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  • Credgenics CEO Rishabh Goel Talks Tech Revolution in Debt Collection

    In a rapidly evolving financial landscape, the debt collection industry in India faces unique challenges and opportunities. Historically characterized by manual processes and a lack of comprehensive regulations, debt resolution in the country has been ripe for transformation. Rishabh Goel, Co-founder, and CEO of Credgenics, sheds light on how his company is leveraging cutting-edge technology to revolutionize debt collection practices, reduce non-performing loans, and drive efficiency in this exclusive interaction with StartupTalky.

    StartupTalky: What are the biggest challenges facing the debt collection industry in India today?

    Mr. Goel: Historically, debt resolution practices in India have remained overlooked and disregarded for several reasons. Despite modern technology adoption propelling various facets of the banking industry forward, this particular area has lagged behind in modernization. It is commonly perceived as a back-end operation driven by manual efforts, utilizing bulk strategies, operating with isolated expert teams, and lacking an integrated approach. The available technological solutions have followed a disjointed and piecemeal approach, failing to address the broader industry-wide goals. Additionally, there exists a cultural barrier surrounding debt collections, as society tends to shy away from openly acknowledging and discussing financial challenges. Debt and financial difficulties are often considered private matters, and seeking professional assistance for debt resolution can sometimes be viewed as a sign of inadequacy or failure.

    Until recent years, the debt resolution industry lacked comprehensive regulations and oversight. This absence of oversight led to borrower concerns and unethical practices being adopted by some service providers, further tarnishing the sector’s reputation and public perception.

    StartupTalky: How is Credgenics using technology to revolutionize the debt collection industry in India?

    Mr. Goel: Credgenics is a pioneer in embracing AI and ML capabilities and the power of digital to create new-age technology solutions for the debt collections industry. The insights from ML models in the Credgenics platform provide actionable insights on borrower segmentation, behavioral patterns, risk-based strategy, and the efficacy of digital engagements by analyzing past data. This helps equip the collections teams with the right input for making informed decisions, making the collections process more efficient, personalized, humane, and productive. With tailor-made automated communications across multiple channels, on-demand scale-up capabilities, and adopting human-like interactions through multilingual bots, the collections processes are becoming faster, more transparent, customer-centric, and modern.

    Credgenics has ensured that lenders’ debt collection processes align with both rapidly evolving business needs and regulatory frameworks. With extensive controls in place, lenders can monitor and track compliance and adherence to business practices easily.

    Credgenics will continue to leverage the latest technological developments to provide its customers with the most effective collections management solutions, ensuring strict compliance with rapidly evolving regulatory requirements, and enhancing customer experiences and engagements during the collections phase.

    StartupTalky: What are the key benefits of Credgenics’ platform for lenders and borrowers? How is Credgenics helping lenders reduce their non-performing loans (NPLs)?

    Mr Goel: The future of collections is digital-first and data-driven. Over the past decade, the financial services sector has evolved tremendously, thanks to developments such as wider access to smartphones, deep internet penetration, simpler digital payments, seamless data sharing, focus on financial inclusion initiatives, and the rapid rise of FinTechs. There is a need to align strategies in light of these developments and transform the collections processes overall. Debt collections is a crucial area, that has lagged in the transformation curve, and Credgenics is facilitating that change.

    Credgenics has created an enormous impact on the lending ecosystem through its state-of-the-art integrated collections technology platform, which allows lenders to digitize and manage their end-to-end recovery workflow – including communications, strategy, field operations, litigation, billing, payments, and reconciliation – from pre-due stages to various delinquency buckets and field collections to legal stages. Our SaaS-based specialized technology platform and data-driven approach have enabled us to reimagine these processes for lenders and help them get future-ready when it comes to debt collections.

    Credgenics currently works with more than 100 customers and has managed an overall loan book worth USD 47 Billion in Financial Year 22. So far, the firm has managed 40 million retail loans overall and sends out 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.

    Collections processes of the future will be automated, digital, and will become a lot more touchless. A substantial portion of collections can easily happen via completely digital mode. Personalization and regionalization in strategies and relying on data-backed insights can make a lot of difference in the collection’s outcomes. Human efforts have proven to be much more effective when aligned with complex stages, while routine and repetitive tasks can be easily managed by machines. Machine Learning models are extremely useful in identifying gaps, improvement areas, and the impact of mitigation efforts over a period of time. Credgenics is using the latest technological capabilities to provide its customers with the most effective collections management solutions, help them with complete adherence to rapidly evolving compliance requirements, and enhance customer experiences and engagements during the collections phase.

    StartupTalky: What role do you see technology playing in the future of debt collection in India?

    Mr. Goel: As the debt collection industry evolves, technology is expected to play a crucial role in driving the entire narrative for reimagining debt collections. Lenders are beginning to realize the positive impact that this transformation can have on their businesses, and Credgenics is at the forefront of this change. With new lending business models gaining ground, digital loans rising in demand, and instant loan approvals being preferred, debt collections for such loans require a modern approach backed by robust technology. Our proprietary tech tools and data-driven approach have enabled us to create an effective communication channel with borrowers, increasing loan recovery rates and reducing collection costs.

    In the future, collection processes will undergo significant automation and digitalization, aiming to minimize human involvement. We strongly believe that a substantial portion of collections can be efficiently conducted through digital channels, and the customization and fine-tuning of these processes can greatly impact the outcomes. Human efforts can be better directed toward complex stages, while routine tasks can be effectively managed by machines. The utilization of data-driven insights will play a crucial role in identifying areas for improvement, focusing on key aspects, and implementing mitigation strategies. Credgenics remains committed to harnessing the latest technological advancements to provide our clients with highly efficient collections management solutions. Our goal is to ensure strict compliance with rapidly evolving regulations while enhancing customer experiences and engagements throughout the collections process.

    StartupTalky: What are your top priorities for Credgenics in the next 12-24 months, and how do you plan to expand your business internationally?

    Mr. Goel: Over the next few months, we will continue to invest in adding new capabilities to our solutions based on the evolving business needs of our customers. We plan to expand our business operations in other countries in Southeast Asia, and we will be incorporating the regional requirements as well. We are also looking at solving the collections-focused challenges of related industry segments where strong synergies exist.

    Credgenics Startup Story: SaaS-enabled Debt recovery platform
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  • Government GPU Cluster Plan: Industry Cheers but Roots for Upskilling

    The Indian government’s plan of setting up graphic processing unit (GPU) clusters for startups in the artificial intelligence industry may be a step in the right direction but will reap benefits only when complemented with adequate development of skills and technical know-how across the country, according to a few industry experts that StartupTalky spoke with.

    On September 22, Union Minister Rajeev Chandrasekar said the government plans to set up a major GPU cluster under the India AI (Artificial Intelligence) program. There have also been media reports citing that the officials in the Ministry of Electronics and IT have been discussing a proposal to set up a cluster of 25,000 GPUs under a public-private partnership (PPP model) for AI start-ups.

    Unlike CPUs (Central Processing Unit) of a computer which performs simple computations; GPUs perform more complex and heavy computations. For instance: processing images, special effects, highly intensive applications such as video games, and artificial intelligence.

    AI Boom
    Skills – Need of the Hour
    Skill Development Initiative

    AI Boom

    At a time when the AI sector in India is expected to boom, this move by the government has sent a wave of initial optimism among startups and industry leaders. 

    “…this forward-thinking initiative could be a game-changer for India’s AI startups, including companies such as Josh in the content creation space,” said Sunder Venketraman, Head of Content, Creator and Monetization Ecosystem, Josh App, VerSe Innovation. “At Josh, we’ve been leveraging AI to empower creators across Bharat and this development gives the motivation and confidence in the future of content creation in the country,” Venkataraman said.

    The International Market Analysis Research and Consulting Group expects the AI market in India to witness a sharp growth of around 33% during 2023-2028 to touch $3.9 billion by 2028.

    As of now, the key manufacturers in the GPU market are NVIDIA and AMD, both headquartered in California. According to global trade data provider Volza, India is the top importer of GPUs in the world as of May 2023. As of May 31, India’s GPU imports stood at 31,022 shipments.

    There has been a sudden surge in demand for GPUs as AI companies look to integrate them into applications and programs. During his recent visit to India, Nvidia Corp. Chief Executive Officer Jensen Huang touted India to be “One of the largest AI markets in the world”.

