When it comes to entrepreneurship, inspiration plays a key role in a businessâs creative process, significantly transforming cognition, effect, and behavior. Motivation and strong willpower play central roles in defining entrepreneurial success.
Of the varied ways to find motivation and inspiration, films are one medium that has the dual capacity of offering relaxation while imparting wisdom and getting creative juices flowing through thought-provoking material. Irrespective of an individualâs current standing in their entrepreneurial journey, a few movies remain on the list of must-watch due to their central idea of featuring businesses and entrepreneurs. Sometimes fiction while at other times narrating a true story, entrepreneurship, as depicted on the movie screen, leaves the viewer bursting with inspiration and energy.
The movie traverses the life course of the successful stockbroker Chris Gardner and is based on a non-fiction book of the same name. Although a simple story of rags-to-riches, it showcases his hard struggle of being homeless with a young son for one year. During this time, he also went through a grueling six-month internship as an unpaid stockbroker. The movie highlights the unbelievable circumstances he overcame to achieve his dreams and found stupendous success through relentless perseverance.
The Pursuit of Happyness
The Social Network
Highlighting the humble beginnings of the global phenomenon, the story talks about Mark Zuckerbergâs creation of Facebook while he was still a student at Harvard. It also highlights his struggles as he was sued by two brothers claiming Zuckerberg stole their idea. Mark Zuckerbergâs best friend, who was an integral part of the company was also ousted.
THE SOCIAL NETWORK – Official Trailer [2010]
Wall Street
The central theme of the movie is greed and morally reprehensible actions. Its brilliant portrayal of various characters highlights the ills of too much ambition and how it can, if unchecked, lead one down an unethical path. The famous speech of the movie âGreed is Goodâ forms the heart of the story which showcases a young man getting carried away by the outward show of a glamorous lifestyle and ends up getting entangled in the vicious web of insider trading.
Wall Street: Money Never Sleeps | Official Trailer
The Big Short
Adapted from the book of the same name, the movie highlights three parallel stories of individuals who were able to predict and profit from the American financial crises of 2007-2008. The story is a contradiction of being a cautionary tale for entrepreneurs while also highlighting the importance of risk-taking and conviction within the business. The narrative employs unconventional techniques to explain complex financial concepts like sub-prime mortgages and collateralized debt obligations. During that time, very few people had bet against the housing market in the US. However, the characters in this movie did just that and ended up making a large profit when the financial crisis hit.
The Big Short
Becoming Warren Buffet
If there is a role model for young and rising entrepreneurs in the world of business, it has to be Warren Buffet, who is widely known for his business and investing acumen. Also well-known for his humble and down-to-earth nature, Warren Buffetâs secrets to success are well-studied as well as well-documented. âBecoming Warren Buffetâ is a documentary film that centers around his life examining his investing expertise and personal relationships. This must-watch documentary is hugely inspiring for entrepreneurs and there are many learnings within it.
Becoming Warren Buffet
Guru
Loosely based on the portrayal of the founder of the Reliance Empire, Dhirubhai Ambani, played by Abhishek Bachchan, this Indian movie brilliantly tells the story of how business was conducted in the 1950s. It also highlights the ambition of a young man determined to succeed, whatever the cost. His perseverance, his continued learning, and his insistence on growing despite the many obstacles in his path make it one of the best Indian movies on business and entrepreneurship. Rising entrepreneurs can get inspired to give their absolute best by watching this movie.
Guru Trailer
Steve Jobs
His name is known to practically everyone around the globe. He is the mastermind and genius behind âAppleâ. An entrepreneur par excellence, it was his brilliance that ensured that Apple has reached the pinnacle and success that it enjoys today. âSteve Jobsâ is his biopic that depicts three pivotal points in his life. As an entrepreneur, this movie contributes to creativity, and a futuristic outlook and also highlights domain expertise.
Steve Jobs, The Man in the Machine
Thank You For Smoking
This movie is a lesson in the art of selling any product through data and persuasiveness. The movie centers around the machinations of Big Tobaccoâs chief spokesperson Nick Naylor, who stands up to defend the cigarette industry in challenging situations. Entrepreneurs can learn about the essential aspects of selling a product from this film.
The Founder
Ray Kroc was the man behind making McDonaldâs a global fast-food chain. Taking over from the brothers who originally founded McDonaldâs, Ray Kroc, a traveling milkshake mixer salesman, transformed it into a global franchise. Despite being a controversial figure, Ray Kroc rose to become one of Americaâs most influential businessmen through one of the most recognizable fast-food brands in the world. The movie is inspiring and aspiring at the same time.
The Founder
The Wolf of Wall Street
Based on the true story of Jordan Belfort, the movie is a perfect example of what an entrepreneur should never be. Jordanâs firm Stratton Oakmont engaged in penny stock trading and securities scams. He was driven by greed and had no empathy for the people he was cheating. It was his business practices that drew the attention of the federal authorities that eventually led to his downfall. Personally, too, Belfort lived a life of extreme debauchery that added to his downfall.
The Wolf of Wall Street
Benefits of Watching Entrepreneurial Movies
Although largely considered unproductive, many movies can be advantageous to an entrepreneur in his entrepreneurial journey. Movies can prove to be a positive distraction in many ways.
Learning New Ideas and Topics
Many movies tell various true stories from a variety of topics ranging from finance, and world history to even the civil war. Such is the power of this entertaining tool that it can impart knowledge and also broaden knowledge and perspective through artistic vision, engaging content, and colorful sets.
This imaginative art form can inspire genius and creativity in every individual. Movies that are made around true stories and incidents can prove to be greatly motivational. Journeys of exceptionally successful people can inspire the need to explore different avenues and possibilities through perseverance and hard work.
Relaxation
This goes without saying. As inspiring and motivational as movies are, they are also a great source of relaxation while learning. Movies sweep the audience away into a magical world giving them time to decompress and relax.
Conclusion
It is time to move away from the jaded perspective of viewing movie-watching as a waste of time. There is some exceptional content that can be seen through movies and great learnings to glean from the journeys and experiences of the main protagonists. Entrepreneurs can definitely get inspired by movies and begin on an aspirational journey of their own.
FAQs
List the top 10 entrepreneurial movies.
Below is the list of the top 10 must-watch entrepreneurial movies:
The Pursuit of Happyness
The Social Network
Wall Street
The Big Short
Becoming Warren Buffet
Guru
Steve Jobs
Thank You For Smoking
The Founder
The Wolf of Wall Street
What are the benefits of watching entrepreneurial movies?
Movies can prove to be a positive distraction in many ways. Some of the benefits of watching entrepreneurial movies are:
Luxury brands have long been associated with exclusivity, sophistication, and elegance. Their marketing strategies have always been a crucial component of their success. Luxury brands use a range of tactics to build brand awareness, create demand, and build a loyal customer base.
Letâs explore the world of luxury brand marketing and highlight the tactics used by some of the world’s most iconic brands.
One of the most important aspects of luxury brand marketing is exclusivity. Luxury brands are known for their exclusivity, and they use this to create demand and increase brand value. The idea is simple: if everyone can afford a product, it’s no longer a luxury item. By keeping their products exclusive and limiting access, luxury brands can create a sense of scarcity and demand.
One brand that has mastered the art of exclusivity is Hermès. The French luxury brand is famous for its handcrafted leather goods, including its iconic Birkin bag. Hermès has created a waiting list for the Birkin bag, which can sometimes take years to obtain. This creates a sense of demand and exclusivity, which drives up the brand’s perceived value.
Luxury brands don’t sell products; they sell experiences. They use emotion to create a connection with their customers and build brand loyalty. This means that luxury brands must understand their target market and create campaigns that speak to their emotions.
By tapping into customers’ emotions, luxury brands can create a sense of exclusivity, inspire loyalty, and increase brand recognition. Here are some examples of luxury brands that have successfully used emotional marketing:
Tiffany & Co.
Tiffany & Co., the American luxury jewelry brand, is known for its iconic blue box and its emotional connection with customers. The brand has used emotional marketing in its advertising campaigns, showcasing heartwarming moments such as a couple’s engagement or a mother and daughter sharing a special moment. These emotional ads not only promote the brand’s products but also create a strong emotional connection with customers, making them feel special and exclusive.
Tiffany & Co. â Believe in Love
BMW
BMW, the German luxury car brand, has used emotional marketing in its advertising campaigns, showcasing the thrill of driving and the sense of freedom that comes with owning a luxury car. The brand’s ads often feature sweeping vistas and winding roads, creating an emotional connection between the driver and the car. BMW’s emotional marketing not only promotes the brand’s products but also reinforces its commitment to quality and craftsmanship.
Chanel, the French luxury fashion brand, has used emotional marketing in its advertising campaigns, showcasing the timeless elegance and sophistication of its products. The brand’s ads often feature a strong, independent woman, who embodies the Chanel brand and its values. These emotional ads not only promote the brand’s products but also create a sense of exclusivity and sophistication, making customers feel like they are part of an elite group.
The Film of the CHANEL Coco Neige 2021/22 Collection Campaign
Louis Vuitton
Louis Vuitton, the French luxury fashion brand, has used emotional marketing in its advertising campaigns, showcasing the sense of adventure and discovery that comes with traveling. The brand’s ads often feature exotic locations and stylish travelers, creating an emotional connection between the customer and the brand. Louis Vuitton’s emotional marketing not only promotes the brand’s products but also reinforces its commitment to quality and luxury.
Louis Vuitton Spirit of Travel 2019 Campaign
Apple
Apple, the American luxury technology brand, has used emotional marketing in its advertising campaigns, showcasing the sense of innovation and creativity that comes with owning an Apple product. The brand’s ads often feature creative professionals, artists, and musicians, highlighting the emotional connection between the user and the product. Apple’s emotional marketing not only promotes the brand’s products but also reinforces its commitment to innovation and design.
The Greatest (Audio Descriptions) | Apple
Influencer Marketing
Influencer marketing has become an increasingly popular marketing tactic in recent years, and luxury brands are no exception. Luxury brands are using social media influencers to promote their products and reach a broader audience. Influencers are people with large social media followings who can influence their followers’ opinions and behavior.
Here are some examples of luxury brands that have successfully used influencer marketing:
Chanel x Kristina Bazan
Chanel, a French luxury fashion brand, collaborated with Swiss influencer Kristina Bazan to promote its new Rouge Coco Lip Blush product. Bazan, who has a large following on Instagram and YouTube, created content featuring the product and shared it with her followers. The collaboration allowed Chanel to reach a younger audience and create buzz around the new product.
Gucci x Harry Styles
Gucci, an Italian luxury fashion brand, collaborated with British musician Harry Styles for a photoshoot promoting the brand’s new genderless fragrance, MĂŠmoire d’une Odeur. Styles, who has a large following on social media, shared the photos on Instagram, generating buzz around the fragrance. The collaboration helped Gucci reach a younger audience and reinforce the brand’s commitment to inclusivity and genderless fashion.
Harry Styles in Gucci MĂŠmoire d’une Odeur – The Campaign Film
Omega x Cindy Crawford
Omega, a Swiss luxury watchmaker, has a long-standing partnership with American model Cindy Crawford, who has been the brand’s ambassador since 1995. Crawford has appeared in several Omega ad campaigns and has helped promote the brand on social media. The collaboration has helped Omega maintain its status as a luxury watch brand and reinforce its commitment to quality and craftsmanship.
