Elon Musk has highlighted the revolutionary power of artificial intelligence (AI) as well as the dangers it could cause to humanity in two separate scenarios. Earlier, Musk, the CEO of Tesla, gave an interview to the podcast titled “All In” in which he discussed his thoughts on the development of artificial intelligence and humanoid robots.
With the assertion that the technology has an 80% chance of being beneficial to society, he proposed that AI technologies would soon be able to outperform humans in practically all tasks. In addition, he offered a stern warning, suggesting that there is a 20% chance of “human elimination” as a result of the unrestricted development of artificial intelligence.
“Elon Musk’s prediction of an 80% chance of AI success and a 20% risk of human extinction captures the dichotomy of our technological progress. These percentages represent not just a prediction, but a critical turning point in our relationship with artificial intelligence. On the one hand, 80% represents AI’s immense potential for revolutionizing industries, solving complex problems, and improving our daily lives. With innovation comes the promise of smarter healthcare, cleaner energy, and unprecedented connectivity, which could usher in a new era of prosperity,” said Manish Mohta, Founder of Learning Spiral.
Sharing his views on the topic, Bhaskar Ganguli, Co-Founder & Director Marketing, Mass Software Solutions stated, “Elon Musk’s recent comment concerning AI emphasises its potential as a double-edged sword. The IT industry is grappling with improving operations management and problem resolution in complicated IT settings. AI, a key breakthrough, provides solutions, having already achieved progress in a variety of disciplines. However, the progress of artificial intelligence raises concerns about repercussions that may lead to the situation such as loss of job opportunities, gradual loss of privacy, and development of autonomous weaponry.”
However, he further mentioned that maintaining a balanced perspective is vital while considering the potential repercussions and opportunities presented by AI. Notably, everyone is accountable for aiding in the advancement of AI in an ethical, responsible, and societally appropriate manner.
Vipin Vindal, CEO, Quarks Technosoft, opined that Elon Musk’s prediction of an 80% success rate for AI and a 20% risk of human extinction serves as a timely reminder of the potential benefits and challenges associated with artificial intelligence. While AI has demonstrated remarkable capabilities in various domains, its development requires careful consideration of ethical implications and potential unintended consequences. A 2023 Oxford study estimates that there’s a 50% chance of AI exceeding human capabilities across all tasks within 45 years. To mitigate risks and ensure AI’s positive impact, it’s imperative to invest in research on AI safety and alignment, establish international standards for AI ethics, and develop robust regulatory frameworks.
A 2023 global survey conducted by Pew Research Center found that 75% of respondents believe AI will have a significant impact on their lives within the next 50 years, highlighting the need for proactive measures to shape AI’s development beneficially. To ensure that this impact is positive, it’s imperative to invest in AI safety research, establish international governance frameworks, and prioritize human values in AI design.
Tesla’s Development of “Optimus
Musk described Tesla’s creation of “Optimus,” a humanoid robot that is still in the process of being developed. He believes that this robot has the potential to revolutionise common tasks such as landscaping, babysitting, and dog walking.
His prediction was that in the not-too-distant future, these multi-functional robots, which would most likely cost somewhere around $20,000, will become an indispensable component of houses. Apparently, after these robots take over many of the duties that people no longer choose to do, “there’s no actual limit to the size of the economy,” as reported by a media house.
AI Might Become Threat to the Society
Although Musk highlighted the potential benefits and economic effects of AI, he also discussed the social issues that could arise as a result of this technology. As a result of the replacement of persons in tasks that have historically been considered fundamental to human labour, he projected that artificial intelligence and autonomous robots could lead to a “crisis of meaning” for individuals. One of the most important concerns that Musk raised in his study was the topic of what humans will do with their time in a society that is dominated by machines. He pointed out that some people may have difficulty finding a purpose in their lives.
Musk forecasted that within the next 30 years, the number of robots would significantly surpass that of humans. Despite the fact that he admitted that his estimates are typically unduly optimistic, he anticipated that it would take Tesla approximately 5 to 6 years to build one million Optimus robots on an annual basis. Musk has maintained that many people, particularly seniors, are already enjoying life outside of the working, which suggests that humans may be able to adapt to this shifting landscape. This is despite the fact that artificial intelligence presents a number of obstacles.
“Musk has long advocated for a cautious approach to AI development, warning that if not properly regulated and controlled, AI could evolve in unpredictable and potentially dangerous ways. His fear stems from the rapid advancement in AI capabilities, which could surpass human intelligence and act in ways that are not aligned with human values or safety,” stated Eric Fonseca, VP Marketing, INDOAI Technologies Pvt. Ltd.
“This dichotomy—where AI is seen as a powerful tool for good but also a potential existential threat—reflects the growing debate within the tech community. Musk’s forecast underscores the importance of ethical AI development, advocating for safety measures, global regulations, and transparent oversight to ensure that AI remains a force for progress rather than destruction,” Fonseca added further.
Musk’s Future Plans
Elon Musk, however, made passing reference to his own ambitions, suggesting that he had no plans to retire from work anytime soon, even though artificial intelligence was on the increase. There are currently 6 firms that he is involved with, one of which is his most recent endeavour, xAI, which is an artificial intelligence startup that is pitching itself as a competitor to OpenAI.
In addition, he made an understated reference to the fact that he would be willing to participate as an advisor in a government efficiency commission in the event that former President Donald Trump were to return to power.
“Project Next” is a career growth project that has been created by Swiggy, which is on its way to becoming an initial public offering (IPO). The company is looking to tap into the partner network to speed up the process of restaurant onboarding.
By participating in this effort, the platform’s delivery partners are allowed to assume new positions within the organization, including sales executives, amongst other positions. The project is a component of Swiggy Skills, a bigger initiative that provides individuals in a variety of jobs with opportunities for employment, internships, and training, as well as opportunities to acquire new skills.
Earlier this month, Swiggy Skills was introduced to the public in conjunction with the Ministry of Skill Development and Entrepreneurship.
How Project Next Can Further Support Delivery Partners?
By means of Project Next, delivery partners are anticipated to be accountable for the onboarding and management of Swiggy’s expanding restaurant network, particularly in Tier II and Tier III locations, to provide eateries with high-quality service on the platform.
Across India, Swiggy collaborates with close to 4 lakh delivery partners. While a lot of people appreciate the site since it offers flexible income opportunities, some want more.
“As part of Swiggy Skills effort, we developed Project Next to empower this particular demographic.” According to Rohit Kapoor, the Chief Executive Officer of Swiggy Food Marketplace, this one-of-a-kind program assists delivery partners in making the transition from “blue collar” to “white collar” workers.
According to a statement released by the firm, Project Next has successfully led to the transformation of one hundred Swiggy delivery partners into sales executives. These sales executives have successfully onboarded nearly 350 eateries. The company intends to broaden the scope of this program by initiating the transition of hundreds of additional delivery partners across more than 150 expanding regions. These markets include Vadodara, Amritsar, Nashik, Agra, and Dharwad.
Project Next is the most recent initiative to be revealed as part of the ‘Swiggy Skills’ initiative, which was announced earlier this month in collaboration with the Union Ministry of Skill Development and Entrepreneurship.