    “India will have to walk on both legs, balancing manufacturing as well as the service sector, with the private sector driving the tailwinds of the Indian economy,” said CRISIL chief economist D.K. Joshi.

    Setting up GPU clusters will eventually translate into speedier processing and a shorter turnaround time for processing vast data.

    Skills – Need of the Hour

    However, as automation and the AI industry mushroom in the country, there is a dire need to develop skills to complement this change.

    Partner at Optimyze Finance LLP Manu Gupta told StartupTalky, “This is an important move as the world is coming to consume content in the video. The world is less about text today and moving about images and video. Tax incentives are a very powerful tool that the government has, to attract investment. But at the end of the day, this is a very knowledge-based industry. It is the skills of the people which will make somebody set up shop.”

    Recently, JLL in its report said it expects India’s data centre industry to add 693 MW of capacity by the end of 2026. This sharp rise is expected on the back of increasing digital growth, digital public infrastructure, 5G rollout, and new AI applications like machine learning coupled with data protection laws and state incentives.

    “To use the automation, I need to have the skill set. This learning process needs to be imparted to people. I need manpower for AI, which needs to be implemented right at school and college levels to develop the skill set. Secondly, general people need to be educated through ads or public awareness, training programs on how to simultaneously upgrade or update AI process and skill sets,” said the India operations Chief Financial Officer of a large France-based digital solutions company who requested anonymity.

    Skill Development Initiative

    Recognising this need, Prime Minister Narendra Modi during the recently concluded Group of 20 countries meeting in September called for a huge thrust on upskilling during his interaction with the labour ministry officials.

    “We all need to skill our workforce in the use of advanced technologies and processes. Skilling, re-skilling and upskilling are the mantras for the future workforce. In India, our Skill India Mission is a campaign to connect with this reality,” Modi said. 

    The government has also recently launched the Skill India Digital program which is an online platform to encourage skill development, education, employment, and entrepreneurship within the country.

    Earlier this year, the government also launched “AI for India 2.0”, an online free training program on AI in vernacular languages. This is a joint initiative by GUVI (Grab Your Vernacular Imprint–an IIT Madras and IIM Ahmedabad incubated education technology company) and Skill India.

    Looks like the beginning of a long road to upskilling and learning for a digital India. 

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  • How Can Technology Simplify GST Payment and Return Filing?

    The Goods and Services Tax (GST) is an extensive indirect tax structure that has revolutionised the Indian taxation domain. Moreover, the GST structure substituted and simplified a complicated web of numerous indirect taxes with a unified tax administration to facilitate the taxation procedure, making for seamless business operations.

    Nevertheless, one of the substantial challenges faced by companies during the initial enactment was the difficulties associated with GST payment and return filing. Advanced technology has played an integral part in streamlining this process, making it more accurate, efficient, and suitable for taxpayers and the government.

    Let’s explore how technology simplifies GST payment and return filing. Read on!

    Goods and Services Tax (GST): An Overview 
    Understanding the Role of Technology in Simplifying GST Payment and Return Filing
    GSTIN and API Integration
    Advantages of Technological Integration for GST Payment

    Goods and Services Tax (GST): An Overview 

    Goods and Services Tax (GST) is a government-imposed indirect tax charged on the supply of services and goods, seeking to substitute a complicated network of indirect taxes with a simplified tax structure.

    Moreover, the principal purpose of GST is to reduce cascading taxes, improve tax compliance, and build a more transparent and responsible taxation routine.

    However, the effective implementation of GST requires well-designed policies for tax payment and return filing. These policies are crucial to ensure that businesses can smoothly transition into the updated tax system.

    Understanding the Role of Technology in Simplifying GST Payment and Return Filing

    Here are some ways technology can simplify GST payment and return filing processes.

    Integration and Automation

    The latest technology has facilitated the automation and integration of different elements of GST payment and return filing. In addition, automated GST payment systems can compute payable taxes, prepare invoices, and populate tax returns based on business data, reducing the risk of mistakes and reducing manual intervention.

    Furthermore, this technological advancement enhances transparency in the tax system by providing real-time access to transaction data for businesses and tax authorities. It promotes compliance and reduces the chances of tax evasion, ultimately contributing to a more efficient and fair tax ecosystem. Automation simplifies GST processes and strengthens the overall tax collection and reporting infrastructure.

    This automation facilitates consistency and accuracy while saving time for key business operations.

    Net Banking and Payment Gateways for GST

    Adopting electronic payment methods like Net Banking and Payment Gateways makes paying GST and filing returns much more efficient. Businesses can easily pay their GST dues online without physically going to tax offices or banks. Moreover, these digital payment options offer a safe and convenient way to transfer money, improving the overall business experience.

    Data Reporting and Analytics

    Modern technology facilitates cutting-edge data analytics and reporting abilities, allowing tax officials to monitor and examine business transactions more efficiently. It promotes early examination and resolution of discrepancies and mistakes and helps stop tax evasion and forgery.

    Also, data-driven insights help policymakers modify tax guidelines based on actual consumption habits.

    Mobile Applications

    Many tax payment websites offer mobile applications, allowing taxpayers to skim through important GST-related details, file returns, and file tax filings from anywhere.

    Also, these mobile apps offer higher flexibility and convenience, empowering companies to remain compliant regardless of location.

    Education and Awareness

    Technology plays a vital part in educating taxpayers about GST laws and policies. Webinars, Online resources, and informative videos help companies understand their responsibilities and navigate the GST process seamlessly. This empowerment improves compliance and decreases unintentional mistakes.

    GSTIN and API Integration

    The Goods and Services Tax Network (GSTIN) functions as the technological foundation of the GST system. It simplifies the integration of different software applications through Application Programming Interfaces (APIs), allowing quick data flow between taxpayers, tax officials, and third-party service providers. This integration simplifies data exchange and reduces the repetition of efforts.

    Advantages of Technological Integration for GST Payment

    The integration of technology into GST payment and return filing procedures brings many advantages that are as follows:

    • Time-Saving: Automation and online websites decrease the time needed for preparing and filing GST returns, allowing companies to concentrate on core functions.
    • Efficiency: Streamlined processes and real-time validation improve overall efficiency, lowering the managerial burden on companies.
    • Accuracy: Technology-driven approaches reduce manual errors, leading to accurate reporting and decreased discrepancies.
    • Transparency: Latest technology ensures transparency in business operations, preventing tax evasion and facilitating a proper tax environment.
    • Cost Savings: Online payment modes and reduced human intervention add to cost savings for taxpayers and tax administrators.
    • Compliance: User-friendly interfaces and educational resources promote better knowledge and adherence to GST laws.

    Conclusion

    The role of technology in facilitating GST payment and return filing is paramount. From online platforms and automation to data analytics and mobile applications, the latest technology has revolutionised, how organisations interact with the tax system. And as modern technology continues to grow, GST payment and return filing processes will become even more systematic, allowing companies to navigate the taxation complexities easily.

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  • Are Virtual Influencers the New Age Celebrities?

    What do you feel when you read the term “virtual influencers”? Are you mind-boggled, amazed, interested, not sure, intimated, or wondering who they are? – Whatever you feel, one thing is certain: virtual influencers cannot be ignored anymore and are here to stay.

    Who are Virtual Influencers
    Why Brands are Queuing up to Virtual Influencers
    Pros and Cons of Virtual Influencers

    Who are Virtual Influencers

    Let’s simplify who a virtual influencer is. As the name suggests, virtual influencers are not real; they are virtual. They are a set of computer-generated images or videos created by a team of 3D artists, software engineers, art and creative directors, gaming experts, and content creators. They are pretty much like any animated movie character. However, the key difference is that virtual influencers have a public persona, have a solid backstory, and are virtually living their lives on a daily basis, much like any of us! For example, Naina Avatr, with an Instagram following of 156K, is from Jhansi and has relocated to Mumbai. She dreams of being an actor someday and is often papped by the media at celebrity events or even on her way to the Mumbai airport!

    Why Brands are Queuing up to Virtual Influencers

    The world is sitting up and taking notice of these virtual influencers, and the numbers are proof. Brazil’s virtual influencer star Lu Do Magalu boasts a Facebook following of 14 million, almost on par with former Brazilian President Jair Messias Bolsonaro’s 15 million followers on Facebook. India’s very own first virtual influencer, Kyra Onig, has amassed 247K followers since her debut on Instagram in January 2022 and clocks several million views with her reels.