Cindy Crawford opens OMEGA Her Time exhibition in Sydney
Dior x Bella Hadid
Dior, a French luxury fashion brand, has collaborated with American model Bella Hadid on several occasions, including a photoshoot promoting the brand’s Dior Makeup line. Hadid, who has a large following on Instagram, shared photos from the shoot with her followers, generating buzz around the brand. The collaboration allowed Dior to reach a younger audience and reinforce its status as a luxury fashion brand.
Rouge Dior, the new lipstick â The date – Bella Hadid Makyaj video
Rolex x Roger Federer
Rolex, a Swiss luxury watchmaker, has a long-standing partnership with Swiss tennis player Roger Federer, who has been a brand ambassador since 2001. Federer has appeared in several Rolex ad campaigns and has helped promote the brand on social media. The collaboration has helped Rolex maintain its status as a luxury watch brand and reinforce its commitment to precision and excellence.
Federer Rolex Ad Black and White
Influencer marketing is an effective way for luxury brands to reach new audiences and create buzz on social media. By collaborating with influencers, luxury brands can leverage their large followings and reinforce their commitment to quality and craftsmanship. Successful collaborations not only promote the brand’s products but also reinforce the brand’s status as a luxury brand.
Storytelling
Storytelling is a powerful marketing tactic that luxury brands have been using for years. Luxury brands use storytelling to create a narrative around their products, build brand awareness, and create an emotional connection with their customers. The idea is to create a story that customers can relate to and that adds value to the product.
One brand that has successfully used storytelling in its marketing is Rolls-Royce. The British luxury car manufacturer has been using storytelling to build its brand for decades. Rolls-Royce’s ads often feature images of travelers embarking on epic journeys in the comfort of their Rolls-Royce cars. These ads create a narrative around the brand, suggesting that Rolls-Royce cars are not just vehicles; they’re a means to explore the world.
Introducing Rolls-Royce Dawn. Experience open-top driving like never before.
Customer Experience
Luxury brands understand the importance of customer experience. They know that their customers expect a high level of service, and they go above and beyond to deliver it. They understand that the experience is just as important as the product itself.
One brand that excels in customer experience is The Ritz-Carlton. The luxury hotel chain is known for its exceptional customer service and attention to detail. The Ritz-Carlton’s “Gold Standards” program outlines the brand’s commitment to providing a personalized and memorable experience for each guest.
Digital Marketing and E-commerce
Luxury brands have traditionally relied on in-store experiences and personal relationships with customers to drive sales. However, with the rise of e-commerce and digital marketing, luxury brands are now embracing digital channels to reach new customers and drive sales. This strategy increases accessibility and convenience for customers to buy the products they want.
For example, Burberry, a British luxury fashion brand, has launched a successful e-commerce platform that allows customers to shop online for their products. Burberry has also embraced social media and influencer marketing to reach new audiences and engage with its customers.
Partnership Marketing
It is a marketing strategy where two or more brands collaborate to create a product or service that leverages each other’s strengths and appeals to a broader audience. The partnership allows brands to tap into each other’s customer base and create unique offerings that cannot be found anywhere else. Luxury brands have been using partnership marketing as a way to increase brand awareness, reach new audiences, and create memorable experiences. Here are some examples of luxury brands that have successfully used partnership marketing:
Louis Vuitton x Supreme
Louis Vuitton, a French luxury fashion brand, collaborated with Supreme, a New York-based streetwear brand, to create a limited-edition collection of clothing and accessories. This partnership created a unique blend of high fashion and streetwear, which appealed to both brands’ audiences. The collaboration was heavily promoted on social media and created a buzz around the two brands.
The collaboration of Louis Vuitton and Supreme
Aston Martin x TAG Heuer
Aston Martin, a British luxury car brand, partnered with TAG Heuer, a Swiss luxury watchmaker, to create a special edition watch that celebrates the launch of the new Aston Martin Vantage. The watch features design elements inspired by the car, such as the carbon fiber dial and Aston Martin’s winged emblem. The partnership allowed both brands to leverage each other’s prestige and create a product that appeals to their shared audience.
The collaboration of Aston Martin and Tag Heuer
Bentley x Breitling
Bentley, a British luxury car brand, collaborated with Breitling, a Swiss luxury watchmaker, to create a special edition watch inspired by the Bentley Continental GT. The watch features design elements that pay homage to the car, such as the knurled bezel and the Bentley emblem on the dial. The partnership allows both brands to showcase their commitment to craftsmanship and luxury.
Breitling for Bentley Premier Mulliner Edition Watch | Bentley
Emirates x Bulgari
Emirates, a luxury airline based in Dubai, partnered with Bulgari, an Italian luxury brand, to create an exclusive amenity kit for their first-class passengers. The kit includes a range of Bulgari products, such as perfume, hand lotion, and eye mask, which allows passengers to indulge in a luxurious in-flight experience. The partnership highlights both brands’ commitment to luxury and creates a memorable experience for passengers.
Emirates: BVLGARI Amenity Kits (Business Class)
Montblanc x BMW
Montblanc, a German luxury brand known for its writing instruments, partnered with BMW, a luxury car brand, to create a limited edition set of writing instruments inspired by the BMW 7 series. The set includes a fountain pen, a rollerball pen, and a ballpoint pen, each of which is adorned with design elements inspired by the car. The partnership allowed both brands to showcase their commitment to design and craftsmanship and create a unique product that appeals to their shared audience.
Montblanc Pen For BMW Individual 7 Series
Luxury brands have mastered the art of creating a sense of exclusivity, building emotional connections with customers, providing exceptional customer service, and maintaining a consistent brand image. Marketers can learn from these strategies by implementing them into their marketing plans to create a strong brand identity, build customer loyalty, and drive business growth. Are you ready to take your marketing game to the next level? Start implementing these tips today and watch your brand soar to new heights of success!
FAQs
What are a few examples of influencer marketing done by some of luxury brands?
Here are some examples of luxury brands that have successfully used influencer marketing:
Chanel x Kristina Bazan
Gucci x Harry Styles
Omega x Cindy Crawford
Dior x Bella Hadid
Rolex x Roger Federer
What are a few examples of partnership marketing done by some of the luxury brands?
Here are some examples of luxury brands that have successfully used partnership marketing:
Young companies that are founded on the idea of developing a unique product or service and making it irresistible and irreplaceable to their customers are called startups.
Many startups, within, their industries, are termed disruptors. This is because startups are rooted in innovation and aim to remedy existing deficiencies of products already in the market or create entirely new categories of products or services. They disrupt existing ways of thinking and doing business for the industry they belong to.
Within the scope of various industries, there are usually five different types of startups.
Small Business Startups â Self-starters With Small Teams
A small business startup is usually a solo or partnership business with a small team. Their growth is slow, if at all and their framework is similar to a mom-and-pop store. They are usually self-funded and under no pressure to scale at speed. Their team is close-knit, almost like a family. Â
Buyable Startups â Built To Be Bought Out
Startups that begin with the idea of being bought out are usually associated with software and technology. The concept is for small teams to build a business from ground zero and sell it to a bigger player within their industry. Giants like Amazon and Apple are always in the news for buying small startup businesses. Mergers and acquisitions are a common occurrence in this space.
Scalable Startups â Seeking Capital
Most consumer and business apps are excellent examples of scalable startups. The initial work is to create and build a buzz and from there itâs a snowball effect of acquiring new customers. This kind of start-up raises capital from external sources â angel investors, venture capitalists, business partners, etc. This money goes towards supporting growth initiatives and building a strong base of customers. Eventually, this will grab the attention of someone who is either willing to fund them for a speedy scale-up or buy them out.
Offshoot Startups â Branch-offs From Bigger Corporations
This type of offshoot startup from a bigger company is usually an effort to enter a new market or disrupt a smaller competitor. It is not a company built from the ground up. Acting independently of its parent company, this start-up can experiment without too much scrutiny.
Social Startups â Not-for-Profit Companies
Startups that are specifically designed for charity or socially enhancing work usually scale up for philanthropy. They function with the help of grants and donations.
Common Types of Industry-related Startup Businesses
Contrary to common thought, startup businesses are not always tech related. Opportunities to start and scale up non-tech businesses are many and varied.
The founder/founders’ capability, business type, model, scalability, and industry are all crucial factors that influence how a start-up business starts its operations and grows.
Reasons Why Most Startups Fail
Globally, almost 90% of all start-up businesses fail. 10% of this number fail within the first year. The most common period for startup failures is within the first two to five years. This number seems to be approximately the same across all industries.
The reasons for failure are many and varied depending on the specific industry. There are, however, some common reasons that affect all startups regardless of their business model, industry, or size.
Lack of Innovation
One of the most common reasons for start-up failure is a lack of innovation. Most businesses try to emulate and replicate global successes rather than create their models. Innovation in business helps to stand out, beat the competition, and increase productivity. Some guidelines can help startups avoid piggybacking on the success of others.
Proper research and understanding of the needs of the local market
Hire talent that has the technical expertise and a drive for innovation
Plan for long-term sustenance before venturing into trending ideas
Find the right resources to power a start-up
Lack of Funds
There is no doubt about it. Insufficient funds are a roadblock to growth and scalability. To transform an idea into a business, financial resources are essential. Once the funds are procured, the immediate need is a scalable and profitable business model. From there on, there might be a consistent need to raise follow-up funds to grow. If these needs are not met, then disaster strikes. How to avoid this?
Build an effective business plan and a revenue model
The focus on revenue and profits needs to be equal to the one on product and service
What happens when the start-up business tries to sell a product or service that consumers donât need? Simple â They wonât buy. While it is great to develop and offer a unique product or service, it is equally important to understand if there is an existing need for it. Some steps to ensure this is as below â
An in-depth understanding of customers and if they need the product or service
Finding new customers via word-of-mouth before spending on devising expensive marketing plans
Gaps in Leadership
Startups are driven by the vision and ideology of their founders and core team members. It is one thing to have a great idea and quite another to turn it into a functional reality. The leadership has to drive the company with clarity of thought and action, strength, and conviction from the first day of operations. What are the ways to do it right?
Delegate to someone who can do it better
Study and practice leadership
Get training and mentoring to assume such a role
Why do Startups fail?
Lack of Agility and Adaptation
A know-it-all attitude is the fastest way to the failure of a start-up business. As a new setup, it can have various challenges and teething issues. This is where agility and adaptation play a large role. It can bring a competitive advantage to a start-up.
Learn continuously
Have a fluid workforce
Engage in research and development
Exchange ideas
Business Model Failure
Building an impressive website, and indulging in large marketing spends for a good product are great smokescreens and most new entrepreneurs are convinced that these are enough. The behind-the-curtain reality is harsh and unforgiving. Customer acquisition and customer retention demand huge investments. Start-up businesses need a strong and foolproof business model to sustain and record profit. Here are some questions that need to be answered â
Is there a scalable plan to acquire customers?
Can those customers be monetized?
Will the customer give us revenue that is higher than his acquisition rate?
Incorrect Hiring
Easily solvable, isnât it? Not really. Most entrepreneurs are blind-sided by the difficulty in hiring the right talent and competency. The reasons?
Cost cutting by hiring mediocre talent results in mediocrity in all functions across the business
Inability to hire experts or experienced employees due to cash constraints or other reasons
Hiring people who do not share the same vision
The steps to correct such a scenario are simple and easily implemented
Chalk out the hiring process with care
Create alternate working methods like free-lance, contractual, or on a project basis with expert professionals
Make a strict hiring process by giving candidates real issues to solve
There are also issues like ignoring customers, regulatory and legal challenges, heavy competition, lack of passion or burnout, disharmony among the founders, investors, and team members, internal power struggles, etc.
