For a while now, Telegram has been in the news. The CEO and founder, Pavel Durov, was detained on 25 August on suspicion of permitting unlawful acts on the messaging platform. Despite Durov’s denials, Telegram has taken action. The corporation has been seen to be pushing moderation somewhat as of late.
The corporation had previously stated on the prior FAQ page that private chats were shielded from requests to be moderated. However, this is not the case anymore. The statement is no longer available. All Telegram conversations, including group chats, remain private amongst their members, according to Telegram’s answer page as of September 5. Requests about them are not handled by the company. This statement has already been removed, though.
The preceding statement has been substituted by the following: All Telegram applications include “Report” buttons that enable users to flag illegal content for our moderators with a few taps. These buttons are followed by instructions on how to report content.
The CEO’s arrest for platform moderation led Telegram to make the process of reporting a chat more prominently posted in their FAQ section, while the option to report has always been there.
Speculation That Telegram May Disable Encryption
Telegram has described the accusations as “false rumours” and denied any involvement in the potential termination of end-to-end encryption on the app. A recent modification to the FAQ has caused these rumors to proliferate. According to the company’s statement, the modification to the FAQ has merely served to clarify the process of reporting information on Telegram, including through Europe’s DSA.
“As an alternative to forwarding, you can always report messages from any Telegram group to the moderators. Private conversations remain private, even though you have the option to notify moderators of a new incoming chat by going to Block > Report. There were no changes to how Telegram runs, as anyone can observe in the open source code,” the company claims.
Allegations on Telegram
There is room for up to 2,000,00 members in Telegram’s huge group. Despite how appealing it is, this is the main issue that opponents have with it. They think it facilitates the dissemination of false information and gives people a place to talk about controversial topics including child exploitation, conspiracy theories, hate speech, and terrorism.
More attention and demands for greater responsibility have fallen on the Telegram app in the UK after it was found to host far-right channels that were instrumental in organising deadly disruption in multiple English cities last month.
There were growing pains that allowed criminals to more easily abuse our platform, as Pavel Durov acknowledged in his message, due to the “abrupt increase” (which he estimated at 950 million) in the number of users of the messaging app.
The Central Government has partnered with Swiggy, a fast-commerce and food-delivery company, to enhance internship and job possibilities, according to a statement released on September 7.
An initiative was launched by the Bengaluru-based startup with the Ministry of Skill Development and Entrepreneurship to offer job opportunities and skilling within the company’s food delivery and rapid commerce networks. The 2.4 lakh delivery partners and employees of the affiliated restaurants with Swiggy are anticipated to reap the benefits of the cooperation. Jobs, internships, and training in restaurant management and other areas of retail management are likely to be created as a result of this program.
Skill India Digital Hub
As part of its Skills commitment, Swiggy will provide its employees with access to online training modules, certificates, and courses through its delivery partner platform’s integration with Skill India Digital Hub (SIDH).
According to Jayant Chaudhary, the Union minister of state (independent charge) for skill development and entrepreneurship (MSDE), today’s alliance exemplifies the power of public-private partnerships to expand opportunities for the logistics industry’s workforce. The ministry is hoping that more corporations will get involved because there is a lot of potential in this field.
Almost 2.4 lakh delivery partners and the staff of its 2 lakh restaurant partners will have easy access to online skill development courses, offline certifications, and training modules, according to Rohit Kapoor, CEO of Swiggy Food Marketplace. The company intends to integrate with MSDE’s Skill India Digital Hub (SIDH) across its partners’ apps.
Through its Swiggy Instamart activities, the company will be able to recruit 3,000 people nationwide. Additionally, 200 individuals who have been taught by MSDE will be provided with internship opportunities in its senior-level rapid commerce activities, according to Kapoor.
Introducing Incognito Mode Feature
In the meanwhile, Swiggy announced the debut of its Incognito Mode, a first in the industry that lets customers shop for food and other items anonymously.
Incognito Mode prevents these orders from being saved in the app’s history, so you won’t have to worry about accidentally deleting them when you’re planning a surprise, treating yourself, or making a secret purchase. You may place orders on Swiggy Food and Instamart with confidence when you use Incognito Mode.
According to Swiggy, Incognito Mode is perfect for buying personal wellness products on Swiggy Instamart or any other kind of purchase when the buyer would like to keep their identity hidden.
“As social as our lives are becoming, there are still things we prefer to keep private, and Incognito Mode is designed to address that need,” added Kapoor.