    These numbers are not surprising considering these virtual influencers are grabbing eyeballs by the millions. According to research and analytics firm Demandsage, 60% of the world population (roughly around 4.9 billion), use social media. This number is expected to rise to 5.85 billion by 2027. China, India, and the USA hold the top three slots for having the most social media users in the world. India stands second with 755 million social media users—an impressive penetration rate of 33%.

    For such countries that consume social media much like food, it’s no surprise that companies and brands are making a beeline to hire these virtual heroes. In India, Kyra has already endorsed brands such as boAt Lifestyle, Wow Skin Science, Colors TV, and American Tourister India, to name a few.

    The well-known virtual robot model Lil Miquela from San Francisco has brands like Prada, Dior, and Calvin Klein to her name. E-commerce retailer Myntra recently introduced their virtual fashion influencer Maya to boost engagement with their customers during their recent End of Reason Sale campaign.

    So what makes these virtual influencers attractive brand ambassadors? To begin with, a lot of social media users are hooked on their daily life changes and even their backstories. For example, Kyra’s creator–Himanshu Goel– divulged her backstory on a chat show, about Kyra being the metaverse and having lost her way and her memory. Now, isn’t this almost like watching a soap opera-cum-reality show play out on social media?

    Pros and Cons of Virtual Influencers

    However alluring they may seem, hiring a virtual influencer can be a double-edged sword. 

    Pros:

    • Budget-friendly: Hiring virtual influencers can save a company tons of money. As of today, influencer marketing is a huge industry, as shown by a survey carried out by the research company Statista. As of 2022, the report pegged the influencer marketing industry in India at more than a whopping 12 billion rupees. It is only expected to burgeon further over the next 5 years at a growth rate of 25%. This would value the Indian influencer marketing market at 28 billion rupees by 2026!
    Value of Influencer Marketing Industry in India from 2021 to 2022, With Projections Until 2026
    Value of Influencer Marketing Industry in India from 2021 to 2022, With Projections Until 2026
    • Flexibility: It not only saves money but also a lot of energy and time for companies. There are no appointments, schedules, or travel itineraries to be coordinated; there are no creative disagreements or personal likes and dislikes to deal with. A virtual influencer’s physicality and emotional feel can be tailor-made to suit the product or service.
    • Risk-free: A virtual influencer will say and do exactly what a brand wants them to, unlike a real influencer, who may have a slip of the tongue or suffer from a bad hair day. In short, companies can breathe easy, as it would mean no controversies that could mar the brand image. For instance, a recent incident highlights the need to exercise caution while hiring influencers. In May, market regulator Securities and Exchange Board of India fined and barred a well-known finfluencer (financial influencer) from trading for over a year and even fined him for flouting investment advisory norms.
    • Conversions: Virtual influencers are still taking baby steps, but the results are slowly but surely yielding. According to Japanese media company Dentsu, which has a team of virtual influencers, there has been a 41% hike in profits by brands using special characters in campaigns. This may sound like music to marketing managers who are constantly tiptoeing on a tight budget. And this is only the tip of the iceberg. In a recent report by Dentsu India’s research division—Recogn and Boomlet Group—the virtual influencer market is expected to “grow rapidly” in the coming years. New technologies and trends, such as virtual reality and artificial intelligence, will enhance the potential and capabilities of virtual influencers.

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    Cons:

    • Orchestrated: One area where real influencers have an advantage over virtual influencers is that the former may have more room to improvise, crack an impromptu joke, or even make those instant, real humane connections. Behind every perfectly-looking post of a virtual influencer is a hardworking team of writers and graphic designers scripting out that perfect content.
    • Lack of Authenticity: A virtual influencer can be a good source of entertainment, but his or her authenticity is questionable when it comes to promoting a brand. The younger generation seems to be more open to the idea of a virtual influencer, while the middle-aged and pre-internet generation may take their time to get convinced about products being endorsed by a non-existent person.
    • Ethically Questionable: There is ambiguity about using virtual influencers to endorse products, especially regarding harmful products. With the use of more technologically advanced software, such as deep fake technologies, there is also a risk of fraud, cyberattacks, and false propaganda. To deal with misleading content and ensure transparency, the Government of India in August released guidelines for celebrities, influencers, and virtual influencers in the field of health and wellness. However, there still remains a vast grey area that is outside any purview or regulation.
    • No Mass Appeal – India is a diverse market, from its culture to socioeconomic strata. Virtual influencers may be effective in targeting a small group i.e. social media users who are active and aware. However, a chunk of India lives outside virtual walls in real-life settings. A virtual influencer may thus find it hard to connect to the masses who face harsh ground realities.

    Conclusion

    If the way forward is virtual, virtual influencers are likely to play a major role in this transition. Facebook’s Mark Zuckerberg once famously said, “Nothing influences people like a recommendation from a trusted friend”. Whether virtual influencers can befriend internet users and earn their trust remains to be seen. For now, it’s best to keep an open mind and an empty slate regarding collaborating with the next generation of influencers on the internet.

    FAQs

    Who are Virtual Influencers?

    Virtual Influencers are a set of computer-generated images or videos created by a team of 3D artists, software engineers, art and creative directors, gaming experts, and content creators. They are pretty much like any animated movie character.

    What do Virtual Influencers do?

    Virtual Influencers are designed to interact with and engage audiences on social media platforms. These digital avatars are completely fictional and are created using technology that includes 3D modeling, animation, and artificial intelligence.

    What are different types of Virtual Influencers?

    There are three main types of virtual influencers: animated humans, non-humans, and life-like CGI humans.

    Why do brands use Virtual Influencers?

    Virtual influencers are designed to establish meaningful connections with their target audience. They offer brands a means to steer clear of controversies, provide flexibility, and serve as a cost-effective marketing solution for small businesses.

  • Flonnect: The Best Loom Alternative for Screen Recording and Downloading Videos

    Are you looking for a reliable screen recording tool that can help you create engaging video tutorials? Look no further! Flonnect is here to simplify the process of creating high-quality tutorial videos. With its user-friendly interface and powerful features, Flonnect is the best Loom alternative for screen recording and downloading videos.

    Video is the new black. Period.

    At a time when attention spans keep on decreasing, video tutorials have become essential for businesses to effectively communicate with their audience. According to research, 69% of consumers prefer watching short videos to learn more about a brand’s products or services. Video tutorials provide a visual and interactive way to explain complex concepts, making it easier for viewers to understand and engage with the content. We often need screen recorders and downloaders to achieve the same, and this is where Flonnect comes into the picture as an ideal alternative to Loom as it extends the same functionalities at a cheaper price.

    Introducing Flonnect: The Screen Recorder Extension

    The Power of Video Tutorials
    Different Types of Video Tutorials

    Introducing Flonnect: The Screen Recorder Extension

    Flonnect offers a comprehensive solution for creating video tutorials that are both informative and engaging. This powerful screen recorder extension allows you to record your screen, edit the videos, and easily share them with your audience. Whether you’re a content creator, educator, or business owner, Flonnect is the perfect tool for creating professional tutorial videos.

    Key Features of Flonnect

    Flonnect comes with a range of features that make it the go-to choice for screen recording and video tutorial creation. Let’s explore some of its key features:

    1. Unlimited Screen Recording: Flonnect allows you to record your screen without any limitations. Whether you need to record a short tutorial or a lengthy presentation, Flonnect has got you covered.
    2. Link Generation: With Flonnect, you can easily generate shareable links for your recorded videos. This feature enables you to share your tutorials across different platforms and reach a wider audience.
    3. Dashboard Management: Flonnect provides a user-friendly dashboard where you can organize and manage all your recorded videos. This allows for easy access and retrieval of your tutorials whenever you need them.
    4. Video Editing and Transcription: Flonnect offers powerful editing tools that enable you to enhance your tutorial videos. You can trim the videos, add captions or subtitles for better understanding, and even transcribe the audio for accessibility purposes.
    5. Download in Desired Format: Flonnect allows you to download your recorded videos in your desired video format. Whether you prefer MP4, AVI, or any other format, Flonnect ensures that you can easily save and share your tutorials.

