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15 Proven Ways to Increase Your Average Order Value
Every extra penny earned need not come from a new customer!

Sometimes it only takes a few tweaks to encourage your existing customers to spend more on your eCommerce store. After all, they already trust you and are 60-70% more likely to place an order.

For instance, we all have visited some fast-food chains such as McDonald’s. Food chains like these boost their sales by offering combo offers (Buy burgers, fries & coke to save ₹89) or small ad-on like french fries.

Essentially 4 major metrics impact your eComm store: Number of new customers (over a period of time), Average order value (AOV), Repeated orders, and Marketing/ retention costs.

Today we will focus on ways to enhance the average order value of your store. Before we jump onto strategies, let us understand what the average order value is and why it is important.

1. Increase Free-Shipping Threshold
2. Cross-Sell
3. Upsell
4. Create Combo/ Bundle offer
5. Offer Discounts on Bulk Orders
6. Loyalty Programme
7. Personalized Experience
8. Time-Sensitive Offers
9. Add Social Proof
10. Free Gift
11. Incentivize First Purchase
12. Build Trust and Authority
13. Flexible Return Policy
14. Coupons (Product Discounts)
15. Downsell Add-ons

What is the Average Order Value?

The average order value is the average amount spent on your store by a customer that purchases from you. For instance, in a month, your store gets 500 orders and generates ₹50,000. Then, the average order value is ₹100 for your store.

Average Order Value= Total revenue/ Total number of order

How would you feel if a customer enters your store looking for a ₹200 purse But, then purchase a purse and other accessories worth ₹1500.

So, an increase in the average order value helps in:
1. More revenue without extra marketing spent
2. Increasing customer lifetime value (LTV)
3. Recovering customer acquisition cost
4. Increasing profit
5. Clearing out inventory
Generally, eComm store applications, such as Shopify, provide AOV on the dashboard. Nonetheless, you can easily calculate it with the formula. More the AOV, the better it is.

The average order value increases when a customer places an order of a higher amount. No one wants to buy more. Your offering should have a higher perceived value to encourage buyers to spend more on your store. Note that just increasing customers will not boost your AOV. Here are 15 strategies to incentivize the customer to splurge a little extra. After all, a store earns 40% of its revenue via repeated customers.

Now, let us look into 15 ways to increase your average order value.

1. Increase Free-Shipping Threshold

One of the easiest ways to increase your average order value, almost instantly, is by increasing the free shipping threshold.

For instance, if you offer free shipping at ₹500, increase that to ₹600. Make a leap of about 20-30% of the current average order value. So, if your current average order value is ₹780. Then, increase the free shipping threshold to ₹700.

In case you do not offer free shipping, we highly recommend opting for it. It helps a lot to move the AOV high. In alternate cases, people place small orders as they have to pay for shipping either way.

Also, highlight this limit on the cart or at the top of the website. Let customers know that they are ₹x away from availing of free shipping.

A great example of the same is the classic ₹500 free shipping base on Amazon.

Free shipping threshold

2. Cross-Sell

Cross-sell means recommending and selling complementary products. They are not similar products but products related, such as toothpaste and brush. The aim is to prevent the buyer from purchasing items from different stores and provide it with all in one place.

You could display these related products on:
- Home page
- Product page
- Cart
- Check out
In this case, Amazon offers the option to add a tempered glass, warranty with the mobile phone.

Cross-selling

You can take this a step further by providing what other buyers pair the product with and personalized recommendations based on user history. Another effective way of cross-selling is by recommending a product after the order confirmation at a limited time period discount.

3. Upsell

Upsell means selling an upgraded version of the product. It can mean recommending a higher version of a product or a larger size.

For instance, you can recommend a more expensive camera model for added features and better utility.

Upselling occurs in two ways: upgrading to an expensive model or high-profit margin services such as an extended warranty.

You can offer a comparison chart like this on the product page itself. It should clearly communicate why the upgrade is worth those pennies.

Comparison chart for upselling

4. Create a Combo/ Bundle offers

Let us say you enter a store to buy a printer. What if the seller offers you 4 cartridge ink and printing paper all together at a discounted rate? Would you not be tempted to buy it all?

Similarly, you could create bundles or combo offers with related products to make a higher value sale. You could also provide custom combos/bundles to make it more engaging and relevant.

Combos/ Bundles

These bundles really work well in case you see multiple small purchases in the store. This one again ensures the purchase of related items all from your store instead of different stores.

WIDGET: leadform | CAMPAIGN: undefined

5. Offer Discounts on Bulk Orders

One of the best ways to increase basket size is to offer great discounts on bulk orders.

Display clearly the savings on placing a bulk order. It is similar to wholesale orders where customers get an added discount due to bulk purchases. These bulk orders could be customizable, which would further enhance the ROI of the strategy.

Here is a WooCommerce plugin to add discounts to your bulk orders.

WooCommerce Plugin

6. Loyalty Programme

Many brands have loyalty programs for their customers. It aims to encourage regular customers to purchase from the brand in exchange for various perks.

They work great to increase repeated orders. Also, repeated customers tend to spend more on the store compared to new customers.

You could offer benefits such as a lower free shipping threshold, early access to sales, 24/7 customer support, cashback, bonus points, free samples on each purchase, and much more.

Loyalty program

7. Personalized Experience

A personalized shopping experience can enhance the customer’s experience via curated recommendations. It generally eases the process of navigating through the website.

You can personalize product recommendations based on their search history. You can offer custom bundle offers depending upon their activity on the website. You could also recommend product refills and repeat purchases based on the order history.

Personalized product recommendations

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8. Time-Sensitive Offers

Provide limited-time offers to create a sense of urgency among the buyers. Time-sensitive offers combined with dedicated product discounts could boost the average order value.

Offer product discounts, remove the free shipping threshold, provide discounted bundles, or any other incentive to encourage people to purchase.

Highlight special offers on the product page, homepage, and cart to make sure that people know about the limited-time deal.

Limited Time Offers

9. Add Social Proof

Social proof is crucial to stimulate sales for any store. But, how would it impact the average order value?

Add customer reviews and ratings to the complementary products while cross-selling and upselling. Also, add pictures and other social proof on your website to ensure trust and build credibility.

There are many products on Amazon that do not sell only due to the absence of reviews and any other social proof. Hence, testimonials and social proof are really important to encourage sales and average order value.

Provide Social Proof

10. Free Gift

Offer Free Gifts

Offering gifts to your customers can be a great incentive. You could offer free samples or gift cards at a certain threshold. This would increase the average order value. Free samples, as well as gift cards, could also stimulate future purchases.

Keep in mind your margins decide the value of the gift. You do not want to bear the cost of free items.

For free samples, pick items or variants that don’t generally perform well to keep the inventory running. You could also give special offers on special occasions and boost sales.

11. Incentivize First Purchase

For a new eCommerce store, it is crucial to get the first hundred/ thousand purchases. You can motivate people to make their first purchase by offering them discounts, offers, and other perks on their first purchase.

Most of the stores offer a 10 to 20% discount on the first purchase from the website or their application.

In this image as you can see, Amazon goes a step further and offers free shipping on the first order but in a particular category. This would motivate customers to purchase from different categories. It’s a great strategy in case you do not see sales in a particular section of your store.

However, ensure to promote the offer to your customers effectively to ensure order placement.

Offer on first-time purchase

12. Build Trust and Authority

Building trust and authority is crucial for eCommerce stores. People might avoid placing orders or not come back if they do not find your store reliable.

Mention the policies very clearly and have FAQs in different sections of your stores. Use live chatbot and other customer care services to ensure credibility and security. These things do not affect average order value directly but play a major role in impacting customer psychology.

Simple things like a dedicated domain name, customer reviews, and contact details make a huge difference.

13. Flexible Return Policy

For the longest time, people did not purchase from online stores due to a lack of trust and quality assurance. People prefer offline stores as they can return the items in case of defects or any other discrepancy.

Offering a flexible return policy helps your store build that trust and encourages people to make their first purchase.

Today, most eCommerce stores offer a return policy of 15-30 days. As a result people also purchase more products as they are assured that they can return the products if something has to happen.

Flexible return policy

14. Coupons (Product Discounts)

Buy 2, Get 2 Free!

We all get tempted to buy 2 products and pick 4 products in total to avail of such an offer. It helps companies clear the inventory, increase order value and enhance brand image.

Coupons that offer product discounts are well received. Offers such as:
- ₹500 off on the purchase of ₹2499
- Buy 3, Get 1
- Flat 20%
- 25% off on purchase of ₹3599
- Cashback of ₹350 on purchase of over ₹2499
These offers encourage customers to increase their order value automatically. All these discounts need to be tactfully placed to ensure margins and sell off more products.

Offer Coupons

15. Downsell Add-ons

We do not think twice before picking up chocolate or candy at the checkout counter of a supermarket. Why? Because it is cheap.

Similarly, you can increase the average order value by offering a complementary product that is inexpensive. It becomes a no-brainer to add a product that doesn’t cost much and pairs well with the item purchased. For instance, offering batteries with the clock.

It is easier to incentivize the customer and at the same time increase order value.