A startup business that succeeds pays equal attention to most of these issues and will struggle through challenges and objections. The leader of such a business is a student who is continuously learning, a leader who communicates with clarity, and a worker who understands the need for collaboration and togetherness. Â
FAQs
What are the types of startups?
There are five types of startups which are listed below-
Small Business Startups
Buyable Startups
Scalable Startups
Offshoot Startups
Social Startups
What are the major reasons behind the failure of a startup?
The reasons for failure are many and varied depending on the specific industry. There are, however, some common reasons that affect all startups regardless of their business model, industry, or size.
In recent years, the concept of remote work has gained significant momentum, with the COVID-19 pandemic accelerating the shift towards flexible work arrangements. As a result, many companies have started offering permanent work from home options to their employees, recognizing the benefits of remote work for both the employee and the organization.
In addition to permanent work from home, many companies are also adopting a hybrid model that allows employees to work from home part of the time and come into the office for the rest.
Permanent work from home companies
In this article, we will explore some of the companies that are leading the way in offering permanent work from home and hybrid options to their employees.
Up until the novel coronavirus declared its existence, corporates were ruled by unforgiving and orthodox work settings where an employee almost lived a robotic life. This changed almost overnight since companies were forced to resume day-to-day activities to keep maintain the corporate status quo.
A lot has changed during the pandemic when employees were made to resume work from home. Companies made sure that everything is made available to them to keep the show running.
But as we move on to the post-pandemic world, corporate offices have dissolved so many of their office spaces and the employees are being asked to work from home on a permanent basis, while others have resorted to hybrid work cultures.
Companies Embracing Permanent Work from Home Culture
As we settle into the post-pandemic world, companies are willing to adjust and continue working from home as the ânew normalâ. Many companies have asked their employees to work from home as a permanent solution.
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Atlassian is an Australian software company that manufactures and develops collaboration, management, and issue tracking software for the teams. The software company based out of Sydney, New South Wales, had effectively dealt with the Covid-19 pandemic by providing work from home for its employees.
The company announced permanent work from home for its employees first on August 8, 2020. Atlassian disclosed the all-new âTeam Anywhereâ policy in April 2021, which further cemented its decision to work from home.
Under this policy, the company allowed its employees to work from any location in a country where Atlassian exists as a corporate entity provided that the employee has the legal right to work and is aligned together with his/her team members, bound by the same time zones.
2. Brex
Brex is a fintech company headquartered in California, United States. The company is well-known for its distinguished credit cards and effective cash management solutions that they extend to their customers.
Though the COVID-19 posed a problem to many firms around the globe, Brex was one of the companies that tackled it efficiently. Brex announced work from home to be permanent for its employees on September 14, 2020, and emerged as a remote-first employer.
In Dec 2022, Brex cut its workforce by 11% bringing down its employee count to about 1,150 personnel.
3. Coinbase
Coinbase is a US-based company that acts as an online platform and allows merchants, consumers, and traders to transact with digital currency.
Headquartered in San Francisco, California, Coinbase allows its users to create bitcoin wallets, connect them to their bank accounts and then start buying and selling bitcoins. Coinbase has shifted to work from home ever since the coronavirus pandemic broke in.
Later in 2020, the company further announced that it will serve as a remote-first company, which will allow its employees to work from home for an indefinite period whoever chooses to do so.
Coinbase is minimizing its offices in a single location in order to distribute its offices far and wide and expand its geographical presence. The company is truly operating on a remote work basis and lacks a physical headquarters.
In Jan 2023, it laid off 20% of its workforce to reduce its operating expenses as part of a global downturn.
Dropbox is based out of the USA with its headquarters in San Francisco, California. A smart workspace company, Dropbox makes it easy for its users to store their files, share them securely and collaborate without any hassles.
The California-based company file-sharing firm hasdeclared work from home from March 6th 2020 onwards. Dropbox then announced that it will emerge as a virtual-first company in October 2020.
It also has plans of launching Dropbox Studios as collaborative spaces in its office locations. Furthermore, Dropbox agreed to follow the nonlinear workdays and allow their employees to design their own work schedules.
Dropbox conducted its first ever virtual survey in Feb 2023 to gauge the effectiveness of work from home and found that nearly all of its employees were able to work effectively from home.
Novartis is a healthcare company from Basel-Stadt, Switzerland that offers pharmaceutical and healthcare solutions to its customers from all over the world.
The Swiss healthcare company already had a manager-approved work from home policy for its employees.
Soon after the strike of the pandemic, the company opted for work from home policy and in July 2020, it further announced a shift from manage-approved work from home to manager-informed work from home.
To clarify things, Novartis has already declared that its employees can choose how, when and from where they would be working post-pandemic.
In 2021, Novartis management implemented a âChoice with Responsibilityâ program, which offers flexibility to its employees regarding where, when and how they work.
6. ONVU Technologies
ONVU Technologies is an information technology company based in London, UK, with its offices operating globally. Some of the major locations that ONVU Technologies has its offices in include India, the USA, and Turkey.
The company has already announced a fully remote workforce back in the month of February. Ragini Sidhu, Human Resources VP, mentioned that ONVU Technologies is confident about its decision to work from home, which will enable the employees to adjust their time according to their preferences. This entirely comes from the trust that it places on the employees.
Distribution of Office Employees by Their Preferred Working Arrangements Worldwide in 2022, by Generation
7. Quora
The world-famous Question and Answer platform, Quora, is based out of California, with its office in Mountain View city of California, US. Quora allows numerous people from all around the world to post on the platform commenting on topics of mutual interest. The sole aim of Quora is to gather knowledge and expand its database of Q&A.
The Q&A giant has embraced a remote-first model early in the month of June 2020, during the COVID-19 pandemic, Adam D’Angelo announced that Quora would permanently allow for remote work.
The company has stated that more than 60% of its workforce had preferred doing work from home even post-Covid19, which is why they have made such a decision. The headquarters of the office in Mountain View would be emerging in a co-working space where only the cameras need to be turned on as part of their criteria.
One of the most popular social media platforms of the world, Twitter helps its users create micro-blogs of around 280 characters called Tweets and share their own views on their Twitter profiles concerning anything. The company operates from its headquarters in San Francisco, California, United States.
In May 2020, Twitter’s previous CEO and co-founder Jack Dorsey announced staff could work remotely indefinitely as the coronavirus spread across the country. After his Twitter takeover, Musk took a dim view of remote work, making in-office presence one of a handful of policy changes that he initially enforced before shifting his stance on following a wave of employee resignations.
First, in early November 2022, Musk said that Twitter employees must work 40 in-office hours a week. Then, he revised this to say that their managers could allow those who were âmaking an excellent contributionâ to work remotely.
Then in 2023, Twitter began shuttering offices, including in Seattle, Singapore and India, saying that staff could continue to work remotely in each location that was affected.
9. Shopify
The cloud-based multichannel platform headquartered in Ontario, Canada helps small and medium-sized businesses to create, design, and manage their stores and across multiple sales channels.
The company avoided confusion and decided to go to work from home since the pandemic struck. The physical offices of Shopify remained closed till 2021 when they were worked on to establish the required facilities to support working in the pandemic condition. Furthermore, Shopify had also let its employees know of the permanent switch to remote work via the tweet from the CEO of the firm.
In 2023, it cancelled all recurring meetings involving more than two people âin perpetuityâ. Besides, it has also introduced a rule saying no meetings at all can be held on Wednesdays. The companyâs latest guidelines stated that big meetings with more than 50 people can only be held during a six-hour window on Thursdays.
Slack is a California-based enterprise software platform that helps individuals and professional teams working under a company to communicate without any hassles. Slack was acquired by Salesforce on December 1, 2020.
Slack swiftly shifted its workforce to work from home as soon as the pandemic broke out and then decided to make it a permanent way of work. In Apr 2022, CEO of Slack remarked that he canât see full-time in-office work ever returning and companies that push too far will lose talent.
11. Spotify
Spotify is a Sweden-based commercial music streaming service that extends a world of songs and music albums from diverse record labels to its members and other individuals. This company has quickly embraced the work from home policy for its employees as soon as the shadows of the Covid-19 pandemic started hovering over the world.
The music streaming company further confirmed in February 2021 that it has decided on a work from anywhere policy for its employees. According to this policy, Spotify employees can work from home or office, wherever they want, even after the pandemic ends. However, the decision should be a unanimous one, which will be decided between the employees and their managers.
Furthermore, the employees can even work outside of their city or country too, even at places where there aren’t any Spotify offices. Moreover, they can also obtain membership of Spotify co-working spaces, which they have set up in all those areas where they do not have any offices. The company reported a drop in its attrition rate by 15% in Q2 2022 in comparison to Q2 2019, a positive outcome of this policy.
Square is a financial service, merchant services aggregator and digital payments platform headquartered in San Francisco, California, and founded by Twitter CEO, Jack Dorsey, and Jim McKelvey.
California-based Square, Dorseyâs company, was soon to follow the work from the home policy after Twitter agreed on it. Furthermore, the company also announced that they will allow their employees to continue working from home and anywhere they want to work from. However, only the employees whose physical presence is needed in the office have to work from the office.
13. Upwork
Upwork was founded in 2015 and is based in Santa Clara, California. It is a digital platform for freelancers around the globe where enterprises, entrepreneurs, and others offer short-term and long-term freelancing works for those who are eligible for them.
With the strike of the coronavirus pandemic, Upwork didnât delay providing their employees with work from home opportunities to keep up with their productivity. The remote job listing platform then decided to practice what it preaches and in May 2021, with the Twitter announcement of CEO Hayden Brown, the company became a remote-first company. Square, is now a permanent work-from-home company.
Zillow is an online real-estate company from Seattle, Washington, founded in 2006. It offers a platform for its users who are looking for information regarding homes, real estate, and mortgages.
According to Dan Spaulding, Chief People Officer of the company, the employees can work from anywhere where they can be productive.
For this, they can choose to work from the office, from home, or a combination of both. As of 2023, 74% of its employees work remotely, 12 % work in Hybrid settings, 12 % are field employees and only 2% are office employees.
15. Tata Steel
Tata Steel Limited is an Indian steel manufacturing company. Originally founded in Jamshedpur as Tata Iron and Steel Company (TISCO) by Jamsetji Tata in 1907, Tata Steel Limited is currently headquartered in Mumbai, Maharashtra. The company now sees its operations across 26 countries with key operations in India, Netherlands, and United Kingdom, employing around 80,500 people worldwide.
Right from when the pandemic started dangerously spreading far and wide in 2020, Tata Steel declared a work from home policy for its employees. The company further announced on November 1, 2020, that it has embraced an âAgile Working Modelâ policy for its employees from then onwards.
Under this new working model, the employees of Tata Steel could opt to work from home (WFH) for up to 365 days a year. Furthermore, even the officers who were required to be based out of a particular location can choose to WFH for an unlimited number of days per year.
16. Facebook/Meta
The social media behemoth Meta, which was formerly known as Facebook, Inc., is based in Menlo Park, California. Originally founded in 2004 as TheFacebook by Harvard university graduates, Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, the social media platform adopted the name Facebook ( Meta) and became incredibly popular all across the globe.
Meta had already been allowing its employees to work from home or wherever they find fit. The founder of the company, Mark Zuckerberg deems that the shift to remote work will be a lasting one at Facebook, which will allow its employees to work from wherever they can be live. Therefore, it is a permanent work from home for the employees of the worldâs largest social network.