It was stated in the release that Swiggy will collaborate with the discovery of employment opportunities for 3,000 individuals in restaurant operations and various aspects of retail management. Additionally, Swiggy will facilitate online skill development and upskilling for almost 240,000 delivery partners and the staff of its 200,000 restaurant partners as part of the initiative.
With the acquisition of a 49% equity stake in Pflege Home Healthcare for INR 30 crore and a 30% stake in Rollins International for INR 60 crore, the online travel platform EaseMyTrip announced on 17 September 2024 that it would be entering the rapidly expanding medical tourism market.
The board of directors of EaseMyTrip has given its approval to purchases totaling INR 90 crore to expand into the medical tourism industry, the firm stated in a filing with the exchange.
The Deal of EaseMyTrip and Pflege Home Healthcare Offerings
Through the acquisition of a 49% equity investment in Pflege Home Healthcare, which is located in Dubai, EaseMyTrip has made its debut in the healthcare service market. The transaction was completed at a cost of INR 30 crore. In addition to providing crucial medical equipment like ventilators and oxygen, Pflege is well-known for its comprehensive range of home-based medical care services, which include visits of the doctor, nursing care, physiotherapy, and the provision of additional medical equipment.
This patient-centered approach, which places an emphasis on providing compassionate care in the comfort of the patient’s own home, will now be incorporated into the services that EaseMyTrip provides to clients who are looking for medical treatments in other countries.
As a result of this agreement, EaseMyTrip intends to offer opportunities for individuals who are looking for healthcare solutions that are easily accessible, particularly in Dubai, which is a significant centre for medical tourists from all over the world.
The Chief Executive Officer and Co-Founder of EaseMyTrip, Nishant Pitti, stated that the addition of Rollins International and Pflege Home Healthcare has resulted in a considerable expansion of the company’s portfolio. “As a result of this change, we are able to reinvent medical tourism by making it more accessible and easy for our clients. For both domestic and foreign tourists, we are dedicated to providing care that is both seamless and of the highest possible quality, whether they are seeking medical treatment or wellness retreats,” Pitti added.
The Deal of EaseMyTrip and Rollins International and Offerings
Rollins International is a firm that specialises in gluten-free, lactose-free, and allergen-free food products, health supplements, and new-age wellness therapies. EaseMyTrip has also bought a 30% share in Rollins International, which was valued at INR 60 crore at the time of the acquisition.
The wellness centres that Rollins maintains may be found in various major cities in India, such as New Delhi, Mumbai, Bengaluru, and Hyderabad. It is anticipated that Rollins will continue to expand its operations. Through the acquisition of this company, EaseMyTrip will be able to serve a growing market of health-conscious travellers who place a high priority on their wellness and nutritional requirements while they are away.
Through the incorporation of Rollins’ expertise in wellness and allergen-free products, EaseMyTrip intends to develop travel experiences that cater to the specific health and lifestyle requirements of its consumers.
Following a number of years spent attempting to revitalize the company in the face of declining demand, Tupperware Brand is reportedly making preparations to file for bankruptcy as soon as this week, according to media reports.
After violating the conditions of its debt and enlisting legal and financial experts, the home-goods business, which has defined food storage for a significant portion of a century, is seeking to enter court protection.
After an extended time of negotiations between Tupperware and its lenders regarding how to manage more than 700 million dollars in debt, the company has begun the process of filing for bankruptcy. This year, the lenders reached an agreement to provide the company with some breathing room about the loan terms that were breached; yet, the company continued to decline. However, these plans are not yet finalized and may undergo modifications in the future.
Tupperware Made Several Re-Arrangements but Failed to Hit Profit
Tupperware has been warning for years that there is uncertainty over the company’s capacity to continue operating. It announced in June that it intended to close its one and only factory in the United States and lay off over 150 workers. Last year, as part of an effort to turn the company around, it appointed Laurie Ann Goldman as the new Chief Executive Officer. This was done in addition to replacing Miguel Fernandez, who had been serving as Chief Executive Officer, and other board members.
It was in 1946 when Tupperware made its plastic products available to the general public, following the invention of their flexible airtight seal containers by the company’s founder, Earl Tupper. To a significant extent, sales parties that were organised by suburban women were responsible for the brand’s explosion into American homes.
Throughout its nearly eight decades of existence, the company has maintained its reliance on direct sales conducted by a huge number of amateur vendors. As of the year 2022, the corporation’s regulatory filings estimate that it has more than 300,000 independent salesmen.
Other Companies That Have Declared Bankruptcy
In June 2024, Red Lobster filed for bankruptcy, which resulted in the closure of at least fifty outlets and the request to a judge for permission to close one hundred more. The seafood restaurant has been engulfed by problems, including questionable management by the private equity firm that controlled it and an Endless Shrimp campaign that went wrong, according to sources. All of these problems had been hurting the operation. Over the course of the previous month, it was bought as a component of a restructuring agreement.
In March 2024, the store of fabrics and crafts known as Joann submitted a petition for bankruptcy. A bankruptcy judge gave his approval to a restructuring agreement that enabled the company to keep its 815 stores operational while simultaneously reducing its debt by $505 million.
Earlier this year, in April, the clothing retailer Express filed for bankruptcy, and shortly thereafter, a consortium led by the brand management company WHP Global bought the company.
In this insightful interview with StartupTalky, Salloni Ghodawat, Director of Ghodawat Consumer Ltd. (GCL), discusses the company’s mission to enhance lives through affordable, high-quality essentials while promoting consumer health and nutrition. Ghodawat shares GCL’s commitment to food safety, advanced manufacturing practices, and innovative product lines like the “To Be Honest” range of nutritious, vegan-friendly snacks. She also touches on GCL’s business model, growth strategies, and dedication to sustainability, while addressing key trends and challenges in the fast-evolving FMCG and nutrition industries.
StartupTalky: Can you briefly describe Ghodawat Consumer Ltd’s mission and its focus on nutrition?
Ms. Ghodawat: GCL’s mission is to enhance lives globally through continuous innovation, expanding product lines, and ensuring that consumers worldwide have access to daily essential, high-quality products at reasonable prices. We ensure our food staples are accessible and meet the highest quality standards, promoting consumer health and well-being. GCL prioritizes staples like rice, wheat, pulses, and flour, which are essential for daily nutrition in rural areas, to provide safe, nutrient-rich foods for overall health.
The quality and safety of non-branded staples can leave much to be desired. These kinds of foods may not undergo necessary tests aimed at ensuring their safety hence exposing consumers to various health problems including digestive complications, and lack of nutrients among others. There are reports about pesticide residues existing in such raw materials sometimes due to chemicals being used in farms as herbicides or insecticides, etcetera.
We are proud of our consistent commitment to maintaining the most rigorous hygienic requirements for our products. Our products undergo stringent quality control measures in state-of-the-art laboratories, where they are tested for purity, nutritional content, and safety. We adhere strictly to government-mandated quality compliances, ensuring that every product meets or exceeds the established standards for food safety and nutrition. By focusing on quality and safety, GCL not only enhances the lives of consumers but also contributes to the overall improvement of public health, particularly in rural areas where the availability of safe and nutritious food is paramount.
StartupTalky: How does GCL ensure its products meet nutritional standards while keeping them affordable?