    How to Create Video Tutorials with Flonnect

    Flonnect - Record Everything
    Flonnect – Record Everything

    Creating video tutorials with Flonnect is a breeze. Follow these simple steps to get started:

    1. Download and Install Flonnect: Visit the Flonnect website and download the Flonnect PC Recorder extension. Install it on your Chrome browser and open the extension.
    2. Choose Recording Options: Once the extension is open, you’ll see three options for screen recording: record from screen, record from camera, or record from camera+screen. Select the option that suits your needs. You can also customize audio and video settings as per your preference.
    3. Start Recording: In the screen sharing window, choose the tab or window you want to record, and click on “Start Recording.” You can also enable audio recording to provide voice instructions or narration for your tutorial.
    4. Finish Recording and Save: Once you’ve completed the recording, you can choose to either download the video or generate a shareable link. Flonnect makes it easy to save and share your tutorials with just a few clicks.

    The Power of Video Tutorials

    Video tutorials have a significant impact on customer engagement and brand credibility. Here are some key benefits of using video tutorials for your business:

    • Simplifying Complex Concepts: Video tutorials break down complex concepts into easily understandable visuals and step-by-step instructions. This helps viewers grasp the information more effectively.
    • Enhancing User Experience: By providing video tutorials, you enhance the user experience and make it easier for your audience to navigate your products or services. This can lead to higher customer satisfaction and loyalty.
    • Building Credibility: Video tutorials showcase your expertise and knowledge in your industry. By sharing valuable information through tutorials, you establish yourself as a credible source and build trust with your audience.
    • Increasing Conversion Rates: Video tutorials have been proven to increase conversion rates. By showcasing your products or services in action and highlighting their benefits, you can persuade viewers to take action and make a purchase.
    • Improving SEO: Video content is highly favored by search engines. By incorporating video tutorials into your website or blog, you can improve your search engine rankings and attract more organic traffic.

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    Different Types of Video Tutorials

    Flonnect allows you to create various types of video tutorials to cater to different needs. Here are a few popular types of tutorials you can create with Flonnect:

    Product Explainer Video

    Product explainer videos are designed to showcase a specific product and its features in a simple and engaging manner. These videos are often found on a company’s landing page or product pages, providing potential customers with a clear understanding of what the product offers.

    SaaS Explainer Video

    SaaS (Software as a Service) explainer videos help simplify complex software concepts and demonstrate their utility to potential customers. These videos provide an overview of the software’s features and benefits in a concise and easy-to-understand format.

    30-Second Explainer Video

    Short and impactful, 30-second explainer videos deliver a quick tour of your business, product, or service. These videos are designed to capture viewers’ attention and ignite their curiosity, providing them with enough information to pique their interest and encourage further exploration.

    Business Explainer Video

    Business explainer videos offer a simplified and uncomplicated version of your business idea. These videos help you communicate your brand’s vision, values, and offerings in a concise and engaging manner, leaving a lasting impression on your audience.

    Conclusion

    On a conclusive note, Flonnect can be deemed as the ultimate screen recording tool and the best Loom alternative for creating high-quality video tutorials. With its unlimited screen recording capabilities, link generation feature, powerful editing tools, and easy sharing options, Flonnect empowers businesses and content creators to effectively communicate with their audience. Whether you’re creating product explainer videos, software demos, or quick business overviews, Flonnect provides all the tools you need to create engaging and informative tutorial videos. So why wait? Start using Flonnect today and take your video tutorial game to the next level!

    FAQs

    How do I make a demo video for free?

    Flonnect offers a free version that allows you to create an unlimited number of screen recordings and download them without any cost. You can easily make demo videos using Flonnect without having to pay for additional software or services.

    What is the best demo video creator?

    Flonnect is undoubtedly one of the best demo video creators available. With its comprehensive range of features, user-friendly interface, and unlimited screen recording capabilities, Flonnect provides everything you need to create professional and engaging demo videos.

    How can I make a free product video?

    To create a free product video, you need to have a good understanding of your product’s features and benefits. Flonnect allows you to easily record your product demonstration and download the video without any cost. With Flonnect, creating a free product video is a simple and straightforward process.

  • D2C Brands are Bridging the Gap Between Urban, Semi-urban, and Rural India

    D2C brands are using their unique model to reach consumers in Tier 2 and Tier 3 cities, offering them access to high-quality products and services that were once only available in urban areas.

    In a rapidly evolving business landscape, Direct-to-Consumer (D2C) brands have emerged as pivotal players in the dynamic Indian market. Their role in bridging the divide between urban, semi-urban, and rural regions of India is becoming increasingly prominent. By adopting a direct online sales approach, D2C brands are successfully extending their reach to consumers in smaller towns and cities, where traditional retail outlets may be scarce.

    The significance of D2C brands in India transcends mere commerce; they are poised to revolutionize the consumer landscape in Tier 2 and Tier 3 cities. Their value proposition lies in offering top-notch products and services at competitive price points, granting consumers in these regions the same access to quality offerings that their urban counterparts enjoy.

    Challenges and Opportunities of Catering to Consumers in Tier 2 and Tier 3 Cities in India
    D2C Brands Are Bridging the Gap Between Urban, Semi-urban, and Rural India
    Advice for D2C Brands Looking to Expand Their Reach to Tier 2 and Tier 3 Cities

    Challenges and Opportunities of Catering to Consumers in Tier 2 and Tier 3 Cities in India

    One of the biggest challenges for D2C brands catering to consumers in Tier 2 and Tier 3 cities is the lack of infrastructure. Many of these cities have limited access to reliable internet and transportation, which can make it difficult for consumers to shop online and receive their orders. Additionally, consumers in these cities are often more price-conscious than their urban counterparts.

    Despite these challenges, there are also significant opportunities for D2C brands in Tier 2 and Tier 3 cities. These cities are home to a large and growing population of middle-class consumers who are increasingly interested in shopping online. Additionally, consumers in these cities are often more brand-loyal than urban consumers, once they find a brand that they like.

    Mr. Raghunandan Saraf, Founder and CEO of Saraf Furniture, said, “These regions offer immense potential due to their large populations and increasing disposable incomes. However, there are logistical and infrastructural challenges that can complicate reaching these consumers. These challenges include establishing efficient supply chains, navigating diverse cultural preferences, and addressing limited internet connectivity in some areas.”

    Moreover, he emphasized the significance of localized marketing strategies and after-sales support. He highlighted that despite these challenges, considerable opportunities exist. He drew attention to the fact that Tier 2 and Tier 3 cities are experiencing a surge in aspirational consumers who are actively seeking quality products. He underscored the idea that D2C brands can capitalize on this demand by delivering value-driven propositions and tailoring personalized experiences.

    Ms. Shalvi Govil, Head of E-commerce & Operations of The Indian Garage Co., mentioned the key challenges and opportunities of catering to consumers in Tier 2 and Tier 3 cities in India.

    Challenges

    1. Awareness and Brand Perception: Building brand awareness and establishing a positive perception among consumers in these cities can be challenging.
    2. Price Sensitivity: Consumers in Tier 2 and Tier 3 cities tend to be price-sensitive and have limited purchasing power. 
    3. Distribution and Supply Chain: Setting up an efficient distribution network in these cities can be challenging due to limited infrastructure and connectivity. Maintaining a consistent supply of products to meet demand can also be difficult.
    4. Cultural Diversity: India has diverse regional cultures, and brands need to understand the preferences and tastes of consumers in different cities. They may need to adapt their product offerings to suit local preferences.

    Opportunities

    1. Growing Middle Class: Tier 2 and Tier 3 cities in India have a rapidly expanding middle-class population with increasing disposable income. 
    2. Untapped Market Potential: Many Tier 2 and Tier 3 cities in India are relatively untapped by fashion brands, offering a first-mover advantage and the opportunity to establish market dominance.
    3. Rising Urbanization and Changing Lifestyles: As urbanization increases in these cities, there is a shift in consumer lifestyles and preferences. This presents an opportunity for fast fashion brands to cater to the fashion-conscious urban population.
    4. Digital Penetration: With the rise of internet penetration and smartphone usage in Tier 2 and Tier 3 cities, e-commerce platforms provide a cost-effective way for a brand to reach a broader consumer base and overcome distribution challenges.
    5. Localization and Customization: Brands can leverage the cultural diversity of these cities by offering localized products that align with regional tastes and preferences. Customization options can also enhance the brand’s appeal and cater to individual consumer choices.