“We believe how we work is more important than where we work,” said Facebook when it shared an update to its remote work policy.
Meta has started an “office deferral program”, as per the reports dated December 8, 2021. This plan will help the Meta employees gain flexibility enough to return to their offices because a majority of the employees might not be confident to return back to their offices.
In Mar 2023, Mark Zuckerberg in a memo highlighted the findings of a new internal study which revealed that engineers that worked in person performed better, thus hinting at end of work from home for Facebook employees.
17. Swiggy
Swiggy is a popular food delivery platform based in Bangalore, India. Founded in 2014, Swiggy has rapidly grown to become one of the largest and most well-known food delivery companies in India, serving millions of customers across the country.
The foodtech decacorn,Swiggy announced a work-from-anywhere policy for most of its roles, as per news dated July 29, 2022. The popular food, and grocery delivery service company has extended its “Future of Work” policy, under which the Swiggy executives will work remotely from wherever they want and will meet on every quarter.
The Swiggsters or the employees of Swiggy are currently working from 487+ cities across 27+ cities and 4 UTs. Swiggy arrived at the decision of letting a significant portion of its workforce work from anywhere after learning the team’s needs and receiving feedback from both the managers and employees of Swiggy.
Popularity of Remote Jobs in India in 2021 and 2022, by Age Group
Companies Going for a Hybrid Model
Now letâs look at the offices that have decided on a hybrid model for the benefit of themselves and their employees:
Google, the Search engine giant from the United States, didnât hesitate to go to work from home as soon as the pandemic broke out. It was a work from home throughout for the employees of Google in 2020 when the situation turned worse in America and elsewhere in the world.
Though there were words that Google will open its offices in 2021, according to the latest announcements of the Search Engine behemoth, the employees can continue working from home through June 2021. CEO of Alphabet and Google, Sundar Pichai also declared that those who need not be present at the offices for their work can continue their voluntary work from home for 12 more months.
In Apr 2022, Google evaluated its work-from-home policy and made it mandatory for employees to be in the office for at least three days each week. In Oct 2022, Google made further refines to its policy and allowed four weeks of âwork from anywhereâ in a year. In Jan 2023, Google allowed its employees to work from home on Fridays to absorb the difficult news of parent company Alphabet laying off 12,000 people.
The American multinational automobile company based in Dearborn, Michigan, United States, maintained a work from home policy for its employees when the pandemic struck. It then conducted a work preference survey in June 2020, where around 95% of the companyâs employees preferred a combination of work from home and work from the office over working from either of the places permanently.
The Michigan-based vehicle manufacturers made an announcement on March 17, 2021, to opt for a hybrid working model for their employees. According to the announcement, Ford employees based in the United States can join their offices from July onwards for small team meets, if they want to. This option was, however not available to workers at the factory.
The software developer and marketer of software products based in Cambridge, United States, preferred to stick to a work from home policy in 2020, the year the pandemic went into a rage. However, with the start of the new year, in January 2021, Hubspot came up with 3 options for the employees where they can work from home, work from the office or opt for a hybrid model.
It also stated that those who want to work from the office can only do so for 2 days a week, where they will be allocated hotel desks. Furthermore, the employees choosing any of the above options can also change their working plans once a year.
HubSpotâs 2023 Hybrid Work Report highlighted the work preferences by its employees: 63.4% preferred work from home, 8.3% in the office, and 28.3% flex, a combination of the two.
4. Intuit
The financial software developer from California, Intuit Inc. is another company that chose to go for a hybrid model after the severity of the coronavirus pandemic lessened. The Quickbooks company declared their preference of opting for a hybrid work model that would be in effect from August 2021 onwards in April.
The decision that Intuit made was based on a survey of its employees where only 14% of the Intuit employees said that they want to work from home. The Inuit employees who want to work from the office can work 2-3 days a week.
Intuit is not imposing a return-to-work policy, but rather is allowing managers and teams to determine the hybrid work approach that best benefits them. It is also revamping its workspaces to give its workers an experience that they canât get at home, thus more willingness to embrace the offices.
5. Microsoft
The American software giant, Microsoft, shifted to work from home to avoid the pandemic woes. Microsoft unfolded greater flexibilities around its work policy in October 2020. The company declared its hybrid work policy in October 2020, where Microsoft stated that its employees can telecommute for half of the week or might also have the option for permanent remote working, which they can go for with prior manager approval.
In Jan 2023, Microsoft announced a dramatic new policy âDiscretionary Time Offâ for its US employees. Kathleen Hogan, Microsoftâs chief people officer stated that Microsoft will offer 10 corporate holidays, leaves of absence, sick and mental heath time off, and time away for jury duty or bereavement alongside this new unlimited time off policy.
The engineering and electronics company from Germany, Siemens was yet another company on the list of the companies that are preferring a hybrid work model in sharp contrast to those who are opting for work from the office or work from home. (Know all about the subsidiaries of Siemens)
The Munich-based electronics manufacturer declared in July 2020 that its employees can telecommute 2-3 days a week and this shall continue even after the pandemic sees its end. The working policy would be applicable for 1,40, 000 employees of the company based out of 43 different countries.
7. Nationwide
The financial institution from the United Kingdom decided to let its employees work from home while the pandemic was still strong and following this the company also ramped down many of its small offices spread across the country.
Most of the employees that worked in these offices were thus granted permanent work from home. However, Nationwide opened 4 corporate offices of the company in Ohio, Iowa, Arizona, and Texas where they will continue to work from the office.
As of May 2022, 50% of its employees worked from home. Now catering to work from home and hybrid employees, Nationwide has spaces where people can come in to work by themselves in a pod or in a group in one of the collaborative spaces.
8. Reddit
The social news aggregation, web content rating, and discussion website founded in Massachusetts, United States, has granted work from home for their employees during the pandemic days. However, the company announced later in October 2020 that Redditâs employees can decide which model of work they will be comfortable in.
The options were working from home, working from the office, and a combination of both of them. Most of the employees were flexible to decide their work model except facility and IT employees, who cannot work from home and will be required in the office.
For the payment of the employees, Reddit decided to pay its employees as per the payment standards in expensive areas like San Francisco and New York.
9. Salesforce
Salesforce is an American cloud-based company from San Francisco that offers enterprise-level applications, customer relationship management services, and more. The cloud-based customer service provider surveyed its employees and most of them (around 80%) were interested in keeping a close connection with the physical office space.
This is why Salesforce, which already decided to be flexible for the employees to choose their work preferences, decided that it will embrace a flex policy, which is similar to hybrid work culture.
In such a work model, the Salesforce employees would have to work from the office 1-3 days a week and for the rest of the days, they can work from home uninterruptedly. Salesforce announced reducing its workforce by 10 per cent in January 2023.
10. Amazon
One of the Big Five in the U.S, Amazon climbed the ladder of popularity via its eCommerce. The company started as an online marketplace for books and has eventually expanded to offer a range of products across countless industries.
The Jeff Bezos-founded company now stands as an American multinational conglomerate that focuses on eCommerce, cloud computing, digital streaming, artificial intelligence, and more. The company has often been cited as “one of the most influential economic and cultural forces in the world” and popularly dubbed as âthe worldâs most valuable brand.â
Amazon had previously announced that it expects its employees to return back office on September 7, 2021, however, this later shifted to 3rd January 2022. The company has told employees to return to offices three days a week starting May 1, 2023. Thatâs after CEO Andy Jassy said in October 2023 that managers would be able to decide how often, if at all, their staff should come in.
11. TCS
Indian IT giant, Tata Consultancy Services (TCS) is a multinational company from India, headquartered in Mumbai, Maharashtra. TCS is a subsidiary of the Tata Group, which has its offices in around 149 locations and across 46 countries of the world. Furthermore, TCS is also recognized as the largest IT services company in the world by market capitalization.
As soon as the pandemic started to spread like wildfire, TCS caught the drift immediately and decided to allow its employees to work from home. Around 97% of the TCS employees were working from home in September 2021.
The brand has shifted to the Work from Anywhere policy and has been following the same since March 2020. Last year 2022 TCS informed their employees to come back to offices 3 days a week according to the roster set by their team supervisor.
âThe future of work will be somewhat hybrid where some people will work from home, sometimes people will come to the office. So, the hybrid will likely be the new normal,â said the Chairman of the company, Natarajan Chandrasekaran.
Infosys is an Indian multinational company that is known for its services in information technology. The company was founded more than 40 years ago in Pune and is currently headquartered in Bangalore. Infosys is known as the second-largest IT company in India after TCS. It is also one of the oldest IT companies in the subcontinent.
Infosys, much like many other IT companies, have decided to allow their employees to work from home ever since the coronavirus pandemic has hit hard. According to the previous reports,the company had announced that it will be exploring a flexible hybrid work model for its employees starting from 2021 owing to the uncertainty of the pandemic.
At a virtual event, addressing the work from home policy of the company, Infosys CEO & Managing Director Salil Parekh said that the company has already been successful in building a flexible model with regard to work from home, and now, it is time to start work on building ‘social capital’.
13. Wipro
Yet another Indian multinational corporation Wipro, might be going for the hybrid model of work. The company that allowed its employees to work comfortably from home during the coronavirus pandemic has given enormous hints that it would be starting a hybrid work policy even after things come back to normalcy.
Wipro founder Azim Premji has appreciated the hybrid work concept adopted by the tech companies during the pandemic times. He also pointed out that more than 90% of the technology companies’ employees continue to work from home till the present.
Wipro was founded in 1945 by Mohamed Premji in Amalner, Maharashtra and now has its headquarters in Bangalore, Karnataka. It is presently ranked as the 9th largest employer in India with over 200,000 employees.
In Nasscom Technology and Leadership Summit 2023, Wipro chairman Rishad Premji said that he wants employees to return to workplaces and get over the work from home mindset. Wipro had ended its work from home policy in 2022 and now offers fully office based and hybrid models to its employees.
Maruti Suzuki India Limited or Maruti Suzuki, as it is popularly termed, is an automobile manufacturing company based in New Delhi. The company initially started in 1981 as Maruti Udyog Limited and was owned by the Government of India until 2003, when it was finally sold to the Suzuki Motor Corporation.
Maruti has also thought it fit to let its employees work from home since the coronavirus pandemic broke out. The company has further declared in 2021 that âthere will be a section of people who can completely work from remote locations without the need to come to the office.â
15. Philips
Philips is a popular Dutch multinational company that was originally founded as Koninklijke Philips N.V in 1891. Headquartered in Amsterdam and Eindhoven, Philips was hailed as one of the largest electronic companies in the world. The company is currently focused on the healthcare industry and is striving to develop unique electronic products to transform the industry.
Philips had also announced work from home for many of its employees since the pandemic onslaught in 2020. However, a major portion of its workforce who are associated with the healthcare industry also needed to visit their offices almost every day during the pandemic.
These employees were either involved with the healthcare providers or engaged in treating the coronavirus-affected patients in an attempt to fight against the dreaded disease. Philips employs over 100,000 professionals across 100 countries around the world and offers full-time and part-time, hybrid and 100% remote jobs, some of which have featured flexible schedules.
Ever since the pandemic forced everyone to literally lock themselves up in their homes, corporate employees have seen the silver lining in staying away from offices. No hectic commutes, spending time with friends and families, and better productivity are some of the positive changes that employees are seen marveling at.
