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  • Who Will Win the Global Dating App War: Match.com Vs Bumble

    If you, by some method, go back in time, about some decades ago, you would be surprised to see history. It was a time when there was no internet, no technology (or very basic tech) and people had real friends and no Facebook friends. It was a time when dating was hard and not accessible to everyone. Cut to today, we have dating apps and you can find your soulmate with a swipe.

    If you try and explain this to your grandpa or ma, they will get a mini shock. Society is assumed to have opened up with the dawn of the internet era. The internet has changed how we live our lives, how we set our goals, and what we considered an ideal life. It has changed how we date too, how a relationship starts, and everything about finding love.

    Have you ever wondered what dating will look like in the next decade? This article talks about future dating trends and the businesses that are disrupting how people date. Key crucial players like Bumble, Tinder, and Match do a lot of trailblazing acts in this domain. Let us see some of the most important predictions.

    The Current Scenario of Dating
    A Detailed Look at the Future of Dating
    About Bumble
    Growth Numbers of Bumble and Match Group
    About Match Group
    Bumble Vs Match Group

    The Current Scenario of Dating

    If you are a Gen Z, you probably know it more than we do. Dating today is easy, or that’s what the dating apps say. You log into a dating service aggregator and you find your matches. You swipe right to the ones you like and left swipe the ones who you find non-compatible. Sounds easy right, cause it is.

    Online dating apps have made meeting new people easy but it has also changed how we see relationships. It is true that you will not find your soulmate sitting at your home, hoping that someday you will bump into the love of your life. That does not happen, or does it?

    Kidding, it only happens in Bollywood. In reality, you have to get into a relationship with a lot of patience and hit and trials. As the famous movie ‘Dear Zindagi’ embodies, finding the perfect partner is like selecting a perfect chair among all the chairs in your world. This is a good analogy and a great marketing pitch for the dating apps out there.

    A Detailed Look at the Future of Dating

    You might think that in this segment of the article, we will talk about humans getting into relationships with robots. Let us not get too carried away with our unnatural and fiction lover brain.

    There are, however, great prospects for dating in the future. It is always exciting to see how people will meet each other in the next five, ten, or twenty years. I mean, it was insane to think that in the future you would be able to meet your soulmate with just a swipe but here we are, swiping and hoping to stumble on the love of your life.

    “In the next few years, dating is going to be extremely individualised. We’re going to hone in on our preferences, from looks to location, just like we do when ordering food. That doesn’t guarantee happiness ever after, but it does give you a good shot at it because you’ll be able to weed out people more quickly.” —Kristie Overstreet, PhD, clinical sexologist and psychotherapist

    The Age of Artificial Intelligence

    Yes, it is everywhere. You cannot see it but artificial intelligence has its existence everywhere around us. From your smartphone camera to your Netflix’s recommendations, AI is the hidden fuel. Not so hidden that it can’t be seen but hidden in a sense that you don’t actively think about it. Artificial intelligence is a technology that is already being used in multiple domains.

    As the name suggests, it is intelligence that is artificially built. It simply means the intelligence that is incorporated in a computer by a human, so that the computer can exhibit some intelligent replies and actions. There are robots in the world that can defeat humans in chess.  

    If you get a flattering text from someone, it can possibly be a wit originating from a robotic mind. Yes, this can happen and probably happen somewhere.

    “We’re literally going to have technology help us craft responses, write up our online dating profiles, flirt, interpret messages,” says dating and relationship expert Andrea Syrtash, author of He’s Just Not Your Type (And That’s a Good Thing).

    All these sorts of artificial intelligence will help us appear good and legitimate to our match. This will eventually help you with better dating life. This is cool, isn’t it? Big fat and real update.

    Ghosting will not change much

    Ghosting is here to really stay for a longer time. One should get used to the habit of disappearing without a proper and legitimate explanation. It is hard for a very basic human behavior to vanish out of sight. Tech will tighten the loose ends but it will not change rigid attitudes.