Ms. Ghodawat: Our dedication to providing nutritious products at reasonable rates starts with sourcing the best quality raw materials. We pick the best rice, wheat atta, and edible oil that fulfill strict quality standards. The careful choice of these is the initial step towards making sure that all our products are not only good for health but also affordable to buy.
Such raw materials are processed in our modern facilities where advanced technologies play vital roles in maintaining intrinsic properties as well as nutritional values. To minimize contact with people to prevent contamination and ensure uniform product quality, these plants have been built with the need for minimum human interference. Automation ensures precise, high-standard processing while upholding strict hygiene and safety measures.
The To Be Honest (TBH) product line is a great representation of our commitment to quality. The TBH snacks are made of real fruits and veggies, which are not only gluten-free but also vegan-friendly. The TBH range is processed using cutting-edge techniques that preserve the nutritional content of the raw materials while enhancing flavor and texture. We ensure that every bite gives maximum health benefits by using gentle processing methods that avoid excessive heat or chemicals, thereby retaining the essential nutrients that make our products both nutritious and delicious.
Thus, starting from scratching the whole notion of quality together with also being efficient at processing has always made it easier for us to provide people with what they need without compromising on prices. This also goes down well with our general idea i.e., we want everyone, every day to be able to eat healthy food.
StartupTalky: What is the process behind developing new products like the ‘To Be Honest’ range?
Ms. Ghodawat: These days, people are increasingly becoming health conscious of what they consume, and what benefits they avail. They have understood the importance of making mindful choices that cater to their nutritional needs, and at the same time, their lifestyle and well-being goals, and there is a growing preference for products that offer a balance of health and taste, leading many consumers to seek out options that support their overall well-being without compromising on flavor or quality.
Recognizing this shift, we embarked on the journey to develop our ‘To Be Honest’ range – a product line crafted to meet the needs of today’s discerning consumers who prioritize health without compromising on taste and quality.
The development process begins with understanding consumer trends and preferences. We noticed that when given a choice, a significant number of consumers expressed a strong interest in shifting towards healthier alternatives. Our goal was to offer products that cater to this demand, providing options that are both nutritious and delicious. The ‘To Be Honest’ range is a testament to our dedication to innovation and our commitment to meeting the evolving needs of both our rural and urban consumers.
StartupTalky: What strategies does GCL use to identify and develop new product categories?
Ms. Ghodawat: To identify new product segments, GCL leverages insights into emerging trends, such as the growing consumer shift toward healthier choices. As health and wellness become top priorities for consumers, we closely monitor market trends that indicate a growing demand for products that support a healthier lifestyle. This awareness informs our research and development (R&D) efforts, allowing us to innovate and create products that align with these preferences.
Our R&D team is dedicated to exploring new ingredients, formulations, and processes that meet the evolving needs of today’s health-conscious consumers. In addition to monitoring trends, GCL also focuses on identifying the specific product needs of different generations, each with its unique lifestyle demands. This proactive approach is key to our ongoing innovation and our ability to deliver products that resonate with a broad and diverse customer base.
StartupTalky: What is GCL’s business model and how does it support your growth in the FMCG sector?
Ms. Ghodawat: GCL has a strong and highly efficient distribution framework where channel partners help products reach consumers directly. We have formed a wide and strong network across different markets through 3,000+ channel partners for key product lines including oil, atta, and rice, making it possible to effectively address consumer demands and boost growth for the FMCG industry. It is through these interdependent relationships that GCL fulfills this aspect of its distribution strategy.
There are various engagement programs and schemes that GCL has developed specifically for channel partners to maintain such relationships and promote mutual development at the same time. These programs are seen by them as means of improving their businesses by providing them with necessary tools, resources as well as other options that would allow them to compete effectively in any market. While GCL continues to add more members to its distribution network, the company’s impact on the FMCG sector increases. Through this, we can penetrate new markets, reach more potential customers, and ensure the availability of products. GCL’s business model is centered around a strong and expanding network of channel partners and is instrumental in supporting the ongoing growth and success of the FMCG sector.
StartupTalky: How does GCL utilize technology in its manufacturing processes to enhance product quality?
Ms. Ghodawat:At GCL, we ensure the highest quality products possible through advanced manufacturing and technology. Every stage of production is guaranteed to be executed with accuracy, consistency, and excellence due to our sophisticated manufacturing processes. Central to our approach is our state-of-the-art R&D lab, where we continually innovate and refine our products. The lab is equipped with cutting-edge technology that allows us to conduct in-depth research, test new formulations, and develop advanced manufacturing techniques.
The implementation of AI-based programs throughout almost all stages of the manufacturing process enables us to monitor and control various aspects of production. The use of AI also allows us to quickly identify and address any potential issues, minimizing waste and ensuring that only the best products reach our consumers. Also, GCL conducts various audits through authorized third-party organizations. These audits provide an extra layer of assurance, verifying that our manufacturing processes adhere to the strictest standards of quality, safety, and hygiene.
StartupTalky: What are some key nutrition trends currently impacting the FMCG industry in India?
Ms. Ghodawat: India’s FMCG business is witnessing tremendous disruption as consumers become more health-conscious and seek products that align with their nutritional goals. There are several key trends responsible for this, some of which are:
Convenience: One of the most prominent trends is the growing demand for convenient yet healthy food options. Nutritious ready-to-eat meals, snacks, and drinks have hit the market aimed at balance of convenience and health. They have been made with essential nutrients retained for busy individuals not to compromise nutrition by being so absorbed in their daily activities.
Transparency: The current consumers value what they eat more than ever before and expect brands to be honest regarding their products’ contents. Consumer preference has shifted towards products with clearly labeled components thus avoiding artificial additives completely. Such a shift indicates an extensive movement towards clean labels where truthfulness together with simplicity weigh more than anything else; hence consumers get a clear understanding of what they are consuming.
Foods with Added Benefits: Consumers are increasingly shifting their attention towards more nutritious foods with health benefits. There is high demand for products that contain functional ingredients such as immunity boosters, additional vitamins and minerals, or other components that enhance health. A kind of pervasive trend is borne out of consumer awareness that emphasizes holistic individual wellness; they want foods that not only assuage hunger but also help them stay healthy in the long run.
These changes in the nutritional patterns are altering India’s FMCG landscape compelling brands to innovate and adjust to the new tastes and preferences in the market. As consumers continue to prioritize health and wellness, the demand for convenient, transparent, and functionally enhanced food products is likely to grow.
StartupTalky: What is GCL’s strategy for staying ahead in the competitive nutrition market?
Ms. Ghodawat: GCL’s approach to remaining ahead in the competitive nutrition market is based on ongoing product innovation and sophisticated marketing. The distinctive products, such as Coolberg and the ‘To Be Honest’ range, demonstrate this approach. Coolberg distinguishes out as a refreshing, non-alcoholic beverage, whereas ‘To Be Honest’ offers healthy, ready-to-eat snacks that cater to the growing need for nutritious convenience.
We continue to establish ourselves by promoting both brands through diverse channels that would connect us with as many consumers as possible. These products’ originality and high quality make us different from the competition. This approach enhances our competitiveness and conforms to changing consumer needs.
