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Tag: E-Commerce

  • 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.

  • 10 Ways You Can Use ChatGPT in E-commerce

    Post-pandemic, E-commerce has changed the business model of retail— which traditionally means physical retail stores. The E-commerce growth rate in 2021 was higher than retail; do you know why? It is because of covid19 pandemic, that forced people to remain inside most of the time and order online. And that made sense at the moment. But, there is no pandemic now, so why is E-commerce booming, and why do retail stores need to step up their game? It’s because there is an apparent paradigm shift in how customers shop. People have changed, and so have their shopping habits. Now, people don’t want to go out and buy milk. They like a packet of milk delivered to their place whenever they want. E-commerce is there to fill this need generated by a host of reasons, ease of shopping being the primary one.

    The E-commerce sector has a lot to gain from the latest developments in generative AI or Artificial general intelligence (AGI). The inherent capabilities of an AI chatbot such as ChatGPT hold the key to a range of customer and vendor-related opportunities including— ordering, supply chain and logistics, timely delivery, and fulfilling customer expectations. ChatGPT, as an advanced language model, can provide personalized recommendations to customers as per their past interests, as well as address their queries instantly, in real-time.

    OpenAI’s ChatGPT and its latest upgrade, the ChatGPT Plus, are trained over a vast dataset comprising texts and codes using the reinforcement learning technique and do a pretty great job in producing human-like text responses when prompted by a user. It does great as a human conversationalist.

    The E-commerce Sector And Why It Needs Something Like ChatGPT

    The E-commerce sector is at a significant junction in the field of business where if it does everything it is supposed to do, it will become an unstoppable force changing the business, job, and customer expectations all at once. We are talking about AI-driven perceptivity, AI-driven trend optimization, and that unique sense of leveraging Artificial Intelligence to deliver what E-commerce offers or tries to offer. While the use of AI in data mining, data cleaning, and predictive analytics is significant in the optimization of day-to-day E-commerce operations, and most businesses are implementing it, the use of AI Chatbots like ChatGPT can help you achieve substantiated client support.

    From dispatch marketing, data dissection and analytics, and website optimization to AI-driven robotization, the E-commerce future pretty much depends on what retail stores can and cannot do with Artificial intelligence and what strides E-commerce businesses make with their AI-first initiatives. It is all a matter of who wakes up, smells the coffee, and takes concrete steps towards automation, from farm to fork and plant to end users.

    So, let’s see what are the ways that one can use ChatGPT in E-commerce:

    Writing Product Descriptions
    Providing Customer Support
    Personal Shopping Assistants
    Social Media Marketing
    Inventory Management
    Use ChatGPT for Lead Generation
    Cater to the International Audience
    Hyper-personalized Email Marketing
    Voice-enabled Shopping Experience
    Analyzing Customer Reviews

    Writing Product Descriptions

    ChatGPT in Writing Product Description
    ChatGPT in Writing Product Description

    ChatGPT can help create unique and value-oriented product descriptions that attract potential customers. Suppose you’re a retailer and want to attract customers to your new athleisure collection. ChatGPT could generate product descriptions for a new line of athleisure apparel in the following fashion:

    Stretchy fabric: “Our athleisure apparel is made from stretchy fabric that will move with you, so you can focus on your workout without worrying about your clothes getting in the way.”

    Comfortable fit: “Our athleisure apparel is designed to fit comfortably, so you can wear it all day long without feeling restricted.”

    Stylish design: “Our athleisure apparel is stylish and on-trend, so you can look good while you’re working out.”

    So, ChatGPT can create product descriptions that are both informative and persuasive by using engaging language and storytelling, such as the above, helping fashion retailers to increase their sales and grow their business.

    Providing Customer Support

    ChatGPT in Providing Customer Support
    ChatGPT in Providing Customer Support

    ChatGPT can also automate the process of answering frequently asked questions, providing 24*7 customer support for E-commerce businesses. This will not only enhance the customer experience but attract more customers and help build a loyal customer base for the businesses. Since ChatGPT has been trained on a massive amount of dialogue-based data, it can be easily customized (domain-specific chatbot) and help with 24*7 support.

    Personal Shopping Assistants

    Using ChatGPT, E-commerce businesses can offer personalized shopping experiences to customers by recommending products based on their preferences. This will not only reduce scenarios where customers spend massive time on the E-commerce website and still can’t find or choose what they like. What happens is that customers spend lots of time going through the enormous catalog of products and given the competition in e-commerce, a website with unique shopping features will attract more customers. ChatGPT can be a big help in this regard, helping customers out with their preferred products and enhancing their E-commerce shopping experience.

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    Social Media Marketing

    ChatGPT in Social Media Marketing
    ChatGPT in Social Media Marketing

    Marketing and advertising are proven ways to attract more customers, and, ChatGPT can transform how businesses engage customers with gripping and creative marketing pitches. ChatGPT can help generate content ideas and create marketing campaigns for social media platforms to attract potential customers, but it can help you analyze the impact of such curated ads and marketing campaigns. ChatGPT can come up with simple and creative yet engaging Ad banners and frames that are bound to get you more customers cause those who do not like a great pitch.

    ChatGPT at its best

    Suppose you run an E-commerce platform where you sell sports gear and you want more customers turning up, here’s what ChatGPT got for you when we asked, “create 10 marketing pitches for my E-commerce platform selling premium sports gear”:

    1. “Unleash the Athlete Within: Discover the Power of our Premium Sports Gear Collection!”
    2. “Unleash the Potential Within: Keep Your Game High and Sports Gear Premium!”
    3. “Experience Sporting Excellence with our Premium Sports Gear Delivered to Your Doorstep!”
    4. “Gear Up for Victory: Discover our Exclusive Collection of Premium Sports Equipment!”
    5. “Uncompromising Quality: Find the Perfect Sports Gear to Amplify Your Performance!”
    6. “Unleash Your Inner Champion with our Handpicked Selection of Premium Sports Gear!”
    7. “Our Top-of-the-Line Gear Designed to Elevate your Game-Changing Performance!”
    8. “Unleash Your Sporting Style: Shop our Premium Sports Gear and Make a Statement!”
    9. “Have the Ultimate Edge: Explore our Range of High-Performance Sports Gear that can Upgrade Your Game”
    10. “Unleash Your Potential: Shop with Confidence and Achieve New Heights with our Premium Sports Gear!”

    You can refine and tailor these results to your liking and use it to create engaging and effective social media marketing campaigns.

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    Inventory Management

    ChatGPT in Inventory Management
    ChatGPT in Inventory Management

    ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory.  See, ChatGPT, as a generative AI LLM, has massive potential and capability when it comes to trend analysis and data cleaning, and generating insights. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.

    Use ChatGPT for Lead Generation

    E-commerce businesses can use ChatGPT to create chatbots that can engage customers and identify potential leads, enabling companies to capture more sales.

    There exist ChatGPT APIs that can help to create domain-specific AI chatbots, basically, a version of ChatGPT that can handle specific E-commerce tasks such as lead generation, customer service, and more. It can provide a better and more relevant response and engage inquiry clients and customers with their needs. More positive engagement will lead to more lead generation and, thus, more chances of a sale.

    Cater to the International Audience

    ChatGPT in catering to the International Audience
    ChatGPT in catering to the International Audience

    If you want your business to do good, use a global rather than a local approach.

    ChatGPT can help with that as well. It is great at supporting multi-lingual communication, allowing E-commerce businesses to cater to international audiences easily. By developing multilingual chatbots for support and shopping needs at your E-commerce platform, you will ensure that no customer, no matter from which corner of the world one belongs, will turn away from your business due to a lack of understanding of languages.

    Hyper-personalized Email Marketing

    ChatGPT in offering Hyper-personalized Email Marketing
    ChatGPT in offering Hyper-personalized Email Marketing 

    With ChatGPT’s help, E-commerce businesses can offer their customers hyper-personalized email marketing campaigns, increasing the likelihood of conversions. See, companies can already track what people visiting their E-commerce websites are interested in (via website cookies), and using such information, they can prompt ChatGPT to come up with a specific and personalized email marketing pitch, and it will surely help with that— delivering a catalog of products someone is interested in directly in one’s inbox, what’s not to like there!