    “Overall, while there are challenges, fast fashion brands like The Indian Garage Co., catering to consumers in Tier 2 and Tier 3 cities in India can benefit from the growing market potential, changing lifestyles, and the availability of digital platforms,” she added.

    D2C Brands Are Bridging the Gap Between Urban, Semi-urban, and Rural India

    D2C brands are using a variety of strategies to bridge the gap between urban, semi-urban, and rural India. One common strategy is to offer regional language support. This makes it easier for consumers in non-urban areas to shop online and understand the product information. Additionally, many D2C brands are partnering with local retailers to offer offline sales and customer support. This helps to reach consumers who may not be comfortable shopping online or who do not have access to reliable internet.

    Mr. Saraf said, “At Saraf Furniturе, we see our D2C brand as a bridgе that connеcts urban, sеmi-urban, and rural India. One of our kеy stratеgiеs is to leverage thе digital rеvolution in India, making our products еasily accessible onlinе. Wе hаvе invested in user-friendly websites and mobilе apps that catеr to a widе rangе of consumеrs, including thosе with limitеd intеrnеt connеctivity. Furthermore, we offer a divеrsе product rangе that catеrs to various tastеs and prеfеrеncеs, еnsuring that our furniturе appеals to both urban and rural sеnsibilitiеs. Additionally, we have established rеgional warеhousing and fulfillmеnt cеntеrs to еxpеditе dеlivеriеs to Tiеr 2 and Tiеr 3 citiеs, еnsuring a sеamlеss customеr еxpеriеncе. Our customеr support tеams arе trainеd to addrеss local concerns and prеfеrеncеs, fostеring trust and loyalty among our customеrs in thеsе rеgions.”

    Similarly, Ms. Govil also mentioned that they have a comprehensive approach that involves tailoring products to match local tastes, ensuring affordability for price-sensitive consumers in semi-urban and rural areas. Additionally, there are offline touchpoints established through our collaboration with Fashion Factory, and our digital presence spans our e-commerce website and partnerships with local online marketplaces.

    Advice for D2C Brands Looking to Expand Their Reach to Tier 2 and Tier 3 Cities

    For D2C brands that are looking to expand their reach to Tier 2 and Tier 3 cities, it is important to understand the unique needs and preferences of consumers in these markets. It is also important to invest in regional language support and offline sales channels. Additionally, D2C brands should focus on building trust with consumers in these markets by offering high-quality products and services at competitive prices.

    Mr. Saraf also advised D2C brands targeting Tier 2 and Tier 3 cities that are looking to expand their reach.

    1. Invest in understanding thе local markеt dynamics, including consumеr behavior, prеfеrеncеs, and spеnding pattеrns. This knowledge will bе instrumеntal in tailoring your product offеrings and markеting stratеgiеs to rеsonatе with thе targеt audiеncе.
    2. Focus on building a robust and еfficiеnt supply chain network. Timеly and rеliablе dеlivеriеs arе crucial for gaining the trust of customers in thеsе rеgions. Collaborating with local logistics partnеrs can oftеn bе a wisе choicе. 
    3. Invеst in customеr еducation and support. Many consumеrs in Tiеr 2 and Tiеr 3 citiеs may bе nеw to onlinе shopping, so providing clеar guidancе on how to placе ordеrs and accеss aftеr-salеs support is еssеntial. Building trust through еxcеllеnt customеr sеrvicе is kеy to long-tеrm succеss.
    4. Bе patiеnt and adaptablе. Expanding into thеsе rеgions may takе timе, and thеrе may bе unforеsееn challеngеs. Adaptability and a willingness to itеratе on your stratеgiеs arе critical for succеss in this divеrsе and promising markеt. With the right approach and a commitmеnt to understanding and sеrving thе uniquе nееds of consumеrs in Tiеr 2 and Tiеr 3 citiеs, D2C brands can unlock significant growth opportunities in India’s hinterlands.

    With the right approach and commitment to understanding and serving the unique needs of consumers in Tier 2 and Tier 3 cities, D2C brands can unlock significant growth opportunities in India’s hinterlands.

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  • Empowering Women Through Digital Innovation: Insights From Tanya Chaitanya, CEO of Her Circle

    In a world where content is king and women’s empowerment takes center stage, a digital platform that embodies both of these ideals with remarkable grace is Her Circle. Her Circle is more than just a digital movement. It is a dynamic force that has redefined the way women connect, learn, and thrive in India.

    Recently, at StartupTalky, we had the privilege of an insightful interaction with none other than Ms. Tanya Chaitanya, CEO of Her Circle, and Chief Content Officer of Digital and Diversity Initiatives at Reliance Industries Limited.

    Ms. Chaitanya shared valuable insights about Her Circle, shedding light on its vision, mission, and the impact it has had on women across the nation. Join us as we delve into this inspiring conversation and explore the journey of Her Circle.

    StartupTalky: Ms. Tanya Chaitanya, Can you tell us about what drives Her Circle and its mission for the women of India?

    Tanya: Her Circle is an inclusive, collaborative, diverse, interactive, socially-conscious digital movement for the women of India. We are her safe space for growth.

    StartupTalky: Can you briefly explain Her Circle’s platform, its content, language options, expert support, upskilling opportunities, and the significance of a women-only networking space?

    Tanya: Her Circle, founded by Mrs. Nita Mukesh Ambani, is designed as a one-stop destination to provide women-related content that is engaging and upliftment-oriented, even as it connects women to each other through a social platform. She can engage as she watches vibrant videos and reads articles with solution-oriented life strategies covering living, wellness, finance, work, personality development, community service, beauty, fashion, entertainment, creative self-expression, and active participation in public life through women-led NGOs and other organizations.

    Users can toggle between their language of choice—English and Hindi currently—by a simple language selection option. The Hindi content is unique and original, customized for the user.

    The platform provides women with answers from Reliance’s esteemed panel of experts on health, wellness, education, entrepreneurship, finance, philanthropy, mentorship, and leadership. The section on upskilling and jobs will help her find new professional skills as well as job opportunities suited to her profile. She can grow and learn through masterclasses from the best in the business or avail of complimentary digital courses.

    Private, Personalised, Safe: While the content, from videos to articles, is open to all, the social networking part of the platform is only for women. The social connect will provide her with a safe, women-only forum to make new friends with shared interests or ask questions from peers without hesitation. Her Circle also has an exclusive and personal space for women to ask questions to medical and finance experts in a confidential chatroom.

    StartupTalky: Can you provide insight into the diverse range of services and features that Her Circle offers to empower women and create a supportive community?

    Tanya: Our offerings are divided into 5 pillars

    1. Connect: A women-only social networking space with interconnected communities. Women can showcase their talent, speak out, and interact without hesitation.
    2. Engage: The “Engage” tab is where our content sits across all genres in the form of text-based stories, visual stories, and the most important element—videos.
    3. Grow: Job listings and upskilling opportunities through masterclasses and professional courses are available for her.
    4. Goals: Goals can be found to be the better version of yourself through our customized tracking systems that cover your diet and fitness, financial health, period and fertility tracking, and pregnancy guide.
    5. Help: Mental well-being sits at the core of this pillar as we listen to her and support her. “Ask the Expert” introduces her to a panel of medical specialists as well as finance/professional leads who take in and resolve her queries.

    StartupTalky: Ms. Tanya, what has been the most significant challenge in Her Circle’s journey, and how did you overcome it to achieve remarkable growth?

    Tanya: The pandemic has been the most challenging event for all of humankind.

    Our mindset impacting learning from the pandemic is that nothing is impossible.

    We are an unstoppable race, people who will find ways to work from home, from the hills, from the beaches. In fact, Her Circle, the platform was launched slam dunk in the middle of the pandemic on March 8, 2021, and while we thought not being able to do an on-ground launch would lead to smaller growth but within a year we have approximately 2 lakh registered women entrepreneurs. It’s largely due to the spirit of people to keep growing.

    And now as hybrid work models appear, we are adapting yet again. Most of us love being back in the office, enjoying the energy only a shared workspace can bring.

    StartupTalky: How is Her Circle currently performing, and what are the company’s future plans, especially in terms of sustainability, inclusion, and entrepreneurship?