StartupTalky: How have specific initiatives helped GCL build and maintain customer trust and market presence?
Ms. Ghodawat: We have successfully created and sustained customer loyalty and presence in markets through various targeted activities. An example of one such initiative is our ‘Barso ka bharosa, ab nai pehchaan ke sath’ campaign. This campaign reinforced our long-standing commitment to quality while introducing a fresh, modern identity. The campaign featured Raveena Tandon, a prominent actress known for her strong public presence, and it effectively communicated the brand’s dedication to quality while projecting a modern image with a multi-channel approach that included TV commercials, digital ads, and social media.
We frequently participate in industry events, which allows us to stay updated with market trends and engage directly with our target market. These events provide enormous possibilities for networking, receiving feedback, and illustrating our ideas, all of which help to establish our industry reputation. At the heart of our strategy is an uncompromising commitment to provide consistently high-quality products. We ensure that every product achieves the highest levels of perfection by adhering to strict quality control standards and investing in cutting-edge technology.
StartupTalky: How does GCL’s sales strategy contribute to revenue growth and market expansion?
Ms. Ghodawat: The sales strategy, implemented through many significant initiatives, is critical to generating revenue growth and market expansion. The key pillar of our strategy is the deployment of comprehensive programs for our channel partners. We understand the significance of rewarding our sales personnel. We provide competitive rewards and prizes based on performance, which not only stimulates increased sales but also fosters a motivated and committed team. Training and skill development are also key components of our sales strategy. We invest in continuing training programs to increase our sales team’s skills and knowledge, ensuring they are well-equipped to meet market expectations.
StartupTalky: What advice do you have for entrepreneurs entering the food and beverage industry?
Ms. Ghodawat: Entering the food and beverage industry can be both exciting and challenging due to its vast and ever-evolving nature. First of all, be ready for tough rivalry. The industry is saturated with competing firms and thus developing a strong and distinct brand is necessary for differentiation. This identity needs to be maintained and improved to attract loyal customers. Continuous innovation is crucial, regularly update and improve your product offerings to keep up with changing consumer preferences and trends. Product safety, as well as adherence to quality, must be strictly enforced; thus this means one has to ensure good management of their supply chain so as not to experience any challenges. Investing in effective packaging is also a crucial aspect as it not only helps to maintain product quality but also plays an important part in branding and attracting customers.
StartupTalky: How does GCL address challenges in meeting consumer expectations for healthier products?
Ms. Ghodawat:The problem of meeting consumer expectations for healthy products is addressed by retaining a core emphasis on staple items while expanding product offerings. A key solution to this is the introduction of innovative products like the ready-to-eat sprout offerings from our ‘To Be Honest’ range. These products meet the increased demand for convenient, nutritional solutions. By constantly evolving our products and introducing healthier options, GCL guarantees that we satisfy the different needs of consumers.
StartupTalky: How does GCL plan to contribute to better nutritional eating habits and sustainability in the future?
Ms. Ghodawat: Ghodawat Consumer Ltd. is recognized as a Global Sustainable Organization dedicated to enhancing nutrition and pushing for sustainability in the future. Our core Environmental Social Governance (ESG) goals require us to conduct our businesses ethically, transparently, and within the law while ensuring the best quality and safety standards for our products.
Our goal is to remain relevant to the new trends in nutrition and consumer preferences concerning health by constantly innovating our products. Some of these strategies include the reduction of unhealthy ingredients, the fortification of foods with required nutrients, as well as clear labeling schemes that help consumers make informed decisions.
GCL provides its employees with a seamless and uniform infrastructure meant for their wellness. To support this, there is a three meals canteen where healthy meals are provided to promote good nutrition among employees during their working hours.
Our ambition is to lead the market in the clean technology sector through increased renewable energy share, responsible water management practices, and sound waste management practices. In our efforts to create a circular economy, GCL utilized 3,389.7MT (48%) of rice husk as boiler feed in the year 2022-23, and we achieved 100% bagasse usage for our co-generation plant and its boiler feedstock.
Also, GCL disposed of plastic waste totaling 912MT comprising HDPE, PET, PP, LDPE, and MLP during the same period. With such endeavors, we have reduced landfill burdens by up to 453489 cubic feet, avoided air pollution amounting to 3,402590 kilograms, conserved 247064433 liters or so of water, and 6765438Kwh energy units too.
Notably, any single-time consumption of plastic is not used in our company. By continually advancing our ESG initiatives, GCL is committed to contributing to a more sustainable and healthier future. By advancing our ESG initiatives, GCL is not only committed to sustainability but also to creating a healthier future for our consumers, employees, and society as a whole.
Representatives from the Solvent Extraction Association of India (SEAI), the Indian Vegetable Oil Producers’ Association (IVPA), and the Soyabean Oil Producers Association (SOPA) were present in a meeting that was chaired by the Secretary of the Department of Food and Public Distribution (DFPD) of the Government of India on 17 September. The purpose of the meeting was to discuss the pricing strategy. To ensure that the maximum retail price (MRP) of each oil is maintained until the availability of edible oil stocks imported at 0% and 12.5% Basic Customs Duty (BCD), the leading Edible Oil Associations were asked to meet with their members as soon as possible and discuss the matter.
The maximum retail price (MRP) of edible oils like sunflower oil, soybean oil, and mustard oil was decreased by the industry earlier as a result of talks that the Department had with the key groups for edible oils. The decline in the price of oil was a consequence of the fall in international prices as well as the reduction in the import duty on edible oils, which resulted in the oils becoming more affordable. It has been suggested to the industry regularly that the domestic prices should be brought into line with the international rates to reduce the burden that is placed on the consumers.
Hiking the Basic Customs Duty on Various Edible Oils
For the purpose of bolstering the prices of indigenous oilseeds, the government of India implemented an increase in the Basic Customs Duty that is applied to a variety of edible oils. Starting on September 14, 2024, the Basic Customs Duty on Crude Soybean Oil, Crude Palm Oil, and Crude Sunflower Oil will be increased from 0% to 20%. This would result in the effective duty on crude oils being raised to 27.5%. Furthermore, the effective duty on refined oils has been raised from 12.5% to 32.5%, resulting in a total of 35.75% from the Basic Customs Duty on Refined Palm Oil, Refined Sunflower Oil, and Refined Soybean Oil.
These modifications are a part of the continuous efforts that the government is making to support domestic oilseed producers, particularly in light of the fact that new soybean and groundnut crops are anticipated to arrive in markets beginning in October for the year 2024.
Factors Behind This Move
Several variables, including increasing global output of soybeans, oil palm, and other oilseeds; higher global ending inventories of edible oils compared to the previous year; and dropping global prices due to surplus production, all played a role in the decision-making process, which was preceded by extensive deliberations. This situation has resulted in an increase in imports of low-cost oils, which has resulted in a downward pressure on the prices of domestic products. The purpose of these policies is to improve domestic oilseed prices, stimulate expanded production, and guarantee that farmers receive fair compensation for their produce.
Central Government is also aware of the fact that there is a supply of edible oils, approximately 30 LMT, that has been imported at a reduced duty. This stock is adequate for domestic consumption for 45 to 50 days.