Offer a complimentary product

All of these strategies would enhance the ROI and get more profit. However, ensure to implement one strategy at a time and not all together. This way you can track which ones are the most beneficial and double down on those tactics.

Also, you should clearly communicate these offers and discounts to your customers. What’s the benefit if your customers are not aware of these incentives?

These strategies would have different effects on different stores. Hence, you need to do an A/B test and find the right way to promote the average order value.

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3 Bonus Tips to Increase Average Order Value

The average order value impacts your profit and your revenue. More AOV implies more profit without having to spend more. Apart from trying to sell more and encouraging customers, here are some simple ways to enhance your average order value.

Firstly, take an analytical approach to the average order value. This involves segmenting your audience based on the amount spent by them. Start by cross-selling to the customers that spend less.

Alternatively, customers that spend more would find loyalty programs appealing. Further, you could move on to free shipping, providing coupons, and other incentives.

Secondly, ensure to provide a smooth website experience. A website with a lot of pop-ups, slow loading speed, lots of lag, or frequent crashes would negatively impact customer experience. In this case, you might not be able to sell at all and drive customers away!

Lastly, understand your audience to provide a relevant and personalized experience. Consider what your audience needs and map out the customer journey. Find the motivation points for your customers by talking to them, looking at competitors, and analyzing past campaigns.

Conclusion

So, It all narrows down to understanding your customers, segmenting them, and providing suitable incentives to increase average order value. It acts as a window into the purchasing behavior of the customers. Hence, a higher average order value can attract added profit and revenue without extra cost.

FAQs

How do you increase the average value of a basket?

Upsell your products, provide free shipping, keep time-sensitive offers, personalise customers’ experience, and provide bundle offers.

How is the average order value calculated?

You can calculate your average order value by simply dividing total revenue by the number of orders. For instance, in a month, your store gets 500 orders and generates ₹50,000. Then, the average order value is ₹100 for your store.

How can I increase my eCommerce AOV?

Provide bundle, provide limited time offers, offer free shipping on minimum orders, and keep a flexible return policy.
May 10, 2022
What is Marketing Gamification and How Can It Help You Increase Sales?
Marketing gamification is the process of using game mechanics and psychology in order to engage and motivate customers. It can be used to increase sales, encourage customer loyalty, and deepen engagement with a brand.

There are many different types of gamification marketing strategies that mostly rely on using rewards, punishments, or other motivators to influence behavior. If done correctly, marketing gamification can be an incredibly effective way to boost your business. However, it is important to understand the basic principles of gamification before you get started.

What is Marketing Gamification?
How Can Marketing Gamification Help You Increase Sales?
Tips to Increase Sales Using Marketing Gamification
5 Best Practices for Implementing Gamification
Brands that Use Gamification in Marketing

Gamification Market Value Growth Worldwide (2016-2021)

What is Marketing Gamification?

The basic premise of marketing gamification is the use of game mechanics and game thinking in marketing campaigns and strategies in order to engage customers more effectively and target consumers. Gamification can be used in various ways, but some common examples include using points, badges, and leaderboards to encourage specific behaviors, offering discounts or prizes for completing certain tasks or incorporating game design elements into marketing collateral.

The use of gamification in marketing is a relatively new concept that is quickly gaining popularity. Gamification can take many forms, but essentially it involves using game-like elements and mechanics to engage customers and promote desired behaviors. When used effectively, gamification can be an extremely powerful marketing tool.

Marketing gamification can be an extremely effective way to increase customer engagement and loyalty and drive conversions and sales if it is incorporated smartly. However, it’s important to note that gamification should not be used simply for the sake of using game mechanics. There needs to be a clear purpose and goal behind any gamification strategy, otherwise, it runs the risk of falling flat and coming across as disingenuous.

If you’re considering incorporating gamification into your marketing efforts, do your research and understand how best to use it before moving forward. As with anything else in marketing, always test and measure your results to ensure that your gamification strategy is working and achieving the desired results.

How Can Marketing Gamification Help You Increase Sales?

Marketing gamification is a strategy that uses game-like elements and mechanics to engage customers and promote desired behavior. It can increase brand awareness, drive sales, or promote other marketing objectives.

Gamification can increase customer engagement by making interactions more fun and engaging. It can also lead to increased brand loyalty and customer retention. Additionally, it can prompt customers to take desired actions, such as making a purchase or referring a friend.

There are many different ways to gamify your marketing strategy. Some common tactics include offering rewards for taking desired actions, using leaderboards to encourage friendly competition, and adding elements of chance or mystery to pique customers’ interest.

The key to successful marketing gamification is to ensure that the game elements are well-designed and add value for the customer. The goals of the gamification should be clearly defined, and the rules should be easy to understand. Additionally, the rewards should be attractive and meaningful.

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Tips to Increase Sales Using Marketing Gamification

Gamification Statistics

The following are the top 10 tips to increase sales using marketing gamification:

1. Offer incentives for customers to take actions that lead to sales. This could include discounts, points, or other rewards.

2. Make the process of taking action easy and fun. Use game mechanics such as badges, leaderboards, and progress bars to keep customers engaged.

3. Let customers know how their actions impact the company’s bottom line. Show them how their efforts are translating into real results.

4. Encourage social sharing by offering additional rewards for customers who spread the word about your company or product.

5. Use data from customer interactions to improve your gamification strategy over time. Constantly strive to make the experience more engaging and effective.

6. Be sure to integrate gamification into your overall marketing strategy. Do not rely on it as a standalone tactic, or you may risk turning off customers.

7. Keep an eye on the competition. See what they’re doing with gamification and try to stay one step ahead.

8. Be prepared to change your approach if you do not see the desired results. Gamification is a dynamic field, and what works today may not work tomorrow.

9. Have fun with it! The more you enjoy what you’re doing, the more likely your customers will too.

10. Remember that gamification is just one tool in your sales arsenal. Use it alongside other techniques to create a well-rounded approach.

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5 Best Practices for Implementing Gamification

The following are the five best practices for implementing gamification:
- Define your goals and objectives
- Identify your target audience
- Select the right game mechanics
- Create a balance between competition and collaboration
- Test and refine your gamification approach
Following these best practices will help you ensure that your gamification implementation is successful. By defining your goals and objectives upfront, you can ensure that your selected game mechanics are aligned with them. Identifying your target audience is also important, as this will help you choose game mechanics that are most likely to engage them. Creating a balance between competition and collaboration will help keep players engaged while testing and refining your approach will help you further optimize your gamification implementation.

Brands that Use Gamification in Marketing

Starbucks – Starbucks Rewards
1. Starbucks’s “Starbucks Rewards”
2. M&M’s “Eye-Spy Pretzel”
3. KFC’s “Shrimp Attack”
4. Hilton’s “Honors guest loyalty program”
5. Sephora’s “Beauty Insider” loyalty program
Conclusion

Gamification is a hot topic in the world of marketing, and for a good reason. By understanding how to use it correctly, you can tap into your customer’s psychology and drive more sales with fewer efforts. Moreover, gamification is the new trend and both big and small brands are using it effectively to gain amazing results.

Thus, in today’s time, marketing gamification is an effective technique that helps in improving customer engagement leading to a higher success rate.

FAQs

How does gamification help marketing?

Gamification improves engagement that ultimately leads to a higher conversion rate. It does not feel like traditional marketing, thus people are more likely to respond more.

Is gamification a marketing tool?

Gamification is an important tool in a marketing strategy as the end-user gets to enjoy the benefits of his/her activity.

Does Starbucks use gamification?

Starbucks uses gamification for marketing in the form of ‘My Starbucks Rewards’ to increase engagement and retention of customers.

What prominent companies use gamification techniques?
- Google
- Microsoft
- Bluewolf
- Cisco
- Starbucks
May 10, 2022
Things to Know Before Hiring a Lead Generation Agency
A lead generation agency can have a significant impact on the success of your business. By generating leads, they can help you increase sales and revenue. In addition, a lead generation agency can also help you build relationships with potential customers and clients. You can contact these individuals and offer them your products or services by providing them with leads. By doing this, you can establish trust and credibility with potential customers and clients, which can ultimately lead to increased sales and revenue.

Things to Know Before Hiring a Lead Generation Agency
Reasons to Hire a Lead Generation Agency

What are the Best Sources that Generate Leads To Your Agency?

Things to Know Before Hiring a Lead Generation Agency

There are a few things you should consider before hiring a lead generation agency. First, think about your budget and what you’re willing to spend on lead generation services. Next, consider what your lead generation goals are – do you want more website visitors, more newsletter signups, or more sales? Once you know what you want to achieve, you can start looking for an agency that specializes in that area. Finally, read reviews and case studies to learn more about the agency’s work and see if they’re a good fit for your business. With these things in mind, you’ll be able to find the right lead generation agency for your needs.

The following are the points that need to be considered before hiring a lead generation agency:

Define Your Lead Generation Goals

Before hiring a lead generation agency, you need to define your lead generation goals first. What are you looking to achieve? Do you want to increase brand awareness, drive more traffic to your website, or generate more leads? Once you know what your goals are, you can start to look for an agency that can help you achieve them.

Do Your Research

Once you know what you’re looking for, it’s time to do your market research and find the right agency for you. There are a lot of lead generation agencies out there, so take your time to find one that’s a good fit for your business.