Incognito Mode protects the privacy of customers’ choices, whether they are placing a dinner order or making a short transaction. We are thrilled to provide our users with a smooth experience that allows them to enjoy Swiggy’s numerous services while enhanced privacy is prioritized.
Ten percent of Swiggy users have access to the functionality right now, and the rest will get it in the next few days.
Users can access Incognito Mode by simply toggling a button in their cart. A confirmation message will show up after Incognito Mode is turned on to let you know. Customers can monitor their orders for up to three hours after delivery to address any issues that may arise after they’ve received their packages. Following this, the order is subtly removed from the order history, guaranteeing that the purchase will stay confidential.
A fintech firm called Paysharp, which is based in Chennai, has been granted the final approval to function as a Payment Aggregator (PA) by the Reserve Bank of India (RBI).
After receiving an in-principle license in December 2022, the company was awarded approval on August 30, 2024. This approval came after the company received the license.
Paysharp is now one of the 36 payment processors (PAs) that have been approved by the Reserve Bank of India (RBI). Other notable companies in this category include Razorpay, Cashfree, and Stripe.
Acquiring New Customers
After receiving approval from the Reserve Bank of India (RBI), Paysharp is now able to officially engage in India’s payment ecosystem and onboard merchants.
Non-card-based payment solutions are the primary emphasis of the startup company, which provides services such as the Unified Payments Interface (UPI) and virtual account-based collections for NEFT, IMPS, and RTGS transactions.
Among the many industries that Paysharp serves, the government, business-to-business (B2B) organizations, non-banking financial companies (NBFCs), small and medium-sized businesses (SMBs), and the rising eCommerce sector are among those that benefit from the company’s services.
Paysharp, in contrast to other aggregators, which charge fees based on a percentage, provides a flat price approach to provide a service that is more cost-effective for businesses, particularly those who engage in high-volume transactions.
New and Exciting Product Selections
Link Payment and Payment Pages are two of Paysharp’s groundbreaking UPI-powered technologies.
Quick and easy payments can be made by consumers using the Link Payment function, which lets retailers generate and transmit payment links using messaging apps like WhatsApp, text messages, or email.
Alternatively, businesses can use Payment Pages to set up a personalized page where clients can pay instantly.
Along with these services, Paysharp offers branded UPI handles, dynamic QR code generation, and solutions designed for the Bharat Bill Payment System (BBPS), which are ideal for business-to-business bill collections.
In his remarks after the final approval from the Reserve Bank of India (RBI), Krishna Kumar Mani, the co-founder and CEO of Paysharp, expressed that it is a source of tremendous pride to be a recipient of India’s payment system. The company recognizes the significance of the authorization as well as the responsibility that comes along with it, and it will continue to provide businesses with a straightforward and secure payment option that costs a flat rate rather than a percentage-based pricing structure.
In addition, Mani emphasized that the license will make it possible for the company to extend its operations and broaden its presence in the Indian fintech industry.
Have you ever bitten into a delicious momo and thought, “I wish I could sell these”? Well, great news! Starting a momos business in India is not only feasible but also potentially very profitable. Momos, which are a type of dumpling originally from Tibet and Nepal, have become incredibly popular in India. This blog will guide you through the steps needed to kickstart your own momos business, from understanding the market to setting up your shop.
Understanding the Market
Types of Momos
Momos, a popular dumpling dish originating from Tibet and Nepal, has evolved into a versatile culinary delight with numerous varieties to cater to diverse tastes.
Traditional momos are usually steamed and filled with minced meat, such as chicken, pork, or beef, often mixed with finely chopped vegetables and aromatic spices.
Vegetarian versions, filled with cabbage, carrots, onions, and mushrooms, are equally beloved. Innovative variants include fried or pan-fried momos, which offer a crispy alternative to the soft, steamed original.
Additionally, fusion momos have emerged, featuring unique fillings like cheese and spinach, paneer, or even chocolate or coconut & Jaggery for a sweet twist. The accompanying dipping sauces, ranging from spicy tomato chutneys to tangy sesame dips, further enhance the momos’ appeal, making them a versatile and cherished dish across different cultures.
Momos are enjoyed by people of all ages and backgrounds. They are versatile, offering both vegetarian and non-vegetarian options, which makes them a hit among diverse groups. Given their widespread popularity, it’s no surprise that many entrepreneurs are looking to capitalize on this trend.
