StartupTalky

Tag: consumer behaviour

  • Role of Women in Shaping Consumer Trends

    This article has been contributed by Ms. Waseka Syeda, Brand Manager, RedoQ. 

    As March 8th, globally celebrated as Women’s Day, approaches, it is important to recognise the role women play in shaping consumer trends. Globally, they make up a significant portion of the consumer base, yet their needs are often overlooked in business strategies and product development. Despite their growing economic influence, many brands fail to fully understand their preferences, leading to a disconnect between supply and demand. However, recent shifts in market dynamics have spurred the rise of women-led businesses that prioritise female consumers. These companies recognise the importance of catering to real needs rather than perceived ones, setting a new standard for market engagement. 

    Understanding the Demography and its Issues

    Women make up half the population of the globe. Yet, when surveys are conducted on their consumption habits and inclinations, a large percentage complain that brands do not really understand them or their requirements. The issue becomes glaringly obvious once we look at the executive makeup of such companies. While a lot of the mid-level managers are women, their presence drastically drops as we go higher up, which essentially means that major decisions and strategies are made with very little to no input from women.

    The good news is that this scarcity has caused a push in the right direction over the last decade with more women-led businesses cropping up. These enterprises are operating with the philosophy of “By the women, for the women.” For example, two Indian brands, namely Bliss Club and Fair and Equal (FAE) Beauty, have taken over the market with their premium quality products tailored to fit women’s needs. Most women have struggled with the lack of proper pockets in their clothing. Bliss Club understood this struggle, and founder Minu Margaret offered leggings and activewear with functional pockets in different sizes. Similarly, FAE Beauty has focussed on inclusivity as they are creating cosmetics suited for the Indian skin tone.

    These companies are aligned and attuned to understanding women’s requirements and their values. Understanding the driving force behind women’s purchasing decisions helps in building a blueprint for marketing strategy. This includes women’s consumption and expenditure habits, which are often influenced by factors such as quality or social responsibilities. For example, most women prefer high-quality items when it comes to kitchenware. Furthermore, with more social consciousness, women prefer to support companies that practice ethical ways of manufacturing, such as fair wages and sustainability.

    Contrary to popular belief, women tend to be cautious consumers compared to the other half of the population. According to the Lifestyles Survey of the Euromonitor International Voice of the Consumer conducted in 2023, 46.3% of females look at deals before making a purchase and go for value for money products. Reportedly, women have a lesser percentage of debt and a higher percentage of savings. They also tend to be the larger spenders on a daily basis, and actively contribute towards the majority of the household purchasing decisions. Therefore, sales and marketing gimmicks for upselling everyday items, such as soaps and razors, by packaging them in women-specific labels and imposing the Pink Tax do not justify the unnecessary financial burden it causes, especially when women are already struggling with a wage gap at the workplace.

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    Industry Booms

    In 2009, Johnson & Johnson spent twice the industry standard average (~4%) of their budget on Consumer Research & Development. This gave the company a unique edge over its competitors as it had a data-backed understanding of its female customers. The insight from the research benefitted them greatly. For example, they launched a line of baby products to aid sleeping babies. The product line was created based on the data acquired from a clinical study conducted with a paediatric sleep expert at the Children’s Hospital of Philadelphia. This established a precedence for the fulfilment of women’s requirements instead of tokenism, and for the first time, discovered the untapped potential of female consumers.

    This situation highlights a basic economics lesson: where there’s demand, supply follows. The issue isn’t a lack of products for women, but that the market is saturated with products aimed at fulfilling assumed requirements of women. A very small set of industries caters to women’s true needs today. These include the Beauty, Fitness, Apparel, and Healthcare industries. These industries have identified the requirements over the years, and developed and implemented curated strategies that align with women’s needs. As a result, these industries contributed around $6.3 trillion towards the global GDP in 2023. 

    However, this consciousness of companies catering to females is not limited to merely industries of Beauty, Fitness, Apparel, and Healthcare. As more women gain financial independence and experience freedom of purchase, other sectors like Tech and services are going to see dedicated product developments for women. 

    The Future is Female

    Understanding women’s consumption patterns and financial behaviour is essential for brands aiming to build lasting connections and drive sustainable growth. It is important that companies and brands stay in sync and updated with female consumer trends to meet their demands with real-time solutions and supply. This way, brands can form a loyal and lasting consumer base with women and become the key to sustained market growth.

    Understanding Consumer Behavior: The Data-Driven Marketing
    Discover how understanding consumer behavior can shape strategies and predict customer needs. Explore key data collection practices for impactful marketing.
    StartupTalkyVarun Bhardwaj

  • Understanding Consumer Behavior: Data-Driven Marketing for Startups

    This article has been contributed by Vitasta Kaul, Chief Marketing Officer of Hoopr.ai.

    In today’s competitive marketplace, startups face a significant challenge: how to effectively market to a dynamic and ever-evolving consumer base. For early-stage companies, it is crucial to understand consumer behavior to drive growth, build brand loyalty, and maintain a competitive edge. Startups that fail to adopt a data-driven marketing approach often struggle to connect with their audience, making it difficult to scale.

    To truly capitalize on opportunities, startups must move beyond assumptions and embrace data-driven strategies. Consumer behavior encompasses the study of how individuals make decisions regarding the purchase, use, and disposal of goods and services. For startups, understanding these behaviors can inform every stage of product development and marketing strategy.

    A startup’s limited resources make it critical to hit the mark early, and data can ensure that you’re targeting the right demographic, with the right message, at the right time. Recognizing patterns in consumer behavior helps shape marketing efforts, turning reactive strategies into proactive ones that predict consumer needs before they arise.

    One of the biggest challenges for startups is knowing what data to collect and how to use it effectively. In the early stages, the focus should be on gathering key consumer insights that will influence your marketing strategies, including demographic data, purchasing patterns, online behavior, and feedback.

    Demographic Data:

    Knowing who your customers are — age, gender, location, occupation, and education level — is fundamental. Demographic data allows you to segment your audience and personalize your marketing approach.

    Purchasing Patterns:

    How often does a consumer buy your product? What influences their purchasing decisions? Understanding this behavior allows startups to optimize their pricing, promotional offers, and inventory management.

    Online Behavior:

    Monitoring how consumers interact with your website, app, or social media channels can provide valuable insight into their needs and preferences. Data such as click-through rates, time spent on pages, and engagement metrics help you refine your online presence to align with consumer expectations.

    Feedback and Reviews:

    Collecting qualitative data through customer reviews, surveys, and direct feedback enables startups to understand consumer satisfaction and identify areas for improvement.

    Leveraging Data to Create a Consumer-Centric Strategy

    Startups need to transform raw data into actionable insights to ensure their marketing strategies align with consumer expectations. Here’s how data can be used to develop a more consumer-centric approach:

    Personalization:

    Consumers today expect personalized experiences. By leveraging data, startups can segment their audience into niche groups and deliver customized content that resonates with specific consumer segments. For example, email campaigns that address customers by name, offer product suggestions based on past purchases, or provide location-based offers are far more likely to drive engagement.

    Predictive Analytics:

    Predictive analytics tools allow startups to anticipate future consumer behavior based on historical data. This technology helps forecast trends, customer preferences, and potential market shifts, providing a significant advantage in making data-backed decisions for product development, promotions, and advertising campaigns.

