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  • Will UPI Become a Paid Service?

    The National Payments Corporation of India was formed in 2008 with the objective of integrating all payment mechanisms existing in the country and making them uniform for retail payments. However, the majority of the population was opting for cash payments as retailers encouraged this method. There was also the problem of almost half the population that had no access to any form of banking service. This also precipitated the issue of black or illegal money and corruption within the country.

    By 2012, the RBI had envisioned building an authorized payment and settlement system that was safe, efficient, accessible, inclusive, and interoperable. This was done as a part of the Green Initiative and to encourage the lesser use of paper in the domestic payment market. UPI was officially launched in 2016 for public use.

    An Overview of the Unified Payments Interface
    The Growth of UPI and Its Features
    Will UPI Become a Paid Service?

    How UPI Has Changed the Indian Economy?

    An Overview of the Unified Payments Interface

    The CEO of Netmagic Solutions says UPI has become one of the most successful deep-tech innovations coming out of India. It works on an interoperable four-pillar push-pull model. There is a beneficiary at the front end, the payment service provider, and a beneficiary back end bank that settles the monetary transaction for the users.

    As it began to gain traction and prominence in 2019, the Ministry of Finance nullified the Merchant Discount Rate (MDR) on UPI which catapulted the number of low-value transactions, making huge gains on real-time transaction volume data.

    From 1st January 2019, UPI became a popular payment option for IPOs. By March 2020, the transaction limit was increased from INR 1 lakh to INR 2 lakhs, which was again increased to INR 5 lakhs in December 2021 for Retail Direct Scheme and IPO applications.

    In its first monetary policy of FY 2022-2023, RBI has proposed using a UPI-based QR code for a cardless cash withdrawal facility from ATMs. ToneTag launched VoiceSE, in partnership with NSDL Payments Bank and NPCI, which will enable users to make UPI payments using voice in Hindi, Tamil, Telugu, Malayalam, Kannada and Bengali language. In 2021, the value of UPI transactions was more than INR 73 lakh crores, recording a 110% rise from INR 33.87 lakh crores in 2020.

    An In-depth Look at the UPI App War: Who is leading the UPI Market?
    The cashless UPI payments have seen a massive boost during the covid and have started a war between the apps, but who is leading the market?.
    StartupTalkyHarshit Verma

    The Growth of UPI and Its Features

    The Volume of UPI-Based Digital Payments Across India from FY17 to FY22
    The Volume of UPI-Based Digital Payments Across India from FY17 to FY22

    Within two years of its launch, by 16th August 2018, UPI 2.0 was launched enabling their users to link Overdraft accounts to a UPI handle. There was an added feature of the AutoPay facility for recurring payments, and users were able to pre-authorize transactions by issuing a mandate for a specific merchant. The newer version also included a feature to view and store the invoice for transactions.

    By August 2021, Bank of Baroda, Paytm Payments Bank and State Bank of India were live on UPI AutoPay and registered 204,000, 186,000 and 660,000 mandates respectively. Plans were in place for NCPI to expand AutoPay to international markets and operationalize real-time payment dispute resolution covering 90% of complaints by September 2022.

    RuPay credit cards were allowed to be linked with UPI from 8th June 2022.   Currently, NPCI is working on a real-time feature that will reduce the time period taken by banks to unblock funds over time-out or transaction from 24 hours to 30 seconds.

    Continuing the growth of UPI and its features, the RBI Governor launched UPI 123PAY on 8th March 2022, offering 4 payment options to UPI users:

    1. App-based functionality where a mobile phone manufacturer can install a UPI app through over-the-programming that can be used for payment.
    2. Missed calls through which customers can use a dedicated merchant payment number by giving a missed call. The incoming authentication call will ask for PIN verification to complete the transaction.
    3. Interactive Voice Response (IVR) based where the payment transaction will complete using pre-defined phone numbers.
    4. Payment in offline mode through sound-based proximity data communication.

    On 17th November 2021, NPCI International Payments Limited signed an MoU with PPRO Financial, a UK-based financial services firm, to expand the acceptance of UPI into foreign markets, specifically in China and the US, which accounts for half of all transactions from India.

    Onboarding of NRI/NRE Accounts

    Earlier this month, the National Payments Corporation of India (NPCI) released a notice stating that Non-resident accounts like NRI/NRE accounts attached to international mobile numbers will be permitted to transact with UPI.  To begin with, mobile numbers of ten countries will be enabled.  These countries are Singapore, Australia, Canada, Hongkong, Oman, Qatar, United States of America, Saudi Arabia, United Arab Emirates and United Kingdom.

    The NPCI, in its notice, has clarified that these accounts will be permitted to transact as long as the member banks ensure strict adherence to FEMA (Foreign Exchange Management Act) regulations and the guidelines issued by the RBI (Reserve Bank of India).  All the UPI members including banks and payment platforms have been instructed by the NPCI to ensure that they are completely compliant to all the legalities by April 30, 2023.

    Lauding this move, Rajsri Regan, Head of Development – Banking and Payments, India & Philippines, FIS said – “NPCI has been working to expand and boost the use of UPI across the world and this move will widen the use of digital payments as Indians living overseas will also be able to make instant transactions.”  This facility will soon be extended to mobile numbers of other countries as well.

    Will UPI Become a Paid Service?

    The Ministry of Finance's Tweet About UPI Services
    The Ministry of Finance’s Tweet About UPI Services

    The government had made transactions over UPI free of cost to encourage faster and deeper penetration of digital payments post demonetisation and especially, the pandemic. This is the government’s zero MDR (Merchant Discount Rate) framework in which neither the customers nor the merchants pay for utilizing UPI services.

    However, in a discussion paper that RBI released in early August 2022, it said that as a fund transfer system bears a resemblance to the IMPS (Immediate Payment Service), the charges in UPI need to be similar to the charges that are applicable in IMPS for fund transfer transactions.

    Furthermore, UPI service providers like PhonePe, Google Pay and Paytm Payments Bank have not earned any revenue for the last couple of years for their services. Industry executives are debating that with the setup and adoption of a robust digital payment infrastructure the time has come for them to earn revenue from these transactions so that more players are enticed to enter the UPI service space to build further financial inclusion.

    The Finance Ministry has stepped in very recently and has tweeted –  “UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means.”

    UPI payment platforms like Google Pay and Paytm have amassed millions of active users and have a deep data mine to access to fine-tune their products. Also, they have other avenues for revenue building. The payment platforms earn a commission from the service provider whenever there is a bill payment for utilities like electricity and water as well as mobile recharges and DTH recharge payments. To these payment platforms data substitutes for revenue to a certain extent.

    In the immediate future, it remains unlikely that UPI will become a paid service.

    Conclusion

    The penetration and adoption of UPI continues to grow as the service itself seeks to grow and expand to include more and more features. While the future is bright for the UPI platform, it will be a wait-and-watch game to see whether the service in the future might attract charges or not.

    FAQs

    What is UPI?

    UPI stands for Unified Payments System. It is a system developed by the National Payments Corporation of India that supports multiple bank accounts in a single mobile application. It facilitates inter-bank, peer-to-peer, and person-to-merchant transactions.

    Will UPI become a paid service?

    There has been suspicion among the people that there may be the possibility of UPI transactions carrying a service charge. However, to clear people’s suspicion, the Finance Ministry recently made a tweet saying that there is no consideration in Govt to levy any charges for UPI services.

    Some of the most popular UPI apps are:

    • Google Pay
    • BHIM
    • Paytm
    • PhonePe
    • Amazon Pay

  • Whirlpool Success Story – World’s most famous home appliance brand

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Whirlpool.

    Consumer electronics or home appliances were invented for everyday use, mostly in private houses. Thanks to the home appliances industry, we can carry out our daily household activities without any pressure. Be cooking, cleaning, or even preserving food, this industry is a blessing for us.

    The beginning of this industry can be said to have started around the 1900s. Ever since there have been many inventions in the field of home appliances with advanced technological developments.

    In this article, we are going to talk about one of the world’s most famous home appliance brands whose catchy jingle has been a part of our lives from the beginning. ‘Whirlpool’, was founded some 111 years ago by Louis Cassius Upton and Emory Upton. The Whirlpool Corporation is a multinational American manufacturer and marketer of home appliances headquartered in Benton Charter Township, Michigan, United States.

    Explore more details about Whirlpool such as its startup story, its business and revenue model, and more.

    Whirlpool – Company Highlights

    Headquarters Michigan, United States
    Sector Home Appliances
    Type Public
    Founder Louis Cassius Upton and Emory Upton
    Founded 1911
    Valuation $7.82 billion
    Revenue $21.985 billion (2021)
    Total Funding Raised $19.3 million
    Website whirlpoolcorp.com

    Whirlpool – About
    Whirlpool – Industry details
    Whirlpool – Founders, and Team
    Whirlpool – Startup Story
    Whirlpool – Mission and Vision
    Whirlpool – Name, Tagline, Logo
    Whirlpool – Business Model
    Whirlpool – Revenue Model
    Whirlpool – Funding, and Investors
    Whirlpool – Mergers, and Acquisitions
    Whirlpool – Advertisements and Social Media Campaigns
    Whirlpool – Awards and Achievements
    Whirlpool – Competitors
    Whirlpool – Future Plans

    Whirlpool – About

    Whirlpool is a Fortune 500 company and calls itself a proud part of the American heritage. Whirlpool is the company’s flagship brand, but it also has other brands like Maytag, KitchenAid, Indesit, JennAir, Amana, Gladiator GarageWorks, Brastemp, Inglis, Estate, Bauknecht, Ignis, Consul, and, in Europe, Hotpoint. In the USA, Haier controls the Hotpoint. The company also has its founding families based in Canada, India, Germany, Brazil, Italy, and France.