Market Size of Quick Service Restaurants in India in 2024, With an Estimate for 2029
Market Research
Before diving in, it’s crucial to conduct thorough market research. Look at existing momos businesses in your area. What types of momos are they selling? What are their price points? Are there any gaps in the market that you could fill? Understanding your competition will help you position your business more effectively.
Planning Your Business
Business Plan
A solid business plan is the backbone of any successful venture. Your plan should include:
Mission Statement: What do you aim to achieve with your momos business?
Market Analysis: Who are your target customers?
Menu: What types of momos will you offer?
Pricing Strategy: How will you price your momos competitively?
Marketing Strategy: How will you attract customers?
Financial Projections: What are your expected costs and revenues?
Location, Location, Location
Choosing the right location can make or break your business. Ideally, your shop should be situated in a busy area with high foot traffic, such as near schools, colleges, offices, or marketplaces. Accessibility and visibility are key factors to consider.
Setting Up Your Momos Business
Legal Requirements
Before you start selling momos, you’ll need to obtain several licenses and permits:
FSSAI License: This ensures that your food is safe for consumption.
GST Registration: Required for tax purposes.
Local Municipal Health License: Ensures your business complies with local health regulations.
Shop and Establishment License: Required if you’re setting up a physical store.
Initial Investment
Your initial investment will depend on various factors such as the size of your shop, equipment, and initial stock. Here’s a rough estimate:
Rent and Deposit: INR 50,000 to INR 1,00,000
Equipment: INR 20,000 to INR 50,000 (steamer, utensils, etc.)
Raw Materials: INR 10,000 to INR 20,000
Licenses and Permits: INR 5,000 to INR 10,000
Marketing: INR 10,000 to INR 20,000
Sourcing Ingredients
High-quality ingredients are essential for making delicious momos. Establish relationships with reliable suppliers for flour, vegetables, meat, and spices. Consider sourcing organic ingredients to attract health-conscious customers.
Variety is the spice of life, and offering a diverse menu can attract more customers. Here are some popular types of momos to consider:
Vegetarian Momos: Stuffed with veggies like cabbage, carrots, and paneer.
Chicken Momos: A favorite among non-vegetarians.
Pork Momos: Another non-veg option that’s gaining popularity.
Cheese Momos: A unique twist that can attract cheese lovers.
Chocolate Momos: Perfect for dessert lovers!
Pricing
Your pricing strategy should balance affordability with profitability. Research the prices of momos in your area and set competitive rates. Offering combo deals or meal packages can also attract more customers.
Marketing Your Momos Business
Online Presence
In today’s digital age, having an online presence is crucial. Create a website and social media profiles for your business. Post mouth-watering pictures of your momos, engage with your audience, and run promotions to attract customers.
Offline Marketing
Don’t neglect traditional marketing methods. Distribute flyers, put up banners, and consider collaborating with local events to get the word out. Word-of-mouth is also powerful, so ensure every customer leaves satisfied.
Delivery Partnerships
Partnering with food delivery services like Zomato and Swiggy can significantly boost your sales. Many people prefer ordering food online, and being available on these platforms can increase your reach.
Managing Your Business
Hiring Staff
As your business grows, you’ll need to hire staff to help with cooking, serving, and managing orders. Look for individuals with experience in the food industry and provide adequate training to ensure consistent quality.
Customer Feedback
Listening to your customers is vital for continuous improvement. Encourage feedback and be open to making changes based on it. Happy customers are more likely to return and recommend your business to others.
Financial Management
Keep track of your expenses and revenues meticulously. Use accounting software to manage your finances and regularly review your financial statements to ensure your business is on the right track.
Conclusion
Starting a momos business in India can be rewarding if done correctly. Each step is crucial for your success, from understanding the market to setting up shop and marketing your delicious momos. With dedication, hard work, and a love for momos, you can build a thriving business that satisfies the taste buds of many happy customers.
FAQs
Is momo business profitable in India?
The momo business offers high-profit margins, making it a highly lucrative opportunity.
How big is momos market in India?
India’s momo market is now valued at approximately $3 billion annually, with over 90% dominated by unorganized street-side vendors. However, the organized sector is expanding rapidly.
Which licenses are necessary to open a momos business in India?
FSSAI License, GST Registration, Local Municipal Health License, and Shop and Establishment License are necessary licenses to open a momos business in India.