    Voice-enabled Shopping Experience

    Another trend driving more E-commerce businesses is hands-free shopping, where users can command the platform to put certain items in the cart and proceed to checkout, schedule the delivery time, and pay. Using ChatGPT to develop voice-enabled shopping assistants, E-commerce businesses can cater to customers who prefer hands-free shopping, and this feature is bound to rope in more customers, and people always like more features. Minimalism is good, but more features are always a better option. By making the voice assistant multilingual, businesses can draw more customers across the continents.

    Analyzing Customer Reviews

    ChatGPT in Analyzing Customer Reviews
    ChatGPT in Analyzing Customer Reviews

    E-commerce is a business model where customers shop, but they also like to leave feedbacks that not only help the platform but helps other customers with their shopping as well. ChatGPT can analyze customer reviews throughout the platform by identifying patterns and trends, providing insights to E-commerce businesses on improving customer satisfaction and boosting sales.

    Conclusion

    ChatGPT, developed by OpenAI, can be a great tool when it comes to attracting more customers on an E-commerce platform. Businesses can update their stock by analyzing customer reviews and orders; and enhance customer fulfillment which now has become a deal-breaking factor when it comes to people shopping through offline or E-commerce channels. Timely and effective customer support and settlement of problems with customer-oriented solutions can be the right tool to drive more customers and keep customers loyal, and ChatGPT can make a huge difference with its capacity to generate creative content and provide information in a human-like approach.

    FAQs

    What are the ways that one can use ChatGPT in E-commerce?

    Here are the ways that one can use ChatGPT in E-commerce –

    • Writing Product Descriptions
    • Providing Customer Support
    • Personal Shopping Assistants
    • Social Media Marketing
    • Inventory Management
    • Lead Generation
    • Cater to the International Audience
    • Hyper-personalized Email Marketing
    • Voice-enabled Shopping Experience
    • Analyzing Customer Reviews

    How ChatGPT can help in Inventory Management?

    ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.

  • Revival of India’s Toy Industry

    A joint report by industry bodies FICCI and KPMG had estimated that the Indian toy industry was worth USD 1 billion in FY 2019-2020 which would double by FY 2024-2025 to reach USD 2 billion. These figures are low compared to the global worth of the toy industry which stands at a whopping 120 billion.

    This is a massive change from a decade ago when the Indian market was flooded with imported toys with eight out of ten toys being predominantly imported from China. The import worth of toys in the year 2014 was USD 3.28 billion and USD 19.36 billion in 2015 – six times higher than the export. The Indian toy industry was ailing due to a lack of investment and technology as well as competition from cheap imported toys. Also, traditional toys were long forgotten and the local industry was in shambles with 40% of manufacturing units closing permanently and a further 20% on the brink of shutting down.

    Approximately three years ago, the industry turned on its head as it grew to become a net foreign exchange earner. Exports increased by 61.4%  from USD 202 million in FY 2018-2019 to USD 326 million in FY 2021-2022 while imports decreased by 70% from USD 371 million to USD 110 million during the same period.

    What Changed?
    Conclusion

    What Changed?

    The global disaster of the covid-19 pandemic caused a severe disruption in supply in the year 2020. This became a blessing in disguise in a combination with rising governmental support for the dwindling toy industry.

    Introducing New Policies

    The Indian government introduced two key initiatives. February 2020 saw an increase in basic customs duty from 20% to 60%. Then a year later, in January 2021, it issued a Toys Quality Control Order, which made it mandatory for all toy manufacturers, domestic and international, to get a Bureau of Indian Standards (BIS) certification for selling toys in the Indian market. As per the specifications, all toys for children under 14 years of age must conform to 7 Indian quality standards. These supportive measures had the combined effect of curbing cheap as well as high-quality imports and encouraging local manufacturers to flourish. The immediate effect was on the long-standing public health concerns surrounding Chinese toys, 67% of which were found to be highly toxic.

    BIS Certification
    BIS Certification

    The introduction of the BIS rules also heightened India’s stance with its major markets like the United Kingdom, Germany, and the Netherlands in Indian exported toys maintaining international standards. It also encouraged many toy importers to enter the manufacturing space to export Indian toys to markets in West Asia and Africa.

    Drawing the Attention of Multiple Players within the Industry

    A National Toy Action Plan was introduced in the year 2020 to boost domestic manufacturing of toys as per the ‘Make in India’ plan and make the market more competitive. The India Toy Fair was launched in 2021 providing a platform for toy manufacturers to exhibit their creations. This led to a direct connection with end customers who could purchase toys from them.  Also, this provided an excellent way for traders to assess the industry’s potential.

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    Creating Toy Clusters

    A program named SFURTI (Scheme of Fund for Regeneration of Traditional Industries) was launched. Under this program, Toy Clusters will be created aiming to bring together in-campus business support services that will include business accommodation and social infrastructure to support the entire workforce working under the Toy Clusters. These Toy Clusters will enfold different business services involved in toy making like raw material suppliers, shared infrastructure, research and development, design and prototyping, testing, training, quality certification, customs, ancillary industries, and service providers. The Indian government has approved a total of USD 23 billion for constructing 8 toy manufacturing clusters – 3 in Madhya Pradesh, 2 in Rajasthan, and 1 each in Uttar Pradesh, Karnataka, and Tamil Nadu.

    Launching the PLI Scheme

    The Government of India is planning to launch a Performance Linked Incentive
    (PLI) Scheme worth USD 35 billion that is specifically for Indian toy manufacturers making both traditional and mechanical toys. Applicable for five years, this scheme will apply to BIS-compliant toys subsidizing the sale of toys by local manufacturers.

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    Utilizing E-commerce

    Digital India’s proactive approach is ensuring that toys manufactured in India are slowly and surely gaining more presence on popular e-commerce sites like Amazon and Flipkart. Indian toys are also available on the government website GeM.

    The proactive measures taken so far by the Indian government to revive the toy industry are highly encouraging as toy manufacturers are seeing newer opportunities. These measures are also helping India in building its image as a trustworthy destination for quality manufacturing. The scope for growth of the Indian toy industry is great which will also boost employment in direct and indirect jobs within the industry.

    Ajay Agarwal, President of the Toy Association of India said – “Now several makers are manufacturing toys based on Indian ethos and culture. Icons like Chhota Bheem are very popular and several manufacturers have the license to manufacture them.”

    Conclusion

    The Indian government’s move to prohibit the sale of non-certified toys is being hailed as a game-changer and a major booster for the Indian toy manufacturing industry. Added to that, the various hand-holding schemes launched by the government are also helping to set up more manufacturing units. The industry is on the path of strong growth and expansion with the talent and ability to become a global toy manufacturing hub as more and more international brands are also exploring the possibility of setting up their manufacturing units in the country.

    FAQs

    Is the toy industry growing in India?

    The Indian toys market reached USD 1 billion in FY 2019-2020. Looking forward, the market is projected to reach US$ 2.73 billion by 2027, exhibiting a CAGR of 12.6% during 2022-2027.

    What changed the Indian toy industry?

    Below are the factors that changed the Indian toy industry:

    • Introducing new policies
    • Domestic manufacturing of toys as per Make in India
    • Creating Toy Clusters
    • Launching the PLI scheme
    • Utilizing E-commerce

  • 7 Ways to Automate Customer Service | Pros & Cons of Automated Customer Service System

    Automation is the term that seems to fit in almost every work situation these days. In this fast pacing time, it is important for people and businesses to automate as much of their work as possible. This not only saves time and energy but also makes the processes more efficient.

    When it comes to customer service, some businesses view it as a necessary evil, while others see it as an opportunity to stand out from the competition. Whether you fall into the former or latter category, there’s no denying that automating your customer service can save your business time and money.

    For example- Chatbots are a great way to automate customer service as it provides the customers with instant responses 24/7. In the case of the airline industry, customers can look for all the flight information, find the best option, and book a ticket with the help of chatbots. In this way, customers get to have all the necessary details in an easy conversation.

    What is customer service automation?