Set a Budget

Before you start working with a lead generation agency, you need to set a budget. How much are you willing to spend on lead generation? This will help you narrow down your options and find an agency that fits within your budget.

Ask for Referrals

If you know anyone who has worked with a lead generation agency before, you can ask them for referrals. This can be a great way to find an agency that you can trust your business’s marketing with.

Sales Aladin – Lead Generation Company in India

Check Out Their Portfolio

When you’re looking at different lead generation agencies, make sure to check out their portfolios. This will give you an idea of the type of work they have done in the past and whether or not they are a good fit for your business.

Read Online Reviews

In addition to checking out an agency’s portfolio, make sure to read their online reviews. This can help you better understand the agency’s work through others’ points of view and experiences.

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Ask About Their Process

When you’re considering working with a lead generation agency, ask about their process. How do they generate leads? What kind of methods do they use? This will help you determine if they are the right fit for your business.

Inquire About Pricing

Pricing is an important consideration when you’re hiring a lead generation agency. It is essential to understand their plans and pricing upfront to know what to expect.

Get a Contract in Writing

Before you start working with a lead generation agency, get a contract in writing. This will protect both you and the agency, and it will ensure that everyone is on the same page from the start.

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Reasons to Hire a Lead Generation Agency

As your business grows, so does the complexity of your sales process. You can no longer rely on a single salesperson to generate all of your leads and close all of your deals. Instead, you need to build a team of specialists who can each play a role in generating and nurturing leads until they’re ready to buy.

That’s where a lead generation agency comes in. A lead generation agency can help you build an effective lead generation system, from generating initial leads to qualifying and nurturing them until they’re ready to buy.

Here are a few reasons why you need to hire a lead generation agency:
- It has the expertise and experience to build an effective lead generation system.
- It makes use of various categories for the organization of data to make it more relevant to the target market.
- It knows how to work with special marketing tools and thus, better sales for your business.
- It can help you measure and optimize your lead generation efforts.
- It can help improve your business’s online visibility.
Thus, a growing business demands a need to hire a lead generation agency as they have the expertise and experience to build an effective lead generation system that can help you generate leads on a large scale.

Conclusion

Before you hire a lead generation agency, ask them about their process and how they plan to generate leads for your business. Ask for case studies or references from previous clients to get an idea of the quality of leads the agency has generated in the past. And finally, make sure you have a clear understanding of what the agency will and will not do for you.

FAQs

What does a lead generation agency do?

A lead generation agency combines the information of customers and businesses that it can sell to a particular business wishing to buy new leads.

Is hiring a lead generation agency worth it?

Yes, hiring a lead generation agency is worth it as the businesses with efficient lead generation practices have a 9.3% higher sales success rate.

Which are some prominent lead generation companies in India?
- Sales Aladin
- TDCX
- Invensis
- B2B Associates
- Flatworld Solutions
What is the difference between lead generation and digital marketing?

Lead generation simply means initiating customers’ interest in your products and services. On the other hand, digital marketing focuses on the entire journey of buyers.
May 10, 2022
A Complete Guide to Become a Successful Techpreneur
An entrepreneur is an individual who recognizes an opportunity, converts it into a product or service, determines receipts and profit, and produces a successful business with it. Now, the world is ruled by technology, and a new form of entrepreneurs has shown their ability to the world, they are known as techpreneurs.

A techpreneur starts with nothing but a concept. They challenge ongoing practices and systems and think of doing things creatively. They design a product or solution that uses the heft and capability of technology to improve the way something was traditionally done. They succeeded admirably. To be a techpreneur, certain skills are needed.

In this article, we will talk about the tips to be a successful technopreneur. So, let’s get right into the business.

Why Techpreneur Is the New Breed of Entrepreneurship?
Basic Techpreneural Skills
Tips to Become a Successful Techpreneur

Why Techpreneur Is the New Breed of Entrepreneurship?

Technopreneurship is a new class of entrepreneurship. It involves the development together of people who are driven, creative, tech-savvy, passionate, and has a desire for calculated risk. Unlike entrepreneurship– the success of Technopreneurship connects to how well the team functions together.
Technopreneurship is a costly exercise. It is not usually simple, and they have to endure, direct, and motivate their team, seek people with the funds, pitch their idea, and make them join organizations. It is here that their past work experience and network become beneficial.

Basic Techpreneural Skills

In addition to the entrepreneurial skills to be a successful technopreneur, some additional skills are required.

Full Tech Stack Knowledge

The tech stack is all the technologies utilized to deliver your commodity. While this can vary moderately based on the requirements of the startup, it usually means everything from a strong understanding of how the internet runs, to server technologies, scale factors, website knowledge, analytics, and code container administration — to name the primary points. Techpreneurs add exceptional value to the startup by assisting choose the beginning tech stack to be used to stand up the products.

Web Development

Each startup is going to require a web port of some kind. Whether the startup is going to launch e-commerce solutions, mobile applications, or some hardware-based output — being able to manage the website is a crucial job.
Startups tend to pay an immense amount of time on content, branding, and presentation of their sites. Technopreneurs can take this main project, and handle it while saving money and allowing other members to focus on their duties (thereby improving efficiency for the whole team).

Industry-Specific Technologies

Each tech startup has its novel technologies that they are going to be using. Depending upon the trade, there tends to be some specific tech that needs to be known so the product is produced in a way that consumers can use the final product. The best technopreneur for a startup will know the industry-specific technologies that the goods will have to work with and help make crucial decisions on the front end of product development.

Tips to Become a Successful Techpreneur

Interestingly though, successful techpreneurs across the business do share some characteristics and some best methods. Of those, some of the tips that are considered necessary to become a successful technopreneur are mentioned below.

Persistence

Techpreneur requires to be persistent. Every great idea will have simple beginnings, but it is only possible by unwaveringly seeking an idea and fleshing it out regularly that can one hope to actuate and convert it into a finished product. No matter how tough this route may appear, one needs to stay true to it. Having a positive attitude irrespective of the situation eases harvesting tools to take on the challenges.

Tech Savvy

Good techpreneurs need to have a broad technical grasp of their product and the underlying technology included. Even though it is usually the subject matter experts who will be developing the technology for the product, it will be your thought and understanding that will finally guide them.

Intuitive

A techpreneur should trust their intuition. To be successful, a techpreneur should be able to intuitively imagine and harvest unseen opportunities in such situations where the rest of the world only sees obstacles. Look beyond the obstacles and try to decipher what can be used for your business.

Belief

Firmly believe in your product. Be very clear about what unmet need you are striving to address. And be ready to step into uncharted areas to bring your product to life and make it grow. Having a risk-taking mindset assists techpreneurs well.

Communication

It is essential for a techpreneur to clearly and precisely communicate the intended value proposals to all stakeholders – the target clients, the investors, and the employees. Good communication saves time, effort, and money. Not only must one regularly communicate with people looking to invest and vet your concept, but also with your team looking to grasp at the more specific aspects of your product and achieve your vision.

Resilience with Flexibility

Experiencing failures is a part of entrepreneurship. There are so many inherent uncertainties that some setbacks are usually unavoidable. It is important is to learn from such experiences and take all measures not to replicate them. Overwhelmingly difficult situations do arise, and in such circumstances, it will be necessary to keep patience and self-control.

The Right Team

The team is fundamental to the success of the idea. Companies and corporations fall untimely losses by having unwise recruitment and team-building strategies. A techpreneur must invariably centre on building a team of experienced and hard-working people having complementary skills. The team members should have faith in the vision and capabilities of the techpreneur and should be willing to work for the greater good.

Quality

A successful techpreneur needs to guarantee that the products and services are of good quality. Also, they must be better than their competitors. Identify that consumers buy a product when they see value in it, which is only possible when the product offers more than what they pay for it.

Conclusion

Becoming a techpreneur demands constant dedication and hard work.
Despite the qualities and abilities, what many ambitious techpreneurs hardly realize is that becoming a techpreneur is not an end in itself. It is the beginning of an experience and a journey to savour and relish.

FAQs

Who is a techpreneur?

A techpreneur is an entrepreneur who starts and manages their own technology business.

What are the skills needed to become a technopreneur?
- Persistence
- Tech Savvy
- Intuitive
- Belief
- Communication
- Resilience with Flexibility
- Quality
- The Right team
Who is the No.1 entrepreneur in India?

Mukhesh Ambani is said to be the No.1 entrepreneur in India.
May 10, 2022
27 Unknown & Interesting Facts About Luxury Brand Gucci
Gucci is one of the top brands in the world. It is an Italian brand. Gucci is popular for their designs in the fashion industry. Most of their designs are both timeless and innovative. They created so many social media trends by making revolutionary designs. This brand can turn the fashion industry upside down. There are so many unknown facts about Gucci.

Gucci brand is currently owned by Kering Group. It is a French luxury group. In 2019, the brand generated annual revenue of €9.63 billion. Gucci has 33rd rank in the list of best global brands in 2019 prepared by Interbrand. They have ranked among in the list of top valuable brands prepared in each and every year since 2000.

Gucci is the favorite brand of many models, bloggers, and fashion influencers. The trends and their revolutionary designs attract fashion enthusiasts. Also, they are considered one of the most valuable brands in the world. It has a brand value of approximately $17.63 billion in 2020.