In a recent interview with StartupTalky, Mr. Siva Balakrishnan, the founder and CEO of Vserve, talks about how the company has grown and its impact on the eCommerce world. Vserve started with the goal of helping businesses navigate the fast-changing digital market. Balakrishnan explains how Vserve uses advanced technology to make eCommerce solutions that are both effective and cost-saving. He also shares how Vserve’s focus on customer support and global expansion has made it a key player in the industry. Learn how Vserve is leading the way in eCommerce and preparing for future trends.
StartupTalky: What inspired you to found Vserve, and what is your vision for the company?
Mr. Balakrishnan: Vserve was founded with the sincere goal of bridging the divide between companies and the quickly changing digital landscape. I recognised a chance to provide businesses, no matter how big or little, with the knowledge and resources they need to succeed in the cutthroat world of online shopping. Always, my goal has been to build Vserve into a business that truly partners with our clients’ success, going beyond simple service provision. Our primary objective is to offer scalable, customized solutions that facilitate business growth while significantly reducing running costs. Our objective is to continue being the preferred partner for companies wishing to enhance their eCommerce operations by combining modern technology with our comprehensive industry expertise. Vserve’s mission is to assist our clients in realizing their dreams and experiencing success, not only to supply business solutions.
StartupTalky: How has Vserve’s approach to eCommerce services evolved since its inception?
Mr. Balakrishnan: Vserve’s eCommerce service strategy has continuously changed since its founding to meet the constantly shifting needs of the world market. What was once a little business has grown into a major force in the world. Vserve has always placed a high priority on providing individualized, reasonably priced solutions that provide noticeable outcomes.
Along with expansion, Vserve’s path is distinguished by a strong dedication to comprehending the particular difficulties that each of its clients faces. To guarantee that every customer receives the best care possible, the company has customized all of its services, including digital marketing, 24/7 customer support, and product data management. Because of its constant commitment to quality, Vserve has been able to assist customers in cutting their operating expenses by as much as 60%, enhancing its standing as a reliable partner for companies of all kinds. Vserve is proud to enable its customers to reach their eCommerce objectives.
StartupTalky: Can you elaborate on the key technologies and tools Vserve uses to deliver its eCommerce and retail solutions?
Mr. Balakrishnana: At Vserve, we’re passionate about empowering our retail and eCommerce businesses by utilizing cutting-edge technologies. Because machine learning and artificial intelligence are fundamental to all we do, they form the foundation of our strategy. These technologies enable us to precisely manage product data, automate difficult tasks, and offer insightful forecasts that help us make more informed business decisions. We have created a solid platform for administering eMarketplaces that is both strong and adaptable enough to meet the specific requirements of every customer. We make sure that our solutions expand along with the businesses of our clients since we understand how important scalability is in the quick-paced world of eCommerce.
We also offer scalable, flexible, and safe solutions since we recognize the need for a trustworthy infrastructure. We ensure that our clients receive the support they need as their businesses expand by taking this action. Regarding digital marketing, we take pride in utilizing products like MerchMetric, which we created especially to assist eCommerce companies in making the most out of their product data. We can increase consumer engagement and conversion rates by utilizing data-driven techniques. Furthermore, because we think that excellent customer service is equally essential as cutting-edge technology, we have chatbots and sophisticated CRM systems running 24/7 support that enable us to respond to any request promptly and individually.
The extensive understanding of the eCommerce industry that our staff possesses, however, is what is truly unique. As partners, we are dedicated to helping our clients succeed and flourish in the cutthroat market of today. At Vserve, we’re here to help your company at every stage of the eMarketplace journey.
StartupTalky: How does Vserve’s customized approach contribute to a 60% reduction in bottom-line costs for your clients?
Mr. Balakrishnana: A key component of Vserve’s tailored strategy is helping its clients reduce their bottom-line expenses by 60%. Vserve guarantees resource efficiency and reduces unnecessary costs by tailoring solutions to each company’s unique requirements. The business starts by thoroughly analyzing the particular needs and difficulties of each client. Because of this, Vserve is able to create solutions that maximize operations, be it through more effective customer support systems, focused digital marketing, or simplified product data administration.
An important part of this process is automation. Vserve automates repetitive activities, minimizing errors and manual effort by utilizing machine learning algorithms and AI-driven technologies. This reduces staff costs while simultaneously accelerating procedures. To further improve cost-effectiveness, Vserve’s proficiency in managing e-marketplaces guarantees that customers obtain optimal visibility and sales while minimizing expenditure. This well- thought-out, personalized strategy directly lowers costs significantly, freeing up clients to spend on expansion and innovation.
StartupTalky: What are the primary challenges in providing back-end eCommerce services, and how does Vserve address them?
Mr. Balakrishnan: Maintaining data accuracy, controlling large transaction volumes, guaranteeing smooth platform integration, and providing constant customer support across time zones are just a few of the difficulties associated with providing back-end eCommerce services. Managing the enormous and constantly evolving product data is one of the main issues; accurate listings need to be ensured by meticulous structure, frequent updates, and error-free management. Furthermore, it’s critical to handle high transaction volumes without sacrificing speed or dependability, particularly during the busiest shopping seasons. A further difficulty is integrating different third-party systems and eCommerce platforms, which frequently have different requirements and protocols and complicate otherwise simple tasks.
To handle these difficulties, Vserve uses cutting-edge technologies like artificial intelligence (AI) and machine learning to automate data administration, guaranteeing precision and effectiveness. Even during busy times, the company’s scalable infrastructure can easily handle large quantities of transactions. The proficiency of Vserve in multi-platform integration guarantees seamless functioning across several systems. Vserve uses a specialized workforce and cutting-edge CRM solutions for customer support, guaranteeing timely and reliable assistance. By taking a complete strategy, Vserve can meet the expectations of a dynamic market by providing dependable and affordable back-end eCommerce services.
StartupTalky: How does Vserve ensure high-quality service delivery in its global operations?
Mr. Balakrishnan: Through a combination of strict procedures, cutting-edge technology, and a client-centric mindset, Vserve guarantees high-quality service delivery throughout its global operations. In order to ensure that all operations—whether they are in New York, Coimbatore, or the Philippines—adhere to the same exacting requirements for quality, the corporation begins by establishing unambiguous and consistent standards for each of its international teams. Vserve maintains scalability, precision, and efficiency in its services by utilizing cutting-edge technology like product data management, Real-time tracking, and quality checks made possible by these technologies, which enable Vserve to quickly detect and resolve possible problems.
Furthermore, Vserve allocates substantial resources towards the training of its workforce, ensuring that every team member possesses the most recent knowledge and abilities required to deliver outstanding customer support. Frequent feedback loops and performance reviews show the company’s commitment to ongoing improvement since they help to improve service standards and streamline procedures. In order to sustain tight working relationships with customers, Vserve encourages open lines of communication while providing individualized support and frequent updates.
StartupTalky: What strategies are in place for Vserve’s expansion into new markets or regions?