    At present, Whirlpool has nine manufacturing facilities in the United States with 69,000 global employees.

    Whirlpool – Industry details

    The global home appliances industry is expected to grow tremendously in the coming years. Given the technological advancements that are set to drive this industry over the forecasted years. Reports suggest that the global home appliances industry is anticipated to reach a value of $289.6 billion in 2031. One of the biggest driving factors in the home appliances market is increased purchasing power and easier access to high-quality products at reasonable prices.

    Whirlpool – Founders, and Team

    Whirlpool was founded by Louis Cassius Upton with his patent uncle Emory Upton.

    Louis Cassius Upton

    A resident of New York, Louis Upton graduated in 1908 from Lake Forest Academy in Lake Forest, Illinois. He was only 17 when his father died in an accident. While finishing high school, Louis got a job selling insurance to help support the family. Soon after, he got a job at the Commonwealth Edison company, where he developed the idea of making washing machines.

    Louis Cassius Upton was a business leader on a national scale. He served on the federal government’s Committee for Economic Development as a Trustee and as a director of the National Association of Manufacturers. Besides this, he served as a vice president of the US Chamber of Commerce. Not only this, but he was also a member of the International Chamber of Commerce, and he represented the United States at the organization’s international convention in Switzerland in 1947.

    Louis Upton married Elizabeth Fogg in 1914 with whom he had four children; Robert Cassius Upton, Phillip Upton, Judith Upton Hoyt, and Sally Upton. He died in 1952 due to a massive cerebral hemorrhage.

    Marc Bitzer

    March Bitzer is the CEO and Chairman of the Board at the Whirlpool. He spent eight years as a vice president at the Boston Consulting Group in Munich and Toronto before joining Whirlpool Europe.

    March Bitzer received his MBA and doctorate from Switzerland’s St. Gallen Graduate School of Business, Economics, and Law. Furthermore, he is also appointed to the BMW AG Supervisory Board.

    Whirlpool – Startup Story

    Whirlpool’s story began in 1911 when Louis Upton was working as an insurance salesman. His uncle Emory Upton owned a machine shop called  Upton Machine Company. They worked together but had many failed attempts. However, Louis was determined to add an electric motor to their production. As a result, their sales increased, and became one of the top suppliers of the washer during the 1920s.

    The Great Depression had little impact on the company. Its factories were converted to armament production during WWII. It introduced an automatic, spinner-type washer in 1947, which Sears (Louis Upton supplied their washers) sold under the “Kenmore” brand. A year later, the company sold it under the “Whirlpool” brand name.

    Whirlpool entered the Indian market as part of its global expansion strategy in the late 1980s. It formed a partnership with the TVS Group and opened the first Whirlpool manufacturing facility in Puducherry, where it produced washing machines. By the early 2000s, Whirlpool was already expanding in international boundaries.

    Whirlpool – Mission and Vision

    The mission of Whirlpool states, “Earn the trust and create demand for our brands in a digital world.”

    Whirlpool as a company is committed to delivering the best kitchen and home appliances to people to improve their overall life at home.

    The tagline of this popular brand is not just a slogan but an actual affirmation of the company as a whole. Their tagline says, “Every Day, Care”

    The other famous taglines of Whirlpool are:

    “Designed to Delight”

    “Every Home, Everywhere with Pride, Passion, and Performance”

    Whirlpool – Business Model

    The multinational company, Whirlpool consists of a mass-market business model. The company offers a vast variety of consumer goods that are mostly targeted at consumer segments who need home and kitchen appliances for day-to-day activities. Its prior business model involves creating, developing, and manufacturing products for customers.

    Whirlpool Corporation operates in almost 170 countries and maintains other renowned brands like Whirlpool, KitchenAid, Maytag, Consul, Brastemp, JennAir, Amana, Gladiator GarageWorks, Consul, and more. Whirlpool’s primary resources are its physical assets, which include a network of 70 manufacturing and technology research centers worldwide, as well as 14 manufacturing plants; nine in the United States, and five in Mexico.

    Whirlpool – Revenue Model

    As per the latest reports, Whirlpool made $22 billion in sales.

    The company follows a cost-driven structure that aims to reduce expenses through significant automation and low-cost value propositions. Its primary cost driver is the cost of goods sold, which is a variable expense. Other significant drivers include sales/marketing and administration, both of which are fixed costs.

    There are two ways through which Whirlpool generates revenue;

    • Product Based – Revenue is earned through selling its products to the general public
    • Licensing Based – In this, the company generates its revenue from royalties received from third-party licensing of its trademarks to manufacture, sell, and service certain products bearing the Whirlpool, Maytag, KitchenAid, and Amana brand names.

    Whirlpool – Funding, and Investors

    On October 30, 2009, Whirlpool raised a total funding amount of $19.3 million through a Grant funding round funded by the US Department of Energy. It is a government administration that regulates energy policy, research, and development.

    Whirlpool – Mergers, and Acquisitions

    Whirlpool has acquired a total of 8 organizations which are listed below:

    Date Acquiree name Amount
    August 8, 2022 InSinkErator $3 billion
    May 2, 2017 Yummly –
    May 19, 2015 American Dryer Corp –
    October 24, 2014 Hefei Rongshida Sanyo Electric –
    July 10, 2014 Indesit Company $1 billion
    August 22, 2005 Maytag Corporation $2.7 billion
    July 8, 2002 Vitromatic S.A. de C.V. $150 million
    May 1, 2002 Polar S.A $27 million

    Whirlpool – Advertisements and Social Media Campaigns

    For many years, Whirlpool has always promoted itself through interesting and relatable stories that are common in every house. Its advertisements have impacted many targeted audiences when it comes to home appliances. One such ad by Whirlpool was created for the Indian market when they roped in Bollywood stars like Kriti Sanon and Sushant Singh Rajput to promote their 3D cooling system Air conditioners. The video on YouTube garnered over 4.2 million views and was a big hit in commercial ads on TV.

    Whirlpool – Awards and Achievements

    Below are listed the awards won by Whirlpool Corporation:

    1. Whirlpool Corporation was named America’s Greatest Workplaces for Diversity 2023 by Newsweek
    2. Whirlpool Corporation was recognized in the 2022 Dow Jones Sustainability World Index
    3. Whirlpool Corporation Ranks Number Three in Newsweek’s List of America’s 500 Most Responsible Companies for 2023
    4. Whirlpool Corporation was named to Forbes’ list of ‘World’s Best Employers’ in back-to-back years
    5. JennAir brand (brand of Whirlpool Corporation) was awarded Architectural Digest Great Design Award in 2022
    6. Whirlpool Corporation was recognized for the sixth straight year as a “Best Place to Work for Disability Inclusion” for 2022
    7. Whirlpool was recognized as Manufacturing Leadership Awards 2022 Winner
    8. Whirlpool Corporation brands were recognized by Prophet Brand Relevance Index in the Top 50 Brands of 2022

    Whirlpool – Competitors

    Here are some of the top competitors of Whirlpool;

    1. Samsung
    2. LG Electronics
    3. Bosch
    4. Panasonic
    5. Midea
    6. Electrolux

    Whirlpool – Future Plans

    To make their home appliances work more harmoniously in houses, Whirlpool has announced that it is going to bring Matter support. The matter is the new smart home language, spearheaded by the Connectivity Standards Alliance and supported by hundreds of the world’s leading IoT and smart home companies. The company has further revealed it is going to be an active member of the Matter working group solely focused on appliances. The decision is made to improve the living conditions of consumers by offering smart home appliances.

    FAQs

    Who is the current CEO of Whirlpool?

    Marc Bitzer is the current CEO of Whirlpool.

    Where is the headquarter of Whirlpool?

    The headquarter of Whirlpool is in Michigan, United States.

    Is Whirlpool a public company?

    Yes, Whirlpool is a public company.

  • Advantages of Hiring Remote International Talent

    The article is contributed by Christopher McNamara, Chief Revenue Officer at Remote.

    From saving costs to gaining a wider talent pool, here are the many advantages of hiring remote international talent

    Hiring remote international talent can be a great way to access a global pool of skilled workers and expand your business. Whether you’re a small business owner in need of some basic IT assistance, or a bigger entrepreneur who needs employees like software developers, the solution is crystal clear: it’s time to go global.

    What Is Remote Talent And Recruitment?

    Internationteleal remote talent refers to employees and contractors who are located outside of the country where the company they work for is based, and who work remotely, either from their own home or from a remote office. International remote workers are typically hired for their skills and expertise and can bring a unique perspective and set of experiences to the company.

    Hiring international remote talent can provide access to a larger pool of skilled workers and can help to diversify a company’s workforce. It can also offer cost savings and the ability to tap into different time zones for round-the-clock coverage.

