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Mastering Impactful Communication: Essential Skills for Aspiring Leaders

Amit Gupta — Wed, 28 Jun 2023 09:18:44 +0000

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.

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.

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.

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.

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.

The post Mastering Impactful Communication: Essential Skills for Aspiring Leaders appeared first on Dutch Uncles.

B2B Aggregators Disrupting the FMCG Distribution

Shalmoli Sarkar — Thu, 21 Apr 2022 09:42:15 +0000

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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Digital Transformation: What are the Challenges for MSMEs

Shalmoli Sarkar — Wed, 23 Mar 2022 12:25:41 +0000

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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PropTech, Attracting Homebuyers in the Pandemic

Shalmoli Sarkar — Thu, 17 Mar 2022 12:32:16 +0000

In general, what do we do to buy a house? We reach the site’s location and visit the sample flat, we checkout the sq. ft area, imagine the interiors to be, and then reach at a buying decision. What if we say, that information technology can now be used to facilitate the research, purchase, sale, and management of real estate transactions. Technology in real estate is something unheard of generally.

Property technology shortened to PropTech is playing a significant role in attracting millennial homebuyers to buy homes in the post-covid era. During the pandemic, the social distancing norms imposed, the businesses, education, hobby classes, and shopping quickly pivoted to virtual technologies with the real estate sector too following the suit. To remain ahead of the curve and relevant in the digital era, real estate players are transforming conventional real estate buying with digitalised methods that deliver results-driven data about their clients in real-time thereby enhancing customer experience.

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Property technology shortened to PropTech is playing a significant role in attracting millennial homebuyers to buy homes in the post-covid era.

PropTech: Technologies transforming the real estate

Here are some PropTech currently being implemented in the real estate industry.

Use of Big Data: Big data in real estate can help in cost savings and increased margins. Its predictive analysis algorithm can determine the rates of the property. In this way, the buyers can also predict the value of properties in case they want to sell in the future, compare property risks and evaluate future risks.
Virtual Reality and Augmented Reality: VR and AR technologies are enabling real estate players to boost revenues and gain more clients by providing an immersive customer experience. Integrating these technologies with the company’s website or app can send notifications to the prospective buyers to offer a customised 3D walkthrough to view a property online, resembling the real space. Such solutions also save the time of prospective homebuyers in visiting properties not present in their consideration list. Also, not just homebuyers but it saves time for people who want to rent a flat but due to lack of time are not able to visit the property locations.
Managing paperwork with blockchain: Real estate has a cumbersome paperwork trail where the agents would require all documentation between both buyer and seller or landlord and tenant. But, through blockchain, most of the documents can be digitally signed by all the stakeholders, and the records can be kept in a decentralised manner enabling transparency and efficiency.
Use of iCRM in real estate: iCRM is software that is heavily used by the real estate industry to keep track of prospective buyers. It is a good tool for the sales representatives in the real estate industry where the employee can trace back customer records in a short period and understand previous interactions with customers instantly. Keeping track of your client’s needs will develop strong relationships between them, and your company will develop strong relationships between them and your company. A better service to your customers would mean higher closing rates and improved profitability for your business.

What lies ahead for the real estate players in adopting PropTech?

According to EY, the real estate firms are realising that they need to shift to the changing technology landscape to stay relevant and gain an edge on their competitiveness. In addition to this, most millennials are now potential homebuyers who are firm believers in technology and need instant gratification, therefore adoption of technology in real estate will disrupt it to become more user-friendly, convenient, and reliable and the market more competitive in the coming years.

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Artificial Intelligence : Providing Guidance to Indians to Effectively Manage their Wealth

Shalmoli Sarkar — Fri, 11 Feb 2022 12:35:11 +0000

In the past few years, Indian banks have grown fond of adopting artificial intelligence (AI) in their processes to provide a swifter and better banking experience to their customers. Today’s digitally-savvy customers have less patience and are firm believers of technology who expect fast, personalised, and meaningful interactions with banks and have less tolerance for the long trail of paperwork and queues. That said, AI adoption in banks has helped to boost revenues and retain customers by offering personalised services, quick and improved customer care through chatbots, risk monitoring, reduced errors rates, and better resource utilisation. In addition to this, AI has been aiding banks to entrust belief in customers as a safe place to keep money by detecting frauds, mitigating uncertain risks, and managing regulatory compliance.