    “People have tried to avoid rejecting others for the entire existence of of humanity, and I don’t think that’s changing”Jess Carbino, Bumble’s resident sociologist

    The Age of Marrying

    If you look at the average age of a woman marrying, you will get the age to be 30. If a woman wants to marry, it is probably the last age. Past that, the chances are small.

    According to the 2018 census and data, the age now hovers around 27. Which is 7.3% older than the average in the year 2008. This change is observed as the earning capacity of a woman is rising. It is also seen that fertility-extending options are also in big demand. With methods like egg freezing, the age of marriage is likely to increase.

    Relationship expert Susan Winter predicts that Gen Z will “hit it and commit it” instead of defaulting to the “are we or aren’t we?”

    Even if someone considers getting married and settling down, the apps will offer a lot of personalization.

    Virtual Reality

    If your reality does not excite you anymore, behold to the new entrant. Virtual Reality is here to change your reality. Change here means for the better of course. It is not even a future anymore, it is here, growing rapidly.

    Virtual reality has the power and potential to almost kill the whole game. You can soon go on a date with anyone in the world and you could be looking right into their eyes. Thanks to virtual reality, which could allow you to have your first meeting with someone in your living room.

    “Face-to-face meetings will always be critical, at least for long-term relationship formation. Cues that can’t be picked up online or by a technical apparatus are really important: You care about how someone smells; you care about being touched.” — Jess Carbino, PhD

    Equal handedness

    Heard of the MeToo movement? That is what is going to be the basis of future dating trends. It is about safety and equality for both genders. People have been vocal about it the most lately and it is thought to be the right thing to do. A relationship is just equality distributed among two individuals.

    “There’s been an increase in public consciousness on what is acceptable in terms of behaviour,”. “If you’re empowering women to advocate for being treated equally in the workplace, the natural extension of that is, shouldn’t I be treated equally in the place I’m supposed to feel safest, which is in my romantic relationship?” says Jess Carbino, PHD.

    Social media will boost relationships

    Yeah, apart from the scrolling and sharing that we all do throughout the day, social media is expected to grow new relationships. It is contrary to the common social media belief. On a social profile, everyone wants to look their best and that will create a wall of difference in the reel world and the real world.

    More Long Distance relationships

    Heard people say that Long distance does not work? Be ready to hear more of these dialogues. As researchers say Long distance is here to stay and is not likely to change in the near future.

    As the world gets more and more remote, this change could shift but it is likely to remain in the future too. But ultimately, you gotta have to settle with the love of your life, that is what we call a ’successful relationship’ don’t we?

    Language hindrances

    Thought that French girl/boy is out of your reach and your regional language barrier, not true in the future. Language barriers will definitely fade away. What is the use of the internet and all the high technology if we can’t even date a person with a different language? 2024 is the year experts predict AI will surpass humans in translating languages. It is after all a serious matter.

    We have discussed all the probable aspects of the dating world in the near future. There is however a lack of discussion about the current trends. The trend of today and the trendsetters of today. If you look in the dating world, there are two important trendsetters, Bumble and Match Group.

    They have been able to create an amazing brand name for themselves. There are many differences that set them apart from the norms in the market. They both can be said to the market leaders in this domain. What makes them this great and why do people use them. And most importantly, what are the different things which these two offers. Let us see both of them at a glance.

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    About Bumble

    There is a very low probability that you haven’t heard about this name. Bumble is a super famous dating service provider. It was founded in 2014 by Whitney Wolfe Herd. Whitney was an early employee at Tinder (Another dating service) and after an unpleasant departure started her own quest of finding the perfect dating service.

    Years into the making, she found Bumble, which now operates two primary dating apps – Bumble and Badoo. It is the fastest-growing dating service, which is centered around women. The service also motivates women to make first moves, the app from Bumble requires females to message first.

    On the other hand, Badoo was an older and somewhat mature business that originally pushed the dating market to new extents. The merger that happened between the two businesses made them work together to scale new heights in this dating domain.

    The new umbrella name is ‘Bumble’. It now has the knowledge and skills of the mature old brand, Badoo, and a fresh new innovation with Bumble. According to the reports, it is said that there are about 40 million combined users and out of the 2.4 million are paying users. It is also reported that most of the free and paid users are shifted from Badoo.