History of Gucci
Interesting Facts about Gucci
How is Gucci Performing Today?

Gucci Pronunciation

History of Gucci

Guccio Gucci | Founder, Gucci

In 1921, Guccio Gucci founded the brand. He was a fashion designer and an Italian-British businessman. Their first products were luxurious handbags and leather goods. Guccio Gucci’s designs were inspired by equestrian sports. After 1953, the brand got popular. They didn’t introduce a clothing line until 1970. After that, they released fragrances.

The brand faced a setback due to disagreements within the Guccio Gucci’s family in the 1980s. In the 1990s, the creations of a designer named Tom Ford have shaped the character of the brand. Gucci became a coveted luxury brand under his creativity. His dandy style designing and daring cuts conquered the fashion industry. Gucci brand is part of the Kering group since 2004.

In 2015, Alessandro Michele appointed as creative director of the Gucci brand. The brand’s image changed through him. His designs were shriller and androgynous. Eccentric patterns and intense colors became part of their new collections. In 2015, Alessandro won the International Fashion Designer of the Year award. The current CEO of the brand is Marco Bizzari. Now Gucci has a unique brand identity.

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Interesting Facts about Gucci

Some interesting and unknown facts about Gucci are given below.

1. Gucci started his company in Italy, a country popular for its fashion. But that style was inspired by people living in England.

2. The first products manufactured by the company were leather luggage items such as briefcases and handbags. They are still some of the most popular items of the brand.

3. The popular double G logo refers to Guccio Gucci.

4. Gucci was an elevator operator in the swanky Savoy Hotel situated in London. At that time, he met celebrities such as Marilyn Monroe and Winston Churchill. He inspired by their accessories and decided to start his own brand.

5. In the 1940s, Benito Mussolini was the prime minister of Italy. At that time, it was difficult to acquire leather. So, Gucci used silk to make products.

6. Many celebrities are fans of the Gucci brand. Once, the famous American rapper named “2 Chainz” said, ‘When I die, bury me inside the Gucci store.’

7. The first items manufactured by Gucci include detachable leather bags for saddles. The keen horsemen from Italy bought that item.

8. The horsebit logo was first seen in the 1950s. It is still a key part of the brand.

9. The brand name firstly appeared on saddlebags before he started to use it in other products such as briefcases and jewelry.

10. The brand was managed by Guccio Gucci until his death in the year 1953.

11. His 3 sons named Aldo Gucci, Vasco Gucci, and Rodolfo Gucci took over the business after the death of Guccio Gucci. They promoted the products of the brand through Hollywood celebrities.

12. The famous English-American actress named Elizabeth Taylor had used the Gucci hobo bag.

13. Princess of Monaco named Grace Kelly made a special request to print “Flora” on scarves. That was the print that first appeared on scarves. One of Guccio’s sons named Rudolph Gucci designed that Scarf.

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14. The GG logo was designed in 1960. It was created to honor Guccio Gucci after his death.

15. In the 1980s, scandalous stories about the Gucci family appeared in the press. Because of this, Gucci went bankrupt.

16. In 1994, Tom Ford was appointed as Creative Director of the Gucci brand in an effort to make some qualitative changes.

17. The sales were increased by 90% within 5 years after the appointment of Tom Ford. He was the largest shareholder of the company at one point.

18. The company has launched a new product named “Genius Jeans”. It broke the Guinness World Record for the most expensive pair of jeans in the world. The jeans had a value of $ 3,134 in 1998.

19. Many top designers work with Gucci, including Stella McCartney and Alexander McQueen.

20. The company made a partnership with UNICEF in 2005. They decided to donate a percentage of all profits to the organization, for helping children to get clean water and better education in 3rd-world countries.

21. The bamboo shopper is one of the items of Gucci. Once, the company faced problems with the availability of leather. So designers used other materials such as bamboo to make products.

22. The company conducted its first runway show in Florence, 60 years after its founding company.

23. They improved and redesigned so many items. Flora scarf is an example. In 2015, they reinvented the Flora scarf for the Cruise Collection.

24. In 2004, Tom Ford left the company to start his own brand. Then in 2006, Frida Giannini was appointed as Creative Director of the company.

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25. Alessandro Michele was appointed as the Creative Director of the company in 2015. After that, the sales increased by 12%. Also, Gucci has gained more prominence at world-class events such as Milan Fashion Week.

26. The Gucci brand hosted a fashion show at Westminster Abbey, London in 2017. Gucci became the first brand that hosted a fashion show at Westminster Abbey.

27. Gucci founded a global campaign named Chime for Change. They have successfully funded over 200 projects. The aim of the Chime of Change project is to empower women and young girls.

How is Gucci Performing Today?

Brand value of Gucci from 2010 to 2019

The Covid-19 pandemic heavily impacted the operations of the company in 2020. According to the first-quarter report of Kering, Gucci faced a setback due to widespread store closures and decreased consumer spending across the globe. The company got a good start in January before the Covid-19 started to spread. Kering Group has revenue of $3.476 billion in the 1st three months of 2020. In 2021, the Gucci brand was valued at approximately $15.6 billion.

It was 16.4% less than compared to the same quarter in the last year. Italian leather is handmade, expensive, and durable. The Gucci brand has upheld this model for decades. They make products of the highest quality. Also, the reputation of their products is solid.

Gucci is one of the oldest and most popular Italian fashion brands in operation today. Similar to many historic fashion houses, the brand in its early days started out as a luggage manufacturer, producing luxury travel goods for Italy’s wealthy upper-classes, as well as equestrian equipment. They are most popular for the designs in the fashion industry. They created so many social media trends by making revolutionary designs. Are you a Gucci lover? Do you own a Gucci item? They are indeed stylish and attractive to have in your closet.

Feel free to reach us and share your feedback. We would love to hear from you. Do comment us in the comments section below. Happy Reading.

FAQs

Why its Products are so Expensive?

There are many factors such as manufacturing, designs, and marketing that make GUCCI a Costlier product in the world. Gucci is a top-class designer who obtains high-quality raw materials and uses high production methods. Gucci employs the talent of the top fashion designer in the world.

Who is the founder of Gucci brand?

Gucci, the Italian brand was founded by Guccio Gucci.

What is Gucci’s first name?

Gucci’s full name is Guccio Giovanbattista Giacinto Dario Maria Gucci. He was an Italian businessman and fashion designer.

What is Gucci famous for?

Gucci is an Italian fashion label founded in 1921 by Guccio Gucci, making it one of the oldest Italian fashion brands in operation today. Like many historic fashion houses, the brand started out as a luggage manufacturer. Popular Gucci products include:
- Belts
- Handbags
- Footwear
- Makeup
- Fragrances
When was Gucci founded?

Gucci was founded in Italy in 1921.

What is Gucci’s marketing strategy?

Their prestigious pricing makes the product act as a status symbol. Even in other products, Gucci follows premium pricing. Gucci’s customers are not affected by this because they get high-quality products. Gucci tries to offer discounts from time to time to enhance sales and keep their loyal customers happy.
May 10, 2022
Discover Tender Relief’s Journey Towards Becoming WA’s Most-Promising Startup

Starting a business is more challenging than most people think. Why? Because there are so many facets to starting a business. From coming up with an idea to getting the funding needed.

The failure rate for startups is high, with 20% of new businesses failing within the first two years and 45% failing within the first five years. As a result, many are tempted to give up before starting a business with such odds.

That’s even more true due to the COVID-19 pandemic. It has forced many businesses to close their doors for good. But there’s a light at the end of the tunnel: businesses that can adapt and pivot in these challenging times have a higher chance of surviving and thriving.

That’s what happened to Tender Relief. The company started as a Tender and Bid support consultancy in 2019, delivering training intensives, tender copywriting support, and management services in Australia. Founding Director Eliza Carbines shared that starting the company was like an accident.

Eliza added, “I always knew that someday I would start my own company, but it wasn’t part of the plan for 2019. It just kind of happened.” Here’s why: many regional businesses in Australia kept asking her to help with their tender processes.

Eliza didn’t intend to start a business at that time, but before she knew it, she had hired some staff and was up and running. In less than twelve months, Tender Relief went from a one-woman operation to an incorporated company with a team of consultants and support staff.

Then came the pandemic. Eliza Carbines said that “COVID-19 turned our business model upside down overnight.” The company had to quickly pivot its services to an online delivery format and focus on supporting businesses with digital transformation.

In 2020, Eliza shared that she entered Meshpoints’ Launchpad Program in Karratha. The Launchpad Program is an intensive business accelerator program that provides expert mentorship and guidance for startups and entrepreneurs.

The Launchpad Program aimed to find and enlighten regional businesses on how to pitch their business proficiently. After completing and winning the pitching program, Eliza said, “I’m extremely grateful for the support and guidance from Meshpoints’ Launchpad Program. The fantastic program has helped me think about my business differently and has given me the tools and confidence to take my business to the next level.”

Given that win, Eliza went on to participate in the Golden Ticket Pitch in the same year. Again, Eliza managed to equal first in this event, securing a place in the Plus Eight Bootcamp. Here, she was able to partake in the 2021 Plus Eight Accelerator Program.