    Advantages To Hiring International Remote Talent

    Here are some potential advantages to hiring international remote talent:

    1. Access to a wider group of skilled workers: By hiring internationally, you can tap into a larger pool of talent, which can be especially beneficial if there is a shortage of qualified candidates in your local area.

    2. Lower labour costs: In some cases, hiring international workers may be less expensive than hiring locally due to differences in cost of living and wage expectations.

    3. Ability to tap into different time zones: By hiring workers in different time zones, you can potentially have someone working on your project around the clock, allowing the team to get so much more work done in a smaller amount of time.

    4. Diversification of the workforce: Hiring international workers can help to diversify your company’s workforce, bringing in new perspectives and ideas.

    5. Increased flexibility: The big advantage is that international remote workers are not tied down to a specific location, which can give your company increased flexibility and better life-work balance for everyone.

    Keep in mind that there are some important things to think of when hiring remote international workers, to make sure that the process runs smoothly and that you avoid any potential costs or legal issues.

    First, it’s important to understand that any company can only hire employees in countries where it has a legal entity established. The alternative is to work with an Employer of Record, who acts as the employer on your behalf internationally. They will be responsible for compliance with the laws and regulations in the country where the worker will be based, as well as any relevant labour laws in your own country, helping you to  avoid any potential legal issues.

    Second, you will need to consider the tax implications of hiring a remote international worker. This may include withholding taxes and other obligations, such as Social Security and Medicare taxes. An employer of record can manage this as well to help avoid any potential penalties or additional costs.

    Third, you will need to consider the logistics of managing a remote international team, including communication and collaboration. This may require investing in technology and other tools to ensure that your team can work effectively together, regardless of their location.

    8 Tips to Stay Productive while Working Remotely
    Due to the drastic spread of novel coronavirus or COVID-19, companies are making several efforts to keep their employees safe and maintain the productivity at the same time. Most of companies have asked their employees to work from home. As majority of the people don’t have experience in working
    StartupTalkyVarad Kitey

    Tips On Saving Costs

    There are several ways that you can save costs when you hire international remote talent, including:

    1. Casting your net widely: Searching outside of saturated areas like tech hubs, and hiring from areas with higher talent supply and market value salary costs, can be a cost-effective way to expand your team.

    2. Offering flexible work arrangements: In recent research from Remote, 57% of remote workers ranked flexibility as even more important than their compensation. Global remote workers prioritize the ability to set their own schedule or work from anywhere, and may be open to compromising in other areas like salary.

    Ways To Provide a Perfect Work-Life Balance to employees
    Read to know the approach of Sanchit Malik, Co-Founder & CEO of Pazcare on different ways to offer a perfect work-life balance to employees.
    StartupTalkyPreeti Karna

    3. Offering top-tier benefits: Remember that even workers located half a world away will expect a competitive employment package with good local benefits. This can be an opportunity to augment the base salary and attract and retain talent, and can include perks like training and development opportunities and retirement savings plans. An Employer of Record can help in this area too by offering locally relevant and compliant benefits packages.

    4. Leveraging technology: By using tools and technologies that enable remote work, such as virtual collaboration platforms and communication tools, you can reduce the need for travel and other expenses associated with on-site work.

    Conclusion

    Overall, hiring remote international talent can be a great way to access a global pool of skilled workers and expand your business. The key to saving costs when hiring remote talent is to be open to new ideas and also be willing to compete for the best talent.

    However, it’s important to understand the relevant laws, tax implications, and logistics of managing a remote team to ensure that the process goes smoothly and that you avoid any potential costs or legal issues.

  • The New Frontier for HR: Human Centricity Fueled by Digital, and Technological Innovations

    The Article is contributed By Banu Balu, Human Resource, Msystechnologies

    In the wake of the COVID-19 pandemic, the role of HR has become momentous in defining and deciding the future readiness and growth trajectories of organizations. By taking care of employee sustenance, work environment, and cultural gamut and creating value for employees and stakeholders alike, the traditional face of HR has escalated to new frontiers. This recent reinvention of conventional HR approaches and ideologies is evident in the human-centricity element becoming more profound than ever before vis-à-vis the emergence of more compassionate and empathetic approaches to employee engagement, retention, and advancement.

    Asynchronous hiring has evolved as a trend for many organizations in the past few years. However, such models have only made the role of HR more significant. Transcending beyond the traditional roles around hiring and staffing, policy-making, and policing the employees, the modern HR competency spectrum has expanded to include evolved functions that are being augmented by digital and technological innovations to become more consequential in nature.

    Indeed, the more turbulent times and agnostic forces that emerged due to the pandemic have been challenging. The world grappled with the challenges of ‘The Great Resignation’ layoffs, and hybrid and remote work models. However, amidst all the challenges, HR management professionals have explored opportunities. They have commendably arisen against adversities & evolved tremendously, shaping more resilient and engaging HR trends and gratifying workplaces of the future.

    Within a knowledge-based economy, as new skill sets and roles are being created and disrupted every day at a rapid pace, the role of HR becomes preeminent to stabilize the unprecedented volatility in the global job market, as is evident from an ingenious quotation from LinkedIn CEO Ryan Roslansky, “…even if you are not changing your job, your job is most likely changing on you.”

    73% of employees rely on their employer to prepare for a future-ready workplace, and HR professionals play an indispensable role in making this happen.

    The modern HR outlook is focused on building accountable and strategic partnerships with organizations, propelling them to re-engineer excellence by gravitating focus on learning and development, delivering quality, and doing some exceptional teamwork.

    Digital HR

    It is undeniable that digitization has impacted the functioning of businesses at regular intervals. To reap the benefits of the digital era, it is part of the organization’s culture to enable people to accomplish work in a more efficient and productive manner.

    Taking a step back, let’s first define what Digital HR means. Digital HR is the process of optimizing HR processes to make them more automated, data-driven, and technologically advanced. As HR processes become more efficient, SMAC (social media, mobile, analytics, and cloud) technologies will play a bigger role in digitalization. The HR department can create a seamless employee experience through apps, artificial intelligence, and bots.

    In terms of the impact digital transformation has had on Human Resources, it has brought about a tectonic shift in the role HR plays within an organization. It is now a dual challenge for HR teams that they must transform both their own modus operandi and the workplace in general. Rather than being a mere support department, HR must be a visionary within the company who leads wider digital transformation programs.

    In order to ensure employee training or recruitment of the best candidate for the organization, the HR along with the Manager must see the bigger picture. For them to achieve this, they need to be aware of the most recent digital tools that will guarantee positive results. The impact of technologically sophisticated HR leaders on business results and employee satisfaction is likely to be significant if they keep an open mind to new platforms and ways of working. Achieving a digital workplace is the responsibility of HR leaders, who need to bring talent together with innovative approaches to enhance employee and customer experience.

    As the business sphere continues to undergo a digital transformation, companies should align their strategic vision with HRM philosophy. Digital technologies are transforming HR processes in all areas, as they prove to be helpful tools in enhancing HRM efficiency and effectiveness. Regardless, a proper combination of HRM practices and organizational culture is crucial to cope with a much more complex environment and competition.

    Digital technologies must be integrated into HR policies and practices in order to benefit all employees and must not only be evaluated in terms of their effectiveness and efficiency, but also in terms of perceived equity and fairness.

    How Traditional HR is evolving to meet the needs of the modern workforce where our employees are engaged, connected, and inspired to contribute towards organizational excellence & is based on the following core principles:

    1. Organizational business partners

    This involves ensuring that all HR processes are aligned with the overall business strategy and that employees can achieve their full potential through practical training and development programs.

    2. Data-driven decision making

    This means working closely with senior management to identify and address critical business issues and supporting decision-making.

    3. Optimized operations

    This includes using technology to automate routine tasks, such as payroll and employee onboarding, to improve efficiency.

    4. Championing employee engagement

    This entails creating a positive work environment that encourages employees to be actively involved in their work and contribute to their team’s success.

    5. Shaping a more progressive, inclusive, diverse, and resilient work culture

    This incorporates promoting diversity and inclusion in all aspects of the workplace and creating training programs that help employees deal with challenging situations.

    6. Prioritizing holistic well-being and growth of employees

    This includes implementing wellness programs that promote physical and emotional health and offering opportunities for professional growth and development to help employees reach the zenith of success within the organizational pyramid.

    Conclusion

    Digital and technological innovations have changed the way we live, work, and do business and even how human resources (HR) functions operate. To stay ahead of the curve and enable their people to be successful in this new environment, HR leaders must embrace human centricity, placing people at the hearts of the organizations.

    There has been a paradigm shift in the status quo of traditional HR as HR roles have evolved to bridge the gap between vital operations within the organization and how the organization is seen, perceived, received, and reciprocated by the external world.

    The advancement of HR capabilities augments an organization’s omnichannel reputation management – holistically elevating its value in the eyes of customers, investors, stakeholders, and employees.

    Organizations adopting these radical changes will be well-positioned for success in the years ahead.

  • GetVantage: Passionate about Helping Founders Win

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by GetVantage.

    Until the last decade, investments in startups and businesses had been largely through the equity route (venture capital and angel investing) or through traditional debt instruments like bank loans. However, macroeconomic events such as the Covid-19 pandemic, the Ukraine crisis, supply chain issues, and inflation have popularized new forms of financing among lenders and borrowers.