    Growth Numbers of Bumble and Match Group

    For the full fiscal year of 2019, Bumble and the combined community grew its revenue by 36%, that is 489 billion dollars. Despite ignoring the user base and the numbers associated with users, the Bumble app is said to have generated most of the total revenue.

    The app also has amazing scaling abilities in itself which makes it clear that it is the pioneer in this market. Reports say that there are about 40 million users on Bumble. Out of the said 40 million users, about 2.4 million members are paying members. Which contributes to the revenue of the behemoth organization.

    Except for the 289 million dollars that the giant made in 2019, both Bumble and Badoo could be seen with a real cash income of $92 million. The bumble app grew in the year by looping 70% compared to the other Badoo that grew just about 8% alongside other apps in the daring world.

    Over the first nine months of the year 2020, the growth became a little stagnant. We saw that decline in growth rates as the pandemic started to spread across all boundaries. That slowed growth affected the whole company and every app saw some same trends.

    Among both Bumble and Badoo, the revenue grew by just about 15 percent and the daily operations at the company shifted focus from profitability to not so much profitability. Albeit the fact, the app did really well in the pandemic, as it introduced appropriate dating norms, matching the covid 19 precautions. As the lockdowns loosened, the app did well and made a good comeback in the dating markets.

    One of the biggest reasons behind this amazing growth of Bumble is its wild and viral nature. The app promotes first messages by women and it is also vocal and viral on the social media domain.

    Let us see another behemoth organization that is trying by all its might to change the dating world for everyone. This one is known as the Match Group. It is a group of many individual strong entities, which strive to provide a seamless dating experience. Let us see what is up with the match.

    In the most recent quarter, the match group reported some 10.8 million as total average subscribers. Out of all the user base that the group has as of now, about 61% of that comes from the popular dating app Tinder.

    In the first nine months of the year 2020. Match Group delivered much more revenue than Bumble. Stats say that the Match group did 318% better in terms of revenue than Bumble. The free cash flow that the Match Group generated was also huge. The free cash generated was about 500 million dollars.

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    About Match Group

    As the name suggests, the Match Group is a group with many small organizations. Those organizations which are to be referred to as brands are very famous and you must have heard some of the names.

    The Match Group includes Tinder, Hinge, Match.com, OkCupid, and many more dating services. They are very familiar names because they spend a lot on visibility and marketing. That is one of the reasons why the Match Group has been able to stand firmly among all the changes.

    Bumble Vs Match Group

    Bumble reported an ARPU of 18.48 dollars per than the ARPU of $0.62 reported by the Match Group. ARPU here refers to the average revenue per user. The average revenue per user is an important metric that is used to compare profitability and scalability.

    Bumble did better in this metric than the match group. It is, however, important to notice that Bumble and Match Group do not use the same method to report their users. There is a difference in ways too.

    Along with metrics like ARPU and others, there are many more metrics on which a company can be judged. For example, the revenue comes directly from the customers.

    One of the most important revenues sources is in-app purchases. Bumble and Match group both offer small in-app purchases across their services that add to their revenue.

    Bumble classifies a “paying user” as anyone who has purchased a subscription. On the other hand, Match reports only the average number of users who have purchased subscriptions. The different methods to categorize paying users are something that makes all the difference. The difference that is created out of this, is even considered heavy on the match’s side or in the match’s favor.

    While it is exciting to pin someone as a loser and celebrate a win of the other, it is not always a result. Online dating is a new trend and it is seen as a hot topic that will be here for a long time.

    Bumble is here to stand the tides and the brands operating under the Match Group are also ready to explore and innovate. Both the companies, Bumble and Match Group, are ready for the future and have the trajectory that is needed to ace the long-term game and it continues to grow.

    Dating services like these are bound to excel in the revenue game when people want to search everything online. When people first started searching for their soulmates online, these trends were hard to predict. But now, with the significant and sustainable growth in dating services, it is proved that online dating is here to stay and grow. With that being mentioned, Match Group has better prospects according to us, as it is not an individual organization trying to fit in.

