-term approach to bring the transformation. A report from Mckinsey, says that the success rate of digital transformation has been less than 30 percent. Also, as per their findings, only 16 percent say that their organisation’s performance has improved from digital transformations and also equipped them to sustain changes in the long term. The MSMEs face specific social and perception challenges when it comes to the digitisation of their businesses. What are they?

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A report from Mckinsey, says that the success rate of digital transformation has been less than 30 percent.

Digital transformation: Challenges that every business owner faces

  • Peer pressure: Adapting to technology is sometimes a social challenge that leads several businesses to digitalisation without even knowing if it is needed. The competition around them is so fierce that it forces them to go for it. Before a business decides to digitally transform, they should ask questions such as what and how can your offerings be delivered digitally? Is the target audience tech-savvy enough to buy products through the digital medium? For instance, say a small handmade pickle business uses organically grown spices, condiments, and ingredients to make a bottle of pickle, with its target audience mainly the Indian housewives. Do you think that the business should invest heavily in an omnichannel customer experience platform to understand how a single range of products such as pickle will engage conversations among people?

  • Invest in big: What makes the MSMEs shy about investing in technologies that bring in digital transformation is that one should invest big. This makes the MSME owners afraid because of the magnitude of work and investment. Few businesses invest too much but fail to reap any benefits. Digitally transforming the business is a trial and error process where one needs to try out several small things before adopting a specific strategy. Experimentation with several digital ideas, collection of data, and then charting out the best plans to keep and invest.

  • How to begin: Most MSMEs are not aware of where to begin the transformation. Though the business owners are convinced about adopting, there is no such framework to guide them about where to begin the digital transformation and how to start. A digital strategy involves three stages, where the first stage is to digitalise the sales team, the second stage is about increasing efficiency and reducing wastage and the third stage is about using digital tools to create new business models or new products/services. e.g., a subscription service or an e-commerce platform. Therefore the SMEs must assess the stage in which their business is at and find out the appropriate digital transformation needed.

Digital transformation in MSMEs is filled with hurdles such as lack of skills, tech apprehension, and lack of knowledge of business-specific solutions. This creates the demand for technologies that are simple to understand, manage and scale. To aid in harnessing the potential of digital transformation in MSMEs, several startup and technology companies are mushrooming focused on providing new-age technology solutions such as providing, data insights, artificial intelligence (AI), augmented reality (AR), Machine learning (ML), and Internet of Things (IoT).

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