    Revenue-based financing is an alternative to more traditional equity-based investments and debt financing. With this new segment of financing instruments, founders can make flexible payments that are designed to accommodate the natural variance in the company’s revenue without demanding a fixed amount, high-variable interest rates, collateral, personal guarantees, or any equity-dilution.

    Established in 2019, GetVantage is India’s leading revenue-based financing fintech platform for eCommerce brands and digital businesses. GetVantage has hypercharged the growth of over 450+ digital SMEs across 23 categories including B2B SaaS and subscription-based companies, D2C, eCommerce, edtech, healthtech, cloud-kitchens, and nutrition, amongst others.

    Startup Name GetVantage
    Headquarters Mumbai, Maharashtra, India
    Industry Revenue based Financing
    Founders Bhavik Vasa, Amit Srivastava
    Founded 2019
    Total Funding $41 Million(June,2022)
    Website getvantage.co

    GetVantage: About
    GetVantage: Logo
    GetVantage: Founders
    GetVantage: Mission and Vision
    GetVantage – Investments GetVantage – Investments
    GetVantage: Growth
    GetVantage: Funding
    GetVantage: FAQ

    GetVantage: About

    GetVantage is a capital gateway, enabling founders and eCommerce entrepreneurs to secure more founder-friendly, non-dilutive financing options designed for modern businesses.

    Founded in 2019 by seasoned fintech entrepreneur Bhavik Vasa and Tech & Ops veteran Amit Srivastava, GetVantage uses proprietary technology to analyze an assortment of sales, marketing, and accounting data to offer non-dilutive growth capital to founders based on current and projected revenue.

    GetVantage: Business

    GetVantage makes data-driven investments between INR 5 lacs – 10 crores to help digital businesses unlock their true growth potential. Unlike traditional funding sources, GetVantage doesn’t require business owners to give up equity or control via board seats or warrants or put up collateral. A founders-first company, GetVantage has built a strong ecosystem of strategic partners to provide business owners with powerful growth solutions (capital, insights, tools, and resources) to hypercharge growth.

    GetVantage: Logo

    GetVantage: Founders

    GetVantage was founded in 2019 by seasoned fintech entrepreneur Bhavik Vasa and Tech & Ops veteran Amit Srivastava.

    GetVantage: Founders

    Founder Profiles

    Bhavik Vasa and Amit Srivatava are the co-founders of GetVantage.

    Bhavik Vasa

    Bhavik is a 2X Founder and a business leader with 15+ years of global experience across FinTech, eCommerce, Digital Payments, and Mobile technologies.

    He is deeply passionate about building for and empowering entrepreneurs. He founded GetVantage as a purpose-driven organization by founders, for founders. He is also an active Angel Investor.

    Previously, Bhavik was Chief Growth Officer at ItzCash, instrumental for its scale as India’s leading Fintech. It was later acquired by the Ebix group in 2017 and is now known by the name of EbixCash.

    He has a Bachelor’s degree with honors in International Business from Northwood University, Florida, and executive training in Entrepreneurship from Stanford University.

    Amit Srivastava

    Amit is an entrepreneur at heart, having founded and scaled multiple companies previously in the financial services and technology sector. Amit is also a veteran COO and CTO, having served in these roles at various companies since 2013, including Startupbootcamp. He has a Bachelor’s degree in Information Technology from Utkal University and has completed his Executive Training in General Management from IIM Calcutta.

    GetVantage: Mission and Vision

    Mission: GetVantage is on a mission to help founders win by making fundraising frictionless. To empower Trad-Fi with innovative technology to capture and manage surging business opportunities from SMEs.

    Vision: The capital gateway to help supercharge growth for every business.

    GetVantage: Growth

    GetVantage: Some of the growth highlights are:

    • According to a March 8, 2024, news item, GetVantage establishes the Rise-Up Fund, allocating Rs 100 crore to promote women entrepreneurs
    • It has total 700 million+ GMV fund as of February, 2024
    • The company has 650+ portfolio brands as of February 2024
    • It has 71% repeat customers as per the company’s website as of February, 2024
    • It has made growth of 1.8X post-funding growth as of February 2024

    GetVantage saw 300% year-on-year (YoY) growth in 2022 and helped brands achieve 1.8x revenue growth post-funding on average. To date, GetVantage’s capital gateway has funded over US$350 million in GMV for over 450+ brands across 23 categories ranging from B2B SaaS, D2C, eCommerce, edtech, healthtech, cloud kitchens, and nutrition, amongst others.

    GetVantage: Funding

    On June 30, 2022, GetVantage announced a US $36m strategic growth round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and returning investors Chiratae Ventures and Dream Incubator Japan. Other new investors who participated in this round include Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office, amongst others. In 2020, The company raised a seed capital of $5m.

    Date Round Amount Lead Investors
    30 June 2022 Growth/Series A $36 million Chiratae Ventures, DMI AIF
    Sparkle Fund, Dream
    Incubator, Varanium Capital
    Advisors, Sony Innovation
    Fund, InCred
    27 Oct 27 2020 Seed $5 million Chiratae Ventures, Dream
    Incubator, Venture Catalysts,
    Samyakth Capital, and
    marquee angel

    GetVantage: FAQ

    What is revenue-based financing?

    Revenue-based financing is a capital-raising model which provides funds to new startups and in return, asks for a percentage of that startup’s gross revenue.

    What does GetVantage do?

    GetVantage uses proprietary technology to analyze an assortment of sales, marketing, and accounting data to offer non-dilutive growth capital to founders based on current and projected revenue.

    Who are the founders of GetVantage?

    Bhavik Vasa and Amit Srivastava.

    How much has GetVantage funded till date?

    To date, GetVantage’s capital gateway has funded over US$350 million in GMV for over 450+ brands across 23 categories.

    Is revenue-based financing better than other debt instruments?

    Revenue-based financing offers easy accessibility to capital which makes it better than other debt instruments like venture debts or bank loans.

  • The Insights of the Indian Eyewear Industry

    Ironically, Gen Z kids are heavily involved in gadgets, pollution, and genetics, all of which cause snagging to their eyesight. Have you ever considered your eyes becoming overly stressed from constant exposure to light? This is where the eyewear industry in India will eventually thrive. Besides, people wear different kinds of spectacles, such as contact lenses, sunglasses, goggles, etc.

    There is a great shift in the eyewear industry in India, where people are becoming more conscious and want to keep everything perfect—literally everything perfect. Notable, when it comes to vision, who is not going to pay attention when it becomes life-threatening in the latter days? So, it’s better to get a test sooner rather than later.

    Furthermore, the Indian eyewear industry focuses on fashionable specs with various adjustments to improve your vision. In India, the eyewear industry is broadening its scope to include health services for everyone from pre-teens to nonagenarians or geriatrics.

    Popular Products in the Indian Eyewear Industry
    Major Players in the Indian Eyewear Industry
    SWOT Analysis of the Indian Eyewear Industry
    Growth of the Indian Eyewear Industry in recent years
    Insights Into the Indian Eyewear Industry

    Biggest Scam of the Eyewear Industry

    There are a plethora of types of eyewear products; some people prefer contact lenses, whereas others go for bifocal glasses. The Indian eyewear industry is at its peak in terms of sales of the following products:

    Contact Lenses

    Contact lenses are becoming increasingly popular in India, especially among the younger population, offering a more comfortable and convenient alternative to spectacles. India is holding an augmented trend, and the contact lens market in India is anticipated to grow at a CAGR of 7.08% to reach a market size of $197.28 million in 2025.

    Sunglasses

    Sunglasses are popular in India, especially during the hot summer months, with polarized lenses being a popular choice. The northern region of India accounts for nearly 35% of the sunglasses market. Delhi, in particular, has the largest share of the market due to its strong fashion trend.

    Spectacles

    They are the most common form of eyewear in India, available in various frame styles and lens options.

    Sports Eyewear

    Sports eyewear is gaining popularity in India, especially among athletes and sports enthusiasts, offering protection and improved vision during physical activities.

    Fashion Eyewear

    Fashion eyewear is also gaining popularity in India, with designer frames and trendy styles in high demand.

    Major Players in the Indian Eyewear Industry

    According to Statista, the eyewear market in India is estimated to expand by 8.19% from 2023 to 2027, yielding a market size of $7.64 billion in 2027. The major players in the eyewear market in India are:

    Revenue in the Eyewear Market, India
    Revenue in the Eyewear Market, India

    Titan Eyeplus

    Titan, famously known for watches, launched its eyewear division Titan Eyeplus in 2007. The Titan company owned by Tata group has consumer trust by serving the consumer with quality produced at a fair price for almost four decades. Even the subsidiary of Titan, Fastrack has its presence in the eyewear industry.

    Fastrack Eyewear

    Fastrack Eyewear is a subsidiary of Titan Company, offering a range of stylish and affordable eyewear products, including sunglasses, spectacles, and prescription eyeglasses.

    Vogue Eyewear

    A subsidiary of Luxottica Group, Vogue Eyewear is a leading brand in the eyewear industry, offering a range of stylish and fashionable eyewear products, including sunglasses and prescription eyeglasses.