    Moreover, dating apps mostly live as a trend and die as a trend. The most famous apps are created when people experience something viral and contagious. The growth and upscaling and the life cycle of a dating app are much like a video game.

    If there are not enough people on the app in the first place, there is no hype and motivation for others to join the game. Bumble is seeing good growth right now and has a good future for itself.

    The Match Group on the other hand has plenty of diversification. It most probably entails a good amount of customer data that can help in acquiring more customers. It is also to be mentioned that Match Group is a big and multiple organization with diversifications and Bumble is more of a standalone brand trying to grow. The future is exciting when both these big names create it for us.

    OkCupid Success Story | Founders | Startup Story | Business Model |
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    Conclusion

    In this article, we discussed how dating has changed over the years and now is becoming online and digital. With no offense to real conversations and offline meetings, this new thing of online dating has changed the table, hopefully for the good.

    It is speculated that in the future, there will be more virtual dates, increased age of marrying, and a more holistic detailed, and personalized approach to selecting your soulmates. Dating apps will do the personalization for you.

    The topmost leaders in the dating segment are Bumble and the umbrella organization “Match”. Match entails famous brands like Tinder, OkCupid and a couple more brands. With more diversification, Match Group is seen as a safer bet for many.

    On the other hand, individual metrics like the ARPU count are better with Bumble, the standalone warrior. It might be exciting to declare a winner but what is more exciting than this is the future we are stepping into. As both these behemoths ease our search for soulmates, there is a huge space for both of them to prosper and scale great heights.

    FAQ

    What is the best dating app 2021?

    Bumble, Tinder, OkCupid, Hinge, and Happn are some of the best dating apps.

    What dating app has the highest success rate?

    eHarmony is an online dating site launched in 2000 that has one of the highest success rates.

    Which is better match com or Bumble?

    Match com generates more revenue than Bumble from its paid services.

  • History, Present, and Future of the Subscription Business Model

    Today, almost every next application uses a subscription model for its digital streaming. Although the subscription model doesn’t need any specific introduction, basically you pay some amount of money and unlock premium content on various applications.

    From TV shows to music, you can have a subscription to anything you want. In fact, many companies even offer household products and food under their subscription packages. Here, a question arises! How has this subscription model become this successful and popular?

    The subscription business model is entirely based on customers’ preferences and services. If the services for the customers are good, they stick to the company and become loyal customers by buying the subscription package. That’s why keeping the customers happy and satisfied is a necessity in a subscription model.

    The subscription models are very effective and bring great advantages for the service provider. And it is expected for the upcoming years, companies with subscription-based business models would experience more success and fame. And that’s what we are discussing through this article! In this article, we will cover the history, present, and future prospects of the subscription model. Let’s get started!

    About Subscription Business Model
    History of the Subscription Business Model
    The Present of Subscription Business Model
    The Future of Subscription Business Model

    About Subscription Business Model

    Subscription-based business models work on investing in the compounding price of customers’ connection and loyalty. Therefore, an immense and continuous source of revenue is formed. As long as the customers will buy the subscription package, the company will continue generating more money.

    The subscription revenue model brings a great amount of revenue to the company and also, improve the relationship with customers. This promotes compounding growth that results in a huge loyal customer base.

    History of the Subscription Business Model

    The subscription business model has come a long way from Western European cities, used for clean drinking water delivery, grains delivery, and even exotic vegetables and fruits. This model has emerged as one of the most significant and famous business models for various retailers and companies in the global market. It is a business model that is bound to change depending upon the market and demand.

    In the early 17th century, the subscription business model first came in public appearances and came well-documented. After that, the Subscription business model grew on a larger scale and diversified into broad categories of services and goods.

    Then, by the time of the 20th century, subscription packages were available in every sector like newspapers and magazines, and with time, they evolved more promptly and gained importance in the market.

    Today, the subscription service business model works by utilizing advanced technology and offering great services to the customers through it.