In this interaction with StartupTalky, Satyabrata Satapathy, CEO and Co-Founder of BonV Aero, talks about how the company is revolutionising defense, logistics, and disaster management with its drones. He talks about BonV Aero’s mission to provide aerial mobility solutions through local manufacturing, focusing on sustainability and high-altitude capabilities. Satapathy also discusses their success stories, including breaking world records, and shares his insights on the future of the drone industry in India.
StartupTalky: What is BonV Aero’s mission, and how does the company aim to impact defense, logistics, and disaster management?
Mr. Satapathy: Our mission is to produce high-quality, safe, and reliable products with a focus on indigenous manufacturing adhering to the highest standards of safety and quality. We would want to bring Arial Mobility Solutions to these sectors.
StartupTalky: What problems does BonV Aero’s drone technology solve in defense, logistics, and disaster management?
Mr. Satapathy: BonV Aero was established to address the challenges faced in transporting logistics to remote and high-altitude areas, particularly in difficult terrains such as borderfront areas and during disaster situations. Traditional methods such as using mules and porters posed risks to human life, especially in high-altitude regions.
With our logistic drones capable of carrying payloads of up to 50 kg and flying at altitudes above 16000 ft, we aimed to provide a safe and efficient solution for the Indian Army and other stakeholders operating in similar environments. The need for reliable, versatile, and efficient logistics transport in challenging terrains and disaster scenarios propelled the foundation of our company and the development of our innovative products.
StartupTalky: What are the key features and advantages of your drone systems compared to others in the market?
Mr. Satapathy: The key features and advantages of our drone systems compared to others in the market include:
The propulsion system developed by us is capable of flying at high altitudes.
Self-flying technology is also an innovation and a unique selling point (USP) of our drones.
Airframe is another level of innovation we brought in metal alloys, where we came up with innovative aerospace-grade aluminium alloy, which is cost-effective, reliable, maintainable, and light weight.
StartupTalky: How does the eVTOL vehicle contribute to carbon-free smart aerial mobility, and what are its benefits for logistics and cargo transportation?
Mr. Satapathy: We prioritise sustainability and social responsibility through our commitment to minimising environmental impact. Our logistic drones are powered by batteries, ensuring that our operations leave no carbon footprint in the environment. By leveraging battery-powered technology, we strive to promote clean energy usage, reduce air pollution, and contribute to a more sustainable future for both industry and society. As part of our social responsibility initiatives, we are dedicated to advancing eco-friendly practices and setting a precedent for environmentally conscious innovation within the drone manufacturing and logistics industry.
StartupTalky: How does BonV Aero approach development and innovation in drone systems? What role does R&D play?
Mr. Satapathy: BonV Aero places a strong emphasis on development and innovation in drone systems through its in-house manufacturing approach, ensuring full control over key components like aerostructures. We have a state-of-the-art R&D facility that manages everything from the design to the fabrication of these structures. This comprehensive R&D process extends into critical areas such as motor and motor controller designs, ensuring their drones remain highly efficient even in extreme conditions, like the high altitudes of the Himalayas.
BonV Aero has also developed proprietary software platforms that enable drones to fly autonomously in any jamming atmosphere, a crucial feature for secure and reliable operations. These advancements in aerial mobility have been proven in practical scenarios, with BonV Aero successfully inducting logistic drones into the Indian Army. These eVTOLs are capable of operating in high-altitude and adverse environments, providing essential support for the Army in challenging conditions.
StartupTalky: Share a notable project or success story where BonV Aero’s drones have had a significant impact.
Mr. Satapathy: A significant success story for BonV Aero involved deploying our logistic drones in disaster-stricken areas to facilitate rapid and efficient delivery of emergency supplies. Our drones proved instrumental in areas where traditional transport could not reach, thereby significantly speeding up relief efforts and minimizing the impact of the disaster. We recently broke the world record for carrying the heaviest payload in our drone (30 kg) at the highest altitude in the Himalayas at Ladakh (19024 ft).
StartupTalky: What are the main challenges in drone manufacturing, and how is BonV Aero addressing them?
Mr. Satapathy: The main challenges in drone manufacturing include technological integration, regulatory compliance, and scalability of production. BonV Aero addresses these by innovating in electric propulsion systems for enhanced efficiency and safety, closely working with regulatory bodies to ensure compliance, and leveraging advanced manufacturing technologies to scale operations effectively.
StartupTalky: What is your view on the current state and future outlook of the drone industry in India?