    Lenskart

    Lenskart is one of the largest online eyewear retailers in India, offering a wide range of spectacles, contact lenses, and sunglasses. It was founded by Peyush Bansal, a former Microsoft employee in 2010 along with Amit Chaudhary and Sumeet Kapahi. The company has a strong presence in both online and offline markets and has been successful in providing affordable and accessible eye-care solutions to the Indian population.

    Ray-Ban

    Ray-Ban is one of the most popular and recognizable eyewear brands in India, offering a wide range of high-quality sunglasses and optical frames. The brand has a strong reputation for its classic and stylish designs and has been successful in attracting both young and older customers.

    Himalaya Optical

    Himalaya Optical is a popular eyewear brand in India, known for its quality and affordable products. The company offers a wide range of eyewear products, including spectacles, contact lenses, and sunglasses, and has a strong presence in both online and offline markets. Himalaya Optical is known for its commitment to customer satisfaction and its focus on providing high-quality eye care solutions to the Indian population.

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    SWOT Analysis of the Indian Eyewear Industry

    The SWOT analysis of the Indian eyewear industry can be divided into the following headings:

    Strengths

    • Growing population with increasing eye problems
    • Rising awareness about eye health and increasing disposable income
    • Growing demand for trendy and fashionable eyewear
    • Rising e-commerce sector and increased online sales

    Weaknesses

    • Lack of trained optometrists and eye care professionals
    • High cost of branded eyewear
    • The limited presence of organized players in rural areas
    • Poor infrastructure for eye care services

    Opportunities

    • Expansion in rural areas
    • Growing trend of personalized and custom-made eyewear
    • Increasing demand for high-end premium eyewear
    • Growing focus on eye care and vision correction products

    Threats

    • Intense competition from local and international players
    • Stringent government regulations and standards
    • Changing consumer preferences and trends
    • Fluctuations in raw material prices and production costs

    Growth of the Indian Eyewear Industry in recent years

    Indian Eyewear Industry is one of the fastest-growing retail industries in the country. It has experienced significant growth in recent years, driven by a number of factors such as increasing consumer awareness about eye care, rising disposable income, and a growing preference for fashion-forward eyewear products. The growth of e-commerce has also been a major factor in the growth of the Indian eyewear industry, making it easier for consumers to purchase eyewear products from the comfort of their homes

    The Indian eyewear industry has seen substantial growth in recent years, with the market size estimated to reach $3.6 billion by 2024, growing at a CAGR of around 15% from 2019 to 2024. Furthermore, the growth of this industry is expected to continue in the coming years, driven by rising demand for eye care products and services.

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    Insights Into the Indian Eyewear Industry

    Some of the insights that explain the growth and future potential of the eyewear industry in India are as follows:

    • The eyewear market in India is expected to reach $3.6 billion by 2024, growing at a CAGR of 15% from 2019 to 2024.
    • The Indian eyewear market is segmented into spectacles, contact lenses, and sunglasses.
    • The spectacles segment is estimated to hold the largest share of the market in 2020, accounting for over 60% of the total market.
    • The sunglasses segment is estimated to hold a 35% share of the market in North India and is expected to continue holding the largest share.
    • The eyewear industry in India is highly competitive, with the presence of several domestic and international players such as Lenskart, Titan, Himalaya Opticals, Ray-Ban, and more.

    Conclusion  

    The future of the Indian eyewear industry looks promising, with analysts projecting continued growth in the coming years. The increasing focus on personal wellness and eye health, along with the growing popularity of online shopping, is expected to drive growth in the industry.

    FAQ

    Is the eyewear industry growing in India?

    The Indian eyewear industry has seen substantial growth in recent years, with the market size estimated to reach $3.6 billion by 2024, growing at a CAGR of around 15% from 2019 to 2024.

    Who are the major players in the Indian eyewear industry?

    Some of the prominent players in the Indian eyewear industry are:

    • Titan Eyeplus
    • Lenskart
    • Ray-Ban
    • Fastrack Eyewear
    • Vogue Eyewear
    • Himalaya Optical

    What are the strengths of the Indian eyewear industry?

    The strengthening factors of the Indian eyewear industry include:

    • Growing population with increasing eye problems
    • Rising awareness about eye health and increasing disposable income
    • Growing demand for trendy and fashionable eyewear
    • Rising e-commerce sector and increased online sales

  • E-Commerce 2.0: What the Future Holds

    The Article is contributed By Lucas Johnson, Associate Vice President, Zippo Global Marketing

    The ecommerce industry is constantly evolving, and this year has witnessed several interesting trends. More than ever, brands are creating and improving their ecommerce businesses to become accessible to customers wherever they are. An aftermath of the pandemic, the work-from-home policy has encouraged changes in consumer behavior, driving offline customer footfall to online stores.

    Here are few trends which I think will share the ecommerce in the coming future.

    Trend 1: Personalized & Mobile Commerce
    Trend 2: Loyalty Programs
    Trend 3: Social Selling
    Trend 4: Sustainability
    Trend 5: Integration within Metaverse and other Gaming Platforms

    Trend 1: Personalized & Mobile Commerce

    A majority of eCommerce businesses are building mobile-first strategies as mobile traffic continues to rise. Mobile peer-to-peer (P2P) payment systems make it easy and convenient to conduct business from smartphones, while SMS (text-based) marketing makes it easier to connect with customers to drive repeat business, provide order information, and reduce abandoned carts.

    The real frontier here is personalization. This not only refers to product personalization (“Nike by You”, for example), but also personalized experiences on e-comm sites for consumers. Smart brands are tailoring their owned e-comm content to each consumer based on their buying cues and interests.

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    Trend 2: Loyalty Programs

    People love eCommerce loyalty programs because they reward regular customers for repeat purchases in the form of cash-back, discounts and next-purchase coupons. Loyalty programs provide brands with user data which help them understand their customers’ buying behavior and accordingly curate special offers for customers based on their unique purchase history. These programs help improve the rate of customer retention and contribute to increase in sale.

    Trend 3: Social Selling

    Social media gave rise to the influencer and their ability to promote brands and products to a devoted audience. Social media platforms are now blurring the lines between e-commerce shops and social media, making it easier for both brands and influencers to convert followers into customers via shoppable posts. Instagram and Pinterest are two strong examples of where social selling is flourishing, but now TikTok takes this a step further with the rise of livestream selling, where brand representatives or influencers offer live, sometimes around-the-clock, video of product demonstrations, testimonials, and exclusive reveals. This new form of selling has taken over China and has begun to appear in other global markets and regions through Amazon Live and other sites.

    Growth of Indian Advertising Industry

    Trend 4: Sustainability

    Driving a business to achieve eCommerce sustainability means building a brand that supports environmentally friendly practices; from green packaging to more eco-friendly shipping. Not only is it the right thing to do for the planet, but it’s a critical concern for many consumers. Going green might help brands expand their market share while helping make the earth more habitable.

    Trend 5: Integration within Metaverse and other Gaming Platforms

    Meta’s social VR platform Horizon hit 300,000 users – a 10x increase in just about three months.  Although it’s not quite ready for advertising and in-world eCommerce sales, that’s coming soon! Many popular global brands are planning to sell virtual, branded goods to consumers via this new age platform. Meanwhile, other gaming systems will open their platforms to eCommerce sales. This is an innovative space that offers tremendous visibility, especially for reaching younger demographics

    Brands today are facing a world of opportunity to evolve, with success coming from big and small steps alike. Most successful brands are setting themselves apart by selling direct to consumers while aligning themselves with a broader sensibility. This includes their approach to product development, customer experience, marketing, community building and distribution strategies. It is imperative for e-commerce business owners today, to keep abreast of industry trends to stay competitive and identify new opportunities that will drive growth for the business in the near future.

  • 9 Best Feedback Tools to Use

    Are you looking for a good customer feedback tool to know customers’ insights and issues? If yes, then you have come to the right place. Customer feedback is considered very crucial as it helps in understanding the insights and requirements of the customers. Plus, it brings you a group of loyal customers.

    Many people within the business industry know the importance of collecting feedback, but along with that, your method of collecting feedback is also essential. To help you with this, we have presented this article containing the top customer feedback tools. These will help you manage more feedback and give the customer a good experience.

    There are a number of tools available in the market for a person to select from. To make the work more accessible, the best tools are described below with their features. The customer feedback tools listed down below are pretty different from each other but are very promising.

    Some of these target industries include SaaS, local business, or E-commerce. At the same time, some focus on different types of feedback, such as user-generated reviews or NPS scores. You can explore all of these options and select the most suitable one for you. So, let’s get started!

    1. Survicate
    2. Typeform
    3. Hubspot
    4. SurveyMonkey
    5. AskNicely
    6. UseResponse
    7. Parlor.io
    8. UserReport
    9. Podium

    1. Survicate

    Survicate Website
    Survicate Website

    When collecting customer feedback from digital channels, Survicate is your go-to tool. Whether through ad links, emails, or in-product, this tool organizes surveys to gather feedback.

    The plus point with Survicate is that it is integrated with various CRM, Customer Support tools, Analytics, and many others. It allows the user to turn on automatic customer feedback collection and analysis. After this, you can receive insights from the customers from all the stages of the funnel.

    Features of Survicate

    • Survicate offers multiple survey distribution channels like websites, links, in-products, email, and others.
    • You can customize the survey’s color, design, and position easily without coding.
    • It has CSAT, NPS, CES, and 12 more types of survey questions.
    • It is integrated with Intercom, Hubspot, and many more native integrations.
    • There is no time limit on Survicate plans.