    Seven Ways to Automate Customer Service Process

    1. Automate Customer Service Processes with a Chatbot
    2. Use an AI-Powered Live Chat Tool
    3. Take Advantage of Automation Tools
    4. Implement an E-commerce CRM
    5. Use a Help Desk Ticketing System
    6. Use Social Media Automation Tools
    7. Automate Your Customer Service Reporting

    Pros of Automating Customer Service Process
    Cons of Automating Customer Service Process

    Seven Ways to Automate Customer Service Process

    There are a number of ways to automate your customer service. One of the most popular is to use a chatbot. Chatbots are computer programs that can mimic human conversation. They can be used to answer common questions and help direct customers to the right resources. One can also automate customer service using an interactive voice response system. This allows customers to get the information they need without having to speak to a live agent.

    The following are the seven ways to automate your customer service process:

    How do customers perceive chatbots?
    How do customers perceive chatbots?

    Automate Customer Service Processes with a Chatbot

    A chatbot can help you automate customer service by providing answers to common questions, routing customers to the right support agent, and even handling simple tasks like scheduling appointments or placing orders. You can create a chatbot using a chatbot platform like Chatfuel or Botpress, or you can use a chatbot builder like Manychat to create a chatbot without any coding.

    Use an AI-Powered Live Chat Tool

    An AI-powered live chat tool can help you automate customer service by providing instant answers to common questions, routing customers to the right support agent, and even handling simple tasks like scheduling appointments or placing orders. Live chat tools that use AI include Zendesk, Drift, Intercom, etc.

    Take Advantage of Automation Tools

    One can always take advantage of automation tools. For example- Zapier is an automation tool that lets you connect different apps and automate tasks between them. You could use this tool to automatically add new contacts from your CRM to your live chat tool or to send a follow-up email after a customer support conversation automatically.

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    Implement an E-commerce CRM

    An e-commerce CRM can help you automate customer service by providing a central place to manage all your customers’ data, contact information, and support conversations. Plus, e-commerce CRM tools can automate tasks like shipping and order tracking, making it easy to keep your customers updated on the status of their orders.

    Popular e-commerce CRMs include:

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    Use a Help Desk Ticketing System

    A help desk ticketing system can help you automate customer service by organizing and tracking all your customer support conversations in one place. A help desk ticketing system can also automate tasks like assigning tickets to the right support agent and sending notifications when a ticket is updated. Popular help desk ticketing systems include Zendesk, Freshdesk, Zohodesk, and Help Scout.

    Use Social Media Automation Tools

    Social media automation tools can help you automate customer service by posting updates, responding to comments and messages, and even monitoring for keywords and hashtags. Automated customer service on social media can help you stay connected with your customers and resolve issues quickly.

    Social media automation tools include:

    Automate Your Customer Service Reporting

    Zendesk Insights
    Zendesk Insights

    Customer service reporting can be time-consuming, but tracking metrics like customer satisfaction and first-contact resolution are important. Automating your customer service reporting can help you save time by always generating reports on a schedule to have the latest data. Reporting tools that can automate customer service reporting include Zendesk Insights and Helpshift Analytics.

    Pros of Automating Customer Service Process

    73% of customers consider good Customer service Experience is the key factor in Brand Loyalty
    73% of customers consider good Customer service Experience is the key factor in Brand Loyalty

    The customer service process is extremely important and automating it can be really effective for a whole lot of businesses. The following points show the pros of it:

    • One of the pros of automating your customer service process is that it helps to improve efficiency and productivity within your organization.
    • By automating certain tasks, you can free up your staff to focus on important tasks that require more attention.
    • Another advantage is that it can help improve the quality of your customer service by ensuring that tasks are completed correctly and in a timely manner.
    • It can also help to reduce the overall cost of your customer service operation by eliminating the need for manual labor.
    • Finally, automating your customer service process can help improve your customers’ overall satisfaction by providing them with a more efficient and effective customer service experience.

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    Cons of Automating Customer Service Process

    Automated customer service definitely ups the game for many businesses, but it might just not be the perfect thing for others. The following are some of the disadvantages of automating your customer service process:

    • One of the potential drawbacks of automating your customer service process is that it can lead to a more impersonal experience for your customers. Automation might not be the right solution if your goal is to create a more personal relationship with your customers.
    • Another potential drawback is that automated systems can sometimes be less reliable than human customer service representatives. If your system goes down, or if there are technical issues, your customers will not be able to get the help they need.
    • Automated systems can also be more expensive to set up and maintain than traditional customer service solutions. If you are on a tight budget, then automation might not be the right choice for you.
    • Finally, automated systems can sometimes give customers the impression that they are talking to a machine rather than a real person. This can lead to frustration and even cause some customers to take their business elsewhere.

    If you consider automating your customer service process, carefully weigh the pros and cons. Automation can offer many benefits, but it is not right for every business. Make sure to consider all of the potential drawbacks before making a decision.

    Conclusion

    Automating your customer service can provide a better experience for your customers while freeing up your team to work on more important tasks. However, in some cases, automation might just not be the right thing for some businesses. The above-mentioned are some of the most important points that will guide you to automate your customer service process.

    FAQs

    Can customer services be automated?

    Yes, it can be automated. More businesses are now keener to automate customer services as it improves customer experience and employee satisfaction.

    What are automated reporting tools used for?

    Automated reporting tools are used by professionals to make and share organizational reports at particular intervals without updating the information each time.

    Which are the top software to automate customer service?

    The Best tools to automate customer service are:

    • Zendesk
    • Freshdesk
    • HelpScout
    • Agile CRM
    • Groove
    • Zoho Desk

    What is a help desk ticketing system?

    A help desk ticketing system is software used by customer support teams. It is used to create, maintain, and manage lists of customers’ problems.

    What are examples of automated customer service system?

    Some examples of automated customer service system are:

    • Self-service portals
    • Standardized email replies
    • Live chat and Chatbots
    • Virtual Assistant
    • Ticketing tool to assign tickets to the relevant team

  • List of Top Startups in Bangladesh

    The number of startups is increasing with the advancement of technology and the availability of easily accessible resources. Bangladesh is no different. Bangladesh is witnessing an increase in the number of startups, which are thriving. Some may fail, but those who learn from others or from their own failures, are the ones running a successful company.

    Bangladesh is still a developing country, but it has come a long way since 1971. Its GDP has expanded significantly, and startups have played a vital role in this as well as in the overall development of the country. In Bangladesh, there are many different types of startups that contribute to the development of the country by providing jobs and training to those who aspire to work.

    The following is a list of some of Bangladesh’s most well-known and successful startups.

    1. ChalDal
    2. Praava Health
    3. SureCash
    4. Shopup
    5. PriyoShop
    6. Maya
    7. Shikho
    8. Shuttle
    9. Pathao
    10. Sindabad.com

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    Bangladesh Startup Ecosystem

    ChalDal

    Founded: 2013

    Founders: Waseem Alim, Zia Ashraf, and Tejas Viswanath

    Valuation: $40 million

    ChalDal - Top bangladesh startups
    ChalDal – Top Bangladesh startups

    ChalDal is an online grocery shopping platform that provides all kinds of household items and essentials. Customers can buy groceries through the website or the mobile application, which is available for both Android and iOS. The buyers can also set a time for delivery when they want the item to be delivered. The company was founded by Waseem Alim, Zia Ashraf, and Tejas Viswanath. The company was awarded as the best e-commerce company of the year in 2020 by Digital World 2020, for providing essentials during the tense times of COVID.

    Praava Health

    Founded: 2017

    Founder: Sylvana Quader Sinha

    Valuation: $10.6 million

    Praava Health - Top bangladesh startups
    Praava Health – Top Bangladesh startups

    Praava provides easy and affordable healthcare for the families of Bangladesh. The patient can access the service through the mobile application and can make appointments. The patient can also check their healthcare history through the app. The company claims to have a proper 15-minute time slot for each and every appointment so that all the queries of patients can be heard and solved. The company also has 7 laboratories that can perform 250+ unique tests and have a low rate of error. Praava Health has also built the country’s first PCR lab for molecular cancer diagnostics.