Eliza shared, “The Bootcamp was pretty intense, and it was great to be able to share my business journey with other like-minded individuals. The Plus Eight program has also been a great opportunity for me professionally and for the company.”

Tender Relief’s story is far from over. After winning multiple pitching programs, Founding Director Eliza Carbines landed a staggering $100,000 funding in March 2022 through RED Grant Initiative.

RED Grant Initiative is a government-backed program that helps startups grow their business. The grant will go towards Tender Relief’s R&D, marketing, and expanding the team. Only the best and outstanding startups are awarded the RED Grant Initiative, which is a real testament to Tender Relief’s potential.

It articulated the credibility, capability, and drive of the Tender Relief team and validated the need for their product in the market. Securing this type of government support is a real coup for the startup.

The RED Grant Initiative has helped Tender Relief take a big step forward in achieving its goals. As a result, the team can now focus on what they do best – developing their product and bringing it to market.

Eliza Carbines shared, “This wouldn’t be possible without my participation in the Plus Eight Program.” The program helped her build her business acumen and networks, eventually leading to this life-changing grant. It has brought experience, exposure, and, most importantly, opportunity.

The opportunity to build something great, make a difference, and change many lives. In particular, businesses who require assistance with their tender processes.

We all know how tedious and time-consuming the tender process can be, from drafting the initial proposal to chasing up late submissions. And unfortunately, many business owners and managers don’t have the time or resources to dedicate to such a detailed and labor-intensive process. And this is where Tender Relief comes in.

The company is dedicated and determined to make the process as seamless and stress-free as possible for their clients. So, you can say goodbye to stressful tender processes and focus on what you do best – running your business. If you need help with your tender process, contact Tender Relief today.

May 9, 2022
The Impact of COVID-19 on the Event Industry
Covid-19 completely changed our lives and our entire pespective in a span of two years. We never thought that we will be confined in our own homes for months, events will be held virtually and mask and sanitizers will be our best friends.

Most weddings, music launches, concerts, office functions, or themed birthday parties these days are not simple events anymore with the sword of Covid-19 hanging on our heads. However, there needs the intervention of a specific type of services for an event to get successful, they collectively known as event management.

Duties of event management cover selection and reservation of venues, coordinating with merchants, planning for transportation and parking facilities, responsibility for compliance with health and safety standards, crisis and situation management of the event, creating a security strategy, and controlling the entire event. All this comes under event industry sector.

Coronavirus pandemic has hit many sectors across the world. Aviation, Hospitality, Event Industry, and others are some of the worst-hit sectors due to lockdowns and travel constraints. As countries around the world start to reopen their economy, the events industry appears to have drawn the least attention.

It is no secret that corporate events such as conferences and trade shows are very often bundled up with crowd gatherings, which have been proved to expedite Covid-19 viruses.

Hence, events are usually part of the ultimate phase of reopening. In India, this sector accounts for the employment of 10 million people who have been directly harmed due to the crisis.
The event industry is looking forward to some relief as the Government has bnow allowed people to hold events just like before. In this article, we will talk about the situation of Indian event industry post-lockdown.

Impact Across Sectors
How the Event Industry Is Adapting COVID-19 Period?

Impact Across Sectors

Business

All business meetings, Annual General Meetings, associate meets, product launches, tech, and non-tech colloquia, seminars, and association meets are Business Events. The impact of the cancellation of business events is significantly strong. The events that were scheduled for the end of the year have now postponed to 2021 and 2022.

Exhibitions and Trade Fairs

Exhibitions and trade fairs account for up to 60,000 events in leading eleven countries. These events witness a large gathering of customers and marketers across all areas and provide huge business venues and convention centers.

Sports, Entertainment, And Tourism

Events organized to support tourism and regional business have called off their current year’s editions, and the most recent example of which is the Expo 2020, Dubai, originally scheduled in October 2020.
The sector also observed the cancellation of the Tokyo Olympics and other events like IPL nationally, who canceled their 2020 edition and was held in 2021 instead.

Social Events

Government norms will now regulate religious gatherings, weddings, parties, festive gatherings, and many more. There is an obligatory requirement of multiple approvals involving paperwork, hence leading to a restricted version of the originally planned event.
- Approximately 52.91% of companies occurred 90% of their business being canceled between March-July 2020.
- 107 firms suffered from an income loss of up to INR 1 crore.
- About 7 companies visualize a 50%-80% reduction in their current workforce and 35 between 25%-50%.
- The working capital/loan expected to keep floating for the next 6 months is around 2-5 Crore for 39 companies and 1-2 Crore for 118 companies.
- About 97 companies need to raise capital or debt from organizations or shareholders, banks, AND OTHERS.
Segmentation of Events

How the Event Industry Is Adapting COVID-19 Period?

Advanced technology is playing a crucial role in the event industry sector. Modern hours require unmatched solutions, and here are a few ways in which the event industry is driving home the new normal.

Virtual Events

The multiple technological disruptions have facilitated the seamless online conduction of events, seminars, conferences, meetings, and gatherings involving a considerable number of participants. There are several platforms used for hosting such activities, which offer features such as-live as well as pre-recorded content, simultaneous running of varied breakout sessions, space for sponsors to showcase their products and services to others. Moreover, the ability to access the information later, even though the event is over serves to be a great joy for the audience. Additionally, the user interface of these events is so influential that it renders the viewer with a realistic experience.

Increased Personalisation

On being asked, many individuals stated that they could not enjoy to the fullest as they felt disconnected by the overpopulation of the venue.
The events which are being organized in the corona times successfully overcome all these flaws by providing consumers the opportunity to enjoy the show from the comfort of their homes. Also, multiple examples are noted where the artists accepted the requests made by the viewers.

Global Presence

Eventually, the most significant change that the new normal brought is the re-establishment of the world as a global village. Virtual events are a sigh of relief as they emerge winners against geographical barriers. As a result of this shift, individuals across the world can experience the performance of their favorite artists.

Modern Advertising Techniques

The current times have noted the rise of advertising methods that are greatly consumer-centric, dynamic, and pleasant. With consumers being bound to homes, their usage of social media has increased. In this trend, various organizations are resorting to their online platforms to generate awareness, drive traffic, promote upcoming virtual events with enhancing viewer participation.

Improved Physical Experiences

With the event industry knocking at the door of a complete restart and the absence of a vaccine, organizers oblige to pay maximum attention to customer safety. People are forced to see a rise in terms of hygiene, be it at the venue or in terms of the deliveries happening for these events. In the post-pandemic, only those will succeed who can make their audience feel safe. This can be achieved through active communication channels and enabling the customers with a choice of easy cancellation of bookings.

Conclusion

The event industry suffered a big blow because of the Coronavirus Pandemic. Although, with the new normal being established and the situation coming back to its previous form, with time it will surely increase its growth in the country like it has been doing all these years.

FAQs

How big is the event industry in India?

The revenue of the Indian event industry is said to be over 100 billion Indian rupees in 2021.

Is the event industry growing in India?

The event industry is growing at a rate of 16% CAGR.

What are the three types of events?

Three types of events are:
- Private
- Corporate
- Charity
May 9, 2022

Tempus – Company Having World’s Biggest Library of Molecular and Clinical Data

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 Tempus.

Technology is a vast field and in the field of science, technology is getting advanced rapidly. Biotechnology is a department of applied science that uses living organisms and their products to produce various processes. It is a very important part of the industry sector in the economy.

Tempus is a technology company which has created the world’s biggest library of molecular and clinical data. It is making accurate medicine through the power and the promising nature of data and artificial understanding. Read the Tempus success story below.

Tempus – Company Highlights

Company Name	Tempus
Headquarters	Chicago, IL, US
Industry	Analytics, Artificial Intelligence, Biotechnology, Healthcare, Medical, and Software
Founder	Eric Lefkofsky
Founded	2015
Website	tempus.com

Tempus – About
Tempus – Founder
Tempus – Business & Revenue Model
Tempus – Funding & Investors
Tempus – Growth & Future
Tempus – Competitors

About Tempus

Tempus – About

Tempus built an operating system to make information accessible and beneficial for physicians, researchers and patients. The mission and the vision of the company is to change the world in the field of medicine. It enables physicians to deliver personalized attention to everyone’s diagnosis. Tempus also works with partners to encourage development and discovery.

The company started with the concept of curing patients for a variety of diseases, starting from cancer to depression-like disorders. It is currently also curing Covid patients. The founder of the company had his own personal reasons for founding Tempus.

‘My wife was diagnosed with breast cancer about five years ago, and I was amazed how little data was actually used as a part of her therapy, largely because our system makes it hard for doctors to access data when making real-time clinical decisions,’ Lefkofsky said. ‘It became clear to me that I needed to try and tackle this problem, and I founded Tempus soon afterwards.’

Tempus – Founder

Eric Lefkofsky is the founder and the CEO of Tempus. Currently, he is the Chairman and the Co-Founder of Groupon, Lightbank, and Lefkofsky Family Foundation. At Groupon he previously served as the CEO of the company which is an e-commerce marketplace. He is also the founder of MediaBank. He graduated from the University of Michigan.

