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Tag: 🔍Insights

  • International Call Centre Scam Businesses in India | How They Scam People?

    The BPO (Business Process Outsourcing) industry entered India in the 1980s when American Express set up its back-office operations in Gurgaon, now Gurugram. Since then, it has witnessed regular growth year on year.

    The Indian Call Centre market, in 2017, was valued at a whopping USD 28.19 billion. There are various factors contributing to its exponential growth.

    These include government schemes to promote the industry, growth in English and other multiple language-speaking populations, skilled professional to provide support in a multitude of business operations, low cost of employment with a high-quality workforce, specialized call centre outsourcing services, latest technologies, high-end infrastructure, Availability of a younger workforce, and Readiness to work in shifts.

    India’s biggest and most renowned call centre players are Infosys BPO, Tata Consultancy Services BPO, WNS Global Services, Wipro BPO, Aegis Limited and a few others.

    International Call Centre Scam Businesses in India

    How to Prevent Falling for International Call Centre Scams?

    Top Spammers in India in 2021
    Top Spammers in India in 2021

    International Call Centre Scam Businesses in India

    Along with the good, also comes the bad. With the Call Centre industry shining bright, there is a black shadow that follows it too.

    There have been various cases over the years that have garnered media attention for defrauding a vast majority of people for money.

    “Call Centre Fraud in Bengaluru: 73 employees were paid in cash, ferried in ‘school buses’

    It was just recently in July 2022, when the newspapers screamed this headline. The Bengaluru police, acting on an anonymous tip, raided an office in the Whitefield tech area posing to be a legitimate call centre.

    They seized everything including the transcripts that were being used to target and defraud American citizens and compromise their bank accounts. They were operating three different setups to facilitate money routing. To escape suspicion and to keep operating, the company would pay its employees in cash rather than a direct bank deposit.

    What was the Scam?

    The technique for the gang was a three-layered stack-up. Callers, bankers and closers. The callers would reach out to potential targets via text messages or voice mails stating they were noticing strange and possibly fraudulent activity on their bank or eCommerce accounts.

    Any attempts by the targets to cross-check these calls would be routed to the second facility, which was the bankers. The bankers, posing either as bank executives or eCommerce executives, would engage the target to determine if he or she would fall prey to the scam. This was followed by the closers who would take over and the final money transaction would occur.

    “Fake Call Centre Scamming US Nationals Busted In Mumbai; 3 Arrested”

    Just a couple of months ago, in May 2022, the city of Mumbai was in the news for one more call centre scam. The Mumbai police, acting on a complaint, raided a business park in the Thane area and arrested three people. They were running a call centre with the intention of defrauding US citizens.

    What was the Scam?

    The trio that allegedly ran a call centre, posed as representatives of a reputed pharmaceutical company. They would call US citizens via Voice over Internet Protocol (VoIP) and offer medicines, including Viagra, at concessional rates. Those who would fall to pray, would share their credit card details, make the payment and never receive any medicines. The trio has cheated many US citizens through this scam.

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    20 Billion USD Call Centre Scam in Kolkata

    20 Billion USD Call Centre Scam Exposed by YouTubers

    “Kolkata epicentre of USD 20 billion call centre scam? Video by YouTube sleuths goes viral” – read the newspaper headlines in early May 2022.

    In a reverse fate, US YouTuber, Mark Rober, recently exposed a USD 20 billion call centre scam based in Kolkata, India.

    What was the scam?

    In a 26 minutes video, Mark Rober documented and exposed four call centres – 3 in Kolkata and 1 in Gurugram that have been engaging in activities designed to fraud foreign citizens. He alleged that around 60 million people around the world have been swindled out of approximately USD 20 billion by these call centres.

    He collaborated with two other YouTube creators, Jim Browning and Trilogy Media and through careful planning and infiltration, they gathered audio and video evidence. They went on to demonstrate how these call centres carefully choose their victims (usually over the age of 65) and initiate contact impersonating government officials, eCommerce executives or even digital antivirus companies. They manipulate their targets into transferring money either through threats or false sales.

    Rober has shared footage from the premises, real-time videos of people getting scammed and the names of the people at the helm of such fraudulent set-ups. His video got the attention of many and soon garnered 11 million views raising concern among the people regarding cybersecurity. The last known was that the evidence has been shared with the Kolkata police who are looking into the matter.

    “US authorities charge 6 Indian call centres, directors in the alleged scam”

    In early February of 2022, this headline caught the attention of many. As many as six India-based companies and their directors conspired with E Sampark, a company that provides internet telephone services, to forward scam calls to American citizens.

    All six companies, their directors and the director of E Sampark have been charged with conspiracy and fraud with charges filed against them in an Atlanta court.

    What was the Scam?

    Posing as government officials for pension schemes, these callers issued threats to people indicating that their PAN numbers were used in a crime. Sometimes, they would even pose as income tax officials, telling people they owed back taxes to the government.

    Gullible individuals would then be directed to pay money to a network of individuals who then, laundered the funds overseas. In yet another attempt, callers would offer loans and make people send payments as fees to get their bank information.

    U.S. Attorney Kurt Erskine said in a statement, “Scam robocalls cause emotional and financial devastation to victims, particularly our vulnerable and elderly populations,”. “These India-based call centres allegedly scared their victims and stole their money, including some victims’ entire life savings.” He further added.

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    How to Prevent Falling for International Call Centre Scams?

    Size of the Fraud Detection and Prevention (FDP) Market Worldwide from 2016 to 2022
    Size of the Fraud Detection and Prevention (FDP) Market Worldwide from 2016 to 2022

    Where there are thriving call centre businesses, there are also scammers who prey on the elderly or the non-tech savvy. There are several steps that people can take to ensure that they don’t fall prey to such frauds. These include:

    • Be wary of receiving unknown callers or unidentified numbers.
    • Block unwanted calls and messages.
    • Do not ever give out personal or financial information in response.
    • Resist the pressure to act immediately to lure.
    • Do not pay, especially to a request to pay in a specific way.
    • Do not access unverified links.

    Conclusion

    India’s call centre industry is huge and growing exponentially. Liberal government laws are helping and fuelling the growth. But, along with the growth, the dark part of fraudulent practices also exists. With the help of the ever-evolving behemoth that is technology, fraudsters are continually coming up with innovative ways to scam and defraud people. What we can do is remain vigilant and have basic safeguards against such callers. Just remember – “If it sounds too good to be true, it probably is.”

    FAQs

    How do spammers get my cell phone number?

    Our phone numbers are present in many places over the internet like social media accounts, websites, and more. Spammers use processes like web harvesting or web scraping to extract our phone numbers from the web.

    Can someone hack my phone by calling me?

    A hacker cannot directly hack your phone by calling you. However, they can get access to your personal details by pretending to be someone else which can ultimately enable them to hack your accounts online.

    How does a call centre scam work?

    Most commonly, the scammers of a call centre scam target vulnerable people like the elderly or the ones not acquainted with the technology. Scammers try to extract personal details from such people by pretending to be some official authority. In this way, they tend to stir fear and steal money from people.

  • Vicco Legal Fight | How Did Vicco Turn A Legal Crisis Into Its Biggest Marketing Strategy?

    The story of Vicco began in the 1950s. It started at such a time when people did not have much idea about beauty creams. But the launch of Vicco products in the market lead to a trend. People went crazy over these fairness and beauty creams. Vicco became every female’s favorite brand in that era. Vicco marked a place in everyone’s minds and hearts not only with its products but also with its fun jingles. Vicco used to have some really catchy jingles in its TV commercials. These jingles were so melodic and captivating that they were known by almost everybody. Today, let’s dive deep into the story of Vicco’s struggles. We will see how Vicco not only faced struggles but used them as a tool to come out stronger.

    The Beginning Of Vicco
    Vicco’s Entry into the Global Market
    Unique Selling Point of Vicco
    The Downfall of Vicco
    Legal Issue

    Vicco’s Marketing Strategy

    The Beginning Of Vicco

    Vicco was started by Late Mr. Keshav V Pendharkar in 1952. Commercial production of Vicco started in 1955 with a mere annual turnover of ten thousand rupees. With consistency and efforts, the company grew so well in no time, that it reached its maximum production levels. Because of this, Vicco had to look for alternatives for more production. At that point, they had only one factory which could not suffice the increasing demand for its products in the market. That is why it decided to take up a better and bigger space to grow its business. To manage and fulfill the increasing demands, Vicco started another factory.

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    Vicco’s Entry into the Global Market

    With two factories working towards production, it ensured that there was no shortage, keeping the supply smooth. Vicco not only worked hard but took smart decisions and made the right moves at the right time which helped tremendously. Apart from India, Vicco now had enough space and capacity to produce products for other countries as well. To take the growth forward, Vicco Stepped into the global market. Seeing the scope of its development, Vicco started exporting its products to various countries like Europe, Canada, Australia, The USA, The Middle East countries, etc. With the growing interest of the people in the products by Vicco, the exports kept on increasing.