    Customer Journey Mapping:

    Understanding the consumer’s path to purchase, from awareness to post-purchase, can help startups identify key touchpoints where they can influence decision-making. Data-driven insights allow companies to optimize each stage of the customer journey, ensuring that interactions are seamless, intuitive, and lead to higher conversions.

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    While the benefits of data-driven marketing are clear, startups may encounter several challenges when implementing it. Here are a few common hurdles and solutions:

    Data Overload:

    Startups can be overwhelmed by the sheer volume of data available. The key is to focus on quality over quantity, filtering out irrelevant information and concentrating on the metrics that directly impact your marketing objectives.

    Interpreting Data Correctly:

    Data alone doesn’t provide answers; it must be properly interpreted to derive actionable insights. Many startups fall into the trap of misinterpreting data, leading to misguided strategies. Investing in analytics tools or hiring experts in data analysis is critical to avoid missteps.

    Privacy Concerns:

    Consumers are becoming increasingly protective of their data, especially in a post-GDPR world. Startups must ensure they are transparent in how they collect, store, and use data, maintaining customer trust and compliance with legal regulations.

    Data-Driven Tools for Startups

    Incorporating the right tools can make or break a data-driven marketing strategy. For startups, investing in the following technologies can streamline data collection and analysis:

    Customer Relationship Management (CRM) Systems:

    CRMs provide a centralized platform to manage customer interactions, track behavior, and automate marketing efforts. Tools like Salesforce, HubSpot, and Zoho CRM are particularly useful for startups looking to scale.

    Social Media Analytics Tools:

    Platforms such as Hootsuite, Sprout Social, and Buffer allow startups to monitor engagement on social media channels, giving valuable insights into what content resonates with their audience.

    Web Analytics:

    Google Analytics and similar tools help startups track website traffic, understand how users interact with their online presence, and optimize their digital marketing efforts.

    Marketing Automation Platforms:

    Tools like Marketo and Mailchimp enable startups to streamline their marketing processes, sending personalized messages and automating lead nurturing campaigns based on customer data.

    The Role of Agility in Data-Driven Marketing

    The startup environment is characterized by its rapid pace and constant evolution. Therefore, one of the key advantages of data-driven marketing is its ability to support agility. Startups that use data effectively can quickly pivot their strategies based on real-time insights, enabling them to respond to market changes, consumer behavior shifts, and emerging trends.

    For instance, if a new product isn’t performing as expected, data can help pinpoint whether the issue lies in the product itself, the messaging, or the target audience. This allows startups to make adjustments in real time, without wasting valuable resources on trial-and-error marketing approaches.

    Concluding Thought:

    Understanding consumer behavior is a cornerstone of effective marketing, particularly for startups that need to make every dollar count. By adopting a data-driven approach, startups can refine their strategies, anticipate customer needs, and deliver personalized experiences that resonate with their target audience. While the process may seem daunting, with the right tools, focus, and agility, startups can harness the power of data to drive sustainable growth and build lasting customer relationships. In today’s marketplace, it’s no longer enough to rely on intuition. Data-driven marketing provides the roadmap for startups to understand consumer behavior, predict future trends, and ultimately, create campaigns that succeed in a fast-changing world.

    Trends in Consumer Behavior Analysis in 2024
    Explore the top consumer behaviour trends of 2024. Understanding and analyzing these trends and shifts is crucial for effective marketing strategies.
    StartupTalkyVarun Bhardwaj

  • The Rise of Minimalism in Consumer Behavior

    This article has been contributed by Sajju Jain, Board Member, Entrepreneur, Harvard Alum.

    Do you like to buy fewer but higher quality things? You don’t buy new things unless they’re absolutely necessary? Do you like to repair something instead of purchasing new ones? You might be a minimalist. 

    Minimalism started in the arts as a style or technique in music, literature, or design that focused on extreme spareness and simplicity. It then evolved into a lifestyle focused on intentional living with fewer possessions, focusing only on those that you need. Today, over 20 million people worldwide embrace a minimalist lifestyle.

    While contemporary Indian culture often equates success with material accumulation, many in our younger generations are embracing a more mindful approach to consumption. They place greater importance on sustainability, mental well-being, and experiences over goods. What was once a niche concept is now gaining traction, particularly among young professionals and startup enthusiasts.

    Climate Concerns

    Minimalists see climate challenges, including increasing pollution, waste generation, and disposal, as a factor in their choice of lifestyle. They see sustainable living as a way to reduce their environmental impact. Minimalism emphasises buying less and focuses on quality, a thought process that aligns well with the growing environmental consciousness in India. 

    Government initiatives like Swachh Bharat Abhiyan (SBA), the National Clean Air Programme (NCAP), and the National Action Plan on Climate Change (NAPCC) have helped raise awareness of climate change throughout the population creating a fertile ground for minimalist philosophy. Young people looking for solutions find the minimalist mindset attractive as it supports both reduced consumption and waste.

    Globally, 37% of consumers are motivated by sustainability considerations when adopting minimalist principles, and this trend is increasingly reflected in India as well. This has led to the emergence of eco-friendly startups like No Nasties, a sustainable fashion brand that is committed to concepts like zero waste, recycling, and upcycling. These brands see a growing number of Indian minimalists who want to be environmentally conscious in their consumption, thereby reducing their carbon footprints and also promoting a more thoughtful approach to consumption.

    Preference for Experiences

    Another trend influencing the rise of minimalism in India is a preference for experiences over material possessions. The Covid-19 pandemic and the rise of the gig economy have both contributed in a major way to a shift in people’s mindsets. More and more people are increasingly spending their money on travel, dining, and entertainment experiences instead of purchasing assets and possessions.

    Platforms like Airbnb further enable this shift by offering access to a wide variety of affordable travel experiences, providing consumers with easier paths to creating lifelong memories. A study of 2,635 adults by three universities based in the US found that “happiness was higher for participants who consumed experiential purchases versus material ones in every category, regardless of the cost of the item.”

    Cost and Availability of Solutions

    The growing popularity of minimalist solutions like capsule wardrobes and multifunctional products has also helped make the transition from a consumption-centric lifestyle to a minimalist lifestyle easier.

    Startups like Little Black Book or LBB (acquired by Nykaa in 2022) are curating minimalist collections from local artisans and smaller brands while actively promoting the philosophy through blog posts by major influencers. Given that 90% of those who purchase online in a recent survey have bought at least one product because it was endorsed by an influencer they trusted, the importance of these blog posts cannot be underestimated. 

    In urban centers like Mumbai, Delhi, and Bangalore, as land prices have risen, small and compact apartments have become common. This led to functional and minimalist furniture becoming a practical necessity. However, the elegance of their designs has attracted the affluent as well, and this further helps spread the concepts of minimalism across additional layers of society.

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    Digital Minimalism

    Any discussion on minimalism would be incomplete without talking about digital minimalism. With over 650 million smartphone users, India is the second largest user base of this technology in the world. It’s also increasingly experiencing digital fatigue. Constant connectivity, social media platforms, and the rise of e-commerce have resulted in a growing sense of digital overload. Many Indian consumers are now seeking ways to disconnect. This has given rise to digital minimalism, which involves reducing time spent online, unsubscribing from unnecessary apps, and curating a more focused digital space.