Mr. Balakrishnan: Vserve has created a strategic plan for entering new markets and geographical areas that is centered on comprehending local requirements, forming reliable alliances, and utilizing its extensive international experience. To fully grasp the unique needs, subtle cultural differences, and legal requirements of a fresh market, Vserve carries out extensive market research before entry. This enables the business to customize its offerings to satisfy regional demands and guarantee adherence to all applicable rules and laws. Vserve places a high priority on forming strategic alliances with nearby companies and tech suppliers to establish a significant presence. Through these alliances, Vserve can deliver services that are competitive and relevant while integrating smoothly into the new market.
Vserve also invests in local talent by employing qualified experts who are aware of the particular business environment in the area. This strategy not only improves Vserve’s operations but also fosters credibility and confidence among local clients. Vserve also makes use of its technological prowess and worldwide infrastructure to provide scalable solutions that are adaptable to various geographical contexts. Vserve guarantees the efficacy and sustainability of its market expansion by upholding a client-centric and adaptable approach, which permits the company to expand while upholding the superior level of service that customers have come to expect.
StartupTalky: Can you discuss the impact of Vserve’s 24/7 customer support and digital marketing services on your client relationships?
Mr. Balakrishnan: Strong client relationships are the foundation of Vserve’s success, which is mostly attributable to the company’s round-the-clock customer service and digital marketing offerings. We recognize the value of dependable support and work to make sure that, at all times and locations, our clients’ clients’ consumers always receive timely, individualized assistance. This commitment increases client happiness, encourages repeat business, and fortifies their faith in us.
By elevating our client’s online visibility and engagement through data-driven strategies and cutting-edge solutions, our digital marketing solutions further strengthen this trust. We customize our approach to each client’s distinct brand so that they feel appreciated and understood. To us, going above and beyond simply rendering services means becoming a true collaborator in our client’s success. We have become known as a trustworthy and reliable ally in the competitive world of eCommerce as a result of our strong dedication.
StartupTalky: How does Vserve customize its solutions to meet the needs of Fortune 500 companies and other large-scale clients?
Mr. Balakrishnan: Vserve takes great care and attention to detail when customizing its solutions for Fortune 500 businesses and other large-scale clients. To create custom solutions that support Vserve’s strategic goals, a thorough examination of each client’s needs, company objectives, and market obstacles is the first step in the process. With cutting-edge technologies like artificial intelligence (AI) and machine learning, Vserve prioritizes scalability and flexibility for these clients in order to effectively manage massive amounts of data and transactions. In order to manage heavy traffic and guarantee dependability, the business also uses a strong, flexible infrastructure.
As part of Vserve’s strategy, specialized account management teams collaborate closely with customers to provide tailored assistance and strategic insights as their needs change. Vserve also offers advanced product data management and tailored digital marketing tactics to increase exposure and spur growth. Vserve creates lasting relationships and produces significant outcomes by fusing these components with a resolute dedication to client happiness.
StartupTalky: What future trends in eCommerce and retail do you foresee, and how is Vserve preparing to adapt to these trends?
Mr. Balakrishnan: We constantly keep an eye on the future to make sure we’re prepared for changes in retail and eCommerce. We anticipate some really interesting developments, and we’re actively getting ready to confront them head-on. Predictive insights and tailored shopping experiences will be made possible by AI and machine learning, which is one of the largest changes we see coming. We’re making significant investments in these technologies to enable us to provide our clients with superior inventory control, more insightful advice, and improved customer support.
We’re also keeping an eye on how multichannel buying is expanding. Our primary goal is to develop integrated solutions that ensure a smooth and consistent shopping experience across all touchpoints since customers have come to anticipate a more seamless online or in-store experience. We are also quite excited about the subject of sustainability. As the market for morally and ecologically conscious companies continues to expand, we’re dedicated to implementing eco-friendly methods into our business operations and services.
In an insightful interview with StartupTalky, Seema Bansal, the visionary Director of DCG Tech Limited, shares her journey and the driving forces behind the company’s success. Founded in 2006, DCG Tech Limited has emerged as a leader in sustainable and innovative packaging solutions. Seema reveals how her passion for innovation and commitment to sustainability have shaped the company’s progress. From utilizing eco-friendly practices to expanding into global markets, Seema’s strategic vision and leadership have positioned DCG Tech Limited as a key player in the packaging industry. Dive into the conversation to explore the milestones, strategies, and plans that define DCG Tech Limited’s remarkable journey.
StartupTalky: What motivated you to start DCG Tech Limited, and what is your vision for the company?
Ms. Seema: Starting DCG Tech Limited was driven by my passion for innovation and a desire to address the growing need for sustainable and efficient packaging solutions in India. I saw a significant gap in the market where businesses needed help finding packaging that was both cost-effective and environmentally friendly. This inspired me to create a platform that not only meets these needs but also pushes the boundaries of what packaging can achieve through technology, design, and sustainability.
My vision for DCG Tech Limited is to be at the forefront of the packaging industry by continually innovating and developing solutions that help businesses reduce waste, lower costs, and enhance the overall consumer experience. I want us to lead the way in sustainability, ensuring our products contribute positively to the environment while setting a high standard for quality and service in the industry. We aim to expand our reach globally, leveraging our data-driven approach and expertise to deliver unparalleled packaging solutions to clients worldwide. Ultimately, I see DCG Tech Limited as a catalyst for change, driving the industry toward a more sustainable and efficient future.
StartupTalky: How has DCG Tech Limited evolved since its founding in 2006, and what are the key milestones in its journey?
Ms. Seema: Since its inception in 2006, DCG Tech Limited has evolved into a leading packaging solutions provider, marked by several key milestones that define our growth and success. Early on, we achieved ISO 9001:2018 certification, which underscored our commitment to quality management and delivering superior products and services to our customers. This certification has been a cornerstone, helping us build trust and reliability with over 50,000 clients.
A major milestone was the opening of our office in the UAE, which marked our expansion into the global market. This step allowed us to better serve our international clients, tap into new opportunities, and strengthen our presence in the Middle East and beyond.
Another pivotal moment was the establishment of the DCG Tech Ennovation Centre, our dedicated innovation hub focused on research, development, and sustainable packaging solutions. This center has enabled us to push the boundaries of packaging technology, continuously developing products that meet evolving market demands while promoting sustainability.
These milestones reflect our strategic growth, our commitment to quality and innovation, and our vision to become a global leader in sustainable packaging solutions.
StartupTalky: DCG Tech Limited has become a leading packaging solutions supplier. What strategies have been crucial in achieving this status?
Ms. Seema: DCG Tech Limited’s rise to prominence as a leading packaging solutions supplier has been driven by several crucial strategies. Firstly, our commitment to innovation has been fundamental. By establishing the DCG Tech Ennovation Centre, we have fostered a culture of continuous improvement and research, enabling us to develop cutting-edge, sustainable packaging solutions that meet evolving market demands.
Secondly, our focus on quality has been unwavering. Achieving and maintaining ISO 9001:2018 certification has reinforced our dedication to delivering high-quality products and services, ensuring that we consistently meet and exceed customer expectations.
Thirdly, strategic global expansion has played a key role. Opening our office in the UAE allowed us to tap into new markets, broaden our reach, and better serve international clients, thus strengthening our global presence.
Lastly, we have prioritized customer-centricity, tailoring our solutions to address the specific needs of our clients and building strong, long-term relationships. These strategies—innovation, quality, global expansion, and customer focus—have been essential in establishing DCG Tech Limited as a leader in the packaging industry.