    Unique Selling Point of Vicco

    The main aim of Vicco was to promote Ayurveda and to show the world all the benefits Ayurveda can offer. Vicco was the first one in the market to make an ayurvedic toothpaste. They were also the first to make turmeric cream, known as Vicco turmeric skin cream. Vicco sells many other products such as Vicco Vajradanti paste, Vicco turmeric WSO cream, etc. The specialty of Vicco was that all its products were made using various ayurvedic herbs. Although Vicco was started by Late Mr. Keshav V Pendharkar, after his death, his descents took forward the business and brought it to where it stands today.

    The Downfall of Vicco

    Vicco has been in the market for many years now. It has started gaining recognition as one very well-known brand. But to get to this stage, Vicco had to go through a lot of ups and downs. Seeing the growth of Vicco, there were many new companies that started selling products replicating that of Vicco. This stood as a huge threat to the Ayurveda-based company. All of a sudden, there were a lot of competitors in the market. Apart from these, Vicco had to face a huge downfall when a case was filed against them. The Company had to face questions and doubts about its authenticity. The case that was filed against Vicco, contained complaints doubting the use of real Ayurvedic products and hence should be considered just a cosmetic brand.

    Case: Vicco Laboratories Vs Commissioner Of Central Excise, Goa and Thane

    In the year 1978, Central Excise Authorities held that Vicco should not term its products “Vicco Vajradanti” and “Vicco Turmeric Skin Cream” as ayurvedic and rather be classified as cosmetics. The Central Excise department claimed that both the products of Vicco laboratories cannot be categorized as “ayurvedic” and shall actually come under the “cosmetics”. The authorities wanted these two products of Vicco to be taxed under cosmetics and not under ayurvedic products. However, Vicco challenged this claim made by the Central Excise authorities in court before the Civil Judge, Senior Division. The decision was in the favour of Vicco. It was held that both of these products shall come under the “ayurvedic” category as the process of preparing these two products involved using ayurvedic medicines.

    Bombay High Court’s Decision

    Later on, the Central Excise authorities challenged this decision and filed an appeal in the Bombay High Court. The Bombay High Court held that these two products are not considered cosmetics. But at the same time, the High Court also held that these products cannot exclusively be termed ayurvedic too. Both Vicco and Central Excise Authorities further went ahead and filed a special leave petition before the Supreme Court. The leave petition filed by the Central Excise Authorities was dismissed by the Supreme Court. Later on, Central Excise Authorities consented that the products were rightly classified by the Bombay High Court, on the basis of which the Supreme Court passed a consent order.

    Supreme Court’s Order

    The Supreme Court also held that products of Vicco cannot be considered under the cosmetics category. It said that Vicco shall still be categorized under ayurvedic products. With smart strategies and diligently fighting the matter legally, Vicco managed to keep its reputation undamaged.

    How Did The New “Central Excise Tariff Act, 1985” Come as Trouble to Vicco?

    After the Bombay High Court passed the order, The new Central Excise Tariff Act, 1985 came into existence and the Central Excise Authorities again went ahead to claim that as per the new act, the above-mentioned products of Vicco come under the cosmetics category. Such a claim was made to the Excise tribunal and even this time, the result was in the favour of Vicco. Further, many show-cause notices were sent by the Central Excise Authorities to Vicco. Central Excise Authorities required Vicco to pay taxes for its products under the “cosmetics” category as per the new act.

    However, during all this time, Vicco was all over the news and there were doubts being raised in the minds of the people. The consumers and customers of Vicco were starting to question the products and were in a state of confusion with regards to whether the products of Vicco really were ayurvedic or not. Vicco was in the market for such a long time and had gained the trust of a huge number of people. But such an incident pushed Vicco’s customer base into two minds regarding its products.

    It takes years to build a good reputation in the market and takes merely a few days for that reputation to be squashed down. It is very normal that when questions are raised about a company, even though there might be a customer base that is loyal, there will definitely be a certain percentage of people who might get hesitant and doubtful about the company. In the same way, even though there were a lot of people who had trust in Vicco, it was important for the company to ensure that the people in the market didn’t lose trust and that its reputation stayed intact.

    Vicco’s Marketing Strategy

    Main Vicco Products
    Main Vicco Products

    The mode through which a brand is marketed is very important. Vicco was a brand that was marketed through various mediums including newspapers, magazines, radio, TV, and Word of Mouth. Out of all the strategies, TV commercials worked the best for Vicco. As per the stats, 76% of people got to know about Vicco through TV commercials.

    Vicco wanted to assert to its buying public about its products were ayurvedic and not cosmetic, while it legally fights the tax claims. Vicco came up with the best marketing strategy possible to clear all the doubts in the minds of people. Vicco launched the most genius advertisement that had a jingle “Vicco Turmeric nahi cosmetic, Vicco Turmeric ayurvedic cream”. Yes, I am sure you did not just read that line but also sang it in your head. That is the kind of impact it had on the public.

    The jingles had the crux of what Vicco exactly wanted to convey. Incorporating a catchy jingle in the advertisement is always a good idea as it gets stuck in the heads of the people watching it. On top of it, if the jingle involves such words that have the capability to clear all the doubts in people’s minds, which worked like the “Cherry on the cake”. In the same way, the jingle used by Vicco had exactly those words that had the potential to remove all the doubts about its authenticity. In no time, this jingle made its place in a lot of people’s minds. Vicco came up with various jingles in its advertisements that could prove to the audiences that its products are ayurvedic in nature. These jingles did not just seem like clarification to the audiences but were also a subtle mockery towards the Central Excise Authorities.

    These jingles were used in every advertisement for Vicco. Those were the times when TV was watched by almost everybody on an everyday basis. These commercials of Vicco were telecasted on various Indian channels. The Vicco ads were heard on almost every other channel. This strategy of Vicco was so successful. The jingles used in the commercials were stuck in everyone’s heads. People know the tune and exact lines of those jingles even today. Such was the impact these advertisements had.

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    Conclusion

    With this, we can understand that marketing strategies do not mean something very complicated and it does not have to be complex for it to actually have an effect or influence. It is just about understanding human psychology. If a person understands how a human brain works, it is really not that hard to come up with a strategy that can help in product branding, marketing, sales, etc. As we have seen with Vicco, something as subtle and simple as a jingle can also have a huge impact if done rightly.

    FAQs

    Who founded Vicco?

    Vicco was started by Late Mr. Keshav V Pendharkar in 1952.

    When did Vicco start its commercial production?

    Commercial production of Vicco started in 1955 with a mere annual turnover of ten thousand rupees.

    Where is Vicco’s headquarters located?

    The headquarters of Vicco is located in Nagpur, Maharashtra.

    What are the main Vicco products?

    Vicco is mostly based on Ayurvedic products. Its main products are “Vicco Vajradanti” and “Vicco Turmeric Skin Cream”.

    Vicco came up with the best marketing strategy possible to clear all the doubts in the minds of people. Vicco launched a very famous jingle “Vicco Turmeric nahi cosmetic, Vicco Turmeric ayurvedic cream”.

  • How to Use BigCommerce to Boost Your B2B Ecommerce Experience?

    The B2B eCommerce market was worth $5.8 trillion in 2013 which grew to $12.2 trillion in 2019. The traditional approach where the buyer research and talk to the sales rep have taken a backseat. A shift in the demographics of B2B buyers made eCommerce vital for many B2B SaaS companies. Today, more than 46% of B2B buyers are millennials who prefer an online shopping portal.

    BigCommerce, an open SaaS eCommerce platform, host over 70,000 eCommerce stores. It is an eCommerce platform for small to large and fast-growing companies that wish to boost their online shopping experience. But, how to leverage BigCommerce efficiently to enhance your B2B eCommerce store?

    First, let us look at some core features that every B2B eCommerce store should have and how BigCommerce fits into the role.

    B2B Ecommerce Store Must-Haves
    BigCommerce Advanced Features

    How to Get Started with BigCommerce?

    BigCommerce Case Study: Tradelink
    Is BigCommerce Good for B2B?

    What is BigCommerce? | An Introduction

    B2B Ecommerce Store Must-Haves

    Retail Ecommerce Sales Worldwide from 2017 to 2025
    Retail Ecommerce Sales Worldwide from 2017 to 2025

    Just like having sales, finance, and customer support departments is crucial for a company, there are some elements of a B2B eCommerce store that are a must-have. B2B and B2C stores have different needs regarding pricing, bulk order placing, catalogue, quotation requests, and much more. Here are the top 9 must-haves for a B2B eCommerce store:

    1. Contract pricing & catalogue
    2. Bulk ordering
    3. Quick reordering
    4. Restricted access control
    5. Portal Customization
    6. Shared Shopping Cart
    7. Quote Management
    8. Digital Payment Management
    9. Product Information Management (PMI)

    Apart from these core features, BigCommerce offers a wide variety of features for enhanced customization and functionality. Let us look at the advanced features of the BigCommerce B2B SaaS eCommerce platform.

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    BigCommerce Advanced Features

    BigCommerce helps B2B businesses to build an eCommerce store, which boosts their online presence to get an edge over their competitors. The biggest USP of BigCommerce is its open-source API system which allows companies to customize their eCommerce store.