    Startups like Minimalist Phone from Germany are leading this change by helping individuals and businesses embrace simplicity and purpose in their digital communication. It’s a philosophy that is resonating with a growing number of Indian consumers as well who are looking to reclaim their time and attention spans in an increasingly digital world. Moreover, apps like Headspace and Simple Habit, are helping promote mindfulness and mental well-being and are becoming more popular as consumers seek to reduce their digital clutter and enhance their quality of life. 

    Minimalist Business Models in India

    As the minimalist culture continues to grow, Indian startups are also adapting their business models to align with this change in consumer behaviour. From eco-friendly packaging to sustainable products, entrepreneurs are finding new ways to cater to the demand for intentional living. Beco, a startup offering eco-friendly household products, has built its brand around minimal packaging and sustainability, appealing to consumers looking to reduce their environmental impact.

    LBB and Beco are just a few of a growing list of startups that have been able to raise millions of dollars of funding by tapping into the growing community of minimalists. 

    Uniquely Indian Minimalism

    Despite the growth of minimalism, India’s unique cultural and economic context does pose some unique challenges. One of the challenges is balancing India’s traditional affinity for ornamentation with minimalist ideals. Indian culture has long celebrated intricate designs and elaborate decor, which can clash with the minimalist aesthetic. 

    However, there is a growing movement toward integrating minimalist principles with Indian aesthetics, creating a unique blend of simplicity and tradition. This is primarily seen in architecture, where more homes are being designed using a combination of traditional elements and minimalist principles.

    Conclusion

    The rise of minimalism in India, the land of yoga and mindfulness, feels like a coming-to-home moment, an important milestone on how consumers approach their buying habits. For startups and businesses, this shift presents a unique opportunity. By aligning with the values of intentional living, sustainability, and mindful consumption, Indian entrepreneurs can cater to a growing audience that is looking for products and services that enhance the quality of their lives without damaging the environment. In a world that often feels chaotic and cluttered, minimalism offers a path to simplicity, clarity, and fulfilment – values that naturally resonate in India as well.

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  • Trends in Consumer Behavior Analysis

    This article has been contributed by Anubhav Pandey, Chief Strategy Officer, Consortium Gifts

    Consumer behavior is all about the steps people take when deciding to buy and use a product or service. Thus, with the development of society, emergence of different cultures, economies grow, the nature of these decisions also transforms. Today consumers are driven by factors such as better lives, improved technology and a connected world. Understand and analyse these trends and shifts are very crucial for an effective marketing strategy.  Let’s take a look at some current trends that are impacting how consumers make decisions:

    Artificial Intelligence and Machine Learning

    AI and ML are slowly revolutionizing how corporate entities within the market analyze and forecast consumers’ behavior. This lack of focus on the details of purchasing decisions causes a shortfall when compared with traditional survey techniques, which may give less clear, less accurate, pictures of consumer behaviour. Whereas, AI and ML can present a better and accurate picture of the direction consumers are heading. It is possible to forecast follow up purchases the customer is likely to make, the frequency of such purchases, and even when the customer is likely to leave your website’s shopping cart. For example, the case of Netflix. Its recommendation system is based on a machine learning algorithm that suggests what kind of show or movie you might like to watch next. 

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    Digital Convenience

    Today’s consumer expects a convenient shopping experience facilitated by the increased cases of e-commerce. Amazon and Zomato are some of the modern platforms that have changed the approach to presenting products for sale and availability of products, where options like one-click purchase and ‘fifteen minutes delivery’ exist. These innovations have set standards of operations for consumers in different industries hence becoming the benchmark for businesses to follow.

    Social Media Analytics

    If we take India into consideration where there are over 800 million internet users, social media plays a strategic role for analysis of consumers. Social media analytics can be used to monitor customers’ attitude towards a particular brand, the general trends in the market, and even the sentiment of the public. Social media pioneers like Instagram and YouTube have tremendous influence over the buying behavior particularly among the youths. Research found that 63 per cent of Gen Z believe in Influencer marketing more than the typical brand commercials. It has further led to increase in influencer marketing since brands have allocated huge budgets for collaboration with social media influencers. Furthermore, SMM facilitates the analysis of social media sites and help business to market their products in the right way to the right audience.

    Personalisation

    Although personalisation was once an experimental concept, it has become mandatory in today’s marketing environment. The audience now wants specific experiences provided by brands that are unique to the individual. Often, through considering the user’s preferences, the companies that apply personalisation keep the attention of users longer, for instance, Netflix offers shows advisors, as well as Spotify offers users’ special compilations of tracks.

    Machine learning based applications observe people’s behavior, thereby defining unique and passionate experiences. Such specificity of the approach is not only designed to improve the customer experience but also to compel him or her to return for the next consumption occasion. One can conclude that the more a brand focuses on personalization, the better it is for the brand’s relationship with its audience.

    Data-driven Insights

    Consumer behavior analysis has been revolutionised through data proliferation. A McKinsey study revealed that companies leveraging advanced analytics have seen a 20 per cent increase in customer satisfaction and a 15 per cent boost in revenue. Through text mining method unstructured data such as social media posts and customer reviews can be analysed to extract insights. It helps addressing the common pain points and has a scope of improving customer satisfaction by 25 per cent. There is also natural language processing or NLP which enables computers to understand and interpret human language, facilitating sentiment analysis and customer feedback analysis. Examining data points collected over a series of time is a great way to identify patterns and trends.

    Social Proof

    Word of Mouth influence through social media is rising to be a significant power that drives the consumers. Endorsements from fellow consumers especially within the social media platforms play a big role towards the sell of a product. On the other hand, negative comment may discourage the potential customers.

    Data Visualisation and Storytelling

    Data visualisation is an essential tool for understanding consumer behaviour. Interactive dashboards and infographics make complex data easy to digest, allowing businesses to spot trends and adjust strategies quickly. Real-time insights help companies stay agile, responding to market shifts as they happen. By presenting data in a visually appealing and accessible way, businesses can make more informed decisions. Data visualisation also enables companies to communicate insights across teams, driving collaboration and encouraging data-driven decision-making at all levels.

    Neuromarketing and Biometrics

    These are one of the most advanced form of tools. These methods include electroencephalography to measure brain activity to understand emotional responses and cognitive processes to identify most effective advertising stimuli and assess brand perception. The eye-movements can also be tracked and analyse to decode the areas of interest and attention. It is also helpful in revealing which elements of a website or ad are most engaging and inform design decisions. Marketers also use galvanic skin response as a strategy to measure physiological changes, such as sweating, to assess emotional arousal. It gives insights to emotional impact of marketing campaigns and identify products that evoke strong emotional responses.

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    Consumer Journey Mapping and Analytics

    Identifying all interactions between a customer and a brand is crucial. A previous Bain & Company study established that companies that mapped their customer journeys have witessed a 25 per cent increase in customer satisfaction as it can identify pain points, optimize experiences, and increase loyalty. Businesses now also perform a behavior flow analysis by studying  the sequence of customer actions and decisions to reveal the hidden patterns, identify bottlenecks, and inform marketing strategies. Another very useful tool in mapping consumer journey are heatmaps, which basically visualise customer engagement with websites and apps. The role of heatmaps in optimizing website design, improving user experience, and increasing conversions is crucial.