Mr. Satapathy: The drone industry in India is at a burgeoning stage with vast potential for growth, driven by increasing adoption across sectors like agriculture, defense, and disaster management. The future outlook is promising due to supportive government policies promoting drone technology. BonV Aero is poised to lead this growth by innovating and adapting to market needs, thus contributing significantly to the industry’s evolution in India.
StartupTalky: What emerging trends or technologies in aerospace and aviation excite you, and how will BonV Aero incorporate them?
Mr. Satapathy: Emerging trends in aerospace and aviation, such as autonomous flight systems, artificial intelligence in unmanned flight operations, and greener propulsion technologies, excite us at BonV Aero. We are actively incorporating these advancements into our designs to enhance drone capabilities and ensure sustainable operations.
StartupTalky: What advice do you have for entrepreneurs looking to enter the drone industry?
Mr. Satapathy: On the technology side, prioritize innovation by addressing the end user’s pain points. Understand your users deeply and focus on incremental improvements that make a real difference in their experience. Execution is equally important—ensure your solutions are practical, scalable, and well-aligned with user requirements.
When it comes to funding, be clear about your “MOAT” when presenting to investors. Don’t hesitate to schedule meetings with multiple investors—be persistent and proactive. Seek investors who are not just financiers but true partners who can help guide and grow your business.
Regarding regulations, having a deep understanding of the regulatory framework is crucial. Stay informed and engaged with the evolving regulatory landscape, as it can significantly impact the success of your startup.
New Delhi [India],September 7: The Rolling Plate, a leading cloud kitchen franchise company, is celebrating its 5th anniversary by giving back to society. The company is all set to change the lives of five underprivileged people on this special occasion. These people are currently working as beggars, and The Rolling Plate is going to provide them with a new look that includes haircuts, clothes, and shoes. The company is also going to provide them with jobs, which will help them earn a living and lead a better life.
This initiative taken by The Rolling Plate is a part of its social work towards the betterment of society. The founder of The Rolling Plate, Mr. Jahaan Khurana, is proud to make a difference in the society by celebrating the 5th anniversary in such a unique way. The company’s three unique models FOFO, FOCO, and FOPO, have been successful in the market, and the company aims to further expand its reach.
The Rolling Plate has previously carried out various social initiatives as well. In the past, the company conducted a defense training program for 400 girls. The aim was to empower these girls and make them aware of their safety and the importance of self-defense. The initiative towards women’s safety was successful, and the company is proud to have made an impact on the lives of these girls.
The company also organized a plantation drive two years back to contribute towards environmental conservation. The plantation drive was carried out in different parts of the city, and the company took this step to keep the environment clean and green.
The Rolling Plate Bringing Change to Society
The Rolling Plate’s commitment to social work is evident through its various initiatives over the years. The company remains committed to making a positive impact on society and contributing to its growth and development.
About The Rolling Plate
The Rolling Plate is a cloud kitchen franchise company that has been providing tasty, healthy, and affordable food to customers for the past five years. The company is known for its unique concept of FOFO, FOCO, and FOPO models, which has been successful in the market. With a focus on quality and consistency, The Rolling Plate has been able to win the trust of its customers.
Gurgaon (Haryana) [India] September 7: In a bold move to transform the home loan approval process, Ambak has launched a new platform feature designed to improve the user experience and operational efficiency for home loan agents.
According to their findings, the traditional home loan process can take up to 45 days, with customers and loan agents shuttling between multiple financers, at times leaving them unaware of many formalities and paperwork involved, leading to confusion and rejection of home loans.
The platform’s new feature was integrated to address such customer pain points by leveraging a proprietary Bank Rule Engine technology to provide greater transparency, real-time updates and faster loan processing time for its users.
Ambak uses digital integrations for credit score checks and has an in-depth understanding of each financier’s criteria to ensure a more accurate match between customers and financiers.
“We believe this feature sets a new standard for efficiency and transparency in the home loan sector. Our goal is to simplify the process for everyone involved, reducing operational costs for financiers and improving the overall experience for customers,” said Raghuveer Malik, Co-Founder & CEO of Ambak.
This launch marks a significant milestone in Ambak’s mission to become the leading home loan aggregator in the industry. Ongoing improvements and continuous collaborations with top banks and financial institutions are planned to offer even greater value to users.
The new update, designed to address key market needs such as lack of transparency, high turnaround times, and unclear commission structures, has significantly improved user experience and operational efficiency for home loan agents.