Benefits of Working from home
Employers too are not far from noticing these changes and also seeing the perks attached to them. Saving up on office space, electricity, supplies, and other expenses, employers have found ways to get work done remotely and more so, efficiently.
In a study conducted by Leadership IQ, the State of Working From Home, only 9% of the employees said they wanted to get back to their offices. The rest 91% stated that they would prefer working from home permanently while 39% of them theyâd like hybrid work culture.
Working from home is going to be the near future for most employees and none of them seem to bat an eyelid. Companies have now learned that work done remotely is giving them better results and employee retention has gone far from disappointing.
Conclusion
Employees are now experiencing the new normal and adding their own terms to it by rerouting back to lost hobbies and passions. Taking care of the elderly and sick at home, helping spouses share the household chores, and sharing the responsibilities towards kids is now the new normal.
Zoom calls have transformed office meetings with interruptions by pets and babies. People are less anxious and trying to do more in every aspect. The quality of life has surely turned around as work from home is becoming a permanent thing.
FAQs
Which are the companies working from home permanently?
Some of the companies that are presently embracing the Permanent WFH Culture are:
Atlassian
Brex
Coinbase
Dropbox
Novartis
ONVU Technologies
Quora
Twitter
Shopify
Slack
Spotify
Square
Upwork
Zillow
Swiggy
Are employees who work from home more productive?
Yes, most data show that employees are more productive in remote work. Statistics reveal that 77% of the employees who work from home show increased productivity at least a few times each month, while 30% of them have also been discovered to do more work in less time.
Why companies should let employees work remotely?
Companies today should let the employees work from home because it boosts employees’ productivity, bears lesser costs for the companies, helps in employee retention, and also ensures a flexible work culture to be followed.
What are the benefits of the permanent work-from-home model?
Better flexibility for the employees, less commute time, cost-savings for companies, and to an extent for employees too, more independence are some of the benefits of wfh (work from home) model.
What is Hybrid WFH?
The hybrid working model is a location-flexible arrangement, allowing employees to combine onsite and offsite work as they and their employers see fit.
What are the top remote-working tools?
Google Drive, Dropbox, Zoom, Microsoft Teams, and Google Meet are some of the top remote working tools.
Rolex is the name that comes to mind immediately when we think of a high-end watch manufacturer. In 1905, Hans Wilsdorf established the renowned watchmaking company in Switzerland. The business has developed a reputation for creating premium, hand-crafted clocks that are known for their accuracy, toughness, and style since its founding in the early 20th century.
Yet in addition to the skill and creativity that go into making each Rolex watch, the corporation has also created a very effective business strategy that has contributed to its status as one of the most lucrative and sought-after luxury brands in the world.
In this article, we will take a closer look at the Rolex business model and explore how the company makes money.
In 1905, Alfred Davis and Hans Wilsdorf founded Wilsdorf and Davis in London, which later changed its name to Rolex SA. The company’s initial concentration was on bringing Swiss movements from Hermann Aegler to London and putting them in Dennison and other manufacturers’ watch casings. These watches were sold to several jewelers, who customized the dials with their names. Inside the case back of the early watches had the mark “W&D.”
As the official brand name for the watches made by Wilsdorf and Davis, the “Rolex” trademark was registered by Wilsdorf in 1908. He established a business in Switzerland and named it “Rolex” since it is short and straightforward to pronounce across many languages. Also, according to Wilsdorf, the name has an onomatopoeic character that evokes the sound of a watch being wound.
Rolex Business Model
Rolex’s business model is built around creating and selling high-end luxury watches that are known for their exceptional quality, craftsmanship, and exclusivity. The company produces a limited number of watches each year, which are sold at a premium price, and its marketing strategy focuses on promoting the desirability and exclusivity of its products.
One of the key components of the Rolex business model is the significant emphasis on accuracy and precision. The company makes enormous efforts in research and development to ensure that its watches are the most accurate and reliable in the world. Because each watch is handcrafted with high-quality materials, they are works of art that are worth the expensive price.
Focusing on brand recognition and reputation is a key component of the Rolex business model. The company’s timepieces have developed a strong brand identity, and the name has come to stand for luxury, prestige, and excellence. Because of its strong brand recognition, high-net-worth individuals, collectors, and enthusiasts are more likely to buy the company’s items.
In order to support its business model, Rolex also maintains a global network of licensed stores and boutiques that act as sales and distribution points for its goods. Also, the business offers to watch maintenance and repair services, which encourages client loyalty and trust.
How Rolex Makes Money
Rolex makes money in the following ways:
Sales of Luxury Watches
Rolex is synonymous with luxury watches. The brand primarily makes money from the sale of its luxury watches. The watches offered by Rolex are famous for their high-quality materials, intricate and unique designs, and precision engineering. Rolex sells its watches through its own retail stores and through a network of authorized dealers.
Premium Pricing Strategy
Rolex is a brand that targets the high-end niche market. It charges a premium price for its watches, allowing the company to gain a higher price than its competitors. Since the brand is known to provide high-end luxury products, it is able to take advantage of its premium pricing to make its business stronger.
After-Sales Service
Apart from the sale of luxury watches, Rolex also provides after sale-servicing for its watches. These include repairs, cleaning, and maintenance. This service offered by the brand not only helps it make money but also helps in developing strong loyalty among its customers.
Investment Value
Rolex watches are pretty expensive. Due to their premium designs and pricing, they are considered an asset of investment, as their value can appreciate over time. This can ultimately lead to the resale value, making a win-win situation for both the company as well as the customers
Overall, Rolex’s business model is based on creating and maintaining a high-end, exclusive brand image that is synonymous with luxury, quality, and craftsmanship. By using a premium pricing strategy, limiting production runs, and providing excellent after-sales service, Rolex has built a loyal customer base that is willing to pay a premium price for its products.
Brand Value of Rolex Worldwide From 2016 to 2022
What Makes Rolex’s Business Strategy Unique
Many things make Rolex’s business strategy unique. Some of them are:
Brand Positioning: Rolex is a brand that has positioned itself as a luxury brand in the market. The products offered by the brand are considered a symbol of style, success, and prestige. The brand has positioned itself as a premium brand, which has become synonymous with high quality, durability, and precision.
Limited Product Strategy: Since Rolex is a premium brand, it does not indulge itself in the mass production of unlimited products. It offers a limited product line with a special focus on luxury watches. Rolex usually targets a niche market by offering a small range of high-end products. The brand is known for its unique designs and innovations from time to time. It is this strategy that makes the brand stand out the most.
Design Strategy: When it comes to their wristwatch designs, Rolex is recognized for making only small, conservative alterations, and the looks have stayed fairly constant. It may be said that Rolex never needed to innovate since its 20th-century designs established such a timeless aesthetic standard.
Distribution Strategy: Being a high-end luxury brand, Rolex has a limited number of authorized dealers that can sell its products. You wonât find Rolex in every other store in the market. By applying this strategy, Rolex makes sure that its products are available only in high-end stores, which helps the brand keep its business strategies unique.
Exclusive Pricing Strategy: Rolex does not lower its price just to compete with its competitors. The brand makes sure that its pricing suits its image of being a premium, exclusive, and high-end brand. This strategy helps Rolex develop a strong brand positioning for itself, as it is able to stand out among the competitors as a brand of exclusivity. This is one of the most prominent reasons why people are more attracted to it.
Customer Service: Rolex has established a reputation for exceptional customer service. The brand provides excellent after-sales support, including warranties, repairs, and maintenance. This customer-centric approach reinforces customer loyalty and enhances the brand’s reputation for quality and reliability.
Rolex’s marketing tactics focus on positioning itself as a luxury brand that is a symbol of a certain lifestyle. It targets a specific class of consumers rather than marketing itself as a mere product.
By identifying the class to which it belongs, Rolex develops its advertising approach. Instead of as a brand, it is marketed as a requirement for a certain lifestyle.
Conclusion
Rolex’s business model is built on a foundation of design integrity, high-quality craftsmanship, and effective marketing strategies. The company’s tight devotion to its design tradition has resulted in a timeless aesthetic standard that has led to its success in the luxury watch market. Rolex’s focus on product quality and innovation has also enabled it to maintain its position as a leading watchmaker for over a century.
Moreover, its marketing tactics, such as celebrity endorsements and sponsorships, have helped create a strong brand image and build a devoted consumer base. Overall, Rolex’s business model is a symbol of its commitment to excellence and innovation, which have been crucial in its enduring success.
FAQs
When was the Rolex company established?
In 1905, Alfred Davis and Hans Wilsdorf founded Wilsdorf and Davis in London, which later changed its name to Rolex SA.
How does Rolex do business?
Rolex’s business model is built around creating and selling high-end luxury watches that are known for their exceptional quality, craftsmanship, and exclusivity.
What makes Rolex’s business strategy unique?
Many things make Rolex’s business strategy unique, like:
Juul is an electronic cigarette brand that atomizes nicotine salts that are derived from tobacco that is supplied by one-time-use cartridges. Becoming the most popular brand of e-cigarettes in the US by 2017, Juul was successful in cornering 72% of the US market share in 2018. By the end of that year, i.e., December 2018, Altria, which was formerly known as the Philip Morris Companies acquired a 35% stake in Juul Labs for a total of USD 12.8 billion.
Adam Bowen and James Monsees met while graduating in product design at Stanford University in the year 2005. Former cigarette smokers themselves developed Ploom, an e-cigarette, first introducing it as a part of a co-authored thesis presentation. Later, they even created the Pax vaporizer device for cannabis and loose-leaf tobacco.
In two years, by 2007, the two friends launched a company and called it Ploom, their first vaporizer startup. Within a year the company had garnered approximately USD 1 million in venture capital. In the next few years, Ploom continued to grow and secured a total of USD 5 million in venture funding which led to Ploom introducing Pax, a vaporizer device for cannabis and loose-leaf tobacco, in the year 2013. The brand Ploom and the vaporizer line were sold off in 2015 by Monsees and Bowen to their minority investor Japan Tobacco Inc. The co-founders changed their company name to Pax Labs. Pax Labs developed the e-cigarette Juul in the same year.
Phase 2
The e-cigarette Juul developed by Pax Labs was introduced at a New York party in June 2015 and users were encouraged to share it on their own social media pages.
Juul Labs Inc. has spun off Pax Labs in 2017 as an independent company. Both the co-founders of Pax Labs served with Juul Labs â Adam Bowen as the Chief Technology Officer and board member and James Monsees as Chief Product Officer and board member. Tyler Goldman, the former CEO of Pax Labs served as the CEO of Juul for six months before being replaced by Kevin Burns.
The Rise of Juul
The launch of the Juul e-cigarette and its associated marketing campaign was heavily targeted toward the youth. This technique was extremely successful for the brand as the FDA, at that time, did not recognize e-cigarettes as tobacco. The brand could operate and advertise its products without discrimination with little federal oversight, requiring no FDA approvals.
The brand aggressively utilized social media platforms like Instagram and Twitter as well as influencers to target the youth market. It also engaged in email marketing campaigns requiring no verifications or age restrictions, bought advertising space on teen websites, and encouraged underage users and teens to buy its products. Juul saw its sales catapult by 700% in the year 2016.
After being established as an independent company, Juul Labs expanded quickly, and its employee strength grew from 200 in September 2017 to 1500 by the end of 2018. Encouraged by its growing popularity and success it also managed to raise USD 110 million in capital funds in the year 2017. Its investors were Tao Capital, Fidelity, and Evolution Capital. By July 2018, the company managed to raise approximately USD 1.2 billion in venture funding from Fidelity, Sand Hill, Darasana Capital, Tiger Global, E-Squared Capital, Bracket Capital, and Applied Biosciences. Juul Labs, by this time, was valued at a whopping USD 16 billion.