    Ethical Considerations and Data Privacy

    The post-cookie era is encouraging a new age of privacy-first marketing. While collecting consumer data is essential to analyse consumer behavior, it is also important to implement policies and procedures to ensure data quality, security, and compliance. We are at a stage where every business need to prioritise transparency, consent and ethical data practices to succeed and grow. Hence, consent in the king here. To increase transparency and trust, it is crucial to obtain customers’ clear consent for gathering and using their data. Data anonymisation and pseudonymisation are useful methods to avoid data leakage and safeguard customers’ private data. Privacy-preserving technologies like differential privacy and privacy-preserving measurement can be utilised to enable brands to measure campaign effectiveness and analyse user data without compromising individual privacy, ensuring that marketing efforts remain both effective and ethical.

    Conclusion: The Human Touch

    While technology plays a pivotal role in analysing consumer behaviour, maintaining a personal connection remains essential. Brands that combine data-driven strategies with genuine empathy and meaningful interactions can stand out in today’s crowded marketplace. Balancing innovation with a human touch is the key to building strong, lasting relationships with consumers. As technology continues to evolve, businesses must adapt while keeping the customer at the heart of everything they do.

  • E-Commerce Statistics and Facts You Need to Know in 2023

    Electronic Commerce, commonly known as E-Commerce, is defined as the buying and selling of goods or services on the Internet. The term embraces a wide variety of data, systems, and tools for online buyers and sellers which include mobile shopping as well as online payment encryption. In the year 2022, the global E-Commerce market size was USD 16.6 trillion which is expected to grow at a CAGR of 27.38% to reach a total size of USD 70.9 trillion by the year 2028.

    What is today’s reality, was pioneered by entrepreneur Michael Aldrich in the United Kingdom in the year 1979. He successfully connected a modified domestic television to a real-time multi-user transaction processing computer through a telephone line. It was this system that was commercially marketed and sold as business-to-business systems in UK, Ireland, and Spain.

    With the advent of the world wide web in the 90s, E-Commerce began to take shape and Book Stacks Unlimited, an online book store was created by Charles M. Stack in the year 1992. Then came the year 1995 and Amazon was officially launched, originally beginning its business operations as an online bookstore and the rest is history.

    Ever since then, E-Commerce has grown and expanded exponentially and is, even now, consistently growing. This behemoth has substantially impacted seller and buyer behavior. This article is a look at some statistics and facts about E-Commerce.

    Retail E-Commerce sales worldwide from 2014 to 2026
    Retail E-Commerce sales worldwide from 2014 to 2026

    E-Commerce Statistics & Facts
    Overall Impact of the Pandemic on the E-Commerce Industry
    Statistics Affecting E-Commerce Consumer Behaviour
    Statistics Affecting Mobile E-Commerce
    Statistics Affecting E-Commerce Marketing
    Statistics Affecting Social Media for E-Commerce

    E-Commerce Statistics & Facts

    Business, by its very nature, is organic. It is ever-changing and ever-evolving. E-Commerce is no different. It is impacted by the purchase behavior of global internet users, mobile shopping, E-Commerce marketing, and social media’s relation to online purchases.

    General E-Commerce facts to consider are –

    • Online global retail sales are projected to surpass USD 7 trillion by the year 2025
    • The cart abandonment average rate sits at 69.99%
    • 89% of E-Commerce companies are investing in personalization
    • Online sales through mobile commerce constitute more than 67.2% of all online sales
    • 54% of all consumers who follow businesses online want more video content
    • By the year 2025, sales from E-Commerce can reach 20.8% of all global retail sales to surpass USD 7 trillion
    • The year 2022 saw the electronics industry leading the online sales market generating a revenue of USD 988.4 billion. Other thriving industries in the E-Commerce retail space included furniture, toys and hobbies, personal and household care
    • China is the country that dominates the E-Commerce market share with over 80% of Chinese internet users buying from online stores

    While E-Commerce had been registering consistent growth since its advent, it is an indisputable fact that galloped its way to the forefront, especially during the pandemic. Hence, it is only fair to begin listing E-Commerce facts and statistics from this period.

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    Overall Impact of the Pandemic on the E-Commerce Industry

    Contrary to the reality of the physical world where everything stood still for a long time as the globe grappled with the terrible virus, the E-Commerce industry thrived and recorded exponential growth. This was the only way for buyers and sellers to connect and it was utilized immensely.

    • E-Commerce’s share of grocery retail grew from a mere 7% to 10% amidst the global lockdown
    • The online drug industry registered a 16% growth in revenue during the containment and lockdown period
    • All industries registered growth in their online business with food and personal care products recording the highest at more than 26%, toys, hobbies, and DIY at more than 21%, electronics, and media at more than 19%, furniture, and appliances at more an 17% and fashion at more than 14%
    • Small and medium B2B companies also registered a growth in their E-Commerce business revenue share
    • Overall, E-Commerce across the world registered an increase of approximately 19% in revenue in the pre and post-pandemic time during the year 2020
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    Statistics Affecting E-Commerce Consumer Behaviour

    E-commerce strategies of various businesses are centered around online shopping trends and evolving consumer behavior. The aim is to improve customer experience, thereby increasing sales. Prevailing E-Commerce facts and statistics are –

    • Approximately 70% of online shoppers abandon their carts midway and do not complete the process. This is related to the shopping experience – unexpected extra costs, account creation requirements, and/or a slow delivery process
    • Digital wallets have emerged as the dominant payment mode of all the global E-Commerce payment options available. It eases checkout processes and positively influences purchase decisions
    • More than 97% of online shoppers read and depend on online reviews before making the final purchase
    • Sustainability and environmental impact have emerged to be the chief concerns affecting more than 52% of global E-Commerce shoppers with the world dealing with 6.3 billion tons of plastic waste
    • Dominating global commerce sales, E-Commerce is the preferred shopping medium for almost 57% of customers due to its 24/7 availability, convenience, discount codes, health, safety, and speed
    • Consumer engagement on E-Commerce sites like live chat encourages sales with 38% of customers purchasing and more than 51% of customers showing an inclination for repeat purchases

    Statistics Affecting Mobile E-Commerce

    E-Commerce has evolved to fit on individual mobile screens with different E-Commerce business websites also building apps for higher customer engagement and a more personalized customer reach. Mobile E-Commerce also offers many opportunities for businesses to increase their brand awareness and result in sales.

    • Global mobile users are projected to reach 7.49 billion by 2025 accounting for 92% of the world population
    • Mobile E-Commerce has grown at a faster rate than general E-Commerce recording a growth rate of 29% and currently accounts for 67.2% of all E-Commerce transactions
    • The feature of voice shopping that is unique to mobile E-Commerce, contributes approximately USD 2 billion in consumer spending
    • Mobile users are increasingly using the QR payment method and it is estimated that by the year 2025, 29% of all mobile users will make payments using the QR code

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    Statistics Affecting E-Commerce Marketing

    The world of E-Commerce is highly competitive and changing continuously. Businesses must keep creating on-point marketing campaigns to remain relevant in such a business scenario.