“By transforming this experience, we aim to reduce the operational costs for financiers by ensuring only relevant files are processed. This improvement in efficiency can lead to an 80-90% first-time approval rate, enhancing customer satisfaction and optimizing the unit economics from a financier’s perspective. Once we connect customers to the right financier, we use both technology and our team to follow up with banks, provide updated status, and ensure the loan disbursement is completed quickly,” Mr Malik concluded.
Summary: Ambak has launched a new platform feature to transform the home loan approval process. The update uses proprietary Bank Rule Engine integrated with other tools to provide greater value to its users. This launch marks a significant milestone in Ambak’s mission to become the leading home loan aggregator in the industry.
Starting a fast fashion brand in India is exciting but challenging. With a growing fashion market and many consumers eager to try new trends, India offers great opportunities. This guide will help you launch your brand step-by-step, from market research to marketing strategies.
Revenue of the Indian Fashion Industry from 2017 to 2027
Step 1: Conduct Market Research
Market research is the foundation of any successful business. It helps you understand the demand, identify your target audience, and analyze the competition. Here’s how you can get started:
Identify Trends: Keep an eye on current fashion trends by following fashion shows, reading fashion magazines, and browsing online platforms like Instagram and Pinterest.
Analyze Competitors: Study established fast fashion brands such as Zara, H&M, and Forever 21. Understand their business models, pricing strategies, and customer engagement techniques.
Understand Your Target Audience: Identify the demographics of your potential customers, including age, gender, income level, and fashion preferences. Conduct surveys and focus groups to gather insights.
Step 2: Create a Business Plan
A well-structured business plan will act as a roadmap for your fast fashion brand. It should cover the following aspects:
Executive Summary: Provide an overview of your business idea, mission statement, and objectives.
Market Analysis: Summarize your market research findings, including target audience and competitor analysis.
Product Line: Describe the types of clothing and accessories you plan to offer. Highlight what makes your brand unique.
Marketing Strategy: Outline your plan for promoting your brand, including online and offline marketing techniques.
Financial Plan: Include your budget, pricing strategy, projected expenses, and revenue forecasts.
Starting a fast fashion brand requires significant capital investment. Here are some options to consider for funding:
Personal Savings: Use your savings to fund the initial stages of your business.
Bank Loans: Apply for business loans from banks or financial institutions. Ensure you have a solid business plan to present.
Investors: Seek out investors or venture capitalists who are interested in the fashion industry. Present your business plan and highlight the growth potential.
Crowdfunding: Platforms like Kickstarter and Indiegogo can help you raise funds from a large number of people.
Step 4: Register Your Business
Legal formalities are crucial for establishing your brand. Here’s what you need to do:
Choose a Business Structure: Decide whether you want to operate as a sole proprietorship, partnership, limited liability company (LLC), or private limited company.
Register Your Business Name: Ensure your brand name is unique and not already in use. Register it with the Ministry of Corporate Affairs (MCA).
Obtain Necessary Licenses: Depending on your business structure, you may need to obtain licenses such as GST registration, trade license, and shop and establishment registration.
Step 5: Source Materials and Manufacturers
Quality and cost-effectiveness are key factors in sourcing materials and selecting manufacturers. Here’s how to go about it:
Identify Suppliers: Research and identify reliable suppliers for fabrics, trims, and other materials. Attend trade shows and exhibitions to connect with potential suppliers.
Negotiate Terms: Discuss pricing, payment terms, and delivery schedules with your suppliers. Build strong relationships to ensure a smooth supply chain.
Find Manufacturers: Look for manufacturers who specialize in fast fashion production. Ensure they meet your quality standards and can handle large volumes.
Your collection is the heart of your fast fashion brand. Here’s how to create a compelling product line:
Hire Designers: If you’re not a designer yourself, hire talented fashion designers who can bring your vision to life.
Create Prototypes: Develop prototypes of your designs to test the fit, quality, and overall appeal.
Get Feedback: Show your prototypes to a focus group or potential customers and gather feedback. Make necessary adjustments based on their input.
Finalize Production: Once you’re satisfied with the designs, finalize the production with your manufacturer.
Step 7: Build an Online Presence
In today’s digital age, having a strong online presence is crucial for the success of your fast fashion brand. Here’s how to get started:
Up your Ecommerce game: Develop a user-friendly and visually appealing website to showcase your products. Include features like an online store, blog, and customer reviews.
Utilize Social Media: Leverage platforms like Instagram, Facebook, and Pinterest to promote your brand. Post engaging content, collaborate with influencers, and run ads to reach a wider audience.