The Fall
In March 2018, media reports first emerged of the rising epidemic of teen vaping. Social media platforms were flooded with teens posting about their ability to use Juul e-cigarettes in class and at home without detection due to its lack of smell and sleek design. Within the month, former FDA commissioner Scott Gottieb led what is described as âthe largest coordinated enforcement effort in the agencyâs historyâ on the sale of Juul and its pods to minors. It also sent out more than 1300 warning and fine letters to retailers illegally selling Juul products to minors. This move prompted the company to switch to adult models who were former smokers, to advertise their products.
The rising epidemic of teen vaping also prompted the state of San Francisco to ban the sale of flavored e-cigarettes. Soon other states like Washington, Oregon, and Michigan also banned the sale of flavored e-cigarettes. An unannounced FDA inspection of Juulâs headquarters in September 2018 revealed thousands of Juulâs documents detailing its marketing practices. By November of that year, Juul announced the shutting down of their Facebook and Instagram accounts that promote the use of flavored e-cigarettes and attract underage users. In the year 2018, Israel was the first country that banned all Juul products.
By October 2019 more than 2300 personal injury, government entity, tribal, and class action cases that were filed in federal court against Juul were consolidated into multidistrict litigation (MDL) in the Northern District of California. By February 2020 there was a multi-state investigation into the marketing and sales practices of Juul. A total of 39 states were part of that investigation. The Altria Group, which had bought a 35% stake in Juul in 2018 was also not spared as an investor class action was filed on behalf of the shareholders. It charged Altria with negligence as it failed to conduct sufficient due diligence and failed to inform the associated risks to its investors. By October 2021, Juulâs market share had taken a deep nosedive from 70% to 41%.
How Juulâs Valuation Fell by Over $33 Billion in Two Years
Juulâs troubles had not ended and more lawsuits followed in the year 2022. The MDL that was led by several US states led to Juul paying USD 438.5 million as a settlement amount in September 2022. A few months later, by December 2022, Juul had agreed to pay a further USD 1.2 billion in an effort to settle approximately 10,000 lawsuits that claimed the company was solely responsible for causing a youth-vaping epidemic in the US. Juul continues to face litigation in many other states that were not a part of the settlement. It also continues to face many private lawsuits.
Conclusion
By June 2022, the FDA had ordered Juul to remove all of its products from the United States market. An appeal from the company won them a reprieve the US District Court for the District of Columbia issued a stay order in favor of Juul. The company was also stopped from selling products in China in 2019 and banned in India due to the disastrous impact of e-cigarettes on the youth. As fast and strong as the growth of Juul, its fall from success was just as sudden and hard. It remains to be seen what the full impact of the ongoing investigations on Juul Labs Inc. will be.
FAQs
Is Juul just a vape?
Juuls are a type of e-cigarette. E-cigarettes work by using a battery to heat a liquid, which turns into an aerosol that is then inhaled.
Why were Juul cigarettes banned?
The FDA’s initial decision to ban Juul was based on concerns about the safety of its products. Specifically, the FDA found that Juul had not provided sufficient evidence to demonstrate that its devices were not toxic or harmful to users.
Luxury goods are defined as items that are not important for survival but considered highly desirable within a culture or society. Demand for such goods increases with an increase in personal income. The increase in the sale of luxury goods is directly proportional to the percentage increase in income.
Due to their high value, it is the wealthy elite within the society that are disproportionate buyers. Such purchase of luxury goods might also be considered conspicuous consumption as it could be an effort to showcase personal wealth.
The luxury goods global market reached a whopping valuation of USD 331.6 billion in the year 2022. The main reason behind this growth was improving living standards and rising consumer disposable incomes mainly in emerging economies. Increasing market penetration of luxury goods is expected to be a catalyst for the luxury goods industry to grow at a CAGR of 4.4% to reach a global valuation of USD 429.36 billion by the year 2028. The dominant drivers of this growth are globalization, consolidation, and diversification.
Revenue of the luxury goods market worldwide from 2012 to 2025
A luxury brand builds its consumer appeal through messages about quality, lineage, status, and taste. This is done through visual icons like distinctive logos, monograms, patterns, and images. Its marketing strategy often encompasses the emotional satisfaction of owning a piece of art and history. It aims to create the highest brand value by leveraging multiple brand elements like heritage, country of origin, craftsmanship, scarcity of product, a sense of mystique, and a list of prestigious clientele. A report by McKinsey states that almost 50% of luxury goods buying decisions are influenced by what consumers hear and view online.
Characteristics of Luxury Marketing
Luxury marketing is its own niche due to its niche clientele. This type of marketing is centered around experience, pedigree, endorsements, and maintaining a perceived value. Hence, marketing campaigns around luxury brands are in a different league than goods with mass appeal. There are some key characteristics that shape luxury marketing.
Creating an Experience
Allowing a customer to feel and experience the product forms the first essential step of luxury marketing. This creates a uniquely immersive experience for the customer. It highlights the emotion behind the creation of the product and its story creating a need within the prospective customer to be a valuable part of that story.
Creating Exclusivity
A key element that is considered important within the scope of luxury marketing is granting exclusivity to the product. This can be done at different levels and in different forms to maintain the customerâs desire through exception. This means that the advertising strategy and commercial plans can include indulging in a limited product repertoire, creating limited editions, waitlists, and many more. The idea is to inculcate a feeling of having exclusive access to the product along with aspiration.
Creating a Visual Identity
Many world-famous luxury brands understand the importance of creating brand success through their visual identity. To this end, they create unique logos with fonts that expertly capture the brandâs values, personality, and aura. The way the brand is showcased highlights the same luxury marketing concepts of emotions, aesthetics, and exclusivity.
Managing Brand History
One crucial factor of luxury marketing is the endorsement of the brand’s history. This showcases brand pride and highlights the ideology behind brand existence. It also conveys the value of possessing the brand product, thus, playing an important role in marketing.
Optimizing SEO Content
The digitized world of commerce has made consumer reach easy and quick. Luxury brands optimize brand reach through engaging write-ups using various keywords. People engage in content that is inspiring with the best visual quality and graphics. It drives better product understanding and engagement and also manages real-time experience.
Endorsements
The ideal placement of products that look natural with celebrities at events is probably one of the most effective ways of luxury marketing. Other ways include sponsorships of high-value events, depending on the product. Not all of these are necessarily paid endorsements. These endorsements also help in maintaining the brandâs perceived high value.
Examples of Luxury Brands Marketing
LVMH (Moet Hennesey Louis Vuitton) Group
The design team at the LVMH Group governs aesthetics and taste rather than design for the current desire. Their marketing strategy revolves around directing their target customer to their designed product. The group has also positioned itself as a supporter of rising talent, earning a place for itself as a patron of the arts. With creativity at its heart, it sponsors contemporary music performers through its Louis Vuitton Foundation art museum. Through these marketing techniques, the brand maintains exclusivity with its clientele through experience as well as creates a visual identity through its patronage while also endorsing the brand.
Le Labo Perfumes
Le Labo perfumes have built a ritual around product purchase. Each bottle is hand-blended and individually prepared in front of the customer. The decanter is then dated with the customerâs name on it. This decanter, then, must be refrigerated for at least a week before use. This ritual of the brand accomplishes several things â it maintains the perceived value, and it also gives exclusivity to each client while creating an experience for them.
The making of Le Labo
Rolex Watches
The brand is more than a century old. That heritage and legacy show itself in each of its hand-crafted dials, hand-setting and testing each stone to deliver exceptional quality and exclusivity to each of its products. Rolexâs marketing strategies to create brand recognition have been in tandem with its innovative launches. The first time the brand launched its first water and dustproof watch, it proved its claim by partnering with British swimmer Mercedes Gleitz. Since then, Rolex has associated itself with historic events and admired personalities of the time including deep sea explorations, Golf, Formula One, Tennis Championships, Horse Racing, and several art and cultural events. Rolex is the perfect example of a luxury brand promoting the name rather than the product.
Luxury brand marketing is about creating an image and mystique around a particular product. Because of the demography of the luxury market consumer, it becomes imperative for luxury brands to position themselves in a way that is exclusive, mysterious, and aspirational at the same time.
FAQs
What are a few examples of Luxury Goods?
Below mentioned is a list of a few luxury goods:
Louis Vuitton
Gucci
Prada
Rolex
Dior
Channel
What are the characteristics of Luxury Marketing?
The characteristics of Luxury Marketing are listed below:
In today’s digital age, online payments have become an essential part of our daily lives. With the rise of e-commerce and other online businesses, there is a growing need for reliable and secure payment gateways. One such platform that has gained popularity in recent years is Razorpay.
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has emerged as one of India’s leading online payment gateways, offering a range of financial solutions to businesses. In this article, we will delve into the business model of Razorpay and explore how the company makes money.
Razorpay is a leading payment gateway in India that enables businesses to accept online payments via credit/debit cards, net banking, UPI, and other popular payment methods. Founded in 2014, Razorpay has quickly become a trusted partner for thousands of businesses across various industries, providing a secure and easy-to-use platform for payment processing. With its cutting-edge technology and top-notch customer support, Razorpay has established itself as a reliable and innovative player in the payment gateway market, helping businesses of all sizes streamline their payment operations and drive growth.
Main Products and Services of Razorpay
Razorpay offers a range of financial solutions to help businesses manage their online payments efficiently. With its flagship product, Razorpay Payment Gateway, businesses can accept payments via various modes such as UPI, credit and debit cards, net banking, NEFT, digital wallets, and more. The platform also provides features such as payment links, smart collect, subscription billing, and instant refund invoices to make payment processing easier for businesses and their customers.
In addition, Razorpay offers a suite of financial products under RazorpayX Business Banking, including current accounts, payouts, and corporate credit cards. These solutions are designed to help businesses manage their finances effectively, make payments to vendors and employees, and access credit easily.
To reduce the risk of fraud, Razorpay also provides a Thirdwatch AI solution, which uses machine learning algorithms to detect and prevent fraudulent transactions. And to help businesses grow and retain their customers, Razorpay offers affordability suites such as No Cost EMI and Pay Later options, as well as tax payment services.
Overall, Razorpay’s products and services help businesses of all sizes manage their finances efficiently and securely, enabling them to focus on growing their business.
Target Audience of Razorpay
While small and medium-sized businesses are certainly a key target audience for Razorpay, the platform is designed to serve a wide range of businesses across industries.
Razorpay’s payment gateway services can be used by businesses of all sizes, from startups to large enterprises, that want to accept online payments securely and easily. The platform’s financial solutions, such as RazorpayX Business Banking, are designed to meet the needs of businesses that require advanced financial management tools, including payouts, corporate credit cards, and current accounts.
In addition, Razorpay’s affordability suites, smart collect, and subscription billing features are designed to help businesses retain their customers by providing flexible payment options and reducing payment-related friction.
Razorpay Financials
Business Model of Razorpay
Razorpay’s business model is based on providing online payment gateway services to businesses and charging a fee for every transaction processed through its platform. The company offers two plans to its clients – the Standard Plan and the Enterprise Plan.
Under the Standard Plan, there is no annual maintenance fee, but a fee is charged for every transaction processed through Razorpay’s platform, with the charge being 2-3% per transaction. This plan is suitable for startups, and small and medium-sized businesses.