    Tanya: Her Circle’s initiatives are across our key pillars – sustainability, inclusion and equity, entrepreneurship, and empowerment. Our initiative, Her Circle Bizruptors, is a platform for giving women startup founders and their ideas/ innovations/ products/ services a chance to be showcased. We intend to build a community of inspirational women entrepreneurs and winners.

    The sustainability initiatives we run cover the length and breadth of planet-friendly ideas. Our sustainability special meets women warriors who build circularity, promote environmental practices, and believe in being green citizens and parents. Kalki Koechlin, Kirti Poonia, and Rameshwari Seth have been some advocates of sustainability we have associated with.

    Our inclusion and equity initiative is the ongoing Her Circle EveryBODY Project, which has featured body-positive influencers such as Virali Modi, Neha Parulkar, Tanvi Geetha Ravishankar, Neelakshi Singh, Apeksha Dusija, Roma Maity, Apeksha Dusija, Pooja & Norah.

    StartupTalky: Ms. Tanya, What are some of Her Circle’s key achievements and the impact it has had on women, particularly in terms of reach and building a network of women?

    Tanya: India’s largest digital platform for women, Her Circle has reached more than 310 million women in 2022-23. In its second year, the platform has focused on building a network of women to create a space for impactful collaborations and connections. Through several social experiments, expert interactions, and stories of women who have battled insecurities and societal expectations to begin again, the platform has addressed the crucial need for women to show up for themselves.

    Overall Performance and Growth of Her Circle:

    • To celebrate Women’s Day and Her Circle’s first anniversary, we launched our first digital cover with founder Mrs Nita Mukesh Ambani.
    • We launched Her Circle Hindi in March 2022
    • To celebrate our Her Circle’s 2nd anniversary we launched the Her Circle EveryBODY Project which is a body-positive and inclusive movement.
    • Total Reach 310 million
    • Registered Users/Entrepreneurs – 2,25,000

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  • Uttar Pradesh to Play Big Role to Make India 3rd Largest Economy by 2030

    Uttar Pradesh with an aim of becoming a $1 trillion economy is currently the fastest growing state-economy in the country. Investors in Uttar Pradesh are bridging credit gaps in the thriving MSME sector. The state will play a big role in making India the third-largest economy in the world.

    Uttar Pradesh is leading the growth of the Indian MSME sector with the highest number of MSMEs in India. The largest and most populous state boasts more than 96 lakh MSMEs, making the state one of the fastest-growing state-level economies in the country.

    President Draupadi Murmu, in her address at the inauguration of the first UP International Trade Show, stated that over 200 manufacturers from the state were displaying their products to more than 400 buyers from a total of 66 countries. The event provided a platform for local manufacturers and small businesses to showcase their products in the national and international markets.

    The President also mentioned that Uttar Pradesh, despite being a landlocked state, has experienced remarkable growth in exports, with the value increasing from around Rs 88,000 crore in 2017-18 to Rs 1,75,000 crore in 2022-23. She attributed this growth to the proactive steps taken by the state government to promote economic growth and attract investments.

    “Uttar Pradesh is now among the fastest growing state-level economies in the country due to simplification of the investment process, ease of doing business and acceleration in infrastructure development,” said Murmu.

    In the same event, Union Minister Narayan Rane stated that India is expected to become the third largest economy by 2030 and UP is going to play a major role in it. He also emphasized the necessity of enhancing citizens’ per capita income to address migration, underscoring the state’s goal of reaching a $1 trillion economy. He also highlighted the per capita income disparities between the United States and India to underscore the importance of economic growth in improving people’s quality of life. Using the instance of industrialization in his home state of Maharashtra, Rane pointed out that comprehensive research and analysis are vital to determine the suitable industries and their optimal locations within various areas or districts.

    Key Sectors for Investment in Uttar Pradesh
    Advice to MSMEs Attracting Investment in Uttar Pradesh

    Key Sectors for Investment in Uttar Pradesh

    Mr. Amit Tyagi, CEO, PayWorld highlighted key sectors that offer the most investment in Uttar Pradesh:

    1. Financial Inclusion: Uttar Pradesh, a populous state with a significant number of underserved population segments, is poised for improved financial inclusion. Fintech companies have a crucial role to play in achieving this by providing innovative and affordable financial products and services tailored to these segments.
    2. Agriculture: As a major agricultural hub in India, Uttar Pradesh offers substantial opportunities for fintech companies to revolutionize the agricultural sector. Fintech solutions, including crop insurance, agricultural financing, and supply chain management, can greatly benefit farmers and other stakeholders.
    3. Small Businesses: Uttar Pradesh is home to a multitude of small businesses, presenting fintech companies with the opportunity to offer a range of services. These services encompass digital payments, accounting software, and access to business loans, supporting the growth and success of these enterprises.

    The Uttar Pradesh government is actively promoting digital payments and fintech solutions, leading to an increasing demand for these services. Fintech companies can address this demand by providing solutions for government-to-citizen payments, tax processing, and subsidy distribution.

    Nevertheless, Indian MSMEs have faced a significant challenge in the form of limited access to credit within the market. To address this issue, both government agencies and non-governmental funding institutions throughout the country have made concerted efforts to facilitate easier access to capital.

    Mr Ameet Venkeshwar, CBO, LoanTap Financial Technologies, said that bridging the credit gap for MSMEs requires a combination of innovative products, customer-centric solutions, and collaboration between various financial institutions and businesses. Other than providing MSMEs loans, he said, “We have our own product called AfterPay Merchant by LoanTap, a dedicated credit solution for MSMEs tailored to accelerate business growth.”

    “We partner with large retailers to assist MSMEs, particularly small retail stores, in gaining easy access to funds through a revolving credit line. This support allows them to benefit from extended payment terms, bolstered working capital, and ensures a stable supply. Mostly the small retailers and Kirana stores are often underserved and this allows us to serve them moving more towards our vision of financial inclusion,” Mr Venkeshwar added.

    Mr Tyagi of PayWorld emphasized, “Our extensive network of merchant points provides MSMEs access to digital financial services, empowering them with digital payments, bank accounts, and e-wallets. Collaborations with financial institutions enable us to offer tailored micro-loans, addressing capital needs for UP’s MSMEs.”

    He stated that they are committed to innovation and the development of digital platforms. He mentioned that tailored products and financial awareness campaigns played a significant role in enhancing their commitment to UP’s economic growth. In a landscape where MSMEs sought credit solutions, Mr. Tyagi believed that PayWorld’s extensive reach and unwavering dedication to digital financial services could be transformative, propelling MSMEs toward prosperity and contributing significantly to the state’s development.

    Advice to MSMEs Attracting Investment in Uttar Pradesh

    Uttar Pradesh boasts a vibrant and flourishing MSME sector, which serves as the cornerstone of the state’s economy. These small and medium-sized enterprises contribute significantly to its GDP and generate millions of jobs. For MSMEs in Uttar Pradesh looking to invest in their growth, several key opportunities exist.

    1. Government Initiatives: To support MSMEs in the state, the state government has initiated various programs, including the One District One Product (ODOP) scheme and the Nivesh Mitra portal. These schemes offer financial and technical assistance to MSMEs, streamlining the process of raising investments and saving both time and money.
    2. PM Vishwakarma Yojana Scheme: The Pradhan Mantri Vishwakarma Kaushal Samman Yojana, a central government initiative, provides skill training to traditional artisans and craftsmen. MSMEs in Uttar Pradesh can leverage this scheme to train their employees, enhancing productivity and making their businesses more appealing to potential investors.
    3. Targeting the Export Market: The export market presents numerous opportunities for the state’s MSMEs, with the government actively promoting exports from the state. By tapping into government support and the growing export sector, MSMEs in UP can expand their operations and attract increased investment.
    4. Leveraging Fintech: Uttar Pradesh’s MSMEs can harness fintech solutions to attract investment and facilitate business growth. They can utilize online crowdfunding platforms to raise capital from a wide investor base. Furthermore, fintech platforms can automate accounting and financial reporting processes, enhancing their appeal to potential investors. Collaborating with fintech companies to develop innovative financial products and services is another avenue through which MSMEs in UP can pique investor interest.