    The marketers get the functionality and flexibility combined. BigCommerce aims at increasing store performance by adding features (tools, automation, etc.), enhancing security measures, and making it customizable. Here are 7 features that make BigCommerce the leading open SaaS B2B eCommerce platform.

    Integration

    Integration - BigCommerce Advanced Features
    Integration – BigCommerce Advanced Features

    BigCommerce provides integration with various applications, CRM, and ERP to ease the process of handling multiple aspects of the store. Also, businesses can integrate their store with social media or market channels like Amazon, eBay, Instagram, and Facebook to provide an effortless shopping experience to their customers.

    Easy-To-Use Tools

    BigCommerce is a no-complex, easy-to-manage platform for running eCommerce stores. It provides various tools to automate and templatize small tasks, which reduces time wastage. SEO, site traffic, promotions, checkouts, and many other tools make it easier to run the store. Also, the store’s functionality enhances.

    Open Source- Exposed Over APIs

    BigCommerce has focused on open source and API calling since its initial stage. Businesses can leverage the API for customization and integration. Basically, the store becomes more flexible and one can add required features or automation. It makes the store operative for marketers and flexible in case of additional needs!

    Security

    Security - BigCommerce Advanced Features
    Security – BigCommerce Advanced Features

    With the best uptimes in the eCommerce industry of 99.99%, BigCommerce offers robust security and performance. It offers many other measures such as additional SLA, HTTPS and PCI compliance, and advanced SSLs. This avoids malicious attacks and gives restricted access to eliminate system hacking.

    Powerful Reporting Tool

    BigCommerce offers a powerful reporting tool to keep all the data synced and manageable. From quotations to orders, all the data is presented in sleek reports. This enables businesses to handle stores efficiently.

    Abandoned Cart Saver

    BigCommerce offers its user an option of an abandoned cart saver. It allows sellers to send emails to the customers in case of an abandoned cart. It studies the moment along the store and triggers in case the user leaves amidst the purchase process.

    Advanced search is crucial for B2B eCommerce stores with field support and filters for refined searching. BigCommerce powers Nextopia and PunchOut2Go to facilitate the advanced search for buyers.

    BigCommerce removes complexity and provides a seamless eCommerce store experience. In addition, BigCommerce supports over 65 online payment gateways in 230 countries and 140 currencies. It allows multiple options for bulk purchases and promotions. Businesses with a global market can opt for BigCommerce to get limitless growth.

    How to Get Started with BigCommerce?

    BigCommerce is easy to set up as it comes with hundreds of templates, designs, and automation tools. You simply need to pre-launch (determine TG, domain name, product launch, and research competitors and pricing), optimize (design, product designs, and SEO content), and market (website performance, outbound marketing strategy, and add keywords) your store. Here is how you set up an eCommerce store on BigCommerce:

    BigCommerce - The Ecommerce Solution for All Your B2B Needs
    BigCommerce – The Ecommerce Solution for All Your B2B Needs

    Themes and Categories

    BigCommerce has a vast library of themes and a category management system available. It has a dedicated editor where you can pick beautiful, mobile-friendly themes to boost conversions. Make the site easy to navigate and align with your brand colours. The store’s upfront design is crucial to attracting users and increasing conversions.

    Product Options

    Now, decide the products you wish to launch and add to the store. Either through CSV (all at one time) or one by one, you can add products to the store. BigCommerce allows a lot of options to create categories. At this stage, you could deploy SEO tools to add product descriptions which increases ranking chances.

    Payment and Shipping

    BigCommerce provides many options to collect payment with 65 payment gateways, supporting 140 currencies in 230 countries. You can accept payments via PayPal or credit card almost immediately.

    Depending upon your audience and requirements, you can customize shipping options based on domestic or international shipping, such as:

    1. Free shipping,
    2. Flat rates,
    3. Weight-based rates, and
    4. Real-time shipping quotes

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    Launch Services

    Finally, launch your store. BigCommerce provides support for after-setup management as well. It covers technical support with in-house experts that assist with in-store setup and aftercare.

    Tradelink is Australia’s oldest plumbing business. After running successfully for 150 years, it decided to hop onto the online side of the business. How did BigCommerce play a role? Not only does BigCommerce accommodate the large volume but it also simulates the in-store shopping experience. The company was able to offer an omnichannel shopping experience by leveraging BigCommerce to combine B2B, B2C, and B2G. Result?

    The company saw an increase of 346% in customers, 373% in orders, and 338% in revenue from Nov. 2020-April 2021 to May 2021-Oct. 2021.

    Is BigCommerce Good for B2B?

    BigCommerce is a trusted SaaS B2B eCommerce platform with over 70,000 companies using it for omnichannel growth. Small to enterprise-sized and fast-growing stores could benefit from seamless integration, security, and customization options. It prioritizes functionality and keeps bringing improved versions and updates. It also gives three different packages to choose from to align with your business needs.

    Conclusion

    BigCommerce is a great eCommerce platform offering software as a service to retailers. It is known to help various businesses with their online store establishment, hosting and marketing, search engine optimization, and security. Hence, be it setting up a store from scratch or switching from another platform, BigCommerce assists each business in growing its eCommerce store.

    FAQs

    What is B2B meaning?

    B2B stands for Business-to-Business. It is a kind of eCommerce that refers to the trade between businesses rather than between businesses and consumers that is Business-to-Consumers.

    Is BigCommerce good for B2B?

    BigCommerce is a trusted SaaS B2B eCommerce platform with over 70,000 companies using it for omnichannel growth. Small to enterprise-sized and fast-growing stores could benefit from seamless integration, security, and customization options.

    How much does BigCommerce B2B cost?

    BigCommerce offers a free 15-day trial. After that its paid plans include Standard- $29.95 per month, Plus- $79.95 per month, Pro- $299.95 per month and Enterprise (customized pricing).

    What is the best B2B?

    Some of the best B2B eCommerce platforms include:

    • BigCommerce
    • Shopify Plus
    • WooCommerce B2B
    • OpenCart
    • Oracle SuiteCommerce

  • Is Printing Money a Solution to Save the Economy?

    International economies are adopting unconventional stimulus measures, such as printing money, in response to the Covid-induced crisis. The United States, the European Central Bank, Japan, and even developing economies like Turkey and Indonesia are creating money to revive their economies.

    Now as people have very smartly pointed out saying; “India must do the same.” The question entails, can India afford to do it? If yes then how will it help? as well as what India can do about it?  ‌‌

    What Does Printing Money Mean?
    Should the RBI print money to boost the economy?
    Are Other Economies Doing the Same?
    Is Monetization Necessary?‌‌‌‌
    Government’s Strategies to Overcome COVID Gap
    Challenges for the Government

    What Does Printing Money Mean?

    Now going by the textbook meaning, The Reserve Bank of India has a monopoly on printing the country’s currency notes. Except for one rupee note, it has sole authority to issue currency notes of various values (which are issued by the Ministry of Finance.)  

    So basically, the Central bank buys Government debts/ bonds – Which injects money into the economy – This is similar to printing new money, but this is done electronically.

    Should the RBI print money to boost the economy?

    The Reserve Bank of India
    The Reserve Bank of India

    Is it as easy as it sounds? In India, small industries have sprung up recently, pleading with the Reserve Bank of India to generate money and give it to the government to spend.

    The central government’s revenue collection through excise duty and the goods and services tax, or Goods and Services Tax (GST), has collapsed due to low employment and a sharp decline in non-essential consumption beyond food, medicine, and a few other basic products.  

    Given how adversely foreign trade has been affected in the post-Covid era, there is reason to assume that tax collection through customs duties has also suffered. The central government is expected to benefit from the recent significant rise in excise duty on gasoline and diesel. ‌‌

    Are Other Economies Doing the Same?

    Yes, In April 2020, the Bank of England granted a direct monetization facility to the UK government, despite Bank of England Governor Andrew Bailey’s fierce opposition until the last minute. Similarly, the US Federal Reserve used it extensively to tackle the financial crisis of 2008, and the same pattern is being used to combat the Covid situation.

    A snippet of an article published on the Financial Times website about the Bank of England granting direct help to the UK government.
    A snippet of an article published on the Financial Times website about the Bank of England granting direct help to the UK government.

    The European Central Bank has lifted the restriction on the number of bonds it can purchase from any single Eurozone country. The Bank of England has come on record and said, If necessary, we are willing to lend money to the government on a temporary basis. The Bank of Japan will also purchase an infinite number of government bonds.

    The Bank of England
    The Bank of England

    Is Monetization Necessary?‌‌‌‌

    In the past, The RBI “naturally” monetized the government’s deficit until 1997. Direct monetization of deficit spending, on the other hand, has downsides. Manmohan Singh (then-RBI Governor and then-Finance Minister) and C Rangarajan (then-RBI Governor) decided in 1994 to scale out the facility by 1997.  

    However, even Rangarajan now believes that India would have to monetize its deficit. “Deficit monetization is necessary. He recently stated that “such a big increase in expenditure cannot be controlled without monetization of government debt.” ‌‌

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    Government’s Strategies to Overcome COVID Gap

    State governments also aren’t making a lot of money from taxes. With lockdown in place for more than two years, private automobiles are hardly moving; as a result, state governments’ sales tax/value added tax revenues on gasoline and diesel use have taken a hit. Even though several state governments have raised the sales tax/VAT on gasoline and diesel, this trend continues.