StartupTalky: Can you describe technology’s role in optimizing DCG Tech Limited’s packaging solutions?
Ms. Seema: Technology plays a pivotal role in optimizing DCG Tech Limited’s packaging solutions, driving both efficiency and innovation. At the heart of our approach is the DCG Tech Ennovation Centre, where we harness advanced technologies to develop cutting-edge packaging solutions. This includes the use of smart manufacturing techniques, such as automated production lines and real-time quality monitoring, which enhance precision and reduce waste.
We also leverage data analytics to gain insights into market trends and customer preferences. This data-driven approach allows us to tailor our solutions to meet specific needs, optimize supply chains, and improve overall performance. For instance, our use of predictive analytics helps us anticipate demand and manage inventory more effectively, reducing lead times and costs.
Sustainability is another key focus, where technology enables us to explore and implement eco-friendly materials and processes. Innovations in biodegradable and recyclable materials, along with energy-efficient production methods, support our commitment to reducing environmental impact.
Overall, technology is integral to our strategy, driving continuous improvement, enhancing product quality, and supporting our commitment to sustainability and customer satisfaction.
StartupTalky: What are the main challenges you’ve faced in growing DCG Tech Limited, and how have you overcome them?
Ms. Seema: Growing DCG Tech Limited has presented several challenges, which we have addressed through strategic and practical solutions. One significant challenge was scaling our operations while maintaining high standards of quality and customer service. To overcome this, we implemented robust processes and invested in technology that enhances efficiency and ensures consistency across all our operations.
Entering new markets, including international expansion, posed its own set of difficulties. We navigated these by building a skilled team that understands local market dynamics and regulations, enabling us to adapt our approach to different regions effectively.
Another challenge was integrating sustainability into our packaging solutions without increasing costs or compromising on performance. We tackled this by focusing on innovation and collaborating with partners to develop and implement eco-friendly materials and practices.
By proactively addressing these challenges with targeted strategies, we have successfully driven our growth and solidified our position as a leader in the packaging industry.
StartupTalky: How does DCG Tech Limited ensure that its packaging solutions meet the diverse needs of its over 50,000 customers?
Ms. Seema: At DCG Tech Limited, meeting the diverse needs of our over 50,000 customers is a top priority. We achieve this through a combination of customized solutions, customer feedback, and continuous innovation.
Firstly, we prioritize understanding the specific requirements of each client. Our team works closely with customers to develop tailored packaging solutions that address their unique needs, whether it’s for different industries, product types, or environmental considerations.
We also actively seek and incorporate customer feedback. By maintaining open lines of communication, we gather insights into our clients’ evolving needs and preferences, allowing us to make informed adjustments and improvements to our offerings.
Continuous innovation is another key factor. We invest in research and development to stay ahead of industry trends and technological advancements. This enables us to offer state-of-the-art solutions that not only meet current needs but also anticipate future demands.
Through these practices—customization, feedback integration, and innovation—we ensure that our packaging solutions remain relevant and effective for our diverse customer base.
StartupTalky: What steps is DCG Tech Limited taking to incorporate sustainability into its packaging solutions?
Ms. Seema: At DCG Tech Limited, incorporating sustainability into our packaging solutions revolves around the 2R approach: Reduce and Reuse. This philosophy guides us in developing packaging that minimizes environmental impact while maximizing functionality and value for our customers.
Reduce: We focus on reducing waste and resource consumption at every stage of our packaging process. This includes optimizing packaging design to use fewer materials without sacrificing strength or quality. By using lightweight, durable materials and smart engineering, we lower both our carbon footprint and that of our customers. Additionally, we are committed to reducing energy use and emissions in our production processes, further supporting a sustainable approach.
Reuse: Our packaging solutions are designed with reusability in mind. We encourage customers to choose packaging that can be repurposed or used multiple times. Whether through innovative design that facilitates easy reuse or through durable materials that extend the life cycle of the packaging, we aim to help our clients move away from single-use products.
By embedding the principles of Reduce and Reuse into our practices, DCG Tech Limited is actively contributing to a more sustainable packaging industry and encouraging a shift towards a circular economy.
StartupTalky: What are your future plans for expanding DCG Tech Limited’s product offerings and market reach?
Ms. Seema: DCG Tech Limited is poised for significant growth by expanding both our product offerings and market reach. Looking ahead, we plan to introduce a wider range of innovative, sustainable packaging solutions that cater to diverse and emerging industry needs. This includes advanced materials that are eco-friendly and provide enhanced performance and versatility for various sectors. We are also venturing into new areas like smart packaging, which integrates technology for improved tracking, shelf-life management, and customer engagement.
A key focus area is expanding our festive packaging line, which has seen increasing demand. We aim to offer unique, customizable packaging options that cater to different cultural and seasonal celebrations. These festive packaging solutions will combine aesthetics with sustainability, providing our clients with innovative ways to enhance their brand presence during special occasions.
On the market expansion front, we are focused on strengthening our presence in existing regions while exploring new international opportunities. By building strategic partnerships and investing in local expertise, we can better understand regional needs and deliver targeted solutions. Additionally, enhancing our digital and eCommerce platforms will help us reach a broader audience and offer our packaging solutions globally. Our future plans revolve around leading the industry with sustainable, innovative packaging that meets the evolving needs of a global market.
StartupTalky: How does DCG Tech Limited plan to leverage its success to explore new business opportunities or markets?
Ms. Seema: Leveraging our success, we plan to explore new business opportunities and markets by focusing on innovation, strategic partnerships, and global expansion. Building on our reputation as a leader in sustainable and high-quality solutions, we aim to diversify into related areas where we can apply our expertise and offer value to new sectors.
A key strategy is to expand our portfolio to include smart solutions that integrate technology for enhanced product tracking, safety, and consumer engagement. This approach allows us to tap into high-growth sectors such as food, pharmaceuticals, and eCommerce, where such innovations are increasingly sought after.
We are also looking to enter new geographical markets, especially in emerging economies that present significant growth opportunities. To achieve this, we plan to build strategic partnerships and establish local teams to understand and navigate these markets effectively.
Additionally, we see potential in extending our expertise to adjacent industries, such as logistics and supply chain management, where our solutions can add considerable value. By leveraging our strengths, forming strategic alliances, and continuously innovating, we aim to explore and capitalize on new opportunities that align with our vision of growth and sustainability.
StartupTalky: What advice would you offer to aspiring entrepreneurs in the packaging and eCommerce sectors?
Ms. Seema: For aspiring entrepreneurs in the packaging and eCommerce sectors, my advice would be to stay customer-focused and adaptable. Understanding your customers’ needs is crucial. The packaging and eCommerce industries are rapidly evolving, driven by changing consumer preferences and technological advancements. Start by thoroughly researching your market and identifying gaps where you can offer unique value.
Innovation should be at the core of your strategy. Whether it’s through sustainable materials, smart packaging, or efficient supply chain solutions, find ways to differentiate yourself and stay ahead of industry trends. Don’t be afraid to experiment and invest in R&D; this will help you develop innovative solutions that cater to emerging demands.