Tempus – Business & Revenue Model

‘We try to infuse as much data and technology as we can into the diagnosis itself,’ Lefkofsky says.

The Tempus business model lies in the fact that they do not only focus on cancer but also focuses on other programs which include cardiology, diabetes, mental health or any other infectious or deadly disease. The company offers a service that matches eligible patients to clinical trials. Tempus also licenses de-identified patient data to other players in the oncology industry. Tempus offers a service for the psychiatrists to use a patient’s hereditary information to determine the best treatments for major depressive disorders.

The main Tempus labs revenue model lies in sequencing the genome of cancer patients’ tumors. It helps the doctors to decide which treatment is more effective for which patient.

Tempus – Funding & Investors

Tempus has raised a total funding of $1.1 Billion. Tempus is funded by 10 investors. It has got 5 lead investors. Baillie Gifford is the most recent investor.

Date	Transaction Name	Money Raised	Lead Investors
December 10, 2020	Series G	$200 million	Google
December 10, 2020	Debt Financing	$250 million	–
March 13, 2020	Series G	$100 million	–
May 30, 2019	Series F	$200 million	Baillie Gifford
August 29, 2018	Series E	$110 million	Baillie Gifford
March 20, 2018	Series D	$80 million	T.Rowe Price
September 25, 2017	Series C	$70 million	New Enterprise Associates and Eevolution
April 17, 2017	Series B	$30 million	–
November 22, 2016	Series B	$10 million	–
June 20, 2016	Series B	$10 million	–

Tempus – Growth & Future

‘We couldn’t be more thrilled with our progress to date, and we’re honored to be surrounded by world-class investors, collaborators, partners and an incredibly talented team here at Tempus,’ Lefkofsky said in a statement.

Tempus focuses on the analysis and the gathering of clinical and molecular data. The company considers itself to be the most comprehensive data set in the industry. Tempus believes that it has been only possible with the help of its clinical partners. The company has got relationships with various cancer centers, physicians and health systems. Tempus is growing in such a way that now the company’s technology is affecting 1 in 4 cancer victims in the country.

Tempus also recently announced its collaboration with A2 Biotherapeutics to develop a (CDx) companion diagnostic test. It is also looking forward towards the development of more CDx tests for A2’s different clinical development programs.

Tempus – Competitors

The top Tempus competitors COTA, Flatiron Health and Fabric Genomics.

COTA is one of the biggest competitors of Tempus. It is headquartered at Boston, MA, USA and was founded in 2011. It works in the Healthcare Technology field.
Flatiron Health is perceived as one of the biggest rivals of Tempus. It is headquartered at New York, NY, USA and was founded in 2012.
Fabric Genomics is also one of the top competitors of Tempus. It is headquartered at Oakland, California, USA and was founded in 2009.

Conclusion

Tempus is making precision medicine a reality through the power and promise of data and artificial intelligence. With the world’s largest library of clinical and molecular data, and an operating system to make that data accessible and useful, we enable physicians to make real-time, data-driven decisions to deliver personalized patient care, and in parallel, facilitate discovery, development, and delivery of optimized therapeutic options for patients through distinctive solution sets.

FAQs

What is Tempus?

Tempus is a technology company that has built the world’s largest library of clinical and molecular data and an operating system to make that information accessible and useful for patients, physicians, and researchers.

What is Tempus testing?

The Tempus|TO test compares a patient’s tumor molecular data to a large internal database of annotated tumor data to identify a likely diagnosis that may impact standard of care therapy decisions, clinical trial enrollment, and reimbursement for therapies.

Who is the founder of Tempus?

Eric Lefkofsky is the founder & CEO of Tempus.

When was Tempus founded?

Tempus was founded in 2015.

What type of sequencing does Tempus perform?

Our labs sequence both DNA and RNA from tumor samples as well as matched DNA from normal samples. Sequencing options include a targeted panel of 648 genes (at 500x coverage), whole exome (at 150x coverage), and whole genome (at 30x coverage).

What is Tempus’ turnaround time for test results?

Tempus results can be expected 9-14 days after samples are received (both blood and tissue). Sequencing will not begin until all required specimens are received.

Who can order the Tempus test?

Clinicians treating patients who suffer from depression, anxiety, or other psychiatric conditions can order a Tempus test.

Who are the top competitors of Tempus?

Top competitors of Tempus are:

COTA
Flatiron Health
Fabric Genomics

May 9, 2022

The Story of Naresh Goyal – Founder of Jet Airways, His Rise and Downfall!

Naresh Goyal is the man behind Jet Airways. Goyal started by borrowing some money from his mother and ended up being the owner of the largest airline company in India. After the Jet Airways IPO, Naresh Goyal’s net worth was estimated by Forbes at $1.9 billion, and he was also announced as the 16th richest Indian by Forbes magazine. However, his fortune changed drastically, with the downfall of his company. Debts mounted for Jet Airways, and eventually, it not only dragged down the fortune of Naresh Goyal but also ensnared him with a list of allegations, which he still isn’t able to run free from.

Read ahead to know the story of this man who took it from scratch to become a millionaire, and is presently under the radar of the Enforcement Directorate.

Naresh Goyal- Biography

Name	Naresh Goyal
DOB	29 December 1949
Nationality	Indian (NRI)
Occupation	Founder and Former Chairman of Jet Airways
Year Active	1967–2019
Net Worth	$600 mn (2012)
Spouse	Anita Goyal
Children	Nivaan Goyal and Namrata Goyal

Naresh Goyal – Early life, Education and Challenges
Naresh Goyal – Family
Naresh Goyal – Career
Naresh Goyal – Controversy
Naresh Goyal – Awards

Naresh Goyal – Early life, Education and Challenges

Naresh Goyal was born on 29 December 1949. He was born in Sangrur, Punjab. Though he was born in the house of jewellery dealer, Goyal had to face hardships since his childhood days. All of these began with his father’s sudden demise when he was still a child.

Goyal studied in the Govt. Raj High School for Boys till his 6th standard. He, along with his family, went through a major financial crisis when he was just 11 years old. The Goyal family sustained but lost almost all the property in an action by the government and the bank, including their own house. His maternal uncle helped him during this time. He paid for his studies till his graduation. He wanted to pursue Chartered Accountancy but instead ended up doing B.Com from Govt. Bikram College of Commerce, Patiala.

Naresh Goyal – Family

Naresh was born into a Punjabi Hindu family, where his mother was a house-maker and his father a jewellery dealer. His father died when he was too young. He also had an elder brother, Surinder Kumar Goyal, who was the co-founder of Jet Airways, along with Naresh. Surinder was earlier the co-founder of the travel agency Jet Air, which was founded by himself and Naresh in 1974. Naresh’s elder brother also had a key role in the launch of Jet Airways. Surinder Kumar Goyal died on August 9, 2015.

He got married to Anita Goyal, and she has been there with him right from the beginning of Jet Airways and is still sharing the fate that Naresh Goyal has been recently seeing. The couple has a daughter and a son – Namrata Goyal and Nivaan Goyal. Their daughter Namrata Goyal is a Film Producer at FilmStoc, while their son Nivaan Goyal was on the Board of directors of Jet Airways.

Naresh Goyal – Career

After his graduation in 1967, he joined his uncle, Seth Charan Das Ram Lal’s travel agency, East West Agencies, as a cashier. Goyal’s starting salary was INR 300/per month.

As soon as he completed his graduation, Naresh joined the travel business with the GSA for Lebanese International Airlines. In the period between 1967-1974, Naresh Goyal went through extensive training in his travel business while in association with numerous foreign airlines. Goyal also travelled extensively during this period.

He was appointed as the Public Relations Manager of Iraqi Airways in 1969 because of his hard work and dedication. Goyal was eventually appointed as the Regional Manager for ALIA, Royal Jordanian Airlines in 1971 and operated in the same position till 1974. During this time, he gained experience in the areas of ticketing, reservation, and sales. He had also worked with Indian officers of Middle Eastern Airlines.

He borrowed some money (nearly £500) from his mother in 1974 to start up his own travel agency along with his brother and named it Jetair. His agency represented sales and marketing of airlines like Air France, Austrian Airlines, and Cathy Pacific.

He was appointed as the Regional Manager of Philippe Airline in 1975 and handled the commercial operations of the airline in India. When the Government of India announced the Open Skies Policy in 1991, Naresh initiated an airline company, and in 1992, he transformed his agency into Jet Airways.

Jet Airways started its operations nationwide in 1993, and by 2004, Jet Airways initiated operations of international flights. By 2010, Jet Airways was the largest air carrier in India after it acquired Air Sahara in 2007. However, it was then that troubles began to boil up for Naresh Goyal and his company, which led to Naresh Goyal stepping down from his position in March 2019.

Naresh Goyal – Controversy

A PIL was filed against him in the 2000s, alleging him to have links with the underworld don Dawood Ibrahim. It was said that Jet Airways was founded by Dawood but was given a clean chit by the government along with security clearance.

He was also booked for money laundering by Enforcement Directorate (ED) under Foreign Exchange Management Act (FEMA) for his involvement in suspicious transactions involving 19+ privately held firms associated with him, and in March 2019, the ticketing agent-turned entrepreneur, Naresh Goyal, stepped down from the Board of Jet Airways, along with his wife, Anita Goyal.