Besides, bringing in operational excellence in banks, there exists a need to guide Indians about financial planning and investment that is yet to be unlocked through artificial intelligence.

But why do Indians need guidance in investment and wealth planning? Some statistics will tell you.

A dearth of knowledge in wealth management

The statistical figures shown in a survey by Scripbox, an online mutual funds platform showed the dearth of knowledge existing in Indians about financial planning. The survey found that around 72 percent of Indians of the 26-45 years age bracket are unaware of the amount of money to be invested or to be saved. 76 percent believe that there is a need for more education in the financial planning space. 56 percent lack the knowledge to handle personal finances effectively, resulting in difficulty in clearing loans. This mismanagement of personal finance is arising majorly among millennials as they lack the knowledge and initiative to earmark a portion of their income towards savings and not to forget their increasing lifestyle expenses. Another survey from Groww finds 30.7 percent of millennials lack investment awareness.

The prejudice about finance not being a women’s domain has also pushed them behind in financial planning, as only one in five women exhibit confidence in their knowledge of financial planning and are not aware how much to put aside to achieve financial freedom. This is where AI can step in to guide people about handling their finances. But how?

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A survey from Groww finds that 30.7 percent of millennials lack investment awareness.

Artificial intelligence ( AI ) for financial planning

There are multiple ways through which an average person can make money transactions. The modes of payment include cash, wallet, UPI, Credit Card, Debit Card, Gift Card, Net Banking, etc. In investment, they can invest money in Fixed Deposits, Recurring Deposits, Stock Trading, Crypto Currency, Mutual Funds, etc. With the trail of transactions being done artificial intelligence can understand the consumer behaviour specific to an individual based on the transactions made. It provides detailed information to the consumer regarding his/her expenditure depending on which one can chart out an investment strategy.

Artificial intelligence analyses the following data points to help consumers with financial planning:

Analyse the spending pattern
Determine income/debt ratio
on the above two data points, individuals can work on their credit score
Plan your investment by decreasing expenses based on the data.

Artificial intelligence for financial guidance – a gamechanger

Artificial intelligence for wealth management offered by banks to help consumers understand their savings and expenses can be a gamechanger that can improve their financial literacy. The same data can be utilised by banks to develop customised products that will help in retaining as well as gathering new customers.

Offering artificial intelligence by banks to analyse their spending, will not only help to save money but also offer guidance in investing at the right places and be creditworthy to seek home loans, car loans, and personal loans from banks and other financial institutions.

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Tokenisation Rule:Its Impact on the E-Commerce Businesses and the Online Shoppers

Shalmoli Sarkar — Wed, 22 Dec 2021 08:30:03 +0000

In a bid to enhance the security of transaction card data, RBI is emphasising tokenisation and has asked all businesses and payment gateways to remove sensitive customer data and card information on their websites and systems to bolster data security and use encrypted tokens to carry transactions. RBI has ordered all companies to comply with this rule strictly from 1st January 2022.

Why the emphasis on tokenisation?

Several businesses in India save their card payment transaction details in the system. In addition to storing card information, many e-commerce and D2C companies force their customer to store card details, making them susceptible to cyberattacks resulting in the theft of card information. Stolen card data of users is highly valuable in the darknet marketplace that is further used to carry out illegal bank transactions without the individual’s knowledge.

What is tokenisation?

Tokenisation provides its users an added layer of security by replacing the card details with a unique code or token which is a string of randomly generated numbers by an algorithm. Thus, allowing online purchases to go through without compromising on the card details. The tokens generated by the algorithm are unique for every debit or credit card and merchant platform where the card is used.

These token numbers even if cracked will not leave out any meaningful information to the cyberattackers.
In conventional online card payments, a successful transaction takes place based on information like the 16-digit card number, the card expiry date, the CVV as well as the one-time password or transaction PIN.

On the other hand in tokenisation, each number is unique for each combination of cards, devices, and token requestor. For a transaction to happen, the merchant or any shop owner initiates a tokenisation request to the card network that creates a proxy token to the card number and sends it back to the merchant. For initiating a transaction to a different merchant or from a different card, tokenisation is to be done again.