    • A popular marketing strategy is loyalty programs that offer immediate rewards as it influences buying decisions
    • Personalization in the digital space is now commonplace and E-Commerce employs it robustly as the chances of repurchasing from customers increase by 78%
    • Video marketing is a highly influential tool in the marketing arsenal as 54% of consumers prefer to see video content from businesses of their choice
    • More than 70% of small businesses have a web presence increasing consumer awareness as well as reach
    • More than half of E-Commerce businesses (52%) are strong in providing a robust and seamless customer experience through omnichannel presence to increase brand visibility and increase customer loyalty

    Statistics Affecting Social Media for E-Commerce

    With the advent of the internet, social media grew and today forms an integral part of everyday lives. With the number of mobile users increasing every day, social media grows too and has now become one of the best online marketing channels. It is actively leveraged to increase sales.

    • The potential of a younger demographic customer pool is wider on social media apps like TikTok and Instagram and these apps have added new and improved features for E-Commerce functionality. Social commerce is estimated to generate USD 30.73 billion in E-Commerce sales by the end of 2023
    • 59% of the global population uses social media which is constantly growing with one report claiming that every second six new users join social media
    • The wealth of data available on social media sites about potential customers is invaluable for marketers as it helps them to be more competitive
    • Instagram has become the top social networking platform that keeps pace with the brands

    Conclusion

    Online shopping has grown to encompass the entire world within its grasp. Although a saturated space for E-Commerce businesses, this world is constantly evolving with the ever-changing consumer demographic. The statistics that hold true today for the E-Commerce world may also change. Hence, it is imperative for any business that is considering venturing into this space, to conduct due diligence as to the current trends that are steering E-Commerce.

    FAQs

    What is E-Commerce?

    Electronic Commerce, commonly known as E-Commerce, is defined as the buying and selling of goods or services on the Internet. The term embraces a wide variety of data, systems, and tools for online buyers and sellers which include mobile shopping as well as online payment encryption.

    How much are online global sales projected to grow by 2025?

    Online global retail sales are projected to surpass USD 7 trillion by the year 2025.

  • What Is Heatmap and How to Use It on Your Website?

    Whether you’re creating a new landing page, redesigning your website, or realigning your content to get better conversion rates, you need an optimization roadmap. Without having access to it, you’d just make random changes and see what’s working.

    While analytics hint at how your users interact, numbers don’t tell you everything about your website visitors.

    If you want to know the WHY and WHAT behind those interactions, you need to analyze website heatmaps for your site.

    In this article, we’ll explain what heatmaps are and how to use them for your website.

    What Is a Heatmap?
    Purpose of a Website Heatmap
    Types of Heatmap
    Ways to Use Heatmaps on Website Effectively

    What Is a Heatmap?

    A heatmap is a data visualization of how visitors engage and interact with different elements displayed on your website. It gives you a two-dimensional color-coded visual of how users interact and offers insights into user behavior.

    Heatmaps are an excellent method of converting user behavior data into a deep analysis of how the visitors engage with your website pages. It analyzes:

    • Scroll-through rate
    • Elements that gets clicked on
    • Elements that gets ignored
    • Elements that gets read

    This information will help you identify how the layout and UX design impact a user’s actions and how to improve or optimize them.

    Purpose of a Website Heatmap

    Say, as a DTC website owner, your website attracts a thousand visitors per day, with about 50 customers buying your products. For the marketing strategist, in order to understand why the remaining 950 visitors didn’t convert, they need to analyze the reasons that led the customer to bounce off the website.

    These reasons can be difficulty in navigating through the website, vague product descriptions, not being able to sign up quickly, etc. But, in order to pinpoint a reason, you need access to an efficient analytics tool like website heatmaps.

    The main purpose of heatmaps is the quantitative representation of website users’ clicks, scrolling patterns, mouse movements, the spot of physical eye glaze and its duration, and more.

    A heatmap also helps identify the demographics of your visitors. This way, you can segment your visitor base and make the relevant changes accordingly.

    When optimized properly, heatmaps assist in redefining the overall page design to convince visitors to take the desired action.

    Types of Heatmap

    Generated through click-tracking software, heatmaps are formed by converting the user’s mouse clicks and cursor movements into a color-coded, 2D overlay visual.

    Here are five widely used types of heatmaps, each of them designed to track different types of data.

    Scroll maps

    A scroll map depicts the point at which your visitors leave the website as they skim and scroll through the content.

    Scroll heatmap
    Scroll heatmap

    It shows the percentage of Scroll Depth, allowing you to figure out the sections where the visitors spend their maximum time.

    Additionally, it’s absolutely normal when a few users make it to the end of the page since their retention span is low. To acknowledge this, take a peek into these insights, alter your content, and place the CTA button strategically in the first half of your page.

    Mouse tracking heatmaps

    Mouse tracking heatmaps show the pattern of how users read and navigate a page. It highlights the areas where the visitors hover over the most.

    Mouse tracking heatmap
    Mouse tracking heatmap

    Through the mouse-tracking heatmap, you can determine which part of your website gains the maximum attention and which part gets neglected often through the visual depiction.

    However, keep in mind that a visitor can also hover over a particular section for a long time because they find it very engaging or too challenging to understand in a shorter span. This makes the correlation between the visitor’s mouse movement and what they’re actually looking at a bit cluttered.

    Click maps

    Click Heatmap
    Click Heatmap

    Click maps displays where your user clicks the most out of the entire website. It offers you the in-depth analysis of on-page user engagement, effectiveness of images, links, and click-on buttons on your website.

    Visual depiction of the clicking data on CTA buttons isn’t the only possible use of click maps. They also help you scout the information on if there is an image/text you visitors expected to click on but couldn’t because it isn’t clickable.

    Eye tracking heatmaps

    Eye tracking heatmap
    Eye tracking heatmap

    As the name suggests, eye tracking heatmaps measure your visitors’ eye movement and their positioning. It analyzes the duration of his/her eye movement stagnation and signals the company about the attractiveness of that particular section.

    Typically studied in labs using special tracking devices, eye tracking heatmaps can be conducted via webcams through the infrared ray reflection model.

    However, eye-tracking heatmaps are more complex(and expensive) to set up because of the software and technology involved. And it is also difficult to generate eye-tracking heatmaps for a more extensive set due to its high expense.

    AI-generated attention heatmaps

    AI-generated attention heatmaps visually represent user attention data created by a software algorithm.

    These heatmaps show which areas of the visual materials people are more likely to see. Due to its predictive analysis based on the visitor’s attention span, it represents the data with 95% accuracy.

    Finally, since you don’t need to gather the data yourself, this is a cheaper option for marketers to analyze a potential client’s website and gather insights from it.

    Ways to Use Heatmaps on Website Effectively

    Identify distracting elements

    Heatmaps will potentially identify the elements of your websites with the highest and lowest interactions. With this observation, you can remove those distracting elements so visitors can enter the funnel seamlessly and increase the conversion rate.

    Heatmaps will also tell you how your content needs to be placed in comparison to the graphics so that the visitors understand your offerings and the visuals grab their attention instead of over-showing the content.

    For instance, if you blend both content and images on your website in the same proportion, people might get distracted and focus more on the image. This leads to an increase in bounce rate as the visitors didn’t heed the content.

    Identify frustration clicks

    Rage clicks/frustration clicks occur when a user repeatedly clicks on an element, but it isn’t responding as per his expectations. This induces frustration amongst the users.

    No immediate response makes the user switch to a different site as the present site serves no purpose after that. So, it is essential to identify these problem clicks and avoid user frustration.

    A heat map identifies these rage clicks and shows you a common click pattern of your audience. By looking at this insight, you can spot the rage-click areas, fix the bugs, and modify the design to make it look more presentable.