The Enterprise Plan, on the other hand, is customized to meet the specific needs of large enterprises and is priced accordingly. This plan is favored by big companies like Airtel, BYJU’S, etc. who are clients of Razorpay.
Apart from transaction fees, Razorpay also generates revenue from its financial solutions like RazorpayX Business Banking Hub, which offers advanced financial management tools to businesses, including payouts, corporate credit cards, and current accounts.
Overall, Razorpay’s business model is based on providing reliable and secure payment gateway services to businesses and generating revenue through transaction fees and financial solutions.
The unique aspects of Razorpay’s business model are as follows:
All modes of payment accepted: Razorpay supports a wide range of payment options including credit cards, debit cards, UPI, internet banking, and phone wallets. This makes it easy for businesses to accept payments from customers through various channels.
Payments in installments: Razorpay offers the option for businesses to allow customers to pay for large orders in installments or EMI with customers having to pay a certain amount in advance. This feature can help increase sales for businesses and make it easier for customers to make larger purchases.
Easy creation of payment links: Razorpay’s free browser extension allows for the easy creation of payment links that can be shared through various online channels such as WhatsApp, Facebook Messenger, and email. This feature can help businesses reach more customers and make the payment process more convenient.
Saved card details: Razorpay allows customers to save their payment details after a transaction, which saves time when using the payment gateway next time. This feature can help increase customer retention and make the payment process more seamless.
Uploading payment link and customer details: Businesses can create and share payment links for any amount of their customers by uploading a .csv or .xlsx file with payment and customer details. This feature eliminates the need for manual data entry and reduces the risk of errors.
Conclusion
In conclusion, Razorpay has established itself as a reliable and trusted converged payments solution company in India. Its business model revolves around providing secure and hassle-free payment gateway services to businesses and generating revenue through transaction fees and financial solutions.
The company’s impressive growth and success are reflected in its client base, which includes well-known names such as Swiggy, CRED, and more. Razorpay’s ability to raise significant funds and its reputation as a safe payment gateway have contributed to its ongoing success and position as a leader in India’s digital payments industry.
FAQs
What is Razorpay?
Razorpay is a leading payment gateway in India that enables businesses to accept online payments via credit/debit cards, net banking, UPI, and other popular payment methods.
Who is the target audience of Razorpay?
While small and medium-sized businesses are certainly a key target audience for Razorpay, the platform is designed to serve a wide range of businesses across industries.
What makes Razorpay’s business model unique?
The unique aspects of Razorpay’s business model are: all modes of payment accepted; payments in installments; Easy creation of payment links, Saved card details, and uploaded payment links and customer details.
Hair is one of the most important parts that play a role in enhancing the beauty of a being. But very few know that it is not just a beauty enhancer but it also has diverse uses that make it an essential component of many industries. The high demand for human hair is what fuels the growth of the human hair industry, with India leading the way in producing the largest volume of human hair as compared to other countries. India is the largest exporter of human hair in the world, with the industry generating billions of dollars in revenue every year.
According to Statista, India exported human hair worth $14.3 million in 2020, making it the second-largest exporter after Hong Kong, which exported hair worth $44.4 million. In this blog, we will delve into the growing future of the human hair industry in India, exploring its various uses and its economic impact.
There is a difference in opinion regarding the use of human hair. Half of the masses consider human hair useless and often dump it as municipal waste. Whereas, the other half of the world is creative and tries to make something useful out of the unrequired human hair. When you visit a rural area where the population is somewhat lower than the other places, you will find that they throw away human hair.
These volumes of hair slowly decompose over several years to produce molecules of carbon, Sulphur, nitrogen, and many more. However, in urban places, you will notice human hair on the sewage system, therefore, blocking its passage. Donât you think that such a lack of hygiene is dangerous? Well if you want an answer then yes, the blockage caused by human hair produces more nitrogen giving rise to the problems of eutrophication.
These harmful causes of human hair convinced the concerned people to have a thought about it. Therefore, as a result, various industries discovered a recovery method to utilize the waste hair for something good. Also, they ended up using volumes of waste human hair to contribute to the economy. As a matter of fact, human hair is renewable and biodegradable, and this fact gave rise to one of the largest industries in the world. The human hair industry was just a rescue to the harmful causes but now it turned out to be a lot more important to contribute to the economy.
The Human Hair Industry in India
Value of Human Hair and Related Products Exported from India from FY2017 to FY2022
India had established a huge export hub for a vast type of goods. Be it jewellery, chemicals, coffee, engineering products, or even fruits, India is very popular in exportation. But India has the largest base in the human hair industry across the world. Do you know? India is the second largest exporter of raw human hair in the world because the human hair found in this country is of high strength, has a rich texture, and possesses the finest quality.
Exportation of Indian human hair to different corners of the world sounds weird, but the business is booming. Well, the western countries America, Canada and several European countries involve the most in the exportation market of human hair but India exports more than two thousand tonnes. Along with these countries, India also exports human hair to Rangoon, where they create weaves and wigs out of it.
India is also famous for a temple ritual that includes the use of human hair. The method of âtonsuringâ might be pretty well known to you. Millions of devotees leave their casual life and promise to serve god for the rest of their lives. As a result, they shave their heads and donate their hair to God. This practice is particularly prevalent in temples like the Tirumala Venkateswara Temple, where thousands of devotees offer their hair every day. This practice has contributed significantly to the availability of human hair in India, making it one of the largest exporters of human hair in the world.
The human hair industry in India encompasses various activities, including collection, processing, and distribution of human hair. The process of collecting human hair involves sourcing hair from temples, salons, and individuals. The hair is then sorted, cleaned, and processed before being sold to buyers.
The human hair industry in India provides employment opportunities for millions of people, particularly in rural areas. The industry is also an essential source of income for temple trusts and contributes significantly to the country’s GDP.
In 2021, India exported raw human hair worth $383 million U.S. dollars and the value of human hair and related products exported from India amounted to approximately 770 million U.S. dollars in year of 2022.
Human hair has a distinctive chemical composition that makes it degrade slowly, with properties such as elastic recovery, high tensile strength, scaly surface, and thermal insulation. The characteristics of hair vary depending on factors such as color, curliness or straightness, length, contamination, and hair damage. While some of these traits are determined at birth, many people change their hair’s properties through makeovers. Based on these unique characteristics, hair is classified into different categories based on their unique properties and characteristics:
Virgin Hair: This refers to hair that has never been chemically treated or processed in any way. It is the highest quality of hair available and is often the most expensive.
Remy Hair: This type of hair is collected from a single donor, with all the hair cuticles aligned in the same direction.
Non-Remy Hair: Non-Remy hair is collected from multiple donors and may have its cuticles in different directions.
Synthetic Hair: This type of hair is made from synthetic materials and is designed to look and feel like natural hair.
Colored Hair: Hair can be colored to achieve different shades and tones, ranging from natural-looking hues to bold and vibrant colors.
Textured Hair: This refers to hair that has a specific texture, such as curly, wavy, or straight.
Processed Hair: This type of hair has been chemically treated to achieve a particular style or color. It may include hair that has been permed, relaxed, or dyed.
Uses of Human Hair in India
Human hair is a versatile material that finds various uses in India, from the beauty industry to agriculture. Here are some of the primary uses of human hair in India:
Making Wigs, Eyelashes, and More
Human hair can be cleaned and used in making artificial wigs, eyelashes, hair extensions, beards, and moustaches. Industries manufacturing such beauty hair accessories are one of the largest global human hair industries. Wigs, beards, and moustaches are in high demand in the eastern countries for ages. Fake eyelashes are frequently used in the field of acting, modelling, and also on several occasions to enhance the beauty of one’s face.
Making Makeup Brushes
Human hair is also frequently used for making cosmetic brushes as they blend makeup products smoothly. Are you thinking how can humans put up makeup so smoothly? Well, there are numerous scales on the human hair, therefore these scales can easily hold make-up powder and apply it to your skin. But a makeup brush can not be made from curly hair due to its irregular structure. Straight and smooth hair is always preferred in these hair manufacturing industries as it can give a good and smooth blend to your skin without causing any irritation on your skin.
Haircare Products Testing
The rising growth of human hair industries also welcomed the production of hair care products. And as you know, every product is tested multiple times before it gets to the public. Just like that, unrequired human hair is often used in laboratories as test materials for various hair care products. The modern world is filled with new companies and every company manufacturers products with unique formulations. These formulations can backfire their discovery if it causes real harm to the common people. Therefore, cut-out human hair is used to detect their probability of usefulness in the outside world.
Stuffing Toys
Human hair is very silky, stretchy, cushiony, and has good thermal insulation. These qualities make it perfect for use in stuffing toys and household things like hairpin cushions. It is not the end, human hair is also used in the manufacturing of jackets, and mattresses in India and also in other countries.
Making Fabrics
Human hair has a high tensile straight which makes it a perfect material for making fabrics. In Arunachal Pradesh, India, the traditional people mix yak hair along with human hair, cotton, and nettle fibre for making fabrics. In these concepts, human hair is often used as the weft whereas cotton yarn is turned into a warp. Do you know? Animal fibres are blended with cut-out human hair to make blankets in Panipat, India. Therefore, the human hair industry has a huge contribution to the Indian economy as well as worldwide.
Medical Industry
The pharmaceutical and medical industries also take full advantage of the uniqueness of human hair. A normal human hair contains about 20 amino acids which are extracted by hydrolysis of that particular volume of hair. And some of these amino acids are a boon to the medical world. L-valine, L-leucine, L-cysteine, and L-isoleucine are the good yield of human hair. L-cysteine constitutes several chemical derivatives which can come useful in the production of pharmaceutical formulations and also some cosmetics. Asian hair contains more amount of L-cysteine than any other type of hair, as most of their hair is black.
Food Industry
The L-cysteine extracted from human hair is also used in food industries. It is an amino acid that is used as an additive to increase the shelf life of bread and is also used to add to pizzas, burgers, sandwiches, etc. However, the use of this compound from human hair in food industries has caused a lot of disappointment among the masses. Few cared about the ingredients and the rest were focused on the reality.
Fertilizer
Human hair is a rich source of nitrogen, which makes it an excellent fertilizer for plants. In some parts of India, human hair is used as a natural fertilizer to improve soil quality and promote plant growth.
Handicrafts
Human hair is also used to create handicrafts like dolls, jewelry, and decorations. In some parts of India, artists use human hair to create intricate designs and patterns.
Musical Instruments
Human hair is used to create strings for musical instruments like the violin and the guitar. The hair fibers are twisted together to create a strong and durable string that produces a unique sound.
The Smuggling Case of Raw Indian Human Hair
The Recent Raw Human Hair Smuggling Case
The superior quality of Indian human hair and the human hair industry of India has a huge name throughout the world. This is a great thing, however, the industry has also seen its fair share of controversies and illegal activities, such as the smuggling of raw Indian human hair.
In recent years, there have been reports of large-scale smuggling of raw human hair from India to other countries, especially China. The central agency claimed that this network was spread across Hyderabad to Aizawal. During an investigation, it was known that raw human hair from India was smuggled to Myanmar illegally, generating a huge amount of cash. However, during further investigations, it came out that the raw human hair was actually finding its way to China via Myanmar.
âAll this domestically sold hair was ultimately finding its way to China via Myanmar and sale proceeds were surprisingly being received from shell Bank Accounts in Mizoram. ED conducted fund trail investigation and zeroed in on the âŚshell entities based in Mizoram which were taking in hundreds of crores of cash deposits and then remitting the deposited amount to several hair merchants spread across India,â the official ED statement said.