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Tokenisation provides its users an added layer of security by replacing the card details with a unique code or token which is a string of randomly generated numbers by an algorithm.

How are different fintech platforms reacting to tokenisation?

Razorpay has launched ‘Razorpay TokenHQ’ a multi-network Card-on-File (CoF) Tokenisation solution accessible to all businesses. Merchants using different payment gateways can tokenise cards using Razorpay’s tokenisation solution and route payments using their existing payment partnerships. Using Razorpay TokenHQ businesses will be able to create, process, delete and modify tokens for online card payment with customer’s consent at zero cost and effort.

Much to the likes of Razorpay, Walmart-backed digital payment firm PhonePe has launched PhonePe SafeCard- a tokenisation solution where merchant partners can create, process, delete and modify tokens for online card payments with customers’ consent on their platforms via a simple Application programming interface (API) integration. This saves time and effort also eliminates the need to integrate with multiple card networks.

PayU also announced its unique tokenisation solution ‘PayU Token Hub which will enable businesses to comply with RBIs latest guidelines for online card data storage also allowing issuing banks to generate their tokens.

How will it impact the existing online e-commerce and online businesses?

This new move from RBI is a progressive step towards safeguarding the vital card information and will benefit businesses with a smooth customer payment experience as repeat customers can simply use their CoF or access one-click checkout directly without going through the hassle of entering payment details again. However, the deadline given for businesses for transitioning to tokenisation is abrupt that will subsequently impact small and medium payment operators to go out of business which is already reeling under RBI’s new rule of recurring payments where transactions will be carried out only after the customer gives a green signal, in turn, affecting the continuity of business.
This sudden move will immensely impact around 5 million customers who frequently shop online by storing their card details and might result in customers switching to UPI-based payments or cash-on-delivery payment mode.

For e-commerce and D2C companies, tokenisation can impact cashback and equated monthly installments (EMIs) that customers pay through stored cards for purchases and buy-now-pay-later options. This would mean pushing customers for a UPI payment for products of smaller ticket sizes.

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Technology Innovations For Packaged Dairy Products

Anju Nambiar — Sat, 28 Aug 2021 10:30:08 +0000

Dairy packaging technologies and materials involved in the process makes the products more attractive and eye-catching. Innovation in dairy packaging is not only being driven by the need for sustainability but also because dairy products are highly perishable.

Ban on single-use plastic

There have been numerous proposals in the pipeline for the ban of single-use plastics across consumer-facing sectors in the packaging industry. The Union Ministry of Environment, Forest and Climate Change announced the Plastic Waste Management Amendment Rules on August 12, 2021. It prohibits 20 identified single-use items by 2022.

The packing industry has demanded uniform state level implementation for the same. Also, since alternate packaging for single-use plastic like wood is not feasible for manufacturers, this may give rise to new trends.

Technology-led packaging trends and solutions

Controlled and modified atmosphere packaging

Modified atmosphere packaging is a system in which the atmosphere within the dairy package is initially altered and is eventually allowed to change during storage. Through this technology, the shelf life of the dairy product can be increased through microbiological and sensory indicators.

Active packaging

Active packaging is a technology-led solution that’s referred to by names like ‘intelligent packaging’, ‘smart packaging’, and ‘connected packaging’. In this packaging methodology, ethylene, oxygen, and moisture absorbent packs are used to maintain the freshness and consistency of the dairy product.

RFID Tags

Radio Frequency Indicator Tags use electromagnetic fields to auto-identify and track packages. In dairy packaging, these tags are used to track and inform customers about the quality of the dairy products.

Intelligent Biosensor packaging

Intelligent biosensor packaging technology is the use of biosensors on dairy product packs. These biosensors will communicate the deterioration of the product through colour changes or indicators. This will ensure the health and safety of the dairy product consumer.

QR code embedding

QR code embedding technology, as the name suggests will track the dairy product packages wirelessly. This technology will also create an interactive experience for the consumer. It’s a connected packaging technology. Manufacturers using the technology can enable the QR code to prompt better readability on digital gadgets like smartphones and tablets. The QR codes can be connected to social media and other brand touchpoints.

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Packaging is a vital component in branding and connected packaging technologies like QR code embedding can be used to create immersive experiences between the brand and its consumers through technologies like AI (artificial intelligence) and AR (augmented reality).