    Improving readability and content length

    According to Nielson, visitors spend more than 80 per cent of their time without rolling the screen and only 20 per cent focus on the content below that. This means you must illustrate all the critical and eye-catching information above the fold to maximize its effectiveness.

    Scroll maps are a savior for this. They give us an interesting insight into whether the content is being seen or ignored, and it also shows up to which point the visitor scrolls before leaving.

    If there is too much fluff in your content or if it doesn’t indicate a proper action your visitor needs to take, they will jump off and visit another site. Make sure your content is simple and precise, getting the reader hooked until the end.

    Streamlining page design by replacing dead elements

    Who doesn’t want their website to look all fancy and attractive? But, this comes at a cost.

    Due to high resolution, most web elements lower the website performance in terms of loading page sheets. It is better to keep a handful of those elements the audience is bothered about and scrap the remaining.

    Heat Maps identifies those ‘dead elements’ that receive no attention, and you can consider replacing them with a more effective option and optimizing your web page design.

    Comprehend the user intent

    Heatmaps provide you with a great chance to grasp how your visitors behave. With that, you can determine which part of the page your visitors focus on the most and what makes them stick to that.

    To amplify the user intent, you need to adjust your website according to the menu, filter options your visitors interact with, and place them first to maximize the user intent.

    This will amplify the engagement and reduce the bounce rates, ensuring that the visitors enter the last stage of the funnel and buy your offerings.

    Conclusion

    Now that you know what a website heatmap is and how to use it effectively, utilize them to make informed, data-based decisions for updating, or designing your website.

    Before doing that, understand the data each heat map represents and choose a suitable heatmap. Make sure you don’t get overwhelmed with the varied information a heatmap represents. Just stick to your KPIs and analyze your website performance accordingly.

    FAQs

    How do I use heatmap for my website?

    You can use heatmap on your website to understand how your users are engaging with your website.

    What type of data is best visualized with a heatmap?

    If you want to display locations or targets a heatmap is a great way to visualize it.

  • What Does the Persona of an Average Indian Consumer Look Like?

    India accounts for 1/5th of the world’s youth market. It means that a majority of buyers in India are within the age bracket of 18-25 which are easy to influence. Many businesses identify this as an opportunity to seize a large market share. However, Indian consumers are hard to advertise to and sell to as there is diversity in cultures, ethics, income groups, family structures, and many other factors.

    Big companies like Netflix, Chevrolet, and Danone couldn’t appeal to Indian consumers and failed miserably. In the 1990s, the main target group for businesses was middle-class consumers which catered to 200 million people. Three decades later, not only did the consumer change but businesses’ approach to the Indian market has also changed.

    Segmentation of the Indian Consumer Market
    Indian Consumer Market Trends

    Segmentation of the Indian Consumer Market

    A crucial aspect of understanding the Indian consumer market is segmenting. Since there is so much multiplicity, it is sensible to segment and then target the consumers.

    There are three major categories to segregate the consumers: family structure, affluence, and urbanization.

    Family Structure

    Indian family structure shifted from joint to nuclear family over the past 2 decades. The nuclear family rose to 70% in the past two decades and is expected to rise to 74% by 2025.

    Another trend is a transition to single households where a majority of people are living alone in cities for work. How does it impact purchases? A nuclear family is bound to spend 20-30% more than a joint family. Also, people who live alone often make purchases driven by lifestyle choices instead of functional needs.

    Affluence

    Indian people can be categorized into 5 groups based on their annual gross household income level:

    • Elite (>$30.8k)
    • Affluent ($15.4k-$30.8k)
    • Aspirers ($7.7k-$15.4k)
    • Next billion ($2.3k-$7.7k)
    • Strugglers (<$2.3k)

    Amongst these, the top consumer groups comprising 40% are – elite and affluent. Their spending was 27% in 2016 but grew at a significant rate. India is witnessing a shift towards materialism and rising affluence. People are focusing on working more and earning more with an average 50-hour work week.

    They prefer to buy an expensive alternative if it is of greater quality. As a result, the elite and affluent categories spend almost ten times more than strugglers on women’s apparel and food & beverage. However, Other groups with middle and low income are dissatisfied with their income which directly impacts consumer behaviour. Nonetheless, aspirers are influenced by social media and trading up.

    Brands like L’oreal, Lakme, and Samsung have been able to crack the code and segmented their product well to set foot in India. They have a wide range of products targeting different sets of income groups. As a result, they capture a bigger market and sustain in India for a longer period.

    Urbanization

    40% of Indian consumers are urban people which accounts for 60% of consumption. Nevertheless, the emerging cities are growing at a fast pace and increasing their expenditure at a 14% per year rate.

    The restricted growth is the result of a value-for-money mindset, conventional financial perspective, and local cultural association. Even though they have the will to purchase but do not have a market catering to their needs and purchasing power.

    All these categories highlight the heterogeneity in Indian markets. Hence, businesses need to segment their offering and capture the Indian market tactfully. It is crucial to understand the customers and their buying choices.

    Buying choices depend upon 3 factors: product penetration, frequency of occasion, and spending per purchase. As a brand, you need to look into these three factors that directly impact buying choice and segment accordingly.

    The Indian consumer market evolves daily. In fact, a consumer choice might vary depending upon the product category. For instance, a consumer might splurge on the hotel while travelling but have a saving mindset for transportation. Similarly, a consumer might save on food and beverage but spend more on cosmetics.

    Here are 7 trends influencing Indian consumers.

    Time Compression

    India witnessed a rise of 30% in the ready-to-eat meal in the last few years. It is the result of two factors. One is the transition in family structures and the other one is time compression. People are choosing time and convenience over money and are willing to pay extra to receive an end-to-end solution.

    Omnichannel

    Consumers are opting for omnichannel shopping. Consumers, depending upon the product category, opt for a mix of both online and offline touchpoints. Fast-moving consumer goods reported an entire offline or online purchase. Nonetheless, businesses need to focus on providing exceptional online and offline experiences to their customers.

    Materialistic Youth

    As mentioned above, a major of the Indian market is young people in the age bracket of 20-35. This group focuses on lifestyle purchases and spends on premium goods. It is also characterized by single adulthood and nuclear family which impacts buying choices.

    Instant gratification

    Impulse buying is rising as people are moved by instant gratification. People are influenced by social media and often purchase to fulfill gratification. Impulse buying accounts for 40% of purchases. PVR India makes up to 54% of its market share by impulse buys solely. No wonder, Swiggy and Zomato were able to set their market share in India.

    Value conscious

    People are becoming value-conscious where they focus on product quality. As a result, brands that cater to affluent or elite markets are able to capture a larger audience. If the perceived value is low the brand might flunk. Another reason is the dominance of youth in the Indian market that aims for the value and longevity of products.

    Emotional appeal

    Brand recognition and emotional appeal are crucial for Indian consumers. This is the reason that Maggi wasn’t wiped out from the market even after the allegation was raised against it. Also, brands like McDonald’s and Dominos monetize on emotional appeal instead of other factors like premium quality ingredients. Indian consumers are driven by emotions and make emotional purchases.

    Digital Footprint

    COVID had a huge impact on consumer purchase trends. People shifted to online markets for the majority of purchases. Even though offline stores still have a fair market share, online channels impacted buying decisions and impulse purchases.