    At the start of the lockdown, alcohol shops were closed, and state and local governments lost all of the income generated through this channel. As a remedy, alcohol stores were opened amid the concern of societal tensions and moral concerns.

    A snippet of the news article explaining the opening of liquor shops during the pandemic by TOI
    A snippet of the news article explaining the opening of liquor shops during the pandemic by TOI

    ‌‌As a result, both the federal government and state governments earn very little revenue from taxation. However, to meet its usual obligations (salaries, pensions, vendor payments, debt servicing, and so on), this is also the moment when the government is supposed to act as the last-resort spender.

    Due to various reasons (varying from people being confined in their houses to the psychology of a recession setting in), private sector expenditure has fallen, and the government must spend money to get the economy moving again.‌‌

    The above graph shows the Indian GDP growth for the years 2015-2021
    The above graph shows the Indian GDP growth for the years 2015-2021

    Challenges for the Government

    The central assumption against it is not really about how it started as it is about how it ended. This power, in theory, allows the government to boost overall demand at a time when private demand is falling, as it is right now. This instrument, however, sows the seeds for another crisis if governments do not withdraw quickly enough.  But how?

    Expenditure by the government with this new cash enhances salaries and raises private demand in the economy. As a consequence, inflation is fueled. A small increase in inflation is helpful since it stimulates economic activity. However, if the government does not intervene in a timely manner, more money will flood the market, causing high inflation.  

    And, while inflation takes time to show up, it’s sometimes too late for governments to realize they’ve over-borrowed. Macroeconomic instability is exacerbated by rising prices and government debt. ‌‌

    One argument against direct commercialization is that governments are seen as inefficient and corrupt whenever it comes to spending decisions, such as who to bail out and how much.

    In short; taking most of these variables into account, practically everyone who has knowledge of regular economics or business recommends money printing.  This is largely what representatives of this emerging small-scale industry are proposing, urging the RBI to generate money and the government to spend it.

    Conclusion

    As for the effect of Covid-19 on the nation, the economy was most affected by it. But to revive the economy, printing money is an option to consider or not is still a debatable topic.

    It is best believed to provide better wages to the poor instead of directly dropping the pot of money to them. Yet, many countries have gone with the idea of printing their currency to revive the economy but with the increased inflation as an after effect.

    FAQs

    Does printing money cause inflation?

    Increased money might create more need for products. This can also hinder the basic demand and supply model causing inflation in the nation.

    Can a country print unlimited money?

    Basically, there is no national restriction over the printing of money. Yet, printing money is a solution that is accepted by governments when the nation falls short of money. With increasing money in a nation, inflation will automatically increase and the power of currency will fall weak.

    Who decides how much money to be printed?

    Each country has different regulations and responsible bodies to print their money. For India, RBI is given the power to print money and decide on the same. Yet, the final decision is still kept under the government to decide.

    What happens to an economy if the government print too much money?

    If a country keeps on increasing money, inflation will rise an equal percentage. With the situation, there can come a time when inflation will be highest in the market because of no supply of goods and infinite demand.‌‌‌‌‌

  • How does Zoomcar make money? | Zoomcar Business Model

    Zoomcar is India’s first self-drive rental company. The concept of enjoying a car drive without actually buying a car was fascinating for Indians.

    Today, Zoomcar has over 10,000 cars in the fleet. It has a market share of 60% and has gained massive popularity. The company has 91,00,000+ happy users.

    But, how did this company grow so much over the years? To find an answer to this question let’s understand the business model of Zoomcar in detail.

    What is Zoomcar?
    Operating Model and Key Products and Services of Zoomcar
    Target Audience of Zoomcar
    Business Model of Zoomcar
    What is Unique about Zoomcar’s Business Model
    Zoomcar Revenue Model
    FAQ

    What is Zoomcar?

    For the people who are living under a rock, using Zoomcar you can rent a car on an hourly, daily, weekly or monthly basis.

    It was founded in 2013 by Greg Moran and David Back. The company is headquartered in Bangalore and currently operates in 45 cities. The tagline of this company is Never Stop Living.

    Operating Model and Key Products and Services of Zoomcar

    To book a car using Zoomcar you first need to be a Zoomcar member.

    You also should be 18 years or above. You must have a valid Light Motor Vehicle (Non-Transport) Indian license.

    If you are an NRI then you should have an international driver’s license. In the past seven years, you shouldn’t have any kind of alcohol or drug-related driving violations.

    Target Audience of Zoomcar

    The target audience of Zoomcar is mainly middle-class people between 18-35. They are targeting the people who travel a lot.

    If we dive deeper they target teenagers and businessmen. Many young YouTubers have promoted Zoomcar. As we know teenagers follow YouTubers which helped the company to grab a lot of young individuals.

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    Business Model of Zoomcar

    Zoomcar follows a business model where it buys 75% of the cars on loans from the bank. The remaining are bought on lease from big companies like Avis Budget Group. Now, let’s understand other core elements of their business model.

    1. Partnerships:

    Zoomcar has tied up with various companies to include more cars on their website and to make profits. One of the major partnerships includes Ford & Mahindra.

    This helped them become the first rental company in India to offer electric cars (Mahindra REVA E2O and Ford’s REVA E2O) for rent.

    They have also smartly tied up with Tata Motors. This helped them to add 50 brand new Tata Nanos. To secure parking and pick-up points they have tied up with several hotels, universities, and real estate developers.

    Zoomcar has also partnered with Nissan for a vehicle subscription programme. Customers can subscribe to Nissan Magnite and Nissan Kicks.

    In November 2013 they also launched a month-long campaign named RideSmartBLR to spread awareness about drunk driving. This campaign was launched in partnership with Uber and the Ashoka Foundation.

    2. Additional Benefits:

    Apart from rental services they also give additional benefits which make them a better option. They are as follows:

    • Mostly the vehicles available on Zoomcar have all India permits.
    • All the vehicles are strategically placed so that customers can pick up the vehicle conveniently.
    • If you want you can also get doorstep delivery of the vehicle.
    • Rates available on Zoomcar have free fuel, taxes, and insurance.
    • Their call centers are open 24/7 to help customers solve their queries.

    What is Unique about Zoomcar’s Business Model

    Today, if I tell you to rent a car you would immediately open Zoomcar’s website or app. This shows how much popularity they have gained in these years.

    But, apart from them, other companies like Drivezy, SelfDrive, U-Drive, Letmedrive, Carzonrent, and LeasePlan offer similar services.

    Why they are not so popular? You might have not heard the names of some companies mentioned above. Let’s understand what unique things Zoomcar did which helped them to reach such heights.

    1. Performance Marketing and CRM:

    Zoomcar’s marketing strategy is majority focused on performance marketing. This means that the company pay the marketing companies only when a specific task is completed like sales or getting leads or clicks.

    The company uses the customer relationship managing (CRM) team to increase repeat transactions.

    2. Out of the box Marketing:

    Zoomcar has taken a lot of effort to make sure everyone knows about their company. What is the best way to tell people about your company? The answer is the internet.

    Zoomcar used the internet smartly to grow its customer base organically. The company advertises its logo and name on the cars that they provide.

    Apart from the people who are using the car, others also get to know about the company’s presence.

    Zoomcar logo on its Cars
    Zoomcar logo on its Cars

    Their collaboration with FilterCopy, a YouTube Channel helped them gain popularity among the youth.

    If you search #zoomcar on Instagram you will see a lot of high-quality images of people using the car and sharing their experiences.

    Zoomcar Instagram
    Zoomcar Instagram

    Their exceptional services made the people happy. As you know a satisfied customer does a good job of spreading awareness about the company.

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    Zoomcar Revenue Model

    Zoomcar’s business and revenue model are straightforward. They rent you a car according to your preferences and earn money out of it.

    In the financial year 2017-18, their revenue was $19 Million. But, the company was at a loss as its revenue was less than its expenses. To tackle this they launched ZAP Subscribe.

    ZAP Subscribe:

    This is an interesting program launched by Zoomcar which helps them to make profits. ZAP Subscribe is actually an extension of the previously launched ZAP Program.

    Using this program individuals can subscribe to a new car on monthly basis. You can subscribe to a car from Rs 16,000 to Rs 50,000, depending on the car size.

    This will help you to save the subscription fee. The subscription comes up with tenures of 6, 12, 18, and 24 months.

    Conclusion

    Zoomcar needs to give more benefits to its customers to be in this race for a long time. Their aim, for now, is to grow their business in other parts of the country. They have to give more reasons to their customers to subscribe to a car instead of buying one.

    FAQ

    When was Zoomcar founded?

    Zoomcar was founded in April 2012 by Greg Morgan and David Back.

    What is the revenue of Zoomcar?

    In  FY21, the startup’s total revenue stood at INR 103.6 Cr as against the INR 293.7 Cr it recorded in FY20

    Who is the target audience of Zoomcar?

    The target audience of Zoomcar is mainly middle-class people between 18-35.

    What is the market share of Zoomcar?

    Zoomcar has a market share of 60%.