What’s in it for me?

Tech innovations in dairy packaging not only up the brand value but also connect the consumer directly with the brand and manufacturer. The packaged dairy products industry has interesting products like flavoured yoghurt. The dairy segment is fast-growing. Products like stirred and drinkable yogurt products are trending as consumers are looking for healthy and tasty snacking options. Consumers are becoming more aware of the health benefits of fermented dairy products like Greek Yogurt. Packaged dairy brands are innovating in terms of recipes, flavours, and attractive packaging.

Also, hyperlocal, and subscription-based delivery of fresh dairy products are on the rise, especially among urban consumers. As such, there is a need to adopt technology led solutions for packaging since these products are highly perishable. They must be protected from contamination and their shelf life must be maintained to ensure the health and safety of consumers. Packaging is also a vital component in branding and connected packaging technologies like QR code embedding can be used to create immersive experiences between the brand and its consumers through technologies like AI (artificial intelligence) and AR (augmented reality).

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Revival of Travel and Tourism Through the Bio Bubble Model

Shalmoli Sarkar — Sat, 28 Aug 2021 08:35:08 +0000

Kerala, fondly known as god’s own country is reopening its tourism gates to soften the impact of the pandemic on the industry. Tourism alone in Kerala accounts for 11.5 percent of the state’s GDP and employs 1.5 million people. The lockdowns in the pandemic have cast a spell of zero revenue on the tourism industry for over a year. With vaccination drives acing its pace, Kerala tourism is beginning to reopen its tourism by strictly adhering to the bio-bubble model.

What is the Bio-Bubble model that Kerala tourism will be adhering to?

Bio-bubble is a sanitised, safe and secure environment in which the tourists administered with a minimum of a single jab will be insulated from the external contacts. It is mandated by the government that all the possible tourist contact with locals right from cab drivers to tour guides and operators to the staff in hotels, resorts, and homestays must be vaccinated.

However, this secured cocoon model adopted in the recent Tokyo Olympics as well as in the 2021 IPL tournament has burst as around 70 athletes tested positive in the opening ceremony despite following strict protocols of RT-PCR tests. The IPL tournament had to be postponed as cricketers from the KKR team were posted positive. With this, the sustainability of Bio-bubble remains a question. Can this be implemented in the travel and tourism sector in a highly populous country like India? Can there be other ways of safe tourism practices?

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Tourism alone in Kerala accounts for 11.5 percent of the state's GDP and employs 1.5 million people.

Safe tourism practices to be adopted in the industry other than Bio-bubble

Kerala’s tourism was not the only one to suffer the blows of the pandemic, according to the Rajasthan Tourism Department, Rajasthan witnessed a drop of almost 60 percent in the arrival of foreign tourists and 70 percent in domestic tourists.

As per a survey conducted by JLL property consultancy, 11 major cities across the country witnessed a decline of 29 percent in revenue per available room (RevPAR) during January-March 2020. After the virus breakout, travel and tourism will not remain the same as they used to be, but for revival, there is a dire need to implement safe tourism practices to instill confidence in people about safe traveling.

Introducing cycle trips: To establish social distancing, sightseeing on cycle trips can be implemented. The earlier manner of sightseeing in groups while walking has a high risk of contracting the virus. The travel companies can organise cycle tours for travellers during low traffic hours and following the tour guide on a cycle where they can experience the nearby local markets, monuments, and short hiking locations. This sustainable form of sightseeing has been implemented in Jaipur.
Introduce slot bookings: Travel and adventure companies can introduce online slot bookings for activities such as boating, forest safari, kayaking, etc. Travellers will come in the designated time slot to experience the fun in a less crowded environment.
Contactless hospitality: The probability of contracting the virus remains high in hotels. Adoption of contactless services by the hotel chains is imperative to establish minimum contact. Hotels can keep digital menus or food ordering in hotels can happen through apps. All communication to reception or room service can happen through chatbots or video chats. The check-in and check-out process can be digitised by scanning the QR code and digital payment will ensure minimum contact. The entertainment and cooling systems in the rooms such as TV and AC remotes to be replaced by virtual control systems. The restaurant lounges also hold a high risk of contraction, where they can install air purifiers. Cloud-based Internet of Things (IoT) can be implemented for seamless coordination with the housekeeping staff, assigning staff duties, and adhering to hygiene compliances.