    2. Typeform

    Typeform Website
    Typeform Website

    Next in line is Typeform, which provides surveys, interactive forms, and quizzes to collect customers’ feedback. This tool has an impressive and user-friendly interface. Plus, Typeform provides an extensive library of various visually engaging forms, quiz templates, high-level reports, and surveys.

    Features of Typeform

    • Typeform offers endless questions and typeforms.
    • You can collect payments as well from the customers through this tool.
    • It comes with a quiz and payment calculator.
    • It has respondent email notifications.

    3. Hubspot

    Hubspot Website
    Hubspot Website

    Being a customer service software, Hubspot comes with all the essential tools needed in sales, marketing, content management, and customer service. Its customer feedback tool helps create surveys and deploy them through emails or websites. However, Hubspot does not offer many customization options, mainly focusing on usability.

    Features of Hubspot

    • Hubspot offers free online form builder features.
    • It has a Net Promoter Score (NPS) survey.
    • It also has CSAT and CES question types in surveys.

    4. SurveyMonkey

    SurveyMonkey Website
    SurveyMonkey Website

    SurveyMonkey is a versatile survey tool that is a fantastic tool for collecting customer feedback. It comes with multiple types of features, where many aren’t even recognized.

    It is built-in with collaborative and configurable attributes, which benefits all the requirements of product feedback surveys. And the best part is the security of the survey data, as SurveyMonkey is known to have the best security encryption.

    Features of SurveyMonkey

    • SurveyMonkey has easy access and a wide variety of templates.
    • There aren’t any input and data coding errors in this software.
    • It offers many customization and template options.

    5. AskNicely

    AskNicely Website
    AskNicely Website

    For measuring NPS, which is an industry-standard for estimating customers’ loyalty and expansion, AskNicely is the perfect customer feedback tool. This NPS survey helps in knowing the customer recommendation for the business on a scale of 1-10. It benefits in gathering more loyal customers.

    It helps in understanding the customer’s reviews before losing them so that you can keep up with the competition and not lose any customers.

    Features of AskNicely

    • AskNicely has a user-friendly analytics dashboard with real-time data and an efficient interface.
    • It comes with features like Feedback Management, Customer Segmentation, and Sentiment Analysis.
    • It has many Data Analysis Tools.

    6. UseResponse

    UseResponse Website
    UseResponse Website

    UseResponse is a customer service software that isn’t limited to customer feedback only. It also organizes a help center for the customers and equips customer support across all channels. It gives you access to live chat clients, community forums, and feedback additions.

    Features of UseResponse

    • UseResponse has very pocket-friendly pricing.
    • It also comes with email integration, Survey Management, Work order management, Customer Database, and Status Tracking.
    • It’s help desk software.

    7. Parlor.io

    Parlor Website
    Parlor Website

    Parlor.io is best known for user relationship management. It is integrated with the Voice of the User (VoU), which supports the complete feedback loop in a single system. With Parlor.io, you can get the whole customer’s insight, including feedback, requirements, and sentiments.

    It syncs up with all kinds of business tools such as ticketing systems, CRM, engineering task management, analytics performance, live chat tools, and many others. Parlor.io helps the team to measure the impact of company actions, automatically closes the customer’s loop after finalizing the improvements, and prioritizes feature requests at all costs.

    Features of Parlor.io

    • Parlor.io collects all the feedback, product priorities, customer data, and analytics at one centralized location and organizes them for the team’s convenience.
    • It collects the true sentiments, opportunities, and analytics of the customers.
    • It identifies and prioritizes all customer requests.
    • You can customize the survey contexts.

    8. UserReport

    UserReport Website
    UserReport Website

    To understand the behavior and preferences of the customers in a better way, UserReport is chosen. It has mainly two widgets: a survey widget and a feedback widget. It allows the company to interact with the customers directly and capture their insights from different channels.

    UserReport functions as an integrated part of your website or mobile applications. It helps in knowing the method of improvement suggested by the customers.

    Features of UserReport

    • The survey widget captures user satisfaction, audience demographics, and net promoter scores.
    • The feedback widget gathers bug fixes, feature requests, and insights to improve user experience.

    9. Podium

    Podium Website
    Podium Website

    Podium is an excellent choice for reputation management and messaging software that centralizes the whole customer review from different digital channels. It drives expansion and improves customer experiences through the influence of customer feedback.

    Podium is exclusively built for local businesses and provides a centralized interface for better customer interaction, organized reviews, and also track business analytics.

    Features of Podium

    • The podium has a built-in texting function, payment collection, and online chat.
    • It’s a centralized platform that organizes customers’ reviews and requests.
    The above graph shows the reason why a customer might use feedback tools in percentage as per the source userresponse.com
    The above graph shows the reason why a customer might use feedback tools in percentage as per the source userresponse.com

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    Conclusion

    In conclusion, we can say that these ten customer feedback tools are known to be very promising and work on the company’s growth. You can explore all these options and select the right one per your preferences and requirements.

    Many of these come with customization features as well, through which you can easily personalize the surveys. Gaining customers’ insights, sentiments, and needs are very crucial for the growth of any business. And with the right tool in hand, you can achieve better customer feedback.

    FAQs

    What is a customer feedback tool?

    Customer feedback tools are the one that allows the easy collection and management of feedback from the customers by their means.

    What is Survicate used for?

    Survicate is a web-based management tool that helps in customizing customer feedback management.

    What are the methods of customer feedback?

    Some of the most common methods of gaining customer feedback are using survey forms, using feedback boxes that do not hinder the visitor, using emails to gain customer feedback, etc.

    How can we collect feedback in a fun way?

    Feedback can be collected in fun and interesting ways. One can gamify their feedback form, or they can also take the help of social media polls to know the customer feedback.

  • 10 Must-Have App Store Optimization Tools

    Mobile applications, commonly referred to as apps are software developed for mobile devices that carry out specific functions such as gaming, music, chatting, and others. As per Statista, there are over 3.5 million apps on the Google play store and around 2.2. million apps on the Apple store, as of the second quarter of 2022.

    With the overwhelming number of apps available in the same category and for the same purpose, it becomes extremely difficult to bring your app to the notice of the target audience. This is exactly where App Store Optimization (ASO) strategy heaves in sight.

    ASO is the process followed to expand the reach of an app in the app store so that it appears higher in the search results. It is the SEO for the apps. The ASO tools are designed to enhance app discovery, visibility, downloads, as well as customer retention through higher engagement.

    Therefore, having an ASO tool for your app becomes extremely important. However, just like a large number of apps, there are plenty of ASO tools available in the market. In this blog, we have bought the top 10 app store optimization tools you need in 2023 to boost your app revenue growth and global audience reach.

    Top 10 App Store Optimization Tools You Need In 2023

    AppTweak
    StoreMaven
    Appfigures
    AppFollow
    ASOdesk
    App Radar
    Mobile Action
    SensorTower
    Checkaso
    Gummicube

    AppTweak

    Website Apptweak.com
    Rating 4.7 out of 5
    Free Trial 7 Days
    Used By Amazon, LinkedIn, PayPal, Adobe
    Apptweak - Top ASO Tool Dashboard
    Apptweak – Top ASO Tool Dashboard

    It is one of the best ASO tools used by more than 1500 mobile leaders. The main focus of this tool is to improve the visibility of an app by increasing organic downloads. Alongside keyword research this tool also allows you to spy on your competitors to understand their success strategy.

    Key Features:

    • Keyword research and suggestion tool along with keyword ranking history
    • Monitor competitor movements like ranking, growth, install statistics, etc.
    • ASO timeline and features app list
    • Visibility score and ASO update history
    • Google Play Store backlink tracking

    How to use AppTweak’s new Keyword Section

    Pros:

    • Daily ASO reports via email
    • Search ad intelligence
    • App revenue estimates
    • Competitor keyword spy

    Cons:

    • Does not easily switch between different platforms
    • Poor customer support

    Pricing:

    Apptweak offers four pricing plans: Starter, Pro, Guru, and Power. Have a look at the pricing details of each package.

    Plan Monthly Price Yearly Price
    Starter $58/month $690/yr
    Pro $166/month $1990/yr
    Guru $249/month $2990/yr
    Power $499/month $5990/yr

    StoreMaven

    Website Storemaven.com
    Rating 4.4 out of 5
    Free Trial Not Available
    Used By Yahoo, Uber, TikTok, HBO, Warner Brothers
    StoreMaven - Top App Store Optimization Tools
    StoreMaven – Top ASO Tool Dashboard

    This tool is inclined towards quick and accurate app store testing at an affordable price. It is an ASO management and consulting tool that works for both organic as well as paid installs. It guides you to split (A/B) testing of your app page for organic user acquisition.

    Key Features:

    • Organic user acquisition through a scientific approach
    • Identify and analyze ASO strategies of competitors
    • Customized ASO strategy plan
    • Strategic A/B testing with test result analysis
    • Data-driven approach

    Pros:

    • Keyword rank tracking
    • Engagement tracking
    • Performance metrics
    • Easy to use

    Cons:

    • No free trial is available
    • Limited functionalities and features

    Pricing:

    Storemaven offers several pricing plans. You can contact the vendor to get a quote.