    Social media and other digital channels significantly shape buyers’ purchase choices. Online purchases are predicted to rise from $90 million to $350 million by 2025.

    Also, eCommerce boomed online purchases which lead to rising impulse purchases. People switched from window shopping to strolling on eCommerce websites. E-commerce markets are expected to grow from $50 billion to $500 billion by 2025.

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    Conclusion

    Businesses need to aim at a larger market by segmenting their target market and placing products at various price tiers. If they wish to capture a larger market, they have to create multiple offerings catering to diverse groups.

    The best example would be Samsung which offers both low-mid range phones and expensive phones covering a larger market. This is why it tops the market share in the Indian smartphone market with a 22% market share. Consumption will rise to $25 trillion by 2025. Brands should clearly study their audience and target accordingly.

    FAQs

    What are the types of buying behaviour typical of Indian customers?

    The types of buying behaviour are Extended Decision-Making, Limited Decision-Making, Habitual Buying Behavior, and Variety-Seeking Buying Behavior.

    How has the Indian consumer changed?

    Indian consumers have become more aware and conscious of quality. Many consumers have shifted to online markets for the majority of purchases

  • Neuromarketing For Startups: Guide To Grab Customers | Tools Used In Neuromarketing

    Long ago neuromarketing was limited to multinational companies with high budgets. But today any business irrespective of size and budget is capable of using human brain waves to increase the profit.

    Neuromarketing is also called consumer neuroscience. This helps in understanding the consumers’ behavior by reducing the uncertainties. Neuromarketing studies the human brains to manipulate their behavior. It was earlier considered as a frontier science but from the past few years it has reinforced the market with the capacity to boost the consumer base.

    Even after knowing its potential and some ground-breaking results, there lies numerous questions in the minds of people like, Is it worthy? How to implement it effectively? What are all the tools required? The solution lies in understanding the technology and knowing its utility even in the future.

    Neuromarketing sways the human brain by understanding the process behind it. It is now a buzzword as every business uses this science to influence consumers’ choice and understand their preferences.

    How to hook new customers by applying Neuromarketing?
    Tools Used in Neuromarketing
    Examples of Neuromarketing
    Conclusion
    FAQs

    About Neuromarketing

    How to hook new customers by applying Neuromarketing?

    Attract Customers using Neuromarketing
    Attract Customers using Neuromarketing
    • To promote a product or service just have content that taps the emotions of the customers’ so that your content goes viral. According to ‘Buzzsumo study’ 100 million and more content is driven by the emotions of people. It is observed that people tend to share more when they get emotionally connected with the content.
    • If you want to grab the attention of the consumers then it is advisable to place some important information or ads on the left side of the page. This is because a study says that consumers tend to read the webpages in the ‘E’ or ‘F’ manner.
    • To excite the customers use anchorings like pop up with some audios or videos through an alert sound. So that the buyers do not miss out on the offers. The word FREE also excites consumers to pay attention to that product or service.
    • Did you know that humans gravitate toward fear or danger. For example, if you put in the sales may end soon, Out of stock, limited offers and so on. It is driving your customers for an immediate action.
    • The Corporates can also concentrate on improving the webpage design, colour and other features which attracts the consumers to visit the site and also go through it.

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    Tools Used in Neuromarketing

    Tools used in neuromarketing
    Tools used in neuromarketing

    Neuromarketing is a science to understand the psychology of consumers’ buying activities and preferences. This consumer analysis can be made using Brain scanning and psychological tracking.

    The two foremost tools for scanning the brain are fMRI and EEG.

    • Functional Magnetic Resonance Imaging measures the changes happening in the brain’s blood flow to examine the consumers’ behavior.
    • Electroencephalogram is the only technique which measures the brain activities directly at the speed of cognition. The fMRI technique is expensive to use.

    Psychological tracking is a cost-effective tool, this measures eye movement and other activities.

    • Eye tracking is associated with visual attention along with the emotional response of the customers.
    • Facial tracking includes various aspects like heart rate, respiration rate and the skin conductivity.
    • Biometrics will measure the customers’ engagement with positive or negative responses.
    • Facial coding is used to measure facial expressions like fear, anger, happiness, surprise and so on.

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    Examples of Neuromarketing

    • Paypal  – It used brain waves to understand that customers’ relied more on speed than safety and security. For this, Paypal implemented an effective ad campaign.
    • It is observed that customers’ brains work on various factors. Once a researcher’s team tested by serving Pepsi and coca-cola with fMRI technique. The response from the customers’ was plain and harmonious. On the other hand when they recognized the brand the brain started responding with various emotions and expressions.
    • Another team of researchers served the customers’ with three different wines with different price tags. Though the taste of the wines were the same but because of the different prices, the customers’ started thinking differently. The researchers could observe two different calculations before and after the prices were displayed. This experiment was again based on the fMRI tool.
    • Creating good web design will lead to quality improvement and trustworthiness. This was observed when customers were asked to rate a webpage on the quality and trustworthiness. Irrespective of time taken by different customers’ maximum of them were driven by good web design. The creative design will attract the customers and also increases the confidence within the customers’
    • Everyone of us likes to listen to stories, doesn’t it? The London University compared the audio and video for a combination of movies/ books and the result was only 15% of people showed the internet in the video part and there was shockingly more votes for audio/podcast. By listening to the audio the emotions of the customers’ rose.
    • Yahoo – Yahoo wisely used neuromarketing technique that is EEG. It showed happy faces in enjoying mode in a 60 seconds TV Commercial. This was a ad campaign to stimulate audience across the world. The neuro test was successful as emotions and different thoughts attracted more audience into search engine.
    • Hyundai – This company too used EEG technique of neuroscience to examine its designs. Hyundai allowed audiences to get to know about their car prototypes. By this the company understood the choices of audiences and changed some external design according to audience preferences.

    Conclusion

    Neuromarketing is a fast flourishing technology to rocket our profits by analysing the brain’s response to various factors. It gives insights into consumers’ brains based on their preference and choices. Neuromarketing is a scientific dimension to the marketing and advertising part.

    FAQs

    How useful is Neuromarketing to understand consumer Insights?

    Neuromarketing helps to understand consumer’s emotions, behavior and cognitive states. This technology complements traditional marketing.

    What are the applications of Neuromarketing?

    The common applications are Branding, Advertising, product testing, packaging, Point of sale and many more.

    What are the techniques used in neuromarketing?

    Techniques used in Neuromarketing are:

    • Eye tracking
    • EEG or fMRI
    • Facial coding
    • Mind tricks
    • Sensory marketing.

    When was Neuromarketing introduced?

    The research in this field started back in the 1990s. Gerald Zaltman is the first person to begin the experiments associated with neuromarketing.

  • Boost Your Entrepreneurial Skills With 7 Online Courses For Entrepreneurs

    The digital transformation of the world has created an abundance of knowledge online to teach us, when we don’t have the opportunity to learn from a mentor or guide ourselves. With the help of online courses, we can apply some structured guidance to how we approach our interpersonal interactions, entrepreneurial pursuits, and even the way we think. These hyper-focused, organized lesson plans can help us hit refresh and streamline our paths to success.

    Amidst the global outbreak of a lethal pandemic, many of us are surviving the lockdown at our home with some extra time on our agendas at our comfort level. To support those forced to join the office exodus, many online platforms, universities and distance learning organizations are offering free access to their courses.