  • The Complete Psychology Behind Free Samples and Why they Work?

    Ever wondered why people in malls offer free samples of their snacks? Sometimes in the newspaper, you get a small sachet of shampoo.

    Why do brands offer free samples to consumers? After all, they don’t get any money by giving you free samples.

    According to research, 81% of consumers said that they usually try a new product after receiving a free sample. This shows that free samples are effective for brands to increase sales.

    But, how does a free sample make people buy the product? Keep reading this article to understand the psychology of free samples & why/how it works.

    How Free Samples Help Brand:
    Do Free Samples Increase Sales?
    Psychology of Free Samples & Why/How it Works:
    Unique Ways to Incorporate Free Samples in your Business:
    FAQ

    How Free Samples Help Brand

    • People who are unfamiliar with the brand get to know what products you offer.
    • Creates customer relationships with new customers and inspires loyalty with the existing customers.
    • Encourages repeat customers.
    • The feedback that the brand gets from free samples can help them improve the quality of products.
    • Brands get to understand what their target audience likes and dislikes.

    Do Free Samples Increase Sales?

    Product sampling is one of the effective ways to increase sales. Free samples can help your brand to increase sales and also creates brand awareness.

    According to a study done by Arbitron and Edison Media Research, 35% of customers who have tried the sample will eventually buy the sampled product on the same shopping trip.

    Psychology of Free Samples & Why/How it Works

    Helps to Remove the Risk Factor:

    Trying out new things is a very risky thing for many people. This is because many people think that the new product may not match their expectations. If the product is not good they will lose their money.

    Nobody likes wasting their hard-earned money right? But, when you offer a free sample you are taking out all the confusion from the minds of your potential consumers.

    Since they are not paying any money to try out the sample, the risk factor disappears.

    Power of Experience:

    People tend to remember the products that they have interacted with or experienced more than the ones they have read about or heard somewhere. This is quite obvious, isn’t it?

    If you have eaten delicious street food somewhere you will remember the taste of it even after weeks. If the sample product is good and satisfies your customer, they will remember its taste or experience even after weeks.

    After some time, when they will see the product somewhere, they will automatically remember the taste or feel of it and eventually buy the product.

    Principle of Reciprocity:

    If your friends give you an amazing gift at your birthday parties, don’t you also want to give them an amazing gift on their birthdays?

    Or if your relatives have done some good for you, a feeling to help them naturally occurs in your mind. This is called Reciprocity.

    The rule of reciprocity is a social norm where you feel obligated to return the favor if someone does something for you.

    This is what exactly happens when brands offer free samples to consumers. When people get a free sample they will be obliged to return the favour in some way – buying your product.

    Consumers usually feel guilty when they try the free samples. To get away from this guilt they tend to buy the product.

    Reciprocity may not always lead to sales but, they will always remember your brand. If you have provided them with a memorable experience they will buy your products shortly.

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    Unique Ways to Incorporate Free Samples in your Business

    Offer Online Sign-Up:

    You can make a separate landing page on your website to allow customers to order a free sample. Although keep the order number limited.

    You can give the free samples to the first 50 or 100 people. In this way, you will get their basic details like mobile number and email id which we will help you in retargeting. Although this is a bit costly as you need to pay for the delivery costs.

    Attach the Sample to the Purchased Product:

    Free Sample
    Free Sample

    You can attach the sample to the already purchased product encouraging your customers to try out the product. This is known as a passive form of sampling.

    Although this won’t generate the same reciprocity feeling but it gets the product in the hands of your customers.

    Offer Free Sample in Exchange for Specific Actions:

    You can ask your customers to share reviews on social media, tag your brand on social media or like your posts in exchange for a free sample. This is an effective strategy to get brand awareness on social media and allow the customers to try your new product.

    Conclusion:

    Now, you must have understood why brands use the free samples strategy right? For many years this strategy has been proven effective and even your brand should also use it.

    The key thing here is that your sample and products should be of high quality. A good sample which provides a memorable experience would guarantee sales.

    If your sample is not good it will create a bad image in the minds of the people. So, use the free sample strategy smartly and you will get the desired results.

    FAQ

    What is product sampling?

    Product sampling is a strategy where you provide free samples to your customers before they actually buy your product.

    Are free samples successful?

    Yes, free samples are very successful. They can create brand awareness and increase sales.

    What are examples of product sampling in India?

    People in the mall offering free snacks and getting a free small sachet of shampoo in the newspaper are all examples of product sampling in India.

    Can product sampling be done by all the brands?

    Yes, the majority of the brands use the product sampling strategy.

    What is the main psychology behind free samples?

    The main psychology behind free samples is the principle of reciprocity. When people get a free sample they will be obliged to return the favour in some way – buying your product.

  • How Crocs Managed to Gain Its Marketing ROI? | Popular Strategies Adopted by Crocs

    Crocs is a footwear brand, which had always impressed its customers with its unique edges. It is an American footwear company founded by George Boedecker, Lyndon Hanson, and Scott Seamans. Crocs are mainly focused on manufacturing foam-clogged shoes that fit one’s feet so well. The creative department of Crocs is known to spotlight the customer’s comfort. They focus on versatility, hard-wearing sole, recent fashion trends, and long-lasting material, and then come up with a mind-blowing product. The subject of uniqueness is highlighted in every product launch.

    During the pandemic, when most companies were facing losses, Crocs managed to score a positive change in its revenue. Its revenue for the year 2020 was recorded to be $1.4 billion which was far more than its competitors in the market. Since then, Crocs has only walked towards the path of growth. In this article, we will go through how Crocs managed to increase its marketing ROI and rise above its competitors.

    How Crocs Gained Its Marketing ROI?

    Other Strategies by Crocs
    Crocs’ Performance

    How Crocs Became a Billion-Dollar Brand?

    How Crocs Gained Its Marketing ROI?

    Crocs were reaching new heights through its retail markets until the pandemic turned the world upside down. Every one of us experienced sudden mobility from offline mode to online in the past few years. Ecommerce was leading the sales and the local shops and markets faced drastic falls. Well, of course, a brand like Crocs could not sit back for the pandemic to filter away. Therefore, the company introduced its digital channels.

    Let’s have a glimpse of how this brand successfully brought back an increased marketing ROI in such a crisis. The employees of the brand communicated through video conferences during their working time and discovered new products together. Crocs invested a great amount in its digital channels. It came up with ideas to increase its target audience to attract more customers. The following are the marketing strategies that helped Crocs increase its marketing ROI:

    Marketing Expenses of Crocs Worldwide from 2016 to 2021
    Marketing Expenses of Crocs Worldwide from 2016 to 2021

    Increased Investment in Digital Channels

    During the pandemic, Crocs understood the need to make a shift from offline to online channels. So, looking at the importance of the online world, Crocs increased its investments in digital marketing channels and Microsoft advertising in order to better target the customers.

    “Paid search is one of our most important digital advertising channels. Customer acquisition is, like for many brands, a huge part of our current and go-forward strategy and paid search allows us to target and grow our customer acquisition efforts, more than any other channel. We leverage paid search to find more consumers, and that has been one of our highest-performing channels from an ROI (returns on investment) standpoint. Paid search is one of our highest-performing channels globally.” said Adam Michaels, Chief Digital Officer at Crocs.

    He further added, “The return we saw through Microsoft Advertising accelerated during this time. When we saw the increase in return, it really gave our team the confidence to invest more budget. And we were seeing that return in a relatively short amount of time, which not only helps us with an immediate benefit in the quarter but also, we believe is bringing consumers into the brand.”

    Crocs’ digital strategy contributed to the revenue of $361.7 million in the third quarter of 2020 with digital sales up 35.5%.

    Free Pair for Healthcare Campaign

    Crocs Free Pair for Healthcare Campaign
    Crocs Free Pair for Healthcare Campaign

    Well, digital marketing is not the only effort they put to get such success. Crocs tried to bring a change in its marketing strategies and look at their increased marketing ROI now! Just when the pandemic struck hard like thunder, Crocs took the initiative to help the needy ones. During the pandemic, the brand donated nearly 860,000 pairs of Crocs to healthcare workers in the USA and also in Europe and Canada. It was a token of their efforts to save human lives. Health workers were the living God during the pandemic period and such a tribute from Crocs encouraged worldly humanity.

    Have you ever thought about the question- Why did Crocs take such an initiative? Well, health workers supported the company as a part of its consumer base for years. Therefore, when the world was drowning because of helplessness, the health workers came and stood on the front line.

    Crocs needed to communicate with more customers to increase their sales and trust me, nothing can be a better idea than impressing humankind with genuine campaigns and activities.

    Huge Celebrity Following

    People have a different attachment to the rising young celebrities and this brand hits this spot. Hiring the most trending celebrities as the brand ambassador of a footwear brand is a part of a marketing strategy. Furthermore, it automatically attracts more customers. Just think that you are a fan of certain somebody and then you see them advertising a product, wouldn’t you approach that thing in your nearest supermarkets? The most famous brand ambassadors of Crocs to date are Priyanka Chopra Jonas, Zooey Deschanel, Suzu Hirose, and more. They are the perfect definition of “the best”. Crocs also initiate different TVCs, banner ads, social media hunts, and likewise.