    SureCash

    Founded: 2010

    Founder: Shahadat Khan

    Valuation: $7 million

    SureCash - Top Bangladesh Startups
    SureCash – Top Bangladesh Startups

    SureCash is a payment system that allows its users to make payments through their mobile application. It is one of the fastest-growing Fintech companies in Bangladesh. SureCash is currently accessible through six scheduled banks Rupali Bank Limited, First Security Islami Bank Limited, Bangladesh Commerce Bank Limited, Jamuna Bank Limited, National Credit & Commerce Bank Limited and National Bank Limited and more than 650 payment partners. The company was founded in 2010 by Shahadat Khan.

    Shopup

    Founded: 2017

    Founder: Afeef Zaman and Khobai Chowdhury

    ShopUp – Top Bangladesh Startups

    ShopUp is B2B commerce platform for small businesses available both online and offline. They provide easy access to B2B sourcing, logistics, digital credit and business management solutions. ShopUp Store is a free platform that allows its users an easy start to their online business. The Famous products of Shopup are Mokam, Redx and Baki. Mokam is a B2B commerce platform that serves small neighbourhood shops, providing access to a wide range of products. Whereas Redx is a logistic service and Baki is a digital financing product.

    PriyoShop

    Founded: 2013

    Founder: Asikul Alam Khan

    Valuation: $30 million

    PriyoShop - Top Bangladesh Startups
    PriyoShop – Top Bangladesh Startups

    PriyoShop is an e-commerce platform that sells a wide range of products, including electronics, clothing, footwear, jewellery, healthcare, beauty products, and more. It is a B2B marketplace app that connects retailers directly to suppliers and big brands to fix the fragmented supply chain by technology. Asikul Alam Khan launched the company in 2013. The company had only three people at that time, but as time went on, they established a name for themselves. Customers can purchase the items via the website or its mobile app.

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    Maya

    Founded: 2011

    Founder: Ivy Russell

    Valuation: $3.7 million

    Maya - Top Bangladesh Startups
    Maya – Top Bangladesh Startups

    Maya is an online service that helps people with mental and physical health issues. The company has a team of 300+ licensed healthcare experts and roughly 10 million unique users. The software employs artificial intelligence (AI), machine learning and natural language processing to provide users with digital assistance. The system then directs the users to the right specialists based on their responses to the questions. The company started in Bangladesh and is now attempting to expand into India, Sri Lanka, Pakistan, and Middle Eastern countries.

    Shikho

    Founded: 2019

    Founder: Shahir Chowdhury and  Zeeshan Zakaria

    Shikho – Top Bangladesh Startups

    Shikho is an ed-tech company which is purely focusing on the digitisation of the education system in Bangladesh. It delivers personalized learning, feedback, and assessment for students and to keep students engaged, it uses gamification techniques, like points, leaderboards and virtual awards. It offers online coaching and educational content for students from classes 6 to 12 and also trains students for examinations such as  JSC, SSC, and HSC.

    Shuttle

    Founded: 2018

    Founders: Jawwad Jahangir and Reyasat Chowdhury

    Valuation: $7.5 million

    Shuttle - Top Bangladesh Startups
    Shuttle – Top Bangladesh Startups

    Shuttle is a mass-transit service that provides safe and affordable rides. It offers rides at an affordable price by moving more people with fewer vehicles and caters to both B2B and B2C customers. The company was founded in 2018 by Jawwad Jahangir and Reyasat Chowdhury. The attractions are travel prices as the company uses minivans with proper air conditioning, and can transport 10-11 people, allowing them to travel at a very affordable cost.

    Pathao

    Founded: 2015

    Founder: Fahim Saleh, Hussain Elius, and Shifat Adnan

    Pathao- Top Bangladesh Startups

    Pathao is an on-demand digital platform company headquartered in Dhaka, Bangladesh. It started as a delivery service back in 2015 with its fleet of motorcycles and bicycles. The company operates in four cities in Bangladesh since 2015 and two cities in Nepal since 2020. Pathao has ride-sharing services, food delivery, courier and E-commerce services. It became the first major ride-sharing service-providing company in Bangladesh to get enlistment certificates from the authorities in Bangladesh.

    Sindabad.com

    Founded: 2016

    Founders: Asif Zahir and Zeeshan Huq

    Valuation: $8.3 million

    Sindabad.com - Top Bangladesh Startups
    Sindabad.com – Top Bangladesh Startups

    Sindabad.com is one of the leading e-Commerce platforms that offer a framework for manufacturing and consumer purchases for organisations such as corporate offices, homes or factories with direct delivery service. It offers a large variety of quality products at a cost-efficient price. Based in Dhaka, the company was founded in 2016 by Asif Zahir and Zeeshan Huq. Major financial firms, raw material companies, pharmacies, and regional corporations are among its customers.

    Conclusion

    Bangladesh is a developing nation and has come a long way and is all set for growth and prosperity. The growing startups in the country are one of the main reasons for its development. Companies are learning and adapting according to the citizens’ demands. Various startups are growing to cater for the very demand of the country and its citizens. There are over 1200+ startups which generate over 1.5 milliom+ employments and help to provide skills and services to individuals. This helps in the overall development and growth of the country.

    FAQs

    What kind of business is profitable in Bangladesh?

    E-commerce is one of the fastest-growing businesses in Bangladesh.

    What is famous in Bangladesh to buy?

    Bangladesh is famous for a wide variety of handicrafts, jewellery, coconut masks, and more.

    Which country invests most in Bangladesh startups?

    The United States of America invests most in Bangladesh startups.

    Which is the best place to invest in Bangladesh?

    There are many investment opportunities in Bangladesh. Some of the best places to invest in are:

    • Startups
    • Banks
    • Insurance
    • Stock market
    • Mutual Funds

    Which are the most successful startups in Bangladesh?

    Some of the best Startups in Bangladesh are:

    • ChalDal
    • Praava Health
    • SureCash
    • PriyoShop
    • Maya
    • Shuttle
    • Sindabad.com
    • Shopup
    • Shikho
    • Pathao

  • Shopify Pages and Why They Are Important for Your Store?

    You may have seen a YouTube video about creating a Shopify online business. Or perhaps your homie keeps bringing up Shopify, and you’re too ashamed to inquire. Fortunately for you, we will explain what Shopify is, what it offers, the benefits and drawbacks of utilizing it, and much more. So let’s get started.

    You may create your store on the Shopify e-commerce platform both online and offline. Bloggers use WordPress. Shopify is used by shop owners. You can use Shopify POS to sell in person or online using your own website. This e-commerce website builder provides features for both novices and e-commerce professionals.

    What is Shopify?‌
    Shopify – About us Page
    Shopify – Homepage
    Shopify- Happy Customers Page
    Shopify – FAQ Page
    Shopify – Contact us Page
    Shopify – Policies Page
    Shopify – Collection Page
    Shopify – Product Pages
    Shopify – Blog Pages
    Other Shopify Pages
    Shopify – Homepage
    Why Use Shopify Pages?

    What is Shopify?‌

    Basically, Shopify itself is an e-commerce platform that also allows others to create and run their stores on it. It provides you with the foundation to run an e-commerce business. As you venture into the online selling space, you’re expected to open a storefront, showcase products, engage with customers, accept payments, and more. Shopify offers all the tools you need to manage each of those activities.

    People prefer to buy from well-known brands. A professional-looking Shopify website is among the simplest means of earning their trust. Your brand must be outfitted with a few core components. Aside from the main page & the merchandise page, each e-commerce site should have the mentioned pages. So let’s go through them one by one.

    Shopify – About us Page

    An Example- The above image shows the about us page of a Shopify store named Haus
    An Example- The above image shows the about us page of a Shopify store named Haus

    This page is crucial because when a customer walks into your shop but isn’t ready to purchase, they’ll visit this page to discover more about your company. It’s much about the firm, also known as our story. This page typically contains additional company information, who you are, your label, and the offerings.

    You’ll need a better overview of your company, including who you are & why you’ve established it. The more personalized you’re about us section is, the better. It would be fantastic if you could entail a pic or greet clip.

    The drawback is that cliched themes are often used, which are uninterested in the about page. You, however, are. You might like to add several fun effects and more elements to upsell, but Shopify does not provide these features right away. You must focus on specific themes which have the necessary personalization in place to modify if and when required.