    Appfigures

    Website Appfigures.com
    Rating 4.6 out of 5
    Free Trial 14 Days
    Used By Slack, Airbnb, Nike, BMW
    Appfigures - Top App Store Optimization Tool
    Appfigures – Top App Store Optimization Tool

    It is an ASO, analytics, and app intelligence tool that is known for bringing more organic downloads. It works as a mobile app tracking platform that connects automatically with everything required by your app.

    Key Features:

    • Turns app data into clear, user-friendly reports.
    • Country-specific reviews and ratings for better insight.
    • Monitor revenue and ads across different networks and countries.
    • Prepares top charts mentioning top-performing apps in any category.
    • Tracks active users, bug reports, and other usage data.

    Pros:

    • Easy to navigate throughout the app
    • Customizable reports that can be integrated with other dashboards
    • Identify new keywords and monitor keyword ranks.
    • Understands the growth strategy of competitors.

    Cons:

    • Dashboards cannot be customized.
    • Difficult to filter data as per specific requirements

    Pricing:

    Appfigures offers five pricing plans: Connect, Monitor, Optimize, Grow, and Enterprise. Have a look at the pricing details of each package.

    Plan Monthly Price
    Connect $7.99/month
    Monitor $35.99/month
    Optimize $119.99/month
    Grow $299.99/month
    Enterprise Custom Price

    AppFollow

    Website Appfollow.io
    Rating 4.6 out of 5
    Free Trial Offers free plan
    Used By Disney, Vivo, Hubspot, Jamcity
    Appfollow - Top App Store Optimization Tool
    Appfollow – Top App Store Optimization Tool

    This tool is recognized for organic traffic acquisition and greater conversion rates. It helps monitor the app’s performance, cultivate a better customer experience, as well as accelerate the app’s growth.

    Key Features:

    • Detect the areas of improvement through user feedback and competitor insights
    • Targeted messaging and better organic reach through market intelligence
    • Streamlines workflow and leverage insights for better ASO strategies
    • Measures results through KPI tracking
    • Average conversion reports every month

    Pros:

    • Easy to use with great customer support
    • Intuitive dashboard with good filters
    • Keeps up with key changes in app and product rankings
    • Track popular keywords and get the difficulty scores

    Cons:

    • Expensive tool
    • Each competitor is to be added separately for analysis

    Pricing:

    Appfollow offers four pricing plans: Free, Essential, Team, and Business. Have a look at the pricing details of each package.

    Plan Monthly Price
    Free $0/month
    Essential $143/month
    Team $634/month
    Business Custom Price

    ASOdesk

    Website Asodesk.com
    Rating 4.6 out of 5
    Free Trial 7 days
    Used By Kaspersky, Split Metrics, Playkot, Yandex, Mamba
    ASOdesk - Top App Store Optimization Tool
    ASOdesk – Top App Store Optimization Tool

    It equips your team with a diverse set of tools to implement a full ASO cycle. It searches popular keywords using its traffic score algorithm and Apple search Ads popularity index.

    Key Features:

    • Customer support automation
    • Marketing and product management tools
    • Data and insights to boost the growth of the app in the play store
    • Identify queries with low competition for better ranking
    • ASO reports analyzing the app’s position, traffic as well as the impact of product updates

    Pros:

    • Helps measure results of app store optimization strategy
    • The store console facilitates creating and updating the metadata of an app
    • Keywords autosuggestion, analytics, and explorer
    • Animation and annotated exploded views

    Cons:

    • A smaller population of Autodesk users relative to other mechanical CAD packages
    • Lack of fluidity while transferring data between programs

    Pricing:

    ASOdesk offers four pricing plans: Pro, Guru, Power, and Ultimate. Have a look at the pricing details of each package.

    Plan Monthly Price
    Pro $79/month
    Guru $159/month
    Power $239/month
    Ultimate $439/month

    App Radar

    Website Appradar.com
    Rating 4.4 out of 5
    Free Trial 7 days
    Used By Meister, Wargaming.net, Arise, Mixvibes
    App Radar - Top App Store Optimization Tools
    App Radar – Top App Store Optimization Tool

    This tool is known to analyze your app discovery thoroughly and scale your user base through an AI engine. It offers transparent communication, secured transmission, authorized permissions, and more.

    Key Features:

    • Personalized tips on app optimization score and its improvement
    • Enhances app rating for better conversion
    • Keyword analysis and optimization to drive more traffic and downloads
    • App analytics and localization management
    • Real-time app store ranking and tracking
    App Radar - Top App Store Optimization Tools
    App Radar – Top App Store Optimization Tool

    Pros:

    • Large keyword database
    • Ratings and review management
    • In-depth competitor research
    • Actionable intelligence to leverage ROI

    Cons:

    • Poor customer support
    • Expensive plans that are not affordable for startups

    Pricing:

    App Radar offers four pricing plans: Pro, Guru, Power, and Ultimate. Have a look at the pricing details of each package.

    Plan Monthly Price
    ASO $99/month
    Growth $189/month
    Consultation $690/month

    Mobile Action

    Website Mobileaction.co
    Rating 4.6 out of 5
    Free Trial 7 days and offers free plan
    Used By Clash of clans, YouTube, Zoomcloud, Life360, Betterme
    Mobile Action - Top App Store Optimization Tool
    Mobile Action – Top App Store Optimization Tool

    It is an all-in-one app marketing intelligence platform. Alongside ASO keyword analysis, they also provide app analytics and competition analysis.

    Key Features:

    • Focuses on downloads and revenue estimates
    • Keyword spying, tracking, suggestion, and optimization
    • In-depth ASO and visibility report
    • Search ad intelligence
    • Comprehensive market data

    Pros:

    • Extensive SDK data with relevant filters and updated insights
    • Comprehensive download and revenue history
    • Easy to use and great customer support
    • Detailed review and ratings analysis for your as well as competitor apps

    Cons:

    • The dashboard loading speed is quite slow
    • The user interface is slightly clumsy

    Pricing:

    Mobile Action offers four pricing plans: Pro, Guru, Power, and Ultimate. Have a look at the pricing details of each package.

    Plan Monthly Price
    Free $0/Forever
    Start-Up $49/month
    Growth $299/month
    ASO Business $599/month
    Enterprise Custom Price

    SensorTower

    Website Sensortower.com
    Rating 4.1 out of 5
    Free Trial 14 days
    Used By Twitter, Nestle, Geico
    SensorTower - Top App Store Optimization Tool
    SensorTower – Top App Store Optimization Tool

    This tool provides vital, data-driven competitive insights and also helps in understanding the global app economy. It assists you to optimize keyword research for more traffic and downloads.

    Key Features:

    • App intelligence tools that enable user review analysis, sales and app usage, keyword ranking, competitor analysis, etc.
    • The store intelligence platforms offer extensive insight into app downloads and revenue
    • Provides in-depth statistics on user acquisition campaigns by other developers and publishers
    • Easily translates keywords and helps measure the effectiveness of localization strategy
    • Keyword spy searches keywords to get traffic and difficulty scores

    Pros:

    • Powerful, configurable, and easy-to-use dashboard
    • Provides estimates for search traffic score
    • Predictive rank and localization analysis
    • Tracks and views competitor downloads and the estimated revenue

    Cons:

    • UX and UI lag in comparison to other similar tools
    • Navigation between apps is complicated

    Pricing:

    Sensor Tower offers two pricing plans for small businesses: Pro, and Business. Have a look at the pricing details of each package. For enterprise, schedule a demo or make a contract.

    Plan Monthly Price
    Pro $79/month
    Business $399/month

    Checkaso

    Website Checkaso.io
    Rating 4.9 out of 5
    Free Trial 7 days
    Used By –
    Checkaso - Top App Store Optimization Tool
    Checkaso – Top App Store Optimization Tool

    This tool offers ASO solutions to publishers, agencies, indie developers as well as game developers. It provides customized tips to help you improve your ASO strategy. It also gives keyword analytics and allows you to monitor the ranking of your app.

    Key Features:

    • ASOindex to check how well is your app optimized for the app store
    • Insightful data to help improve conversion rate and visibility
    • Let you check app ranking and discoverability
    • Analyze relevant keywords to enhance organic installs
    • Keyword starter pack and automatic keyword suggestions

    Pros:

    • Up-to-date keyword metrics
    • App ranking history through keyword analysis
    • Good customer support through emails, chats, webinars, videos, and more
    • The workflow is simple and clear which does not require any professional skills

    Cons:

    • Only two interface languages are available viz. English and Russian
    • UX and UI are not clear, which makes it difficult to switch between sections

    App Store Optimization Tool – Checkaso

    Pricing:

    Checkaso offers three pricing plans: Start-Up, Growing Business, and Company and Agency. Have a look at the pricing details of each package.

    Plan Monthly Price
    Start-Up $24/month
    Growing Business $62/month
    Company & Agency $126/month

    Gummicube

    Website Gummicube.com
    Rating 4.5 out of 5
    Free Trial Not Available
    Used By Microsoft, LinkedIn, McAfee, Grubhub, Gameloft
    Gummicube - Top App Store Optimization Tool
    Gummicube – Top App Store Optimization Tool

    This tool provides a complete ASO solution from technology to execution, measurement, and more. It helps improve the store visibility of your app by ranking for relevant keywords.