    Apart from this, Crocs also launched collections in collaboration with celebrities like Crocs x Justin Bieber with Drew collaboration and Post Malone X Crocs. All this also helped the brand to increase its popularity among the customers and hence an increased ROI.

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    Other Strategies by Crocs

    Crocs Net Revenue Worldwide from 2016 to 2021
    Crocs Net Revenue Worldwide from 2016 to 2021

    The strategies of Crocs are no doubt the best to date. Their comeback in just a few years after things started becoming normal, is enormously unexpected. But what are these strategies and how do they work? The following are some of the strategies that help Crocs stay on top:

    Analysis of Customer’s Choice

    The globe gave birth to uncountable competitive footwear brands and no wonder, Crocs is one of the best! The competition takes place based on product uniqueness, regular launches, quality, trend, customer service, brand awareness, and marketing sales. Moreover, Crocs manufacture pairs of footwear that can easily fit the locals, athletes, as well as injured ones. The brand keeps in mind every possible way to set a new trend with every launch it makes and such a spotlight on customer analysis is quite impressive for a footwear brand.

    Segmentation

    Psychographic, as well as demographic segmentation, is a must while raising your marketing ROI and Crocs knew this fact very well. Moreover, this brand throws light on factors like marital status, size, age, location, gender, and likewise in its customers’ lives. Therefore, they try their best to know the customer’s liking to provide them with comfort. Whether you talk about casual pairs or some mix-up with personal styles, Crocs brings you everything you ask for. However, this would not have been possible without psychographic segmentation and mobile communications.

    Competitive Analysis

    Crocs have a limited stock of footwear every time it launches something new. This automatically creates a sense of rush among the customers to equip the new. Crocs have many competitors like Nike, Adidas, and more. All such brands offer a wide variety of footwear but Crocs focuses on a specific niche which is the clogs. This competitive analysis by the brand helps it gain a competitive advantage over other brands. Crocs managed to sell over 103 million pairs of footwear in the year 2021 when its competitors were nowhere near such sales and revenue.

    Crocs’ Performance

    Crocs reported revenue of around $1.4 billion in the year 2020. It was the time of the pandemic when most of its competitors were facing losses. Crocs’ growth didn’t just stop here, it managed to score an even bigger revenue in the year 2021 which was $2.3 billion. So, the brand saw a growth of nearly 67% from 2020 to 2021. It was the brand’s strategic marketing techniques that helped in increasing its marketing ROI and become a much-loved brand among the customers.

    During a recent event hosted by Crocs, the company’s CEO shared insights into their future strategies. It was discussed that the company forecasts an annual growth rate of more than 17% with the expectation of the revenue to rise to more than $5 billion by the year 2026.

    Conclusion

    Crocs sell a huge variety of shoes and all of them provide a perfect fit for everyone’s feet. The pairs of comfortable clogs helped the brand to reach the top position. They are comfortable, unique, soft, and eye-soothing at the same time. A perfect pair of shoes can compliment a simple outfit and trust me, Crocs hold this power. Fans are in love with the Crocs shoes and the trends they set. The pricing as well as the campaigns it organizes, has played the most important role in increasing its marketing ROI.

    FAQs

    Are Crocs successful?

    During the pandemic, Crocs managed to gain a great amount of popularity among customers. In 2020, the brand’s revenues reached $1.4 billion which is a 12.6% rise from the previous year.

    What is Crocs’ competitive advantage?

    Crocs offer a limited stock of footwear every time it launches something new. This automatically creates a sense of rush among the customers to equip the new. Also, the brand’s unique yet simple, easy-to-clean, and attractive designs give it a competitive advantage.

    Who are Crocs’ main competitors?

    The main competitors of Crocs include:

    • Sketchers
    • Timberland
    • Converse
    • Nike
    • Reebok

  • The Fraud of Abraaj Group | Consequences Faced by the Abraaj Group

    The Abraaj Group followed an approach to investing in growth markets which allowed them to make high returns on their investment and encouraged the companies to capture local as well as international markets. Besides this, the company considered some important factors before making an investment. These included the environmental, social, and governmental factors, also known as ESG short. This made the firm a very trustable source of impactful investments that affect a majority of the population in a positive way by providing funds for their benefit.

    It is however now under liquidation after numerous people accused it of fraud. This article provides detailed information about the fraud done by Abraaj Group and how it affected the people who did business with the company as well as the fate of the company itself.

    It also covers details about the actions taken by the court and the financial authorities of both the US and Dubai and how certain employees of Abraaj Group were punished and fined by them.

    The Abraaj Group – About
    What is the Abraaj Group Fraud?
    Consequences of the Abraaj Group Fraud

    The Collapse of the Firm

    Arif Naqvi – The Man Behind the World’s Biggest Private-Equity Insolvency

    The Abraaj Group – About

    The Abraaj Group was a private equity business headquartered in Dubai, UAE. This company was created in 2002 by a Pakistani national named Arif Naqvi and operated in locations such as the Middle East, Latin America, Asia, and Africa, but it was finally liquidated after numerous people accused it of fraud.

    The fraud was said to be on the basis of misappropriation of certain health funds which were donated by charitable organizations across the US and hence the US federal court also started proceedings against the case. The financial authorities of Dubai also set out fines on the company’s employees who were accused or guilty of fraud in relation to the company.

    What is the Abraaj Group Fraud?

    Distribution of Perpetrators of Fraud Cases Worldwide by Age Group in 2020 and 2021
    Distribution of Perpetrators of Fraud Cases Worldwide by Age Group in 2020 and 2021

    The Abraaj Group had been accused of certain kinds of fraud that it had been indulging in. One of the accusations states that the investing company started defrauding their clients by deceiving them about the funds that the company had from the year 2014 till the time the company was sent into liquidation. They were also said to have inflated the value of their funds by around $500 million.

    Secondly, the firm was also accused of misappropriating hundreds of millions of dollars forwarded as funds by the investors to hide certain things like the financial shortfalls faced by the company as well as for the personal benefit of the company owner and officials as well as other people associated with the firm.

    To be specific the company took certain funds from investors in the name of a health fund known as Abraaj Growth Markets Health Fund. This fund was to be sent and invested in hospitals and many American charities donated to this fund.

    But the fund was misappropriated and used as a corporate fund instead of a health fund by merging it with the funds of Abraaj Investment Management Ltd. along with Abraaj Group.

    This fraud was quite opposite to the public image of the company as the company was known to believe in impactful investing, that is the investing done in projects that create a large social impact like investing in hospitals.

    Overall the firm had defrauded certain investors including the Bill & Melinda Gates Foundation. Since then it had been under the scrutiny of the US federal court in Manhattan.

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    Consequences of the Abraaj Group Fraud

    After the fraud was committed, the company faced a number of consequences. These are as follows:

    Abraaj Group Fraud Consequences
    Abraaj Group Fraud Consequences

    Arrest by the Federal District Court USA

    After subsequent accusations of fraud, the firm’s issue was taken up by the federal court of the United States in Manhattan. There were two main people who were seen to be associated with the fraud. The suspects included Arif Naqvi who was the founder as well as the Chief Executive Officer of Abraaj Groups and the company’s managing partner Mustafa Abdel-Wadood. After the US court had placed charges of fraud on the company, the two were arrested from different locations as per the court orders.

    Naqvi was arrested in the UK whereas Abdel-Wadood was arrested in New York itself. Naqvi was said to be extradited by the prosecutors and his PR maintained his status as innocent and expected him to be off the hook without any charges against him.

    Whereas, Abdel-Wadood presented himself before the court in Manhattan and pleaded not guilty. He said that he had not committed any kind of wire or securities fraud. His advocate did not file for bail as he believed they needed to get more familiar with the case before doing so.

    Civil Charges by the Securities and Exchange Commission (USA)

    Both the accused, Naqvi and Wadood were faced with civil cases. These charges were pressed on them by the Securities and Exchange Commission of the US.

    The commission accused the firm of raising funds from charitable organizations in the US in the name of ‘Healthcare’ funds and then misusing the same as corporate funds. However, both the parties claimed to be not guilty.

    Fines Imposed by Financial Services Authority, Dubai

    • The firm also faced certain repercussions and punishments in Dubai along with the USA. The Dubai Financial Services Authority imposed a fine on the Abraaj group for frauding the investors as well as indulging in some forbidden practices. The fine imposed was $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd, the regulator said in a statement.
    • In the same year, Ashish Dave who was the former CFO or Chief Financial Officer of Abraaj Groups was fined a $1.7 million fine. This fine was imposed due to the misleading and deceiving conduct of the CFO during his tenure in the firm.
    • Besides this, the former Senior Executive Officer or the SEO of the firm, Mustafa Abdel Wadood was also fined $1.9 million for the breach of rules and deceptive behaviour towards the investors. Along with this, he was also banned from conducting any work related to the finances in the Dubai International Financial Centre.
    • More fines were imposed in the year 2022 upon the founder Arif Naqvi by the DFSA. This included a fine of $497.9 million on Naqvi for being responsible for the downfall of the Abraaj Groups. Along with this, a fine of $1.15 million was also imposed on the former COO of the company Waqar Siddiqui.