    Shopify – Homepage

    An Example- Haus is a Shopify store with its homepage on view in above image
    An Example- Haus is a Shopify store with its homepage on view in above image

    It is the center of attraction for each and every customer. Irrespective of the customer’s mentality, the most essential page that has the highest probability of attracting a customer’s attention is the Homepage. This page can contain a door to all other pages and links. Shopify homepage is also the first page any customer will be introduced to.

    By knowing its importance, Shopify has provided a number of themes and customization options for Shopify users to get their desired results. The homepage allows the user to get the basic idea of products available in their ranges. It can also give other information like ongoing sales, links for other essential pages that customers can visit as a second step, etc.

    The above graph shows the different information that is required on the homepage as per the visitors in percentage
    The above graph shows the different information that is required on the homepage as per the visitors in percentage

    Shopify- Happy Customers Page

    It all comes down to social evidence. It’s a good way of making one feel safe about purchasing from you when they see some folks purchasing from you are pleased and sharing images of themselves.

    A satisfied customer is the best business strategy.
    A satisfied customer is the best business strategy.

    Shopify – FAQ Page

    An Example- The above-shown image is the FAQ page from Shopify store The Candi Factory
    An Example- The above-shown image is the FAQ page from Shopify store The Candi Factory

    Many folks will have concerns about shipments and refunds, so you can include all that in this segment then they can get answers without having to message support. It reduces the workload from responding to multiple emails regarding the same topic, but it is optional.

    Ensure it’s presented simply for visitors and that you can keep all the queries in bold text and all the solutions exactly as they are. If you’ve distinct queries, group them under a header so that it appears to be split into parts.

    Shopify – Contact us Page

    An Example- The above-image is from the contact us page of a Shopify store named The Candy Factory
    An Example- The above-image is from the contact us page of a Shopify store named The Candy Factory

    This page contains contact details such as phone numbers, email addresses, location data, social media URLs, and more. If they have concerns, they wish to learn whom to ask and where they can get answers. The more contact details you could give, the better. It’s basic, and every E-commerce website can include a simple inquiry form on that page alongside all other details.

    Shopify – Policies Page

    More shops should have a user agreement page and a privacy policy. These two are extremely crucial, particularly if you run ads. This page is critical if you’re running Facebook or Google ads. If Fb discovers that you don’t use one of these, they may forbid you to run ads. They’re required to run any Shopify store.

    Writing them will be more difficult because the verbiage will be slightly different. However, Shopify makes it extremely simple. It primarily has layouts created for policy sections, so you don’t get to do much legwork; read through the policy and make modifications that seem vital for your biz.

    Shopify – Collection Page

    An Example- The above image shows the collection page of a Shopify store named ZeroGravity
    An Example- The above image shows the collection page of a Shopify store named ZeroGravity

    This page one will give a clear insight to the customers about what products are available in the store. The main focus of this page is on visualizing different categories of the products as per each store. This page has to be added to provide easy access to customers for different category products.

    Apart from the category, this page also has to include different options mainly filtering options and a guide to other pages. This page can be customized as per the user’s preference, but with only one aim of providing a clear look at the page. This can avoid confusing the visitors and can also increase the chance of purchasing a product.

    Shopify – Product Pages

    The name itself shows the work of the page. But in reality, the actual work of the page is to showcase a product but in a different way. Product pages can help the customers to know about a single product in detail but can also help them with other information like similar products or products falling under the same category but within different price ranges.

    All these can be easily showcased by adding the Shopify product pages in the Shopify store. One can also consider adding these pages in order to simplify the store. As visiting a product page is like a third step after selecting the category to shop from.

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    Shopify – Blog Pages

    An Example- The above image shows the blog page of a Shopify store Bucket Bike
    An Example- The above image shows the blog page of a Shopify store Bucket Bike

    The basic need for adding blog pages in your Shopify store is to increase organic traffic. Each store needs to be marketed in order to gain much popularity and sales. For the same reason adding a blog page can be a great idea.

    Shopify allows easy organization and management of Shopify blog pages. Shopify also allows a number of tools and options for the better management of the page. With all these services, adding a Shopify Blog page is a must for every store if they plan to attract customers by content marketing.

    Other Shopify Pages

    An Example- The above image shows an additional page of the payment plan from a Shopify store Bucket Bike
    An Example- The above image shows an additional page of the payment plan from a Shopify store Bucket Bike

    Multiple pages are essential to incorporate based on what you offer and your sector. You can also consider the following pages while you create your Shopify website.

    Members

    If you’ve more than one member working around the clock, creating a section with a picture of every staff, and their designation and impact on the company, can be a brilliant platform to thank your diligent staff and instill trust in your company. While I don’t advise “inventing” employees, there’s hardly anything inappropriate with highlighting anybody who contributes to the success of your business.

    Functionality

    If your marketing strategy includes any distinctive features, including a membership, it is an excellent spot to clarify your procedure. Other shops use this section to learn how their goods perform, mainly if they are distinctive or intricate. While this data is included on retail sites, creating a dedicated team can be very beneficial in terms of trust-building.

    Shipment

    If you’re trading tangible goods online, several folks will wish to learn how and when their orders will be supplied, so having a section that explains it can be useful.

    Special offers

    A consumer browsing for your brand with the words “special offers” or “vouchers” on a web browser is frequently a final hindrance to the payment page. As described here, some shops post links that cater to these lookups.

    Returns

    This column should likely be with the “should include” list, but because not all Ecommerce retailers are selling returnable goods, I include it here. Utilize it to clarify your return policy, and even when you don’t take back returns. You should also better articulate this policy.

    Why Use Shopify Pages?

    The process of adding pages on the Shopify store: Store setting-Online Store-Pages-Add Page
    The process of adding pages on the Shopify store: Store setting-Online Store-Pages-Add Page

    As previously stated, these sections create a favorable impression of your shop in the hearts of targeted consumers. Your shop can exude a proficient feel when high-quality illustrations are blended with perfect textual material, which, when blended with other aspects of your page, can greatly affect a transformation. It may also raise the effectiveness and notoriety of your webpage, which is generated by search engines.

    The real impact of performance and notoriety rating that are frequently ascertained by individuals assessing sites and deciding if they’ve well-thought-out material is debatable, as with several aspects of SEO. Given the resources needed to deliver creative substance, it’s easy to see how possessing high-quality sections on your page can become extremely relevant.

    Although if SEO experts don’t use the efficiency of these sections at all, it’s important to note the other perks, like gaining buyer trust. This means that possessing these sections won’t impact you either, as they offer useful, well-written material.

    Creating these types of intriguing sections inspires visitors to focus on them, and it’s a wonderful way of signaling to SERPs that your site has high-quality, pertinent goods and material.

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    Conclusion

    As a virtual merchant, you must provide your clients with a personalized experience to which they can connect to persuade them to purchase from you. You can customize every aspect of your store with these Pages to focus on making it more user-friendly & consistent with your label. Create these pages in a way you wish to portray your brand to the potential and current customers. I hope this article was insightful to you.

    FAQs

    What are the pages in Shopify?

    In simple words, Shopify pages are the ones that will showcase the Shopify store details on the web page and through which a customer can interact with the store. They are web pages that give out information about the store and also allow the customers to visit the store in detail.

    What pages do you need on a Shopify store?

    The exact need for the Shopify store pages can differ for each individual. However, adding these five pages can complete the basic pattern of a store. They are the homepage, privacy policy page, product page, about us page, contact us page, and marketing page.

    Can we customize pages in Shopify?

    Yes, pages can be easily customized in Shopify.

  • Ayurveda at the Click of Your Smartphone: The Success Story of India Shoppe

    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 India Shoppe.

    Digitization and E-Commerce have transformed the traditional way of business. Online shoppers Online shopping sales across India amounted to around $67 billion in 2021. Online shoppers are increasing year by year. There were 189 million online shoppers in 2021 which is expected to reach 220 million in 2025. The shopping behavior of customers has played a crucial role in the development of ECommerce retail. India Shoppe is one such E-Commerce retail platform that provides all the products for household needs. Staying bootstrapped, India Shoppe’s revenue growth has reached INR 1300 Crores.

    Read to know about India Shoppe, its founders, products and brands under it, its business model, and the story of its growth.