The smuggling of raw Indian human hair involves the illegal harvesting of hair from temples, salons, and other sources, which is then sold to middlemen or smugglers. The hair is then smuggled out of the country through various means, including hiding it in shipments of other goods or using false documentation to avoid detection.
To combat the smuggling of raw Indian human hair, the Indian government has taken several measures, including stricter enforcement of laws against illegal harvesting and trade in human hair. The government has also encouraged the development of legal and sustainable hair trade practices, such as hair donation drives and partnerships with small-scale suppliers and temples.
Leading Human Hair Exporting Countries Worldwide in 2020
The future of the human hair industry in India is one of the leading ones in the business world. Dark Indian hair satisfies the traditional beauty standards and also has a huge variety and this is what makes it so popular. Moreover, hair extension clubs from all geographical corners mostly prefer Indian human hair with high quality, dark, and slightly wavy textures. Moreover, hair industries only deal with âvirgin hairâ. Nowadays a lot of people dye, strengthen, and give a completely new look to their hair. These artificial hair varieties are not even touched in the hair extensions world and this is why hair collectors mostly visit the rural parts of India.
In a recent conference, Eluru MP, Kotagiri Sridhar came up with another prediction. He said that the sudden rise of the human hair industry in India will end up providing about 8 lakh jobs in the upcoming years. All India Human Hair and Hair products Manufacturers and Exporterâs Association together organized a meeting in Eluru. The head of the meeting threw some light on the unique features of human hair and how well known it is across the world. He also stated that efforts to curb the smuggling of hair (raw material for hair products) are yielding results, bringing home nearly Rs.30,000 crores to Rs.40,000 crores for foreign exchange.
This is the amount smugglers earn for smuggling tones of human hair from India to different corners of the world. Therefore, the greater the yield, the more is smuggling. Kotagiri Sridhar also talked about the precautions, rules, and restriction charges which must be applied while exporting human hair-related stuff to the other world. This can at least mark a boundary or limit the chain of smuggling.
Additionally, the industry can also explore new opportunities in areas such as hair transplant surgery, research and development, and the use of human hair in non-beauty applications such as textiles and biodegradable materials.
Looking at the various parameters, the human hair industry in India has grown a lot and has a huge potential to grow further. Therefore, the Indian economy owes a lot to the hair industry. Furthermore, research says that the human hair industry in India has a probability of marking an income of more than $2 billion.
Conclusion
That was all you need to know about the booming business of the human hair industry in India. The industry has evolved from a traditional practice to a modern and innovative sector that contributes significantly to the Indian economy. The concept of the exportation of such a thing is bizarre but itâs weirder to know that Indian human hair is in great demand. There is plenty of importance of human hair and only a few of them are known to the common people. This article includes the most unique uses of hair. Furthermore, if you have read the complete article you would have understood by now that human hair-related industries have a huge growth potential in the near future.
FAQs
Is there a market for human hair?
Yes, there is a market for human hair. The global human hair extension market recorded a worth of $3.71 billion in the year 2021. This market is estimated to reach $7.63 billion by the year 2029.
What are the most popular types of human hair products produced in India?
The most popular types of human hair products produced in India include hair extensions, wigs, and weaves.
How is human hair collected in India?
Human hair is collected from temples, barbershops, and salons across India. It is then sorted, washed, and processed before being sold to manufacturers.
How does the human hair industry contribute to the Indian economy?
The human hair industry is a significant contributor to the Indian economy, providing employment opportunities and promoting sustainable livelihoods in rural areas. It is also a major source of foreign exchange earnings through exports.
Who exports the most hair?
Hong Kong is currently the biggest exporter of human hair in the world, followed by India. According to Statista, Hong Kong’s exports of human hair were worth $44.4 million in 2020, while India’s exports were worth $14.3 million in the same year.
What is the price of 1kg hairs in India?
On average, the price of 1kg of human hair in India can range from a few thousand rupees to tens of thousands of rupees. However, it is important to note that the human hair industry operates largely on a retail level, and prices can vary significantly depending on the specific product and seller.
Why is human hair so expensive?
Human hair is so expensive because it is not something that can be manufactured like artificial synthetic hair. Growing hair is a very long and natural process. Also, it takes more than a head’s hair to make any wig or hair extension.
Is it legal to sell hair in India?
Yes, it is legal to sell hair in India. In fact, India is one of the largest exporters of human hair in the world.
In a world where every company, small or big, wants to stand out on their social media pages, they would need templates or appealing designs to make an impression. Whether you want to create a resume for your dream job or create a logo for your brand, we all know where to go. Canva is the one-stop solution to fix all your social media-related problems.
In this article, we will read through the business model of one of the most widely used apps for designing, Canva.
Canva was founded in 2013 by Melanie Perkins, Cliff Obrecht, and Cameron Adams, with its headquarters in Sydney, Australia.
Welcome to Canva
Canva is a graphic design tool to help create social media presentations and graphics. The app or tool was designed with the intent to help non-designers or people who do not have the technical experience to create designs as UI/UX people do. With its simple and easy-to-use approach, Canva can be used by everyone, including students, teachers, or social media influencers. The app includes ready-made templates for users to use. Users can download Canva on iOS, Android, Windows, and MAC.
Canva is available worldwide. It is a SaaS platform aimed at helping non-designers create digital and non-digital designs easily. As long as a person has a computer and smartphone, Canva can be easily accessed through a browser or directly by downloading the app. The company claims to be available in 190 countries and 100 languages.
Canva, Homepage
Key Products and Services
Within a span of 10 years, Canva has surely evolved as one of the leading design applications in today’s date. It offers a wide range of services both free and paid-based that includes exclusive services relating to every industry, such as media, newsroom, real estate, tech, fitness, education, startups, healthcare, sports, retail, franchises, and consumer packaged goods.
Here’s a quick look at the below products and services offered by Canva:
Canva Pro: Under this segment of Canva Pro, individuals or companies need to subscribe for a certain amount to get access to unlimited features, animations, premium videos, content planner, and more, which are not available under its free platform.
Try Canva Pro
Canva for Enterprise: This product by Canva is designed to help businesses or companies to create their own version of design templates. This includes features like content creation, brand management, team collaboration, branded team templates, workshops, and many more.
Canva for Education: Canva also offers a design platform for educational purposes. It allows teachers or students to create and personalize lesson plans, infographics, posters, videos, and more. Teachers can also create webinars, tutorials, etc.
Canva for Nonprofits: The company also offers exclusive templates for nonprofit activities under its segment Canva for Nonprofits. It has everything that a nonprofit organization can use to create powerful high-impact social media posts or graphics, presentations, websites, flyers, and signage.
Marketing: The app offers solutions for marketing agencies like logos, posters, flyers, brochures, social media, QR code generators, and more.
Canva Helps in Designing the Logos, Flyers, Brochures
Print: Canva also lets its users print their creations. They can print their designs for business cards, t-shirts, mugs, invitations, hoodies, calendars, labels, and cards.
Canva Offers to Print the Designs
Videos and Photos: Offers services for normal video editing, photo editing, photo collages, and YouTube video editor.
Design Videos with Canva
Visual Documents: Canva offers solutions for visual documentation like presentations, docs, worksuite, PDF editor, whiteboards, and graphs and charts.
Canva Offers Solutions for Visual Documents
Target Audience of Canva
Canva was created for designing purposes that can be used by anyone. The company’s focus is on people who do not belong to a professional graphic background. Its target audience is basically anyone, from casual users to professional teams, from amateurs to experts in design both educational institutions and non-profit organizations.
Business Model of Canva
Canva runs on a distinctive SaaS business model. The company uses both free and subscription, or in other words, freemium version revenue models to market, and convert leads. Canva allows its users to either freely use its specific features or via subscription plans that offer additional elements.
Canva’s platform is developed in a manner that offers all design solutions to its users in one place. There are numerous features of the platform, which include different templates for presentations, social media posts, resumes, brochures, invitations, certificates, newsletters, etc. Further, the app enables users to easily print and publish their designs on a variety of social media platforms.
Unique Selling Point of Canva
We already know Canva is for those who do not have any prior training in graphic design. It adds value by making it very simple for users to design and create. As a user, Canva grants access to a variety of special features that make designing straightforward and enjoyable.
Some unique features of Canva are:
Thanks to the drag-and-drop user interface specialty of Canva, users can easily design and create anything without any hassle.
By offering pre-made and ready-to-use templates, posters, and other graphics, a user’s time is also saved on Canva.
The platform provides numerous features for each industry-specific need.
Along with offering user-friendly features, Canva stands out as a top and reliable design software for many companies. It is trusted by popular companies like Salesforce, Hubspot, Sony Music, Reddit, and Skyscanner.
How Does Canva Make Money?
Canva makes money by offering all the above-mentioned products and services. Moreover, it has three main sources through which it generates revenue:
The Free plan: In its free pricing plan, users can use features like 250,000+ free templates, more than 1 million free photos, and 5GB of cloud storage. This type of plan is meant for those who want to use it for their personal needs.
Canva Pro: Under this, Canva offers some extra features along with basic features. This plan is meant for users who want professional use with features like brand kits, dedicated folders, custom branding, logo design, and collaboration tools.
Canva for Teams/Enterprise: Canva for Enterprise is designed for people who want to collaborate with their teams at a company. It has features like brand controls, dedicated folders for specific projects, the team reports and insights, and cloud storage of 1TB.
Plan
Price
Canva Free
$0
Canva Pro
$12.99/month for one person
Canva for Teams
$14.99/month for the first 5 people
Besides the above-mentioned sources, Canva also has other sources through which it generates its income:
Canva Print: It has a printing service for its users who wish to print their designs. The company has teamed up with various printers that can help deliver the material printed. Canva bases its service fees on the product category, order volume, and delivery location. It offers free shipping, express delivery, and free in-store pickup from FedEx Offices or Staples (USA & Canada only). The company ships to more than 30 countries and charges according to the order.
Canva Design School: Just like a school, Canva also has a design school that offers thousands of courses on design, social media marketing, and branding. These courses are available both online and offline. The online courses are free, while the offline, in-person classes start from $5.
Canva Marketplace: Another way through which Canva makes money is through the marketplace. It allows users to purchase designs for one-time use on Canva. The price of these designs is available for $1. By purchasing these designs, designers can use the platform to list their innovations. For one purchase, Canva charges a 35% commission in exchange for giving these designers the platform.
Conclusion
By establishing a unique way of doing business, where it offers a very simplistic platform for people who can create the design in whichever way they desire, Canva has outshined since its inception. The company is at this stage of tremendous success right now, even if a small proportion of its users choose to purchase the paid plans, it can still easily cover its expenses.
Today, the company enjoys over 100 million users and has over 2000 employees. By acquiring companies like Zeetings, Pixabay, Pexels, Kaleido.ai, and Smartmockups, Canva is bracing itself to be a dominant player in the graphic and software industry. In addition, Canva aims to compete with Google and Microsoft in the office software market with its websites and whiteboard products.
FAQs
What is the target audience of Canva?
Canva’s target audience is basically anyone, from casual users to professional teams, from amateurs to experts in design both educational institutions and non-profit organizations.
How does Canva make money?
Canva has three main sources through which it generates revenue:
Canva Free
Canva Pro
Canva for Teams
What are the key products and services offered by Canva?
Here’s a list of products and services offered by Canva:
Yash Gupta