What lies ahead for the small hotels and travel companies amidst high hygiene and zero contact?

Smaller hotels have enough born the heat of lockdowns. Therefore, their growth is critical for the state’s economic growth. As per the data from the Ministry of Tourism, the industry’s collective loss i.e. transport and tourism have been pegged at Rs 1.58 lakh crore.

The big franchise-type hotels can partner with smaller hotels and travel companies that will empower the small hotels to manage day-to-day operations with the help of contactless technologies ensuring hygiene and social distancing regulations. The state’s tourism industry can revive by targeting the millennials who can work virtually from anywhere and offer highly personalised experiences.

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Tech Revolution in the Beauty Sector – 5 Emerging Trends

Anju Nambiar — Fri, 27 Aug 2021 05:35:07 +0000

Consumers are becoming aware of their wellness needs. They understand that no single product or brand is the sure shot answer to their grooming needs. The tech revolution is sweeping across the beauty industry. With the pandemic having driven everyone indoors, beauty and wellness have drastically changed in skincare and cosmetic product requirements. For instance, an entire market has been created for ‘Maskne’ (mask acne) with companies coming up with new products and solutions to tackle this.

1. Virtual Try-On:

The virtual try-on tech trend leverages the Augmented Reality technology for make-up and hair colour in the professional beauty sector. Through this technology, customers can try on dozens of shades of make-up and hair colour. The virtual try-on technology uses an advanced face tracker algorithm that detects where customers’ lips, eyes, cheeks, hair, etc., are and applies virtual cosmetics on this zone to give them a real-time, true-to-life view of the products. Loreal India invested in Artificial Intelligence (AI) and Augmented Reality (AR) by acquiring ModiFace to enhance their product and customer experience.

2. Webcam consultation

Webcam consultations are the latest consumer trends in the professional beauty sector which enhances the online shopping experience for customers through e-consultations and individualised skincare consultations. Kiehl’s India, a beauty and skincare brand rolled out one-on-one skin video consultations where skin experts interact with customers and give them insights on choosing the products that are the right fit for them.

3. Store Management

Modern beauty salons, skincare clinics, and even cosmetic stores are adopting store and salon management tech that are customised for beauty brands and businesses. Salon and store management technology encompasses accounting, payroll and financial reporting, inventory control, scheduling, and CRM (customer relationship management) software. Beauty businesses are tapping into these technologies to streamline workflows, manage clientele, and attract modern clients.

4. Skin Diagnostics

Skin Diagnostics is a tech trend in the beauty world which brands are leveraging for expert skin analysis. It’s an online tool based on AI driven by dermatologists that evaluates customer’s skin profile through a phone or computer camera. Skin diagnostics tech is built on massive volumes of data and developed on clinical atlases which can deliver tailor-made skincare routines for beauty customers. Indian personal beauty brand Skincraft performs skin analysis for customers by matching the answers received on a detailed questionnaire to regimen kits. This system relies on a data repository which creates a suite of ‘skin profiles’ for their algorithm. These skin profiles are then matched to appropriate products.

5. Interactive retail experience

MAC cosmetics had opened its first ever ‘phygital’ experience centre in Shanghai. Aimed at understanding GenZ’s make-up purchase behaviour, the retail store was equipped with technology like cognitive walkthroughs, virtual makeup mirrors, and infrared touchscreens. Although this concept store trend was first kicked off by MAC in Shanghai, it will surely catch on and eventually seep into the small business sector in India in the near future.

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The virtual try-on technology uses an advanced face tracker algorithm that detects where customers’ lips, eyes, cheeks, hair, etc., are and applies virtual cosmetics on this zone to give them a real-time, true-to-life view of the products.

What’s in it for me?

Beauty product recommendation is being left to Artificial Intelligence in the beauty industry. This is not only eliminating expensive dermatologist visits but also paving the way for start-ups to innovate and disrupt the beauty space with technology. Technologies like Machine Learning and AI have penetrated the beauty and cosmetics industry.