    India Shoppe – Company Highlights

    Startup Name India Shoppe
    Headquarters Chennai
    Industry Ecommerce Retail
    Founder Rajesh Chandan
    Founded 2013
    Website indiashoppe.com

    India Shoppe – About
    India Shoppe – Founders and Team
    India Shoppe – The Idea and Startup Story
    India Shoppe – Vision
    India Shoppe – Products
    India Shoppe – Business Model and Revenue Model
    India Shoppe – Challenges Faced
    India Shoppe – Revenue Growth
    India Shoppe – Tools Used in the Company
    India Shoppe – Achievements & Recognitions
    India Shoppe – Future Plans

    India Shoppe – About

    India Shoppe is an Omni-channel retailing company, started in Aug’13 to provide Wellness & Nutrition, Personal Health-care, Skin-care, Oral-care, Hair-care and Home-care after identifying & understanding their customers. They design & produce the products for which enough demand is created through various social media & other channels of Marketing. Recently, they have added fresh Agro-care solutions to their bouquet of products.

    India Shoppe – Founders and Team

    Rajesh Chandan is the founder of India Shoppe. Mitesh Bhandari and Viresh Mehta are the Co-Founders of India Shoppe.

    Rajesh Chandan - Founder of India Shoppe
    Rajesh Chandan – Founder of India Shoppe

    Mr Rajesh Chandan is an alumnus of Harvard Business School and a first-generation entrepreneur from Chennai and a technology enthusiast, with over two decades of hardcore exposure in various business verticals. He upgraded himself to the latest trends in business & technology, by attending various programs at ISB (Hyderabad) & IIM, (Ahmedabad). Rajesh Chandan actively conducts leadership workshops for Start-Ups, mentoring them to upscale their business. He held the position of VICE CHAIRMAN at JITO INTERNATIONAL W ING and continues as an active member of the JAIN INTERNATIONAL TRADE ORGANISATION with more than 15000+ influential (Jains as) members. Rajesh is an avid social worker associated with various organizations & rehabilitation centres. His family has donated a day-care hospital in Ayanavaram (Chennai) which is run by RYA Cosmo Foundation.

    India Shoppe Team
    India Shoppe Team

    Mitesh Bhandari is the Co-Founder and Executive Director of India Shoppe.

    Mitesh Bhandari is a young & dynamic commerce graduate from LOYOLA (Chennai) & MBA from NMIMS (Mumbai). He is a certified Chartered Financial Analyst with a decade of experience in several lines of business & off- late prominently in the Fin. Tech landscape. Mitesh Bhandari is an active investor on many alternative investment platforms, including Venture-Debt. He has more than 2 decades of experience in the business of Ferrous & Non-ferrous metals. Mitesh Bhandari also has a well-curated portfolio of leasing, and real estate assets.

    He serves as the Charter President of RCC Magnum, an organization of 100+ youth members & has been an active member of Round-Table (India), a philanthropic organization.

    Viresh Mehta is the Co-Founder and Executive Director of India Shoppe.

    Viresh Mehta is an enthusiastic leader who heads Business-Development. He is a marketing & sales specialist who focuses on the smooth functioning of an organizational supply chain and related value addition processes for the company. He has an outstanding experience of 17 years in merchandising & sourcing various consumer goods. He developed various distribution channels across India, for different FMCG Products, ensuring business growth. His strong decision-making abilities have played a critical role in handling and strategic planning of the product launches of several esteemed brands like Coorg Filter Coffee in Tamil Nadu, Detergents like Shudh, Rakshak and Samundar crystal salt from the house of industrial-giant, Tata. Understanding and engaging in public relations is a primary reason for his success. Crisis and Disaster Management at various business houses is his forte.

    Once Viresh Mehta organized a Dandiya Mela or a traditional folk-dance festival with over ten thousand participants from all ages & ethnicities, for raising student scholarships for the underprivileged.

    India Shoppe – The Idea and Startup Story

    Rajesh Chandan always wanted to start a brand, which would be more than just a business-house or a commercial- entity. He wanted it to be a part of people’s lives. That ‘want’ remained a distant dream until 2013, when he identified a dearth in a specific segment of the market & eventually, the spark grew into a flame.

    After a series of brainstorming with his peers in business, about how the global giants were becoming market leaders, online & native brands were ruling on-ground with their branches & franchises, the market in Omni-channel retailing remained unexplored. Soon, the idea started taking shape.

    India Shoppe was designed to be a lifestyle brand with a sincere focus on Tier II, and Tier III cities & towns targeting the “middle” & “upper-middle” income groups or the ‘active’ segment of society that is always aspiring for a better lifestyle.

    Rajesh went to the original ‘Shark-Tank’ to bounce his idea: My friends! Not for lack of options but this wasn’t just about, Validation of his idea but also the Sustenance of a promise!

    India Shoppe – Vision

    India Shoppe Logo

    India Shoppe has a vision to:

    • Be a large customer value creator in the market, focusing on customer service, understanding the customers, their way-of-life & identifying their requirements to improve their lifestyle.
    • Customize & develop products after market research & ensure they’re organic, healthy & easy to use.
    • Invest in new product lines & implement the latest technology to ensure they are delivered on time.

    India Shoppe – Products

    India Shoppe Products
    India Shoppe Products

    India Shoppe offers various daily-use products for individuals and the entire family. They are committed to building effective brand identity by aligning the consumers’ perception and expectations with the development of their products, with the highest standards in quality.

    India Shoppe has developed its private labels, under the brand names of:

    • “AAHAR” Food & Gourmet
    • “ELEMENTS WELLNESS” Health-Care
    • “NEUSTAR” Personal-Care
    • “ON & ON” Wellness & Nutritional-Care
    • “Mi HOME CARE” Adding a sparkle to your world
    • “INDIAGRO” Reflecting their commitment to farmers, they have scientifically researched and developed, plant & soil-care products that: help in maximizing the yield (for farmers) & are packed with nutrition (for consumers) while ensuring the quality of soil is retained.

    Their products do not contain (any) chemicals that are harmful to the body and are made of natural ingredients. They use raw materials which conform to API and in-house standards.

    Their proprietary health & wellness products are made of various nutritional ingredients & herbs, after extensive study and research. India Shoppe has experts who remain in close proximity with scientific researchers & market analysts to stay updated on developing new products or enhancing existing ones. Beginning from the sourcing of ingredients to the final Eco-conscious packaging, they ensure that their products are of premium quality.

    India Shoppe takes Conscious-Care for:

    • The People: Propose and promote a healthy lifestyle for consumers, with their products.
    • The Products: Prohibit the use of any ingredients which aren’t organic in their processes.
    • The Planet: From Products to Packaging, it is all vegetarian and eco-friendly.
    • The Past: Promoting Ayurvedic products which are preventive & also hail from this holy land.

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    India Shoppe – Business Model and Revenue Model

    India Shoppe creates a demand for its products, through active social-media campaigns and its chain of small-format retail stores & websites. Additionally, to reach a wider market, we’ve designed Pick-up Centers (P.U.C’s), in several remote locations that are mapped to their nearest store. Such P.U.C.s only purchase merchandise from the stores, they’re mapped to. It can also be explained as – H.O.: Parent, Store: Child, Store: Parent, PUC: Child.

    • Their stores maintain an online account of the respective PUCs mapped to them, based on the volumes of transactions or redemption of Pre-orders.
    • To ensure easy flow of the stocks, they are replenished from multiple warehouses, online & offline.
    • Their M.O.P is mostly through pre-orders having several types and denominations (Non-Transferable).
    • Customers carrying such Pre-orders get the merchandise at a discounted price while other customers purchase at M.R.P.
    • Customers can redeem/ purchase with dual-validation (Code & OTP) at the Store, PUC and Web-portal.
    • Their product range is further classified under different sub-categories.

    Strengths:

    • They have well-established network of 16 Warehouses, 51 Stores & 649 P.U.C’s, spread across the country,
    • They have tested & proven systems and ready-to-go processes for generating assured Sales growth.
    • They undertake periodic market research with corresponding Product-innovations.
    • They collaborate with scientific developers, manufacturers, designers, marketers & suppliers to ensure they come up with rich Ayurvedic products.
    • They build on brand re-call & consumer loyalty through Digital Marketing posts and campaigns by regularly posting engaging content on various social media platforms.
    • Their customers have been their biggest strength, as their testimonials are the hallmark of certification.