    Extradition from the UK

    In 2021, the UK Westminster Magistrates’ Court said that Arif Naqvi could very well be extradited to the US without any restrictions so that he could be prosecuted in the US. The case was then sent to the Secretary of State of the UK for taking the final decision regarding his extradition.

    The Collapse of the Firm

    Subsequently, the firm which was one of the largest private funds in the Middle East as well as the northern region of Africa fell over eventually due to the accusations faced in 2018. This was done after many of the company’s investors accused the firm of misappropriation of funds as well as fraud.

    These accusers included well-known foundations and organizations like the Bill and Melinda Gates Foundation that accused the firm and raised issues with regards to concerns regarding the health fund of up to a billion dollars.

    In totality, this fraud not only affected the investors who were defrauded and lost their money for a cause they did not support, but it also affected the fate of the company as it has now been sent for liquidation. Alongside this, the various businessmen and employees associated with the company were also imposed heavy fines and penalties by both the US federal court as well as the financial authorities of Dubai.

    Conclusion

    Thus, this is how once a pioneer in major investments made across different regions of Asia, Africa and Latin America, the Abraaj Group saw its own downfall due to various accusations of fraud. The firm also faced numerous accusations of misappropriating the funds that were sent in the name of healthcare by using these funds to fulfil the financial shortage faced by the company’s corporate funds as well as for using it for personal benefits of the founder as well other workmen and businessmen associated.

    FAQs

    Who was the founder of the Abraaj group?

    Arif Naqvi, a Pakistani businessman is the founder and CEO of the Abraaj Group. The company was founded in the year 2002 and is headquartered in Dubai.

    What is the Abraaj Group scandal?

    The Abraaj Group faced various accusations of defrauding many investors. The fraud was said to be on the basis of the misuse of certain health funds which were donated by charitable organizations across the USA.

    Where is Naqvi now?

    At present, Arif Naqvi is in the UK, fighting his extradition to the USA.

  • How to Set Up Your Shopify Store? | Complete Guide for a New Shopify Store Owner

    Every new business is brought into existence for two motives, the first is to earn high profits, and the second is to provide the people with what they need. This is both an enthusiastic and overwhelming affair. Making a difference in the world with your products, especially in the eCommerce industry, means you’re on the verge of something very big.

    Whenever you head out to buy products online, you always vouch for the platforms that are the most promising. You trust these online stores as they have delivered their best products to you or others. Shopify stores are perhaps the most efficiently launched and managed online businesses. From selling consumer goods to selling technical equipment, this eCommerce platform has mastered everything.

    So, if you want to break into the industry of eCommerce hassle-free, then you can start walking towards building your new Shopify store. Shopify Dropshipping Store aims to solve all your problems with inventory management if you can not afford a brick-and-mortar concept. The need to carry any of the products you sell will be eliminated, ensuring affordability, flexibility, and opportunity.

    This article is a guide for all the new Shopify store owners or to-be owners who are unsure where to begin. It will guide you through every step of how to set up a Shopify store from scratch.

    Things You Should Consider Before Starting a Shopify Store
    How to Set up Your Shopify Store?

    Things You Should Remember After Opening a Shopify Store

    Best Shopify Store Examples for Inspiration

    Things You Should Consider Before Starting a Shopify Store

    Here are some factors you should consider before creating a Shopify store:

    • The amount of investment you want to contribute to your venture.
    • The line of products you wish to deal in.
    • The number of countries you want to operate in.
    • Creating a mobile-friendly user interface.
    • Learning some basics of SEO.

    You can start your eCommerce business on Shopify with a free 14-day trial and pick a plan later for your store. You have three options to choose from – Basic (29 USD), Shopify (79 USD), and Advanced (299 USD). All these are monthly packages.

    Shopify Special Offers

    Apart from giving a free 14-day trial, Shopify has now come up with an amazing offer that allows you to enjoy up to 97% off for 3 consecutive months on selected plans. This offer is, however, for a limited period of time. The new Shopify stores can avail of this by selecting only a paid ‘Basic’ or ‘Starter’ monthly plan of Shopify before 25th August 2022. The discount will be applied after the creation of one’s store. After that, you can go on with launching your store and start selling.

    Shopify also offers some discounts on its yearly plans. It offers a 10% discount for a one-year plan, a 20% discount on a two-year plan, and 25% when someone pays for a three-year plan in advance.

    How to Set up Your Shopify Store?

    If you are a newbie and want to know how to set up your Shopify store then the following steps will guide you to set up your store easily:

    Shopify's Total Revenue from 2016 to 2021
    Shopify’s Total Revenue from 2016 to 2021

    Login to Your Shopify Account

    If you don’t already own one, the first thing you’ll need to do is create a Shopify account. Simply visit the Shopify website and select the “Start Free Trial” option. Fill in your business name, email address, and other asked details. Following this process, you can start building your store immediately. At this step, you can select any monthly or yearly plan as per your preference. In cases of yearly plans, Shopify offers up to a 25% of discount.

    Add Relevant Products

    When you click on “Add Products” in the Home tab, you will be redirected to where you have to create your product page. Include all the information related to the product—high-quality photos, relevant keywords, and a detailed description of the product. All the data you are adding must be genuine and worthwhile enough for the client to buy it.

    Keywords will help the products rank higher on SERP. This will lead to the maximization of potential leads. You just have to focus on converting these potential leads into potential customers. Make sure the images you choose are high resolution and show a clear view of the product, as it will make or break the main sales. Choose your product prices wisely according to the product niche you are targeting. Try to stick to industry pricing only. You can neither be extravagant in charging your customers nor take the downside.

    Include various categories of products in your offering, giving the shoppers the benefit of choice. For example, if you are choosing a shoe website. Then make sure that you inculcate a variety of shoes to fulfil the needs of various types of customers belonging to different locations.

    How to Set up Your Shopify Store? | Add your products
    How to Set up Your Shopify Store? | Add your products

    Personalize the Look of Your Shopify Store

    Mastering the outlook of your website is the main task. The main work of creating the product page and adding all the product categories is done, which means 80% of the work is done. Your Shopify store now lacks some attractive and polished looks, which you will add with the help of various themes available. Browse through the themes you wish to add to your store. Here, you might choose to spend an extra penny because every customer gets attracted to vibrant and colourful websites. Customization works best at this moment.

    You can edit your main menu, the main banner of your Shopify store, and the header and footer. If you want to make your Shopify store look more appealing, add vibrant fonts, brand colours, and buttons that will be reflected across the website.

    Shopify provides a beautiful theme that makes the website look elegant. But customization will allow you to add the necessary elements to your store through which the shoppers can relate to your story. Creating and building a brand is a huge task, and customization will act as a stimulus in this process.

    The main menu is either displayed all across the header or displayed in the sidebar as a list of items. Don’t forget to make the main menu simple to operate. The checkout must be customized properly to ensure that the users find something very special about the order they are placing. Tweak a few settings like the background image or colour, allowing the website to have a more polished outlook.

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    Decide the Shipping Method

    Select Shipping in the settings menu and set up your shipping options. All the delivery companies of the third party must be entered, and the dimensions of custom packaging must be included if you have an option. This setting allows you to determine and add whether you are delivering in the local area or if a local pickup is scheduled.

    Set up the Taxes

    Taxation details are something you need to take extra care of as these will be included within your product details. This involves a serious investment of time to check that all the details have been filled in properly or not. All the relevant information regarding additional taxes and costs must be disclosed to the customers before they make their purchases. The Shopify taxes and international shipping charges must be included under the products section to ensure complete transparency.

    Register Your Domain

    Adding a domain name will make your website official. In this step, you can take plenty of time to decide which domain suits your Shopify store the best. You can either purchase a domain from Shopify (starting from 11USD per year) or you can also purchase the domain from elsewhere (price ranges between 10-20 USD per year). Also, you get a free domain (.myshoipfy.com) on sign up. After purchasing the domain, you just have to add it to your Shopify store to make it official.

    How to Set up Your Shopify Store? | Sign-up form
    How to Set up Your Shopify Store? | Sign-up form

    Connect the Payment Gateways

    The Shopify store is almost done, and connecting payment gateways is the last thing you need to do. By clicking on the Payments option, you will be redirected to a page with many payment gateway processors. This will require adding the last 4 digits of your SSN (Social Security Number). You also have to sign up for Shopify Payments by entering your personal, business, product, and bank account details. This will enable you to accept payments from the customer. Popular payment gateways generally accepted and used include PayPal, Authorize.net, and Stripe. However, you can also connect to a third-party payment processor.

    Launch Your Store

    Your Shopify store is now created and it’s time to launch it and start selling your products. Generally, in Shopify, the stores are protected with passwords as the owner is expected to edit the website at the back-end. But when you are ready to launch your store, remember to remove the password protection before you start selling. This is the final step, and you are all geared up to start selling on your Shopify store. Now, you can also initiate running ads for your Shopify store and reach potential buyers to climb the ladder of success by releasing the Shopify store to the public.