    Key Features:

    • Optimize metadata to increase organic impressions and enhance organic downloads
    • Refines every element of the app including app title, keywords, description, logo, screenshots, reviews, and ratings
    • Improves app ranking and optimizes creatives for better conversions and revenue
    • Lower user acquisition costs for every channel
    • Drives ROI with A/B experimentation, multivariate, split, and funnel testing

    Pros:

    • Easy to use and helps learn fundamentals of ASO
    • App store intelligence software for improved visibility and downloads
    • Easily tracks app store performance and competitor trends
    • Conducts tests and creates templates and descriptions to ensure higher app ranking based on the app algorithm

    Cons:

    • Data analytics is slightly unclear. It is difficult to segregate data
    • The tool is quite slow when comes to report generation

    Pricing:

    Gummicube offers several pricing plans. You can contact the vendor to get a quote.

    Conclusion

    Extensive analytical knowledge and great technical skills are required to boost the ranking and visibility of your app on the app store. App store optimization tools help you do this an easy way. These tools assist you in gauging the performance of your app, increasing the ROI, optimizing your strategies, as well as keeping an eye on your competitor apps.

    In this blog, we have shared with you the top 10 App store optimization tools for 2023. Hopefully, this list will help you find the most relevant tool to augment the performance of your app.

    FAQs

    What is App Store Optimization? (ASO)

    App store optimization is the process followed to expand the reach of an app in the app store so that it appears higher in the search results.

    What metrics do ASO tools measure?

    ASO tools measure keyword rankings, search visibility, downloads, ratings, and reviews.

    Can ASO tools guarantee higher app store ranking?

    ASO tools can provide optimization suggestions to help improve an app’s ranking, but they cannot guarantee a higher ranking in the app store.

    Are there any free ASO Tools?

    Appfollow and Mobile Action stand out as excellent options for those seeking cost-effective solutions as they are both available at no cost.

    How often do ASO tools update their data?

    This depends on the specific ASO tool, but most update their data regularly such as daily or weekly.

  • Technology is the Biggest Unifying Factor Encouraging Industries across the Globe Says Kaustubh Kashyap, Chief Growth Officer Of Openturf

    StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.

    A Virtual Technology Office (VTO) refers to a service model where a company outsources its IT and technology support functions to an external provider, who manages these services remotely. The provider typically provides technology-related services, such as network management, software support, and hardware maintenance, through a virtual platform. The VTO model is designed to help companies reduce their IT and technology-related costs, while still providing reliable and efficient technology support services.

    For this Interview, we invited Mr. Kaustubh Kashyap, Chief Growth Officer (CGO), OpenTurf, and we talked about the growth, challenges, insights, and future opportunities in the industry.

    StartupTalky: Kaustubh, what service does Openturf provide? What was the motivation/ vision with which you started?

    Kaustubh: We started Openturf with a vision to help companies achieve incrementally and transformative change in both efficiency and effectiveness of their business processes with the use of technology. By offering organizations cutting-edge technology along with co-creating customized software solutions aligned with their specific needs, Openturf is becoming instrumental in changing the fortunes of firms across product categories and service domains.

    Among the prominent services, we are the leading solution provider in technology audits & consulting, digital bridges (automation solutions for faster roll-outs), platform integrations, and enterprise software development. We also offer distinctively superior services in performance engineering, databases, analytics, technology stack assessment, cloud cost optimization, and cognitive services among others.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of your service?

    Kaustubh: We have been expanding our portfolio of services with a laser-sharp focus on achieving the highest levels of quality and market requirements. We have successfully added our flagship offering Virtual Technology Office -VTO (virtual CTO services), 5G expertise, and complex System Integration capabilities in the last few years in our portfolio.

    Further, the work is on building various digital bridges (pre-built modules for automation) to shorten time-to-market for enhanced customer experience. Some of the USPs offered by Openturf include a Build-Operate-Transfer engagement model, a turnkey software development model for shared risks and responsibilities, an incremental approach to platform scalability, and building a dedicated technology team. In addition, we are also proud of our governance practices that ensure complete project transparency and ethical conduct at each and every phase of business execution leading to trustworthy long-term engagements.

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    StartupTalky: How has the tech outsourcing industry changed in recent years and how has your company adapted to these changes?

    Kaustubh: The increasing influence of technology is very much evident in today’s fast-changing business environment. Companies cutting across industries are increasingly becoming inclined to integrate new-age innovations and this change is fuelling the demand for SaaS platforms, VTOs, and BOT models among others. Openturf has aligned itself well with the ongoing changes by adding new services to its constellation while making the necessary amendments to the existing services in accordance with the requirements of its clients.

    Kaustubh: By constantly interacting with the stakeholders of the business ecosystem including our clients, technology developers, suppliers, and policymakers, we at OpenTurf keep a close tab on the present and future pulse of the business. Participating in international and national conferences, symposiums, discussions, competitions, and allied events also helps us to keep up the pace with contemporary trends and changing realities.

    StartupTalky: What key metrics do you track to check the company’s growth and performance?

    Kaustubh: While we closely follow key performance indicators (KPIs) such as revenue growth, profitability, and operating margins, the real metrics that matter most to us include net promoter score, the longevity of client engagements, repeat orders from our existing clients, and a number of projects gone live per client to name a few.

    StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?

    Kaustubh: The issues related to project execution – non-availability of tech documentation, or rapid changes in the scope of work where tech documents exist, or lack of project visibility by the customer. Then there were issues related to living systems – need-based just-in-time scalability of the platforms, the supportability of legacy systems, etc.

    In order to successfully address all these issues, we evolved our processes to come up with a slew of innovative approaches which delivered considerably well on the above-mentioned KPIs. We also started a few new practices like sustenance engineering practices to address the management of legacy systems.

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that your clients are happy?

    Kaustubh: The fundamental operating principles that help us to deliver exceptional service experiences to clients are our single-minded focus on customer-centricity – Our mantra is “if the customer succeeds we succeed.”

    Besides, our customer-friendly business approach – commercials based on deliverables provide a lot of confidence to our customers to work with us. This coupled with the cost competitive structure and high transparency makes us the preferred choice of tech supplier across business categories and service domains.

    Further, our culture of bringing new-age technologies to customers is at the epicenter of our business practice, and it is proving instrumental in keeping us ahead of our contemporaries.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.

    Kaustubh: Our clients are our biggest assets as we have been able to achieve an exceptional 91%+ of repeat businesses from our enterprise customers. We also boast that more than 80% of our clients come via references, which again speaks volumes about our software delivery and system integration capabilities that we deliver to enterprises across the globe. In sum, a chunk of our business comes from repeat orders as our existing clients refer our services to new potential customers around the world.

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    StartupTalky: Foreign clients- this is what most service-based companies are looking for. What has been your experience?

    Kaustubh: We are receiving a very positive response from overseas clients and this explains the rapid expansion of our operations in foreign territories. We have a dedicated office in the United Arab Emirates (UAE) and efforts are underway to further build up our presence in the US and Europe. As technology integration today has become a prerequisite for success, we anticipate the demand for virtual CTO, cloud computing, SaaS-based systems, and platform integrations to reach a whole new level in the coming years.

    StartupTalky: What are the important tools and software you use to run your business smoothly?

    Kaustubh: Being a technology service provider, we at Openturf have integrated new-age platforms and open-source enterprise-grade systems to keep our operations smooth and nimble-footed. Google Cloud, Slack, Jira, CRM, Accounting tools, and a few other such platforms are used to streamline our business processes and deliver enriched experiences to our clients, employees, and suppliers.

    StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Kaustubh: Technology is the biggest unifying factor encouraging industries across the globe to strive for more efficiency and effectiveness. While the needs and requirements of Indian and foreign clients vary as per the taste and preferences of their customer segments, the underlying need to realize better operational efficiencies and functional effects are the same on both national and global fronts. There is tremendous scope for growth in VTO – virtual CTO services, AI/ML services, analytics, database management, and 5G services. Further, the need for integrated platforms, automation modules, and SaaS architectures is going to drive the growth of our services going forward.

    StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?

    Kaustubh: We have always been focused on exercising the highest level of customer centricity and as we go forward in the future, we would like to take this characteristic of our organization a notch or two higher. We have also learned that any cost that doesn’t add value to the client has to be taken away with immediate effect. Our focus on the learning and development needs of our employees even amidst fast-changing business scenarios helps us to keep our customers happy.

    StartupTalky: How do you plan to expand the Customers, service offering, and team base in the future?

    Kaustubh: We are focusing on a multi-pronged strategy for expanding our customer base in the coming years. The focus is also on expanding capabilities in newer domains such as 5G and Web 3.0. We are also expanding our corporate base by setting up overseas offices to further encourage the adoption of our services among prospective clients globally. In addition, we will continue to hire across the country and onboard employees with a hybrid work culture.

    StartupTalky: One tip that you would like to share with another Service company founder?

    Kaustubh: Exercising the highest level of customer centricity is one of the most important virtues to remain relevant in the service industry. In addition, companies should strive to provide the best solutions and services which are equally competitive on the cost front to stay ahead of the competition.

    We thank Kaustubh Kashyap for spending his valuable time and sharing his learnings with all of us.

    You can read other Recap’22 Interviews here.