Building strong relationships is equally important. Collaborate with suppliers, partners, and customers to create a network that supports growth and innovation. A strong network can provide the support, feedback, and opportunities needed to scale your business.
Finally, stay resilient and adaptable. The journey of entrepreneurship comes with its challenges, but maintaining a clear vision, being open to change, and learning from every experience will help you navigate the complexities of the packaging and eCommerce landscape successfully.
The fashion store Myntra, which is owned by Flipkart, is supposedly testing a four-hour delivery service in four cities, including Bengaluru and New Delhi, according to various media reports.
This represents a considerable departure from the platform’s typical delivery period of two to three days, and it is in line with the growing demand for faster deliveries in India’s rapidly expanding quick commerce industry.
During this trial period, the company is providing a limited selection of items for speedier delivery. However, by the end of the year, the company intends to expand the service to include additional cities.
Increasing Need for Rapid Trade
The decision to investigate the possibility of implementing a four-hour delivery window comes at a time when speedy commerce is rapidly gaining popularity in India. This is especially true in industries like as grocery and office supplies, where companies such as Blinkit and Zepto have created delivery times as fast as 10-15 minutes.
The shift towards faster delivery that Myntra has made is reflective of a broader trend that is occurring across many sectors, as customers are increasingly anticipating shorter wait periods for online purchases.
Effects on the state of eCommerce in India
Myntra’s foray into the world of fast commerce is indicative of a more widespread shift in the marketplace for online shopping in India. Additionally, competitors such as Amazon and Flipkart are paying attention to the growing demand for services that are delivered more quickly.
Flipkart, which is the parent company of Myntra, has already introduced its own fast delivery service, which is called Flipkart Minutes, in a few cities. This is in contrast to Amazon, which has not yet completely embraced the competition to become the fastest retailer.
As an increasing number of eCommerce platforms make investments in reducing delivery times in order to seize a portion of this fast expanding market, the rivalry is expected to get more intense.
Constraints Faced by the Fashion Sector
Due to the extensive selection of products and the greater rate of returns from customers, the fashion category has always been one of the most difficult categories for e-commerce platforms in India since its inception.
Although Myntra has over 40 million users that transact on an annual basis, the company is still exploring new ways to improve the pace at which it delivers its products.
A number of the company’s services have been gradually improved over the years. In 2022, the company introduced a service called “M-Express,” which had the objective of delivering things within 24 to 48 hours in certain cities. The continuing trial of a delivery service that operates for four hours represents the next stage in the company’s quest to meet the ever-changing expectations of its customers.
In today’s world, where online content creation is at its peak, the video-sharing platform YouTube has become an indispensable tool for creators to showcase their talents, expertise, and entertainment skills. While YouTube is known for featuring creators who present themselves on camera, it is only partially true that one must be on camera to succeed.
There is a thriving community of creators who have not only built successful careers but also inspired others to follow suit, all without ever showing their faces. These creators, using techniques such as screen recording, voiceovers, animations, and stock footage, have created content that not only engages but also resonates with their audience. Their success stories prove that YouTube is a platform where success is not limited to those who are comfortable appearing on camera, but also to those who can create quality content without showing their faces.
In this guide, we’ll explore the strategies, techniques, and opportunities tailored for those who stay behind the scenes while leaving a lasting impression on the digital landscape.
The initial stride towards monetizing your channel is through the YouTube Partner Program. This program, which requires reaching 1,000 subscribers and 4,000 watch hours in the previous 12 months, is a crucial foundation for your journey. Once you meet these requirements, you can enable advertisements on your videos and start earning a share of the ad revenue. While the income may start modestly, consistent, high-quality content can expand your audience and earnings over time. Building a subscriber base and watch hours may pose a challenge, but with dedication and the right content strategy, it’s an achievable feat.
Affiliate Marketing
Affiliate marketing is a powerful way to earn commissions by promoting other companies’ products or services on your channel. Many brands offer affiliate programs where you get a unique tracking link or code. When your viewers purchase through that link, you earn a percentage. You can search for affiliate programs in your niche or join popular platforms like Amazon Associates to get started. Once accepted into a program, you can start promoting products or services that align with your content and audience’s interests and earn a commission for each sale. This can be a lucrative income stream for faceless channels.
YouTube Age Demographics
Channel Memberships
Offering channel memberships is not just a way to reward your most devoted viewers, but also a powerful tool to foster a strong sense of community. Members can access exclusive perks like custom-designed emojis, badges, and members-only posts by subscribing to your channel for a monthly fee. These unique benefits not only create a sense of belonging among members but also encourage them to continue supporting your channel. As the number of members grows, so does your potential income stream, providing you with a reliable source of financial support and a testament to the value your content brings to your viewers.
Merchandise
One effective way to generate revenue from an engaged audience is by creating and selling branded merchandise such as t-shirts, mugs, and stickers. You can simplify handling orders and shipments by leveraging on-demand services. Once your merchandise is ready, you can promote it across your website, social media channels, and other relevant marketing platforms to increase visibility and drive sales. This strategy not only generates revenue but also helps with building brand recognition and customer loyalty.
As your channel expands and attracts more viewers, you may have the opportunity to collaborate with various brands and create sponsored video content featuring their products or services. These types of videos can be incredibly profitable. Still, ensuring they fit seamlessly into your channel’s overall theme and message is crucial. Additionally, disclosing paid promotions properly is essential to maintaining transparency and trust with your audience.
Fan Funding
Several online platforms, such as Patreon, offer an excellent opportunity for creators to get support from their most loyal fans. These platforms enable creators to receive regular financial contributions from their supporters in exchange for exciting perks and exclusive content. The extras may include behind-the-scenes footage, Q&A sessions, early video access, and more. It’s a good idea to start small and provide real value to your fans to encourage them to support you every month. With the right strategy and perks, these platforms can be a fantastic way to monetize your content and build a sustainable income stream.
Digital Products
One way to monetize your niche expertise is by creating and selling digital products and services such as ebooks, online courses, graphics packs, audio samples, and more. By leveraging your platform or channel, you can promote your offerings and generate passive income from sales. This can be a great way to diversify your revenue streams while providing value to your audience.
Licensing Content
One way to monetize your creative content is by licensing its rights to others interested in using it. If you have produced engaging and shareable video clips, animations, or music, you can profit by permitting others to use your content in exchange for a fee. This can be a great way to generate income from your artistic endeavors while gaining exposure and recognition for your work.
When it comes to making the most out of an anonymous platform, it’s essential to have a strategy that involves multiple sources of income, a commitment to delivering quality content, a focus on expanding your audience, and a willingness to use your strengths in content creation, marketing, and cultivating relationships with your followers. You can turn your passion into a highly profitable profession with persistence, innovation, and luck.
FAQ
What are the best ways to monetize a faceless YouTube channel?
The best ways to monetize are the YouTube Partner Program, affiliate marketing, sponsored videos, channel membership, digital products and fan funding.
How can I attract viewers to my faceless YouTube channel?
A focus on expanding your audience, delivering quality content and a willingness to use your strengths in content creation and cultivating relationships with one’s followers may attract many viewers.
Can I make money on YouTube without showing my face?
Yes, of course, many YouTubers have made their brand by creating content on YouTube and not revealing their identity.
Dev Gupta