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    The Present of Subscription Business Model

    Today, the subscription model has made a very successful image in the market. Many prominent companies have opted for the subscription-based business model which resulted in great success.

    When it comes to market share, the business model is attaining acceptance at the global level, day by day. As the financial acumen of people is increasing widely, managing them into smart decisions is very essential. And that’s where subscriptions jump in! It convinces people to choose subscriptions instead of purchasing them wholly.

    Suppose you decide to buy a car, so instead of purchasing it for long term usage or renting, you can choose a subscription package from the company where you’ll get a car within a certain duration of time, and you also have multiple options to change your car model later on. You can upgrade your car model periodically rather than being stuck with an old one. And that’s what sells these substitution package deals.

    The world is working towards upgrading people’s convenience above everything. The subscription business model provides such convenient services to its customers. That’s why it is gaining more relevance in the market.

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    The Future of Subscription Business Model

    The subscription model has been around since the 17th century and in such a long period, this model has gained great attention and been co-opted by many top successful companies like Netflix, Microsoft, Salesforce, and Adobe. In the last five years, the subscription business model has received a 100% increase in its revenue, i.e., from $57 million in 2011 to $2.6 billion in 2016.

    Formerly, this business model was only used by technology-based companies because of its Software as a service (SaaS). But, today it is associated with every other company. And it is estimated that in the coming future, the Subscription business model will grow even more promptly.

    People across the globe are preferring renting or subscribing over owning any goods and services. And this gives a great advantage for companies with the Subscription business model.

    From food to heavy equipment, the Subscription business model works everywhere. And this is considered to be the next major shift after the industrial revolution.

    It is estimated that in the coming 22nd century, subscribing to goods and services would be more common rather than being the exception.

    Conclusion

    The subscription model has come a long way ever since its first public display in the 17th century. Market, as well as the customers, have given great attention to the strategies of the Subscription business model.

    This has numerous advantages for companies as well as the customers. In the upcoming years, this business model would grow even more widely and bring great results for the companies.

    FAQ

    When was the subscription model invented?

    The subscription business model was started by publishers of books and periodicals in the 17th century.

    What are some of the subscription business model examples?

    Amazon Prime, Kindle Direct, Netflix, and $1 Shave Club are some of the famous examples of subscription business models.

    What is the subscription revenue model?

    The subscription revenue model generates revenue by charging customers a recurring fee that is processed at regular intervals.

    The subscription services are getting popular day by day as you can provide your customers high-quality products at affordable prices. Also, it is a great source of recurring revenue.

  • Evolution of Dating Apps | How Dating Apps Evolved to become a Billion Dollar Industry?

    The Internet has brought the world into our desks and pockets via our laptops and mobiles. From shopping to dating almost everything can be done online now. Imagine meeting your imperfectly perfect match just by swiping right. Well, thanks to the internet, this is the reality now. Dating apps are now helping users to find their new romantic partners, renew older romances, strengthen social connections, and reinforce friendship bonds as well.

    Generation Z has taken a huge interest in online dating because now, it is easier to find a person online whose interest matches with them. People don’t have time to even have proper food in this fast world, so sometimes dating can be out of the question. Online dating on the other hand solves this problem, it is not time-consuming plus it also saves money and energy.

    The craze for online dating has increased in such a way that reports claim 38% of relationships happened through online dating. In recent years it has become a widely accepted phenomenon. The free access to various features of dating apps to find potential partners is what makes it more appealing.

    Plus there is no boundary, one can be in the South Pole and will be able to find a partner who is residing in the North Pole, basically from any corner of the world.

    “You are my only ‘swipe right’ among the million swipe left.”

    -Firdouse Malasha

    In this article, we will discuss how the dating business has evolved over time and how it has become a big part of the economy in recent years. So let’s get started.

    The Rise of Online Dating Apps
    Evolution of Online Dating App Business
    Economy of The Dating Business

    The Rise of Online Dating Apps

    For those who are not familiar with dating apps, these are online applications to meet new people and find potential partners. While earlier, people had to form connections within their circles or via random meetings, where the association or the circle itself was really small and the opportunities were much lesser, now we have the online dating apps the popularity of which are rising each day. The rise of online dating and dating apps has made the world a smaller place that what it used to be and that too, easily navigable based on similar interests.