Implement SEO Strategies: Optimize your website and content for search engines to improve visibility. Use relevant keywords, create high-quality content, and build backlinks.
Step 8: Develop a Marketing Strategy
A robust marketing strategy will help you attract and retain customers. Here are some effective marketing techniques:
Content Marketing: Create valuable content such as blog posts, videos, and infographics to engage your audience and establish your brand as an authority in the fashion industry.
Email Marketing: Build an email list and send regular newsletters to keep your customers informed about new arrivals, promotions, and discounts.
Influencer Collaborations: Partner with fashion influencers and bloggers to promote your brand. Their endorsement can significantly boost your brand’s credibility and reach.
Paid Advertising: Invest in paid advertising on platforms like Google Ads and social media to drive traffic to your website.
After months of planning and preparation, it’s time to launch your fast fashion brand. Here’s how to make a splash:
Host a Launch Event: Organize a launch event to introduce your brand to the public. Invite influencers, fashion bloggers, and potential customers.
Offer Promotions: Attract customers by offering special promotions and discounts during the launch period.
Leverage PR: Reach out to fashion magazines, bloggers, and media outlets to get coverage for your brand.
Step 10: Monitor and Adapt
The fashion industry is dynamic, and staying relevant requires continuous monitoring and adaptation. Here’s what you should do:
Trend Analysis: Regularly monitor fashion shows, trade fairs, and major events like New York, Paris, and Milan Fashion Week. Online platforms like WGSN and Trendstop offer trend forecasts.
Consumer Insights: Utilize data analytics tools to understand customer preferences and buying patterns. Social media listening tools can also provide insights into consumer sentiments and emerging trends.
Sustainability: Embrace sustainable practices. Consumers are increasingly valuing eco-friendly and ethically produced fashion. Brands that adopt sustainable practices can build stronger relationships with their customers.
Technology Integration: Leverage technology such as AI for design, supply chain optimization, and personalized shopping experiences. Virtual fitting rooms, augmented reality (AR), and digital fashion are becoming more prevalent.
Collaborations and Partnerships: Collaborate with influencers, designers, and other brands to reach new audiences and create buzz. Strategic partnerships can also lead to unique product offerings and expanded market reach.
Diverse Offerings: Cater to diverse demographics and body types. Inclusivity in fashion is not just a trend but a growing demand. Offering a wide range of sizes and styles can attract a broader customer base.
Digital Presence: Strengthen your online presence through social media, e-commerce platforms, and content marketing. Engaging content, regular updates, and interactive campaigns can help maintain customer interest and loyalty.
Adaptability: Be prepared to pivot quickly in response to market changes. The COVID-19 pandemic highlighted the importance of being able to adapt to new circumstances, such as the shift towards online shopping.
Customer Experience: Focus on providing an exceptional customer experience, both online and offline. Personalized services, easy return policies, and excellent customer support can enhance customer satisfaction and loyalty.
Innovation: Always be on the lookout for new materials, techniques, and concepts. Innovation can set your brand apart and make a significant impact on the market.
Conclusion
Starting a fast fashion brand in India is a rewarding journey that requires careful planning, dedication, and a deep understanding of the market. By following the steps outlined in this guide, you can navigate the complexities of the fashion industry and build a successful brand that resonates with your target audience. Remember, the key to success lies in offering high-quality products, staying updated with trends, and effectively marketing your brand.
FAQs
What is a fast fashion business?
Fast fashion brands make clothes quickly to get the latest styles into stores as soon as possible. They focus on speeding up parts of the production process so that new trends can be designed and made cheaply. This allows everyday shoppers to buy trendy clothes at lower prices.
Is Zara a fast fashion brand?
Yes, Zara is a fast fashion brand.
What is the difference between fast fashion and high fashion?
High fashion focuses on quality and durability, which leads to less environmental impact per item compared to fast fashion. The materials are usually stronger, and the clothes are made to last for years, meaning people don’t need to replace them as often.
What are the necessary licenses needed to start a fast fashion brand business?
The necessary licenses needed to start a fast fashion brand business are GST registration, trade license, and shop and establishment registration.
According to media reports, the GST Council might take into consideration a plan to charge payment aggregators (PAs) 18% GST for digital transactions with a minor value of up to INR 2,000 that are made through debit and credit cards during their upcoming meeting.