Beauty brands are using technology to bring about a makeover in the market by delivering tailor-made products and forever upending the beauty industry’s ‘one-size-fits-all’ standard. The beauty and personal care market in India is worth $25 Bn. The D2C sector in beauty is booming currently and D2C brands are the biggest adopters of the beauty tech trends in India currently. There is immense scope for start-ups to disrupt the industry through data science and AI tech.

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AI in Home Healthcare Startups Simplifying Diagnosis

Shalmoli Sarkar — Fri, 27 Aug 2021 03:35:11 +0000

India’s health infrastructure began crumbling under the daily increasing cases of coronavirus. However, the daily increasing cases against a recovery rate of 97.52 percent, which is the highest in the world highlights a different picture. The problem is not the virus contraction, but the inadequate healthcare infrastructure such as beds, oxygen, ventilator, the poor ratio of doctors and nurses per patient.

Most towns and cities are burdened and under-resourced to do swab tests for a daily surge in cases, resulting in long waiting queues for sample collection and test results. This eventually delayed the covid treatment until it reached the peak of infection, and meanwhile, their infection might have spread to others if asymptomatic or mildly symptomatic.

In many cases, the patient with mild symptoms of the virus panicked and admitted themselves to hospitals that could have been conveniently cured at home itself with proper medication. The third wave of the pandemic created absolute chaos where the person in the critical state could not avail a bed in the hospital.

Remote healthcare in India, which remained nascent, soon gained ground in the pandemic, as doctors and patients found it convenient to keep clinic visits to a minimum. Technologies such as AI were infused in home healthtech startups that improved the speed and accuracy of diagnostics. Imaging technologies have reduced the time of diagnosis from days to seconds as cutting-edge technologies interpret, imagine, and produce instant results.

According to a joint report from EY-IPA, India’s domestic telemedicine market is estimated to reach $5.5 billion in 2020-2025 and will be growing at a compound annual growth rate (CAGR) of 31 percent.

How AI in home healthtech startups is speeding up diagnosis?

Home healthtech startups provide cost-effective medical assistance at home that comprises services such as at-home nursing, health screening, monitoring, telemedicine, and telehealth.

Home healthtech startups effectively leverage AI for detecting symptoms. The AI checker uses natural language processing (NLP) that analyses a patient’s free-text symptom description. After gathering information on a patient’s illness history, the machine learning algorithms assess the symptom inputs to produce care recommendations concerning the severity of a disease. For instance, an AI symptom checker can recommend self-care for mild symptoms of a disease and will advise emergency care if history shows recently being attacked with strokes, increase in high blood pressure, or heart attack.

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As per a McKinsey report, Indians can save around $10 million by 2025 by using telemedicine instead of visiting doctors physically.

The reception of AI-based symptom checkers in home healthcare startups

In 2020, several Indians turned to online platforms to consult with doctors and get diagnostic tests done. The reception of home healthtech looks promising as according to a recent health tech report by IAMAI-Praxis, there was a 300 percent increase in teleconsultations.

Moreover, another evidence of embracing healthtech solutions widely can be understood from Eka Care raising seed funding of $4.5 million by the angel and early-stage investors. The app offers AI-based symptom-checkers to enable patients to document symptoms and understand medical conditions. Symptom checkers help in the early detection of diseases, eliminates the need for unnecessary repeat tests, and saves treatment costs for patients.

Similarly, Healthtech startup Mfine uses an AI-based self-check feature for specific diseases, that helps an individual to make more informed decisions. The same platform also prepares a consolidated summary of investigation details, pointers on the diagnosis, and possible treatment suggestions to the doctors.

What lies ahead for the home healthcare startups in India?

As per a McKinsey report, Indians can save around $10 million by 2025 by using telemedicine instead of visiting doctors physically. Using AI, these healthcare platforms can analyse patient data in real-time to improve the precision of treatment. Another business opportunity lies in sharing symptoms data with various pharma and drug companies. The vast data collected by home healthtech startups can prove to be an asset for them, since they require such information to build progression models for the discovery of drugs and vaccines, at the same time both parties should ensure privacy and cybersecurity of data.

The potential also lies in rural healthcare, which is devoid of basic healthcare facilities. In the future, home healthcare startups, in collaboration with the government, can provide health care services in remote and inaccessible areas through telemedicine.

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