    Harvard Business School-Online Lessons
    Blockchain For Business: The New Industrial Revolution
    The Complete Product Management Course
    Artificial Intelligence: Stanford University
    Content Marketing Essentials: Udacity
    The Essential Guide to Entrepreneurship: Guy Kawasaki
    Body Language For Entrepreneurs
    Other Online Courses For Entrepreneurs

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    Maybe this the perfect time, so that an entrepreneur can boost up their career at their own comfort level. There is a list of some of the top 7 online courses for entrepreneurs, which can take your mind off things and help you gain a skill or two. This can boost your career at the same time for free, or a small fee. Because when there is a need to master a wide range of skills, then it’s wrong to waste a single second of your time.

    Harvard Business School-Online Lessons

    Harvard Business School- Online Lessons
    Harvard Business School- Online Lessons

    Harvard Business School is consistently ranked as the top business school in the world. Since the beginning of the outbreak, when there was this prediction of staying home for a long time, they came up with free interactive business lessons that you can complete online. These lessons are now open for everyone who wants to advance their careers with core business concepts, from leaders to students.

    The course offered was: Entrepreneurship essentials and leadership principles, but there is plenty for everyone. This is a great way to stay engaged and sharpen your business skills by learning from the best. Keep an eye out for the next deadline.

    Blockchain For Business: The New Industrial Revolution

    This course is over five and a half hours, which breaks down how blockchain technology works and today’s conception of the potential impact it has on society. If you’re confused about what blockchain is, then this course is made up of you. By the end of the course, you’ll have a firmer sense of what ‘decentralization’ is, and how blockchain is shaping the future of transaction or exchange.

    Blockchain for Business: the New Industrial Revolution 4.0
    Blockchain for Business: the New Industrial Revolution 4.0

    With its clarity in terms, it provides various examples of how large corporations including UBS, Allianz, IBM, Kodak and a range of industries from finance to retail to logistics are using blockchain technology to improve security and efficiency, as well as what developments are on the horizon and challenges the tech will face in scaling.

    The Complete Product Management Course

    The Complete Product Management Course

    Do you ever wonder how organizations like Apple, NASA, and Ticketmaster design their products? This course is designed to give entrepreneurs a deeper understanding of what it takes to bring a product from “idea to launch”, and how to develop strategies and concepts for products, coordinate their development, analyze and validate ideas and help them grow.

    It features case studies from NASA, Google, Zappos, and many more. This course also teaches you the fundamentals of Agile Development and industry-standard tools like Pivotal Tracker, Axure, and Popplet.

    Artificial Intelligence: Stanford University

    Artificial Intelligence Stanford University
    Artificial Intelligence Stanford University

    This online learning program is based on a course offered at Stanford University, taught by Sebastian Thrun, co-founder of Udacity, CEO of the Kitty Hawk Corporation and founder of Google’s self-driving car project, and Peter Norvig, director of research at Google. There is a prerequisite for the course, however: a background in probability theory and linear algebra.

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    For a crash course on AI and its applications, head to Udacity for Intro to Artificial Intelligence. In the 4- month course, students can start from the basics of machine learning as well as how statistics, logic, and planning come into play with AI. Then from there, they are going to learn how AI comes into play, per se, move onto the applications lesson segment of the course. They further provide you with insights into image processing, natural language, and processing robotics.

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    Content Marketing Essentials: Udacity

    Udacity
    Udacity

    Udacity is an online platform devoted to digital marketing and since Content Marketing is part of it, then Content Marketing Essentials is one of its components. The creator of the course is Hubspot, a marketing software company. They have developed the syllabus to help students plan content marketing strategy and measure its reach and effectiveness.

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    Basically, the program starts with the segment involving the planned content to best which further communicates a marketing message. Further, the course heads on with content creation through storytelling, curation, and other techniques, followed by distribution, promotion, and tracking.

    This crash course also provides tips for designing the user experience (UX) of a website, where actually the content resides, to resonate with readers. In the end, it provides real-world examples of careers in content marketing and gives prospective hires and hiring managers alike a sense of what makes a successful job candidate in the field.

    The Essential Guide to Entrepreneurship: Guy Kawasaki

    The Essential Guide To Entrepreneurship: Guy Kawasaki

    An Apple-alumni and Canva evangelist Guy Kawasaki is sharing his experience as an investor and entrepreneur in this class. It states the each and every step process of starting a business, covering launching, pitching, fundraising, building a team, using social media, and evangelizing in over 56 lectures and 4 hours of content. Described as highly informative and entertaining, Guy uses real-world examples to show you the dos and don’ts of being an entrepreneur. You will definitely be inspired to get your startup off the ground.

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    Body Language For Entrepreneurs

    Body Language For Entrepreneurs

    Now, this is a sort of important inter-personal skill that every entrepreneur should have. So, whether you are leading a meeting, negotiating with partners, or making a media appearance, it’s important that you master this skill. Body Language for Entrepreneurs teaches “nonverbal communication to increase your income and influence as a business owner” in scenarios like networking, public peaking and delivering an elevator pitch, in order to nail it. Because, it’s not what you say it, but how you say it.

    The fact the course states that “93 percent of our communication is nonverbal,” and it’s visible in your online presence, during your interactions with customers, as you connect with colleagues and in just about every other professional scenario involving another human being.

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    This course reaches not only for entrepreneurs but students on the flip side can apply the same strategies to get a better read on prospective hires, potential clients, and others.

    Other Online Courses For Entrepreneurs

    • Startup India L & D Programme by UpGrad
    • Inbound Marketing
    • Inbound Sales
    • Starting-up Post COVID
    • Startup School by Y Combinator
    • Understanding Design Thinking
    • Introduction to Managerial Accounting
    • Managerial Economics
    • Supply Chain Analytics
    • Human Computer Interaction
    • Introduction to Data Analytics
    • Financial Statement Analysis and Report
    • Security Analysis & Portfolio Management
    • Enhancing Soft Skills & Personality
    • Consumer Behaviour
    • Economics of PR
    • Economics/ Management/ Entrepreneurship
    • Web Development with HTML and CSS
    • Android Programming
    • Amazon Web Services
    Entrepreneurial Idea
    Entrepreneurial Idea

    Knowingly or unknowingly, we are all learning new things each day. As an entrepreneur, it is important to keep learning and to quit thinking that you stop learning at a certain age. Picking up new skills is a lifelong, ongoing process, and it becomes even more necessary when you are the helm of things with a whole workforce looking up to you for motivation. However, in this age of fast-changing technologies, it wouldn’t suffice to be a jack of all trades.

    How can Startups survive during Coronavirus Pandemic?
    Today almost every country in the world is under lockdown [/tag/lockdown/] dueto COVID-19 pandemic to contain the coronavirus outbreak. Small businesses,startups & entrepreneurs are wondering how to survive lockdown. On one hand, youwant to keep the operations going as long as possible but on the…
    StartupTalkyVarad Kitey

    You will need to have a basic understanding of a wide range of topics. This doesn’t, however, mean that you need to pay humongous tuition fees and attend classes. You can learn new things and pick up newer skills from the comfort of your home through online courses.

    Whether you choose to read books, take free online courses, or join a local entrepreneur’s group, the most important thing is that you never stop learning.