    The GPS location in dating apps gives out an option to match people within the user’s radar, which the latter can use to his/her benefit and meet local friends, lovers, and new connections.

    Although Tinder is not the first dating app in the world it still takes the pride to call itself the app that changed the way of dating on a global scale. Tinder was founded in the year 2012 by Christopher Gulczynski, Dinesh Moorjani, Jonathan Badeen, Justin Mateen, Sean Rad, and Whitney Wolfe Herd.

    This app matches the users with other users who are nearby and who have similar interests. With over 66 million users, Tinder has become one of the most popular dating sites in the world. Tinder bears the flag of finding partners through smartphones irrespective of gender and sexuality. Probably the best feature of this app would be to swipe left if not interested and swipe right if there is a tiny spark in your heart.

    Tinder
    Tinder

    According to reports, online dating is the second most popular way of finding potential connections in the United States. However, Tinder is not the only popular dating site anymore.

    People spend an average of 10 hours a week on dating apps. With plenty of dating apps now in the market, the dating business has noticed strong competition. Covid-19 played another huge role in this matter.

    While being confined in homes, dating sites became sort of an only option to find connections during the time of isolation. Although teenagers and new adults were already involved in this and were users of these dating apps, currently the millennials are also indulging themselves in this.

    Some of the most popular dating apps apart from Tinder are mentioned down below.

    • Bumble
    • OkCupid
    • Badoo
    • Happn
    • Grindr
    • Hinge
    • Aisle
    • Tantan
    • Plenty Of Fish
    Most Popular Dating Apps in U.S.
    Most Popular Dating Apps in the U.S.

    OkCupid Success Story | Founders | Startup Story | Business Model |
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    Evolution of Online Dating App Business

    It is one of the fastest-growing businesses in the market, gone are the days when going on a date with a stranger was frowned upon. With new apps finding their way to garner people’s attention, it is easier to find partners online rather than offline.

    Bumble, for example, made people’s heads turn when it was launched in 2014; it became the first online dating app that lets women make the first move. Apart from the swipe left and right method, these apps also started matching people based on similar interests and who are nearby them.

    Now there are hundreds of dating apps that can be found in the market with different features they are giving good competition to each other. The pandemic completely changed the way people used to interact.

    Tinder stated in a report that 2020 was one of the busiest years for them and in a single day they recorded 3 billion swipes. Thanks to these applications, from casual encounters to finding the perfect companion, everything is being possible and is now welcomed by people with open arms.

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    Economy of the Dating Business

    The total revenue of the dating app market in the year 2021 was $3.08 billion and by 2021 its worth has grown even more to become $5.3 billion. The dating apps industry is not only a large sector that is just thriving but continuously growing too. The global dating app users were reported to be 185 million in 2015, which exponentially increased to be around 270 million when last measured in 2020.

    Now when it comes to revenues, the dating apps industry has brought in revenues close to $3.08 bn in 2020 and it is estimated to grow to cross the 5.5 billion dollar mark in 2025.

    How much money do dating apps make?

    Looking at the staggering rate at which the revenues of the dating apps are increasing, the dating apps are making quite something out of their users.  The world-famous dating app Tinder has a valuation of around $10 bn as of 2022, which is quite impressive.

    Tinder, the leader of dating apps takes the cake here making a whopping $1,469 per minute, or $88,143 per hour, while the female-friendly Bumble app is reported to be earning $172 every minute.

    How do dating apps make money?

    The dating apps make money through numerous subscription plans, in-app purchasing, advertising, and freemium.

    Using these apps most of the time is free but to get access to special features and to get more profile visibility often there are some purchases that need to be made. As dating apps particularly follow the notion ‘First impression is the last impression’, the increase in the market for grooming products for men is very much evident.

    Conclusion

    In the time we live in almost everything can be done with the help of the internet. Going on an offline date seems more costly so people are turning towards online dating services thus meeting people and making connections online has now become the new trend.