Following the overnight demonetization of 500 and 1,000 rupee notes in 2016, the government implemented measures to enhance digital payment systems. The service tax was not applied to debit and credit card transactions that were less than INR 2,000, which was a crucial step. To aid in the country’s transformation to a digitally empowered economy, this measure sought to encourage more individuals to switch from paying with cash to using cards. This occurred in December 2016, far before the Goods and Services Tax was implemented in July 2017.
Updated Plan: Goods and Services Tax for Payment Aggregators
Now, according to updated information circling, the GST Council is considering what amounts to a major shift. When it comes to fees charged by payment aggregators for debit and credit card transactions, they might think about implementing an 18% GST. Such costs for transactions below INR 2,000 have previously not been applied.
The standard range for payment gateway fees is 0.5% to 2% per transaction, with the majority charging approximately 1%. Payment aggregators will most likely charge merchants the new GST on top of these fees.
“If this tax is imposed, it will hurt small businesses which generally have low-value transactions…” said a prominent fintech executive in the payments field, speaking to a renowned media house. The payment processors will simply forward the information to the companies and vendors.
The Absence of the UPI
There may not be much of an effect on digital transactions as a whole because UPI is already the most used digital payment method, particularly for transactions with low values. The volume of transactions processed by UPI surpassed 131 billion in FY24, an increase of 57% year-over-year.
More than 80% of all digital payments made in India’s retail sector currently go through UPI. Keep in mind that this GST is exclusive to online purchases paid for using a credit or debit card. The fee will not impact Unified Payments Interface (UPI) transactions because there is currently no Merchant Discount Rate (MDR). As a result, UPI continues to be an appealing payment option for both customers and retailers for transactions up to INR 2,000, as it does not incur any fees.
Effects on Small Companies
The additional 18% tax on payment gateway fees would not be too much of a problem for retailers who deal in high-value transactions. However, this can have a more noticeable effect on small enterprises that deal in frequent low-value transactions.
Picture this: the merchant pays INR 10 for a 1% payment gateway fee, on top of the 1,000 transaction. This is how the present system works. This price would grow to INR 11.80 after the planned GST—a small increase, but one that can build up rapidly over hundreds of transactions.
Way Forward
The disparity in tax treatment between UPI and debit/credit cards can cause shoppers and businesses to reevaluate their preferences, especially as UPI transactions continue to grow in popularity owing to their zero-cost nature. To keep digital payments everywhere accessible and reasonable, we’ll need to strike a balance.
According to sources familiar with the matter, banks have compiled a comprehensive list of over 3,000 companies implicated in fraud, which they intend to share and update in real time in response to an upsurge in financial scams. Legal professionals, construction workers, and gold loan evaluators are among those on the list of those who allegedly conspired to get loans using deceitful ways.
A senior bank executive informed the media that the matter was discussed at a meeting last month with the Advisory Board for Banking and Financial Frauds (ABFF). The decision was made to require lenders to check this list before doing business with such entities, and it will be updated in real time.
Adhering to RBI Guidelines
As banks keep sticking to the most recent fraud classification criteria that was announced by the Reserve Bank of India (RBI) on July 15, the list may contain additional items. Furthermore, at a discussion with the ABBFF, it was brought to the attention of the group that the operational staff does not always monitor the ‘caution list,’ which may make it possible for fraudulent entities to potentially re-enter the financial system.
One of the bank officials mentioned that to guarantee complete compliance, the banks will be issuing internal directions.
Even though banks typically take separate actions against fraudulent companies, these entities frequently find ways to interact with other regulated entities (REs). It is easier for lenders to verify and avoid dealing with organizations that have been reported for banking fraud thanks to the consolidated list.
Instruction by the Central Vigilance Commission
All public sector banks (PSBs), public sector insurance firms, and public sector financial institutions have been given instructions by the Central Vigilance Commission (CVC) to send any cases of fraud that involve more than INR 3 crore to the All India Bank for Financial Facilitation (ABFF) for advice.
The board has also been given the authority to conduct periodic fraud analysis in the financial system and to provide suggestions, if any, to the Reserve Bank of India and the Central Values Commission (CVC) for the formation of policy.
The list may be revised because banks will soon be finishing their internal exercise, according to one of the executives associated with the bank. There is a possibility that the new list will include other businesses such as valuers, chartered accountants, and business correspondents.
It has been found that fraudulent entities frequently manage to engage with other regulated entities (REs), even though banks normally take individual action against fraudulent organizations. The consolidated list gives lenders the ability to verify organizations that have been identified for financial fraud and to avoid associating with those organizations.
Nitin Konde