Naresh and Anita Goyal were booked on charges of cheating and a criminal breach of trust in February 2020 by the MRA Marg Police. Allegations still persist against Naresh Goyal and the CBI will likely soon file an FIR against Naresh Goyal, and his associations on the basis of the allegations against him and his close aids for defrauding banks and misappropriating the loans granted by them, as of April 2022.

In 2019, the airline delayed payments to banks, following which the company sought an $840 million bailout from the shareholders. Then, the shareholders approved the conversion of the loan into equity.

Finally, the lenders finalized a resolution plan for the airline, and they agreed to infuse Rs 1,500 crore in interim funding for a period of 2 months. Naresh Goyal and Anita Goyal stepped down from the board in March 2019. The airline company is all set now to resume its services soon, as per the reports of May 2022, under the ownership of Kalrock Capital and Mr. Murari Lal Jalan.

Naresh Goyal – Awards

He has been the recipient of several awards throughout his lifetime.

Awards	Year
Entrepreneur of the Year Award for Services from Ernst & Young	September 2010
Distinguished Alumni Award-2000	October 2000
Outstanding Asian-Indian award	November 2003
Aerospace Laurels for outstanding contribution in the field of Commercial Air Transport	April 2000 and February 2004
NDTV Profit Business Award 2006	28 July 2006
Accorded the prestigious TATA AIG – Lifetime Achievement Award	8 September 2007
Travel Entrepreneur of the Year award at the 19th annual TTG (Travel Trade Gazette) Travel Awards	25 October 2007
Man of the Year Award by the Aviation Press Club (APC)	9 April 2008
Business Person of the Year award by UK Trade & Investment at the India Business Awards 2008	9 September 2008
CNBC TV18 India Business Leader Awards	22 January 2009
International Entrepreneurs of the Year by the readers of Asian Voice	27 February 2009
Lifetime Achievement Award of the Year by the Travel Agents Association of India (TAAI)	August 2010
Hall of Fame honour from Hotel Investment Forum of India 2011	January 2011
Belgium conferred the Commandeur of the Order of Leopold II, one of the country’s highest civilian distinctions	November 2011
Amity Leadership Award for Business Excellence	October 2012

Naresh, as a man, started from a humble household and got up the ladder by himself. His first salary was just Rs 300 per month. He went through a time of hard struggles and polished himself to be a fine man. He never gave up and thought big. His story inspires us to have ambition and to create our own destiny. Though he seems to be on unstable grounds now, Naresh Goyal will always stand as a father figure for the legions of entrepreneurs to come.

FAQs

Why did Jet Airways fail?

One of the main reasons that led to the downfall of Jet Airways is the rising debts that ensnared the company and its operations. The Chairman’s management style was also opposed by many, which, therefore, was also another reason.

Who took over Jet Airways?

Jet Airways went into bankruptcy in June 2019 after it failed to repay its mounting debt of $1.2 billion. Airlines like Vistara acquired 16 aircraft from the fleet of temporarily shut Jet Airways. Jet Airways is currently all set to resume its operations soon, as of May 2022.

Who is the new owner of Jet Airways?

Murari Lal Jalan and Kalrock Capital are the new owners of Jet Airways.

Who is the CEO of Jet Airways?

Sanjiv Kapoor has been named the CEO of Jet Airways.

May 9, 2022

The Current Insights and Challenges Faced by OYO Rooms

Back in 2013, a college dropout spotted the untouched opportunity in organizing India’s budget hotels while travelling through the country. His startup has reached up to 3.5x growth in revenue when it was valued at 10 Billion dollars in October 2019.

It’s easy to guess that OYO Rooms, a thriving venture by a young entrepreneur Ritesh Agarwal, is being spoken about.

The funding marks OYO’s presence as India’s most successful unicorn. OYO has successfully raised a whopping $4.1B, as of August 20, 2021. The company has marked its footprints beyond India—in China, Malaysia, Nepal, and the UK. Here’s an insight into Oyo Rooms subsidiaries, growth and the challenges faced by Oyo.

Oyo Rooms – Latest News
Oyo Rooms – Growth, Expansion and Valuation
Oyo Rooms Subsidiaries
Oyo Rooms – Funding
Challenges Faced by Oyo Rooms

Oyo Rooms – Growth, Expansion and Valuation

In 2012, Ritesh Agarwal launched Oravel Stays to enable the listing and booking of budget accommodations. After months of research and experiencing various bed and breakfast homes, guest houses, and small hotels across India, he pivoted Oravel to OYO in May 2013.

OYO partners with hotels to offer world-class guest experiences across cities. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant worth $100,000 as part of the Thiel Fellowship from Peter Thiel, which greatly contributed to shaping his startup.

OYO Rooms currently houses 17,000 employees globally, of which approximately 8000 are in India and South Asia. OYO Hotels & Homes is now recognized as a full-fledged hotel chain that leases and franchises assets.

Over a span of six years, the startup expanded globally with thousands of hotels, vacation homes, and millions of rooms in hundreds of cities in India, Malaysia, UAE, Nepal, Brazil, Mexico, UK, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, the United States and more. It is even valued higher than the renowned Taj group of hotels and Oberoi hotel chain.

As per the DRHP filed by the company recently, the total income of OYO, which stood at Rs 13,413.26 crore in the previous FY20 fell by nearly 70% in FY21, standing currently at Rs 4,157.38 crore. All of these can be pointed out as the adverse effects of the pandemic, which restricted the Indians largely to their homes. However, it is important here to note that the company saw a massive 70% contraction in losses though.

The losses of Oyo became as less as Rs 3,943.8 crore in FY21 when compared to the loss of Rs 13,122.77 crore in FY20. This is due to the reason of the huge fall in the expenses of the company, which was recorded at Rs 22,800.12 crore in FY20 and came down to Rs 6,936.07 crore. The company’s expenses on employee benefits also drastically declined by 63% to Rs 1,742.12 crore in FY21, from Rs 4,765.28 crore in FY20 because of numerous layoffs.

The business that undoubtedly bore a considerable amount of the brunt of the pandemic is looking to rise again after the lockdown relaxation this year 2021. Oyo took its first step towards growth by raising funding from the American software giant, Microsoft, as part of strategic investment.

Along with Microsoft, Oyo has a set of other strategic investors, which includes Chinese ride aggregators Didi Chuxing; South-East Asian ride-hailing giant, Grab and Airbnb, American online marketplace for lodging, tourism, and homestays.

The total valuation of OYO is $9.6 Bn, as of August 20, 2021, after the company raised $5 Mn from Microsoft.

Oyo Rooms Subsidiaries

Oyo Rooms have acquired 8 companies to date. Denmark-based data science firm, Danamica was the last company that was acquired by OYO on September 2, 2019, at $10M, after which Oyo acquired Direct Booker on May 9, 2022. The Croatia-based hospitality service provider has more than 3200 homes with it and has serviced 2 mn+ customers so far. The acquisition of the Nikola Grubelic and Nino Dubretic-founded company is expected to strengthen Oyo’s presence in Europe, especially in Croatia.

Acquired	Date	Amount
Direct Booker	May 9, 2022	–
Danamica	Sep 2, 2019	$10M
Leisure Group	May 1, 2019	$415M
Qianyu Islands	March 26, 2019	–
Innov8 Coworking	March 15, 2019	$30M
Weddingz	Aug 13, 2018	–
AblePlus Solutions Pvt. Ltd.	July 10, 2018	–
Novascotia Boutique Homes	March 18, 2018	–

Oyo Rooms – Funding

Oyo has raised a funding of $3.1B in total, as of January 13, 2022. The company raised $29.72Mn in funding on January 13, 2022. Oyo previously raised an undisclosed debt financing round on December 16, 2021. The Ritesh Agarwal-led company raised its Series F round worth $5Mn on 20th August 2021, which was led by Microsoft. The company has seen 22 funding rounds to date.

Softbank Group, Lightspeed Venture partners, Airbnb, Sequoia India, Microsoft, Chinese Didi Chuxing, Garb, and more make up the lead investors’ panel for OYO.

Date	Stage	Amount	Lead Investors
January 13, 2022	Secondary Market	$29.72M	Qatar Insurance Company
August 20, 2021	Corporate Round	$5M	Microsoft
July 29, 2021	Corporate Round	–	Microsoft
July 16, 2021	Debt Financing	$660M	–
March 11, 2021	Debt Financing	$200M	Softbank Vision Fund
Jan 6, 2021	Series F	$7M	Hindustan Media Venture
Dec 10, 2019	Series F	$1.5B	Ritesh Agarwal, Softbank
Nov 30, 2019	Debt Financing	$6.73M	MyPreferred Transformation
April 1, 2019	Series E	$75M	Airbnb
Feb 14, 2019	Series E	$100M	Didi
Dec 7, 2018	Series E	$100M	Grab
Sep 25, 2018	Series E	$1B	Softbank Vision Fund

Oyo is currently eyeing an IPO soon for which the company is likely to file its Draft Red Herring Prospectus (DRHP) within the next 10 days, according to the reports dated September 23, 2021. The company is looking forward to raising around $1 Bn through its IPO round, which will consist of an offer for selling shares from the existing shareholders along with some fresh issues of shares.