    Percentage of number of Shopify shops by region as of 2021
    Percentage of number of Shopify shops by region as of 2021

    Things You Should Remember After Opening a Shopify Store

    If you want to focus on gearing up your profits and building up big fat brand loyalty, then make sure that you remember to add value to your Shopify store with the help of the following points:

    Regular Modification of Your Website

    Check and modify your website at regular intervals. As the world is an ongoing land of process, the dynamics are very frequent. You cannot stick to a particular method of operations. You have to adapt to the changes in the market. Your Shopify store must be updated with the latest trends, themes, and products. Your marketing operations must modify to newer techniques to drive a good amount of traffic which will ultimately help you rank higher. You must also keep a regular check on the overall optimization of your website now and then to know whether the visitors are attracted to it or not.

    Conduct Search Engine Optimisation

    Search engines play a very vital role in the selling process. The higher the ranking, the higher will be the traffic to your Shopify store. After the creation of your Shopify store, you must plan to conduct keyword research and update your product description accordingly from time to time. You also have to ensure that your website does not contain complex categories and subcategories as a simple website will help the search engines to locate the keywords in your store better and help your products to rank higher. A good Search Engine Optimisation will amplify the traffic on your Shopify store, so don’t forget to obtain the maximum benefit of this technique.

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    Monitor Your Analytics

    Check the analytics of your business regularly after you have launched your store. You cannot leave your store in isolation as reviewing your store’s recent activity is very crucial for maintaining quality in operations. Your store’s user experience, insights about the likeliness or preferences of the shoppers, and overall operations must be kept in a regular check. This will help in the upgrowth of your Shopify store.

    Adherence to the Shopify Policies

    Shopify aims to give the best commercial online platform along with certain rules and regulations that you must comply with. After opening your Shopify store, remember to operate it as per the Terms of Service and Shopify Acceptable Use Policy. There are certain policies related to the import and export of goods between countries, so you must give proper adherence to them in order to sell your products internationally.

    Conclusion

    Even though there are a number of all-in-one eCommerce software solutions available, Shopify Store remains at the top of its game. Through this Shopify store guide, you can construct a powerful online store in a matter of hours, including inventory management, order management, and more.

    Shopify has assisted thousands of established entrepreneurs who have started creating their Shopify stores from scratch, with no coding skills required. Thus, it is an amazing eCommerce platform for all and the above-mentioned guide will help you yield great results as a new Shopify store owner.

    FAQs

    What is the average revenue per customer in a Shopify store for 2022?

    The average revenue per customer in a Shopify store was found to be 92 USD in May 2022 as per Littledata’s survey of 2,361 Shopify Stores.

    Can I have multiple Shopify stores in one email?

    Yes, you can have multiple Shopify stores in one email, but you cannot have multiple stores on one Shopify account. You need multiple accounts (that can be linked to one email) for having multiple Shopify stores.

    Does Shopify charge any extra bandwidth fees?

    No, there are no extra bandwidth fees in Shopify. All of its plans include it for free.

    Can I use my own domain name instead of buying it from Shopify?

    Yes, you can use your own domain name instead of necessarily buying it from Shopify. Although, Shopify also provides a free domain name (myshopify.com) to all the stores on sign-up.

  • The Unique and Creative Marketing Strategies of KitKat

    Today, I am going to tell you the marketing strategy of a very famous chocolate. Guess the name of this brand using these hints.

    It comes in a bright red wrapper, has a simple yet catchy tagline, and is associated with Google Android System.

    It is a chocolate-coated wafer which people usually have in their ‘break’. I know many of you must have guessed the name. I am obviously talking about KitKat.

    The chocolate which was launched in the UK in 1935 has become very popular and everyone at least once in their lives has eaten this mouth-watering chocolate wafer. In the United States alone approximately 192 million Kit Kat bars are sold every year.

    Let’s understand the marketing strategy of KitKat in great detail.

    Brief History of KitKat
    Marketing Strategy of KitKat

    Brief History of KitKat

    The brand Kit Kat originated in the late 17th century in London. The first four-finger wafer was manufactured on August 29 1935, in New York.

    Later in 1937, the product was rebranded as Kit Kat chocolate crisp. The famous tagline ‘Have a break Have a Kitkat‘ was first launched in 1958.

    During the second world war in 1942, there was a shortage of ingredients including milk. Due to this the recipe of KitKat was changed.

    A blue wrapper was used instead of red, the oval logo was removed and the KitKat logo was written in bold. In 1949, the original milk recipe and the red wrapper were used again. In 1988, KitKat was acquired by Nestlé.

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    Marketing Strategy of KitKat

    Kitkat promoted itself quite uniquely. Here are the creative marketing and advertising strategies of Kitkat that made it dominate the chocolate industry.

    Consistent Tagline

    KitKat Print Advertisement
    KitKat Print Advertisement

    Since 1958 the tagline ‘Have a break Have a KitKat‘ has never been changed. It is catchy and easy to remember. The tagline is present on their packaging, online, and in print advertisements.

    Most importantly, the tagline has branded the company as a social snack. It connects with the audience and generates the idea that you can have chocolate whenever you are free. You don’t need any special occasion to eat KitKat.

    The tagline resonates with the audience. People don’t feel that they are buying something or the brand is trying to sell them anything.

    The main focus of the brand is to make KitKat a part of everyone’s life. This same strategy is also used by Coca-Cola. Today, even if I just say the tagline you will understand that I am talking about KitKat. This shows the brand’s popularity.

    Unique Flavours

    Did you know there are more than 200 different flavours and editions of KitKat? Most of the flavours are produced in Japan. Some of them include soy sauce, green tea, ginger ale, banana, and much more.

    KitKat white and dark chocolates are famous all around the world. KitKat provides different flavours and sizes for different markets. The first flavour variant introduced by KitKat was orange which was sold in the United Kingdom a long time back. You will find half-finger-sized KitKat Petite in Japan and 12-finger-sized family bars in France and Australia.

    Many people were excited about all these flavors. Popular YouTube artist Emmymade in Japan was also keen on KitKat variants. She posted many videos of herself trying out different KitKat flavors.

    Buzzfeed also posted a two-part video series on this topic. The series was named ‘Americans Try Exotic Japanese KitKats’. These videos received 9 million views. It also got hundreds of comments from people all around the world who expressed their desire of trying out all these flavors.

    Aggressive Social Media Marketing

    Social Media is great for brands to interact with their audience. KitKat has around 999K followers on Instagram and 25M on Facebook. Interestingly, the company has made a different account for India which has 67.4K followers.

    In all their posts the word ‘break’ is constantly used for brand awareness. The brand constantly interacts with people on social media. They run a lot of campaigns on Facebook.

    The company uses moment marketing on social media. When brands interact with other brands on social media it is known as moment marketing.

    The brand has collaborated with other famous snack brands. One of their best collaborations includes Oreo KitKat. The interaction of KitKat with other brands generated hundreds of retweets and created a good brand image in the market.

    KitKat Oreo Collaboration
    KitKat Oreo Collaboration

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    Collaboration with Google

    KitKat Android
    KitKat Android

    In 2013, KitKat collaborated with Google. This is one of the best collaborations for KitKat. Google was very famous and collaborating with them ensured great sales.

    Many people think it was KitKat who proposed this idea but, actually it was Google. The reason was simple, Google Engineers loved Kit Kat. Google wanted to name version 4.4 of their Android operating system KitKat.

    ‘We couldn’t imagine a better name for our Android K release than the tasty chocolate that’s been a favourite among the team since the early days of Android’ said the Director of Android Marketing Marc Vanlerberghe.

    However, this deal had its own risk. If the Android version did not come out to be good, it would have affected the brand image of KitKat. Although both companies decided to bear the risk and implemented the plan.

    To celebrate their collaboration 50 million KitKat bars with the branding of Android were sold in 19 countries. They also offered buyers a chance to win a Nexus 7 tablet and Google Play gift cards.

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    Conclusion

    As you can see the marketing strategy of KitKat was unique. But, the most important thing is that their product was of high quality. Even if you see it now, KitKat still has the charm that it had a few years back. KitKat connected with its audience and understood their needs.

    A wide variety of flavors, taglines, and packaging played a very important role in the brand’s success. They faced high competition from Cadbury but, due to their unique product the company kept growing. So, the learning here is to provide a unique and high-quality product to your target audience.

    đŸ’»
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    FAQs

    What is the Target audience of KitKat?

    The Target audience of KitKat is men, women and kids of all ages.

    How is KitKat so successful?

    The main reason behind KitKat’s success is its unique product. The chocolate wafer is loved by everyone. Apart from the product their packaging and tagline have also helped the brand to grow.

    In how many countries does KitKat sell?

    KitKat sells in more than 80 countries.

    What is the meaning of Kitkat’s tagline ‘Have a break Have a Kitkat’?

    The tagline generates the idea that you can have the chocolate whenever you are free. You don’t need any special occasion to eat KitKat. The tagline resonates with the audience. People don’t feel that the brand is trying to sell them anything. The main focus of the company is to make KitKat a part of everyone’s life.

    How does KitKat promote?

    KitKat has collaborated with other brands which increases brand awareness. They advertise on television, posters, and billboards. The company advertises aggressively on social media to increase its reach and sales.