    Mr. Venkeshwar also acknowledged that attracting investment can pose a challenge, but it is an attainable goal when the right strategy and approach are in place. Furthermore, with the sector’s growth on the rise, the outlook appears promising, particularly with new initiatives such as financial inclusion aimed at assisting the underserved sector in India.

    Union Minister Narayan Rane also mentioned that there are approximately 9.5 million MSMEs in the state, and when considering the entire country, there are around 63 million functional MSMEs. He stated that through the MSME sector in Uttar Pradesh, small businessmen and farmers have been finding employment opportunities, and they have been significant contributors to India’s growing economy.

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  • India’s Health-Tech Market to Reach $25 Billion by 2025

    The remarkable growth in internet penetration and smartphone usage along with telemedicine, online pharmacies, Electronic Health Records (EHRs), health and fitness applications, and wearable devices have made healthcare more accessible, convenient, and patient-centric than ever before.

    India’s health tech market is projected to reach $25 billion by 2025. Especially post-COVID, the growth has seen unprecedented heights. Though the surge in health tech in India has been fueled by the pandemic, it is actually a series of developments that have paved the way for this surge.

    The growing and aging Indian population has been propelling the surge in demand for healthcare services. Though India has the highest youth population in the world, the growing number of elderly citizens has heightened the need for healthcare services across the board. The increasing healthcare costs in India have made quality healthcare inaccessible to many. This financial strain has created an environment ripe for cost-effective health tech solutions.

    Technological Transformation in Healthcare
    Key Factors Driving Health-Tech Growth
    Ongoing Challenges in Health-Tech

    Technological Transformation in Healthcare

    The remarkable growth in internet penetration and smartphone usage has democratized access to health tech services, making them easily accessible even to the users of Tier 2, Tier 3 cities, and small towns. Telemedicine, along with internet-based features like online pharmacies, Electronic Health Records (EHRs), health and fitness applications, and wearable devices like smartwatches and ECG monitors, have made healthcare more accessible, convenient, and patient-centric than ever before.

    Mr. Amol R Deshmukh, CEO and Founder of MedRabbits, said, “Healthcare and technology have typically featured at opposite ends of the spectrum. Doctors, patients, and the entire healthcare ecosystem were either not willing or not able to adopt technology readily like the other industries. Come the pandemic – everything changed. While doctors and hospitals became inaccessible due to the fear of the virus, technology came to the forefront and coerced patients, doctors, and hospitals to adapt.”

    Mr. Deshmukh also mentioned that following that period, all participants within the ecosystem became at ease with the utilization of technology. Consequently, patients, doctors, and hospitals presently perceive greater advantages in employing technology to meet their healthcare needs and provide services.

    Key Factors Driving Health-Tech Growth

    Mr. Gautam Chopra, Founder and CEO of BeatO, pointed out three key factors that have significantly contributed to the growth of health-tech in India:

    1. Increased Personal Health Awareness: The pandemic has made individuals more conscious and aware of their health. This heightened awareness has resulted in the adoption of health-tracking devices and virtual healthcare consultations especially for non-communicable diseases and chronic conditions like diabetes, hypertension etc.
    2. Greater Tech Exposure Among Healthcare Providers: Hospitals and healthcare professionals have become more tech-savvy, making it easier for health-tech startups to integrate their solutions into the healthcare ecosystem. The familiarity with technologies among doctors and other medical personnel at the secondary and tertiary healthcare levels has lowered barriers to adopting digital tools.
    3. Collaborations with Ecosystem Partners: Ecosystem players like insurance and pharmaceutical companies have ventured into partnerships with health-tech startups. These collaborations have resulted in mutually beneficial outcomes, fostering greater confidence among the ecosystem players. This synergy accelerates the growth of startups by providing access to wider distribution channels and lower costs for the users.

    Ongoing Challenges in Health-Tech

    Mr. Anuj Parekh, Founder & CEO of Bharatsure, shared that health-tech, in India, has definitely experienced massive development in a limited timeframe, but keeping the size of the whole market in mind, the industry is still in its early stages of growth. “Though it has the potential to revolutionize the healthcare system, there are a number of factors that poise as challenges such as government regulation, data privacy, and rural healthcare access,” he added.

    Mr. Parekh also mentioned that India still faces challenges in access to medical professionals, especially on the rural front. While health techs are making it possible to provide healthcare for rural population through telemedicine, the shortage still persists.

    “An increase in the number of medical professionals will help address this and there needs to be talk around human resource development. With the emergence of AI, medical professionals could also be using sophisticated models to create efficiencies in the system. Data exchange and interoperability of systems is still a big issue for health techs. While the national health stack is a step in the right direction, it is a very big challenge to implement primarily with challenges around data security and privacy,” he added.

    The full-scale implementation of the stack is still some time away and health techs will not meet their full potential unless the stack is implemented. Fintech too would not be at its current glory without the support of Aadhaar and UPI.

    Mr. Chopra said that health-tech companies must adopt a patient-centric approach due to the prevalent practice of consumers paying for healthcare from their own pockets.

    He said, “A patient-centric approach necessitates the establishment of trust and credibility, primarily through the demonstration of robust health outcomes. It is essential to recognize that building this trust is a gradual process, requiring patience and perseverance. The ultimate goal should be to provide high-quality care that surpasses the experiences one might have in the physical healthcare system while maintaining affordability at the same time.”

    A patient-centric approach necessitates the establishment of trust and credibility, primarily through the demonstration of robust health outcomes. It is essential to recognize that building this trust is a gradual process, requiring patience and perseverance. The ultimate goal should be to provide high-quality care that surpasses the experiences one might have in the physical healthcare system while maintaining affordability at the same time.

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  • Leveraging WhatsApp Business: Tips and Tools for Success

    ‍With over 2 billion active users worldwide, WhatsApp has emerged as a powerful platform for business communication. Originally designed as a messaging app, WhatsApp has evolved into a versatile tool that enables businesses to engage with customers, provide personalized support, and even conduct marketing campaigns. In this comprehensive guide, we will explore the various ways businesses can leverage WhatsApp for their benefit, with a particular focus on WhatsApp Channels.

    Understanding WhatsApp for Business

    Getting Started with WhatsApp for Business

    Leveraging WhatsApp Channels for Marketing

    Integrating WhatsApp with Other Marketing Channels

    The Future of WhatsApp for Business

    Understanding WhatsApp for Business

    The Evolution of WhatsApp

    WhatsApp was initially introduced in 2009 as a simple messaging platform for personal use. However, over the years, it has transformed into a vital channel for business communication. With features like group calling, video calling, read receipts, and status updates, WhatsApp has become essential for building customer connections.

    The Benefits of Using WhatsApp for Business

    There are several reasons why businesses should consider utilizing WhatsApp as part of their communication strategy. Firstly, WhatsApp allows for prompt and direct communication with customers, enabling businesses to respond quickly to queries and provide personalized support. Secondly, WhatsApp provides a platform for businesses to showcase their brand and maintain a consistent brand experience. By creating a business profile and sharing relevant information, businesses can establish credibility and build customer trust. Lastly, WhatsApp offers various automation features that can streamline communication processes, saving time and improving efficiency.

    Countries With the Highest WhatsApp Business App Revenue as of December 2022
    Countries With the Highest WhatsApp Business App Revenue as of December 2022

    Getting Started with WhatsApp for Business

    WhatsApp Business vs. WhatsApp Business API

    When it comes to using WhatsApp for business purposes, there are two main options: WhatsApp Business and WhatsApp Business API.

    WhatsApp Business is a free app designed for small businesses that want to establish a presence on WhatsApp. It offers features such as business profiles, automated away messages, and messaging statistics.

    On the other hand, WhatsApp Business API is a more advanced solution that is suitable for larger businesses or enterprises. It provides greater flexibility and customization options, allowing businesses to integrate WhatsApp into their existing systems and workflows.

    Setting Up Your WhatsApp Business Account

    To get started with WhatsApp for business, you need to set up a WhatsApp Business account. Here are the steps to follow:

    1. Download the WhatsApp Business app from the App Store (for iOS) or Google Play Store (for Android).
    2. Launch the app and verify your phone number.
    3. Set up your business profile by providing relevant information such as your business name, logo, and contact details.
    4. Customize your settings, including automated away messages and quick replies.
    5. Start engaging with your customers!

    How to Build a Business Profile | WhatsApp Business

    Leveraging WhatsApp Channels for Marketing

    What are WhatsApp Channels?