Oyo has shortlisted 3 investment banks – JP Morgan, Kotak Mahindra Capital, and Citi eyeing its IPO that is to be worth over $1 billion, as per the last reports on August 9, 2021. The hotel and hospitality industry was among the most affected industries due to the strike of the Covid19 pandemic.

Now that the world is unwinding, this industry has the potential of witnessing a record recovery. This is also the reason why the software giant, Microsoft is planning to invest in this sector, and Oyo will not lose out on this opportunity of receiving the much-needed funds from Microsoft, which is why it is gearing up towards an IPO.

Furthermore, OYO has allegedly decided to proceed with a domestic IPO, however, they would also keep other options open.

Oyo has filed its Draft Red Herring Prospectus (DRHP) along with the details of its upcoming IPO round on October 1, 2021. The hospitality giant is looking to raise around Rs 8430 crores, which will be consisting of an offer for sale (OFS) of Rs 1,430 crores and a fresh issue worth 7,000 crores. SoftBank Vision Fund will offload shares worth Rs 1,328.5 crores and shall be standing as the biggest beneficiary of the OFS whereas, Global Ivy Ventures and China Lodging Holdings will be selling Rs 23.13 crores and Rs 51.62 crores worth of stakes respectively.

Oyo might raise close to Rs 1,400 crores with the help of a private placement in a pre-IPO round before the listing. This might reduce the size of its IPO to Rs 7,030 crores.

The upcoming IPO of OYO is on the back foot. This is because the Federation of Hotel & Restaurant Associations of India (FHRAI) the regulatory body of the hotels, has written to SEBI, charging the company over alleged fraudulent and unfair business practices, as reported on October 26, 2021.

Oyo was earlier charged by FHRAI for the ‘anti-competitive’ measures that the company has embraced, with the Competition Commission of India (CCI). Furthermore, FHRAI also noted that an investigation by the anti-trust body is still pending and in its advanced stages. Besides, the company has also significantly failed to disclose the information.

According to the hotel’s regulatory body, Oravel did not make a fair disclosure on the nature and consequence of the CCI-directed investigation and in turn, “has tried to confound investors by conflating irrelevant issues relating to the interim reliefs sought by RubTub Solutions Private Limited (Treebo) and Casa2Stays Private Limited (FabHotels)”

All these are reasons enough that the IPO of Ritesh Agarwal-led Oravel Stays will more likely be rejected because no past incidents where a company was under the CCI probe have been allowed to go ahead with the IPO.

Challenges Faced by Oyo Rooms

Despite the shiny, successful exterior, OYO’s reputation has been dubious soon after its founding. OYO’s work culture raises questions about the proficiency of its business, according to financial filings, court documents and interviews with 20 current and former employees along with the others familiar with the startup’s operations.

Unethical growth strategies

OYO offers rooms from unavailable hotels, those that have halted its service, according to the company’s chief executive and nine of the current and former employees. This boosts the number of rooms listed on OYO’s site.

Thousands of rooms are from unlicensed hotels and guesthouses, its executives have acknowledged.

To save the trouble from the authorities over the illegal rooms, OYO sometimes provides free stays to the police and other officials, according to nine of the current and former employees and internal WhatsApp messages, as viewed by The New York Times.”

Having a huge base of unmarried couples, a scheme involved workers at properties run directly by OYO conspiring to keep the guests checked in after they left. The workers then cleaned and resold the rooms for cash to other guests and nabbed the money, says an ex-worker.

Complaint of unpaid dues

OYO charges extra on hotels while refusing to pay the amounts to the hotels, which they claimed they were owed, according to the interviews with several hotel owners and employees, legal complaints, and emails viewed by The New York Times. Some hotel operators have filed criminal complaints against OYO, which said it retained payments. Aditya Ghosh, OYO’s head of India operations, dismissed the argument as “noise,” he said, “the disagreement is about the penalties we charge on customer service failure”.

Protests by hotel owners

Independent protests by small-scale hotel owners are surfacing up in mid-tier towns like Pune, Kota, Manali, Ahmedabad and Jaipur as well as Delhi and Bengaluru. They claim that OYO has been eluding them of their promised returns and minimum guarantees by imposing a ream of charges, often without informing them. Many of these charges are not specified in the contract between the owner and OYO.

The protestors state that OYO’s accounting and auditing process, and the penalties associated with petty faults and errors, are so heavy that they sometimes find themselves owing money to OYO at the end of the month.

Covid-19 Impact

Almost every business suffered a lot due to Covid-19, OYO was not any different. The hospitality business suffered a lot, and the occupancy rates of the hotels slow down due to all the lockdown curbs imposed by the Government. Even after the lockdown was over, people were being cautious and were avoiding travelling, so naturally, the occupancy rates were not increasing.All the restrictions created a negative impact on the revenues of the business

Conclusion

Despite the hurdles, OYO has broadened its horizons beyond the bounds of India as well as just hotels. “Anyone who’s tried to innovate and attempted creating large organizations has faced bad press; Mark Zuckerberg, Steve Jobs, Elon Musk, Bill Gates—so I think he’s in the regal company,” said Ankur Nigam, a partner at KPMG. “I don’t think it’s fair to judge whether he’s a good leader. What’s visible is that he’s managed to build a $5 billion company and nothing succeeds like success”.

Oyo happened to be one of India’s most gifted startups. It witnessed its valuation jump to $10 billion in 2019. Additionally, Ritesh Agarwal also had in his hand 30% of the profits. However, belonging to the hotel and hospitality industry, Oyo also happened to bear the brunt of the coronavirus pandemic. This is the sole reason why it saw a drop in its valuation in 2020.

The unicorn startup was valued at $8B by the Hurun Global Unicorn Report 2020. After the last funding round led by the software giant, Microsoft, Oyo’s valuation jumped $9.6 Bn, as reported on August 20, 2021. Oyo has bigger plans upcoming that the company feels too early to disclose.

It’s one thing to think of business tactics, and another to be morally wrong. OYO should realize the fact that integrity is what makes the pillars strong in the long run. If it loses its ethics in the first few successful years, it’s impossible that the company would ever be remembered for any good.

Diversification of its humble beginnings as a budget hotel chain, Oravel Stays—the entity that owns and operates the OYO brand clearly aims for the sky and has accomplished triumph in the last five years to mark its eminence.

FAQs

What is the problem with Oyo?

Oyo rooms is facing challenges like protests from hotel owners, Complaints of unpaid dues and unethical growth strategies.

Is Oyo losing money?

Although Oyo has managed to narrow its losses from ₹12,799 crores in 2020 to ₹3,929 crores in 2021. The revenue of the company has plunged rapidly during the Covid-19 pandemic.

Who are Oyo’s competitors?

OYO Rooms’s top competitors are MakeMyTrip, ClearTrip, Yatra, Treebo and Fabhotels.

May 9, 2022

Blog

What is the Average Order Value?

1. Increase Free-Shipping Threshold

2. Cross-Sell

3. Upsell

4. Create a Combo/ Bundle offers

5. Offer Discounts on Bulk Orders

6. Loyalty Programme

7. Personalized Experience

8. Time-Sensitive Offers

9. Add Social Proof

10. Free Gift

11. Incentivize First Purchase

12. Build Trust and Authority

13. Flexible Return Policy

14. Coupons (Product Discounts)

15. Downsell Add-ons

3 Bonus Tips to Increase Average Order Value

Conclusion

FAQs

How do you increase the average value of a basket?

How is the average order value calculated?

How can I increase my eCommerce AOV?

What is Marketing Gamification?

How Can Marketing Gamification Help You Increase Sales?

Tips to Increase Sales Using Marketing Gamification

5 Best Practices for Implementing Gamification

Brands that Use Gamification in Marketing

Conclusion

FAQs

How does gamification help marketing?

Is gamification a marketing tool?

Does Starbucks use gamification?

What prominent companies use gamification techniques?

Things to Know Before Hiring a Lead Generation Agency

Define Your Lead Generation Goals

Do Your Research

Set a Budget

Ask for Referrals

Check Out Their Portfolio

Read Online Reviews

Ask About Their Process

Inquire About Pricing

Get a Contract in Writing

Reasons to Hire a Lead Generation Agency

Conclusion

FAQs

What does a lead generation agency do?

Is hiring a lead generation agency worth it?

Which are some prominent lead generation companies in India?

What is the difference between lead generation and digital marketing?

Why Techpreneur Is the New Breed of Entrepreneurship?

Basic Techpreneural Skills

Full Tech Stack Knowledge

Web Development

Industry-Specific Technologies

Tips to Become a Successful Techpreneur

Persistence

Tech Savvy

Intuitive

Belief

Communication

Resilience with Flexibility

The Right Team

Quality

Conclusion

FAQs

Who is a techpreneur?

What are the skills needed to become a technopreneur?

Who is the No.1 entrepreneur in India?

History of Gucci

Interesting Facts about Gucci

How is Gucci Performing Today?

FAQs

Why its Products are so Expensive?

Who is the founder of Gucci brand?

What is Gucci’s first name?

What is Gucci famous for?

When was Gucci founded?

What is Gucci’s marketing strategy?