    Especially during Covid-19, the numbers of users have doubled in several apps like Tinder, Bumble, Aisle, and others and at this rate, the dating business market is only going to increase.

    FAQ

    How much Money does Dating Apps make?

    As per a report in 2020, the global dating app revenue is $3.09 billion.

    Which Dating App Makes More Money?

    Tinder consistently placed itself in the ranking of top 10 biggest-grossing apps every month.

    What Dating App Has The Most Users As Of 2021?

    With 57 million, Tinder has the most users as of 2021.

    How to market a dating app?

    Marketing a dating app is not as hard as you might think of. If you already have a dating app and you need to market the same, then here is a list of some amazing tips that will help you market a dating app without worrying a bit:

    • Roll out a foolproof business model
    • Use an interesting and easy-to-use interface
    • Go the social media way
    • Target the singles
    • Press releases are a must
    • Collaborate with the other social apps
    • Stay connected with media
    • Paid app promotion is must
    • Don’t over monetize
    • Talk more about the app
    • Opt for video promotions
    • Extend a gamified experience
    • Try to add value

  • 6 Ways Artificial Intelligence Is Transforming the Finance Industry?

    Artificial intelligence is the capability of computers or technology controlled by computers to perform a duty that is mostly done by humans. AI is used in different innovative ways by the banking sector and other finance organizations by utilizing time properly and making sure that there is an increase in revenue and decrease in cost. It helps in providing better and fast services by efficient and improved performance through AI applications in financial institutions.

    Artificial intelligence helps financial organizations to know more about the customer through the data based on the experience of customer behaviour. It is mostly used in the banking sector, investment sector, insurance sector, and other financial institutions.

    The banking sector has been one of the sectors which have gained the most benefit from AI in the finance field, It has benefited investment by automated data and other applications and also helped insurance by providing an Anti-fraud system, data related to customers and risk management.

    How is AI used in Finance?
    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?
    Advantages of AI in Finance
    Disadvantages of AI in Finance

    How is AI used in Finance?

    Personalized Banking

    AI makes it easy to interact with the customers and provides them services like mobile banking, smart wallet, and providing AI applications for customer support and lending decision-making advice on their savings and expenses.

    Anti-Fraud System

    It helps to prevent fraud, as AI is all about studying and reviewing data and the growth of financial institutes. Fraud investigator works efficiently to detect fraud and take corrective measures to take precautions at right time.

    Credit rating

    Ai helps get all the data related to a persons credit reliability by examining the person’s data. It helps to know whether the debtor data should be increased or not and what should be the amount that has to be credited to him.

    Risk Management

    It helps to detect theft and take effective measures against it. It helps to improve data quality. It helps to know about credit risk by the system which gives warning whenever there is a risk.

    Customer service

    It makes it easy to provide service to the customers through different AI tools that are used for customers so that customers are satisfied. It helps in making interaction with customers easy as for every financial organization it is important to have good relations with customers.

    Saving and loan management-

    It helps to know about the saving and expenses done by customers’ behaviour on their spending pattern and loan borrowing. AI helps in debt management using the data collected properly for the repayment.

    A customer who has borrowed money can also use AI technology like apps provided by the bank or any other financial institute as it helps to keep track of the history and analyze data related to the loan provided.

    AI helps to know about loan applicants’ behaviour and makes it easier for banks and apps of a financial institute to know whether the loan applicant is eligible or not for the loan.

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    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?

    It helps to know the customer wants through the data that is based on the current information provided and helps to get a competitive advantage over competitors mostly in the organization. It helps to know customers’ wants by studying customer behaviour.

    All companies need to install all types of technology and artificial intelligence. As our country is heading towards being more digital and sophisticated, companies need to use artificial technology and advanced technologies. If a company fails to accept the dynamic technologies it will not be able to survive and therefore, it will lose its existence.

    As everything is done through artificial intelligence it makes the company increase its ability to coordinate its activities regionally, nationally, and globally. Artificial intelligence assists