    India Shoppe – Challenges Faced

    Being an enterprise with most products based on Ayurveda, subscribing to their solutions would mean a shift into a better/healthier lifestyle. But this is the very reason most people today, resist choosing Ayurvedic medicine, which is more of preventive care, in contrast to the instant relief of western-medicine (Allopathy).

    However, the Covid Pandemic has rightfully pointed out that, instead of choosing the (so-called) ready remedies and instant reliefs, it is advisable to have a healthy lifestyle. And, going Ayurvedic, not only aids to eliminate the chances of infection but also has them equipped to battle other infections/ microbes, known & unknown.

    India Shoppe – Revenue Growth

    India Shoppe operates PAN-India. Starting in 2013-’14 from less than INR 100 CRS. to almost INR 1300 CRS. in 2021-’22. With a CAGR of 22%, their growth has continued during the Covid pandemic, even. So far, they are a bootstrapped company, running & managing with their capital & operating revenues.

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    India Shoppe – Tools Used in the Company

    Their team of developers, designers, researchers, product managers and engineers of various disciplines, work together in building a user-friendly design & well-tested interface with every aspect of the organization.

    • They have been using state-of-the-art ERP software for Finance and custom E-commerce.
    • The capacity of supply chain and logistics operations can be scaled anytime with their automated stock replenishment during peak periods (festivals/ holidays) for consistency in their deliveries.
    • With their in-house cloud-based mechanism and automation, Traffic is gracefully throttled if & when it goes beyond the given conditions.
    • Having high-performance integrations, connecting to third-party applications like the State GST portal, Supply chain Vendors and up to Last-mile deliveries.

    India Shoppe – Achievements & Recognitions

    India Shoppe has achieved recognition from the Government of India and others.

    • In the personal-care category, “Elements Wellness” was prestigiously awarded: BEST HEALTHCARE Brand by The Economic Times in 2019-‘20 & 2022-’23!
    • 7 & 14 State Governments in the country, have recognized India Shoppe as a prompt Tax-payer for 2020-2021 & 2021-2022 respectively.
    • At the peak of the Covid pandemic, when the health ministry of India advised everyone to take a spoon of Chavanprash (an Ayurvedic goo-ey preparation loaded with anti-oxidants & immunity boosters) a day, it hiked the consumption of their equivalent, On & On “Kavach Prash”.

    India Shoppe – Future Plans

    As a growing large-scale Value-Creator, they are eyeing expansion in the scale of operations, setting up more Distribution centres for easy reach & faster delivery, planning more stores & investing in new product lines & technology.

    After finding a firm footing in the local market, India Shoppe team have been exploring the possibility of expansion, especially in our neighbouring countries.

    FAQs

    When was India Shoppe founded?

    India Shoppe was founded in 2013 in Chennai.

    Who is the founder of India Shoppe?

    Rajesh Chandan is the founder of India Shoppe. Mitesh Bhandari and Viresh Mehta are the Co-Founders of India Shoppe.

    What are the products of India Shoppe?

    India Shoppe products list includes various daily household products:

    • Food Products
    • Health-Care Products
    • Personal-Care Products
    • Agro Care Products
    • Home Care Products

  • Berrylush – Enhancing the Era of Fashion for Women With Its Dresses

    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 Berrylush.

    We all do love to stay in fashion, right? In the era of the 21st century, the styling trends of the fashion sector are currently dominating the globe more than ever! In this present era, companies are not only controlling the procedure of the people’s dressing sense but also the trends in makeup, fashion, and many more. During the 60s flares weren’t everything but also the particular styling stuff defined an entire generation which is prominent to date. Fashion is very bold and this boldness is reflecting the ongoing generation who are not at all frightened of speaking on their face. It is simply not just a means of clothing but also showcases your personality.

    Berrylush is a company brought into existence, especially for the younger women generations who are concerned more and genuinely about looking good and having fun. Read the Berrylush success story below!

    Berrylush – Company Highlights

    Startup Name Berrylush
    Headquarters Noida, UP, India
    Industry E-Commerce, Fashion, and Textiles
    Founders Alok Paul and Anusha Chandrashekar
    Founded 1st September 2018
    Website berrylush.com

    Berrylush – About
    Berrylush – Industry
    Berrylush – Founders and Team
    Berrylush – Startup Story
    Berrylush – Mission and Vision
    Berrylush – Tagline and Logo
    Berrylush – Business Model
    Berrylush – Revenue Model
    Berrylush – Online and Social Media Presence

    Berrylush – About

    Berrylush is a very inspiring clothing company for women of younger ages looking forward to looking decent and confident. It is quite an affordable clothing company that mainly provides its consumers with the best online shopping experience on the Internet. Their concept is to make females glow with their exotic designed dresses.

    Berrylush – Industry

    The Indian textile marketplace is anticipated to be growing and its worth is gonna rise to $209 billion by 2029! Cotton production is also anticipated to reach 37.10 million bales. The marketplace is additionally anticipated to regain and then grow by 10% to reach $190 billion by 2025-26.

    Berrylush – Founders and Team

    Alok Paul and Anusha Chandrashekar - Berrylush Co-founders
    Alok Paul and Anusha Chandrashekar – Berrylush Co-founders

    Alok Paul and Anusha Chandrashekar are the founders of the company Berrylush.

    Alok Paul

    Alok Paul is presently the co-founder of two different companies namely Berrylush and Prime Seller Hub. Initially, he was an engineer and he worked at companies like Accenture.

    Anusha Chandrashekar

    Anusha Chandrashekar is the co-founder and the CEO of the company Berrylush! She also began her career as an engineer and she worked in companies like Tata Consultancy Services and Deloitte.

    Berrylush – Startup Story

    Alok Paul and Anusha Chandrashekar began the company Berrylush with just four machines and a very little squad. Anusha was an IIM Raipur graduate who always used to be relatively intense about the fashion sector and did dream of running a women’s western wear brand all on her own. And her batchmate, Alok, was enthusiastic about creating eCommerce businesses!

    Both got married to each other and also gave importance to each other’s attention. Soon after the couple inaugurated an online women’s western wear brand Berrylush in Noida, India.

    Berrylush – Mission and Vision

    The mission and the vision of the company Berrylush is to make females feel completely different whenever wearing Berrylush dresses.

    Berrylush Logo
    Berrylush Logo

    The tagline of the company Berrylush is, ‘You are already beautiful. Our mission is to make you feel that way.’

    Berrylush – Business Model

    Berrylush business model is an asset-light model! The brand has got just two destinations situated in Noida which is an office and a manufacturing department which has got around 120 machines within. There are 14 regional fabricators who manufacture solely for the brand Berrylush.

    The clothes are sold directly to the consumers with the help of Myntra which holds around (55 percent of the sales), the official website which holds around (20 percent of the sales), Ajio also holds around (10 percent of the sales), and additionally, others hold (15 percent of the sales).

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    Berrylush – Revenue Model

    Berrylush is an e-commerce brand and hence the term e-commerce makes the concept quite easier for all to understand how the company is earning money. The statistics mentioned above showcases a part and is a simple B2B (Business 2 Business) retail company.

    Berrylush – Online and Social Media Presence

    Berrylush is a very famous name and most of the girls reading this article know quite well about the brand. It is relatively a renowned brand if you are looking forward to online shopping, especially from the platforms of Nykaa Fashion, Amazon, Flipkart, Myntra, Ajio and so on.

    Other than the shopping spaces, Berrylush is actively present on the social media pages of Instagram, Facebook, and also has got its name on various web portals.

    FAQs

    When was Berrylush founded?

    Berrylush was founded in 2018.

    Who is the founder of Berrylush?

    Berrylush was founded by Alok Paul and Anusha Chandrashekar.

    What are the platforms to buy Berrylush dresses?