    WhatsApp Channels were recently introduced by WhatsApp to tackle the ongoing popularity of Telegram and the market it has achieved. WhatsApp Channel is a feature that allows businesses to send messages to multiple recipients simultaneously. This feature is particularly useful for marketing campaigns as it enables businesses to reach a large audience with personalized messages. 

    Benefits of Using WhatsApp Channels for Marketing

    Using WhatsApp Channels for marketing offers several advantages. Firstly, it allows businesses to deliver targeted and personalized messages to their customers, increasing the chances of engagement and conversion. Secondly, WhatsApp Channels provide a direct and immediate line of communication with customers, enabling businesses to deliver time-sensitive information or promotions. Lastly, WhatsApp Channels allow businesses to track the effectiveness of their marketing campaigns through analytics and reporting features provided by the platform.

    Best Practices for Using WhatsApp Channels in Marketing

    To make the most of WhatsApp Channels for marketing, it’s essential to follow some best practices. Here are a few tips to consider:

    1. Segment Your Audience: Divide your customers into relevant groups based on demographics, interests, or past interactions. This will allow you to send targeted messages that resonate with each segment.
    2. Personalize Your Messages: Use the recipient’s name or include relevant details to make your messages feel personalized and tailored to their needs. This will help create a stronger connection with your customers.
    3. Provide Valuable Content: Deliver content that is informative, entertaining, or provides value to your customers. Avoid sending spammy or promotional messages that might be perceived as intrusive.
    4. Optimise Message Timing: Consider the timing of your messages to ensure they are delivered at a time when your customers are most likely to engage with them. This might vary depending on your target audience and their habits.
    5. Use multimedia content: Take advantage of WhatsApp’s capabilities to send multimedia content such as images, videos, or audio messages. This can enhance the impact of your marketing messages and make them more engaging.

    How to Create a WhatsApp Channel: A Step-By-Step Guide
    In this step-by-step guide, we’ll walk you through the process of creating and managing WhatsApp Channels, enabling you to harness this powerful feature effectively.
    Abira DuttaStartupTalky

    Integrating WhatsApp with Other Marketing Channels

    Multichannel Marketing with WhatsApp

    WhatsApp is most effective when integrated with other marketing channels. By combining WhatsApp with channels like email marketing, social media, or SMS, businesses can create a cohesive and comprehensive marketing strategy.

    Benefits of Multichannel Marketing with WhatsApp

    Integrating WhatsApp with other marketing channels provides several benefits. Firstly, it allows businesses to reach customers through their preferred communication channels, increasing the chances of engagement. Secondly, it provides multiple touchpoints for customers, reinforcing brand messaging and increasing brand recall. Lastly, by using multiple channels, businesses can create a seamless customer journey, ensuring a consistent and personalized experience.

    Examples of Multichannel Marketing with WhatsApp

    Here are a few examples of how businesses can integrate WhatsApp with other marketing channels:

    1. Email Marketing: Include a WhatsApp call-to-action in your email campaigns, encouraging subscribers to reach out for more information or to engage in a conversation.
    2. Social Media Marketing: Use social media platforms to promote your WhatsApp channel, encouraging followers to join your WhatsApp group or contact you directly through WhatsApp.
    3. SMS Marketing: Combine SMS and WhatsApp to deliver time-sensitive or urgent messages. For example, send an SMS alert with a link to a WhatsApp message containing exclusive offers or limited-time promotions.

    The Role of WhatsApp in Customer Service

    WhatsApp has become an increasingly popular channel for customer service. Its convenience and ease of use make it a preferred choice for customers who want quick and direct support.

    Benefits of Using WhatsApp for Customer Service

    Using WhatsApp for customer service offers several advantages. Firstly, it provides a real-time and direct line of communication with customers, enabling businesses to address their queries or concerns promptly. Secondly, WhatsApp allows for personalized interactions, creating a more engaging and satisfactory customer experience. Lastly, WhatsApp’s automation features, such as quick replies and chatbots, can streamline customer service processes, improving efficiency and reducing response times.

    Best Practices for Using WhatsApp for Customer Service

    To provide exceptional customer service through WhatsApp, businesses should consider the following best practices:

    1. Respond Promptly: Aim to respond to customer inquiries as quickly as possible. Customers appreciate timely and efficient support.
    2. Use Automation Features: Take advantage of WhatsApp’s automation features to provide instant responses or set up automated messages for commonly asked questions.
    3. Personalise Interactions: Treat each customer as an individual and tailor your responses to their specific needs. Personalization goes a long way in creating a positive customer experience.
    4. Maintain Professionalism: Even though WhatsApp is a more casual communication channel, it’s essential to maintain professionalism in your interactions with customers.
    5. Monitor Customer Feedback: Pay attention to customer feedback and use it to improve your customer service processes. Actively seek feedback and make necessary improvements based on customer suggestions.

    Exploring WhatsApp Business API

    WhatsApp Business API Overview

    WhatsApp Business API is a more advanced solution that allows businesses to integrate WhatsApp into their existing systems and workflows. Here’s an overview of the key features and benefits of WhatsApp Business API:

    1. Flexibility and Customization: WhatsApp Business API provides businesses with greater flexibility and customization options, allowing for a more tailored and seamless integration.
    2. Scalability: With WhatsApp Business API, businesses can handle a higher volume of messages and reach a larger audience.
    3. Rich Media Support: WhatsApp Business API supports the sending of rich media content such as images, videos, and documents, enabling businesses to create more engaging and interactive experiences.
    4. Analytics and Reporting: WhatsApp Business API provides detailed analytics and reporting features, allowing businesses to track the performance of their messaging campaigns and gain valuable insights.

    Getting Started with WhatsApp Business API

    Getting started with WhatsApp Business API involves several steps, including:

    • Partner with a WhatsApp Business Solution Provider (BSP): Choose a BSP that meets your business requirements and can provide the necessary technical support.
    • Obtain access to the WhatsApp Business API: Your BSP will guide you through the process of obtaining access to the WhatsApp Business API and assist with the necessary configurations.
    • Integrate with your Systems: Work with your BSP to integrate the WhatsApp Business API into your existing systems and workflows.
    • Test and Launch: Test your integration thoroughly to ensure everything is functioning correctly before launching your WhatsApp Business API implementation.

    WhatsApp is continually evolving, and there are several emerging trends and innovations that businesses should be aware of. These include:

    • AI-powered Chatbots: The use of AI-powered chatbots on WhatsApp is expected to increase, enabling businesses to provide more personalized and efficient customer service.
    • Integration with CRM Systems: Integration between WhatsApp and CRM systems allows for seamless customer data management and improved communication workflows.
    • Enhanced Security and Privacy Features: WhatsApp is continually enhancing its security and privacy features to provide a safer and more secure environment for businesses and users alike.
    • More Business-oriented Features: WhatsApp is likely to introduce additional features specifically designed for businesses, further expanding its capabilities as a business communication platform.

    End Note

    WhatsApp has emerged as a powerful tool for businesses, offering opportunities for marketing, customer service, and seamless communication. By understanding the various features and best practices, businesses can effectively leverage WhatsApp for their benefit. Whether it’s using WhatsApp Channels for marketing campaigns or providing personalized customer service, WhatsApp has the potential to transform the way businesses engage with their customers. As businesses continue to adapt to the digital landscape, WhatsApp for Business provides an essential channel for building meaningful connections and driving business growth.

    FAQs

    How does WhatsApp for Business work?

    WhatsApp Business, a free app accessible on both Android and iPhone simplifies customer interactions by offering a suite of automation, sorting, and rapid response tools, allowing businesses to engage with their customers seamlessly.

    What are the benefits of using WhatsApp for business?

    WhatsApp allows for prompt and direct communication with customers. It also provides a platform for businesses to showcase their brand and maintain a consistent brand experience and offers various automation features that can streamline communication processes, saving time and improving efficiency.

    What are the examples of multichannel marketing with WhatsApp?

    Email marketing, social media marketing, and SMS marketing are examples of multichannel marketing with WhatsApp.

    What are WhatsApp Channels?

    WhatsApp Channel is a feature that allows businesses to send messages to multiple recipients simultaneously. This feature is particularly useful for marketing campaigns as it enables businesses to reach a large audience with personalized messages.