    Berrylush dresses are sold on different platforms:

    • Berrylush
    • Myntra
    • Nykaa
    • Amazon
    • Ajio
    • Flipkart
    • Poshmark

  • Barriers Faced by Rural Businesses | Different Ways to Sell the Products Made by Villagers

    The article is contributed by Mr. Mahesh Choudhary, Founder & Chairman, Saraswati Global.

    Selling a product is not an easier task. It is an art to convince people to buy their products. While selling the products the buyer has to face barriers, must know about the strategies to sell, and the most significant is to know the differences between selling a product in a rural market and in a global market.

    What is the global market? The goods and services and labor can move freely across the globe. To establish good marketing in the global market a good knowledge of business must be the expertise of the person. Being a good business person we must know how to get consumers hooked with the products. Although it is difficult for all to sell their products and make it a well-known brand. But for villagers it is a demanding practice for them. There are a lot of barriers which they have to face before and during selling their products.

    The Barriers Villagers Face in Selling Their Products

    Reach/Access

    Access is one of the major barriers for the Villagers. It is difficult for the small entrepreneur to reach the consumers, give the information and Sell their products. With the limited electricity and little access to mass media, it is a challenge to reach consumers.

    Transportation

    Rural business people face a lot of lags due to lack of support and services. One of them is transportation. Transportation helps in movement of goods and services which ensure access according to customers, and act as a link between the producers and consumers. Transportation challenge factors include, lack of road maintenance, hike in fuel prices and vehicle services.

    Capital

    Capital, the most mandatory for business, acts as a barrier. The investment, capital amount, and money are significant for the commencement of business. But for rural entrepreneurs, it is the first barrier that they have to face to execute any business idea. Insufficient profit to cover overhead expenses can result from a lack of capital.

    Technology

    Entrepreneurs in urban cities generally use technological methods two manufacture their goods, because it cuts cost and time and gives a complete finish to the goods. But lack of proper knowledge in rural entrepreneurs affects the growth of their entrepreneurship. So they are completely based on labour work and handmade products, which take a lot of time to manufacture.

    Digitalisation

    Along with the lack of technology knowledge, rural entrepreneurs also don’t have a proper understanding of digitalisation which is hitting the global market vigorously. But improper knowledge of digitalisation adversely affects their entrepreneurship development.

    Competition

    One of the key successes to be a good entrepreneur is to beat the competitors in the market. This is the toughest key for the rural entrepreneurs to face existing competitors for their establishment. The existing competitors have good quality of resources and rural competitors lack them.

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    Lack of knowledge creates excessive fuss for rural entrepreneurs. Selling their manufactured products is a challenging task for them. So how can they deal with these? To tackle them rural entrepreneurs need support from NGOs and government as they can help them to promote rural enterprise.

    NGOs can help entrepreneurs by counselling them. By consulting rural entrepreneurs we can get to know resources and the requirements they need for the procedural activities. NGOs can help with their sources by providing them with enough resources to use for their activities.

    Government can help by providing a capital amount to small rural entrepreneurs. So that they could afford the requirements they need. Rural consumers nor rural entrepreneurs are able to operate smartphones which ultimately affects rural entrepreneurs. A counselling program can help them to train in it. Government can also arrange a counselling program to train them in every aspect of entrepreneurship. This can also lead them to digital and technological literacy.

    Lack of support and services can cause no profit in selling the products in the global market.

    Let’s find out the different ways where we can sell the product made by the Villagers.

    Ways to Sell Products Made by Villagers

    Personal Selling

    Face-to-face interaction selling is the best method for the rural marketer. Consumers search for reliable marketers. Here the customers can trust completely because they buy the products with their personal checks. This can lead to gaining trust and the buyers can also become regular consumers.

    Fairs and Exhibitions

    Fairs and exhibitions are like the part of the rural people. This is a great opportunity for entrepreneurs to launch and sell their products. A Lot of people come for entertainment. Through the different entertainment selling methods, consumers can easily attract to watch. With this method sometimes they also get convinced to buy them.

    E-COMMERCE

    E-commerce is on the rise as the trend of online shopping has become a trend in the last few years. E-Commerce is the marketplace where anybody can sell and buy their products. The online platform is not restricted to urban or rural people. Amazon, Flipkart, Etsy, craftvilla, etc are one of the E-Commerce platforms for buying and selling goods and services.

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    Social Media

    Along with e-commerce social media such as Instagram and Facebook are the best marketplace to create, sell and grow a brand. People mostly spend their time on social media. Since these platforms would have a wider reach to consumers.

    Channel Sales

    By channel sales, we know that it is the process of distribution of products to the market. It means the person can sell the product through the collaboration of another company.

  • How to Fund and Grow an E-commerce Platform?

    The article is contributed By Prateek Ruhail, CEO and  Co-Founder of Vanity Wagon.

    In the recent past, a lot of businesses have gone digital incalculably. This was accelerated by the pandemic which curtailed individuals’ ability to visit physical marketplaces, and they were instead forced to shop from e-commerce websites. And now, the shoppers include individuals from all walks of life, a medley of cities and different income statuses. A report revealed that from April-May 2020, there was an 11% increase in first-time online shoppers. The e-commerce market in the country is exploding and is set to grow at a 30% compound annual growth rate in the next 5 years, serving 300-350 million shoppers in the next 3 years. This growth in e-commerce businesses has warranted a deeper understanding of how to fund and grow such a platform.

    ECommerce Funding

    Financials and cash-flow is the toughest problem to navigate when starting your own e-commerce business. It’s extremely pertinent to clearly chalk out a plan and figure out exactly what you need the funds for. This money is usually used to grow, cover expenses (marketing and operational) and for inventory costs.

    How to Get Funds for Your ECommerce Business?

    There are numerous ways to fund your business. The most common of these are using your personal savings, bootstrapping- asking family and friends for help, and crowdfunding – collecting funds from the public. There are also grants- obtaining money from a public body, equity financing- giving up equity for a cash investment, debt financing- selling debt instruments like bonds to investors, revenue-share financing- in the form of royalties, and bank loans. Each company has its own unique business model due to which some of these methods might work better as compared to others. Even at different stages of the business’ growth- different methods might be appropriate.

    Investors’ Alignment to Your Business Objectives

    Not every investor fits perfectly into the puzzle. If you have an investor that doesn’t understand the overall vision of the company, and does not agree on a strategy, it can actually be counterproductive to have them on board. Thus, it is extremely important that you and your investors align on the objectives and plans of action for the company.

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    Growing Your ECommerce Platform

    After starting the business and getting the infrastructure in place, the funds are used to grow the company. There are several growth strategies that can be implemented to maximise profits-

    1. Affiliate marketing – Affiliate marketing is a business strategy whereby you can increase your business reach by allowing social media accounts and websites to market your products and show advertisements for a specific percentage of your sales. This exposes your brand to a larger audience, thereby growing it.
    2. Target audience – Identifying your target audience is pertinent to understanding the demographics and trends among those you are selling to and modify your marketing and operational strategy accordingly. If your product or marketing is irrelevant to your target, there is no point.
    3. Repeated business – Usually, the customer acquisition cost is extremely high, but converting an existing customer into a repeated buyer is easier and also increases sales. Luring customers back in using tactics like offers, discounts, bundles, customised coupons, and maintaining a good relationship with them is likely to grow your business.
    4. Market basket analysis – Enticing customers to purchase commodities that are linked to one another through market basket analysis is an excellent way to grow your business. For example, if a customer is buying clothes, there can be options of accessories that go with the whole look. Or, if a customer is buying chips, there should be a bundled with different recommended dips etc.
    5. Upselling products – Upselling refers to getting customers to purchase high-end and more expensive products instead of their cheaper alternatives. This can be done through things like ‘Amazon’s choice’ or even comparing different products so that the advantages are easily recognisable.
    6. Creating awareness – If your e-commerce business can solve problems, then it is extremely important to create awareness and use appropriate marketing tools to do so. In today’s day and age, customers do extensive research before settling on a purchase hence, it is important that they are aware of the product you have and the problem you solve with the product.
    7. Influencers – A good way to create awareness in the present day is through influencers. These influencers usually have thousands of followers who look up to them for advice and recommendations. The sales you get from these influencers should make up for the fee you pay them.

    Thus, adopting the right strategies for funding and growing your e-commerce platform is key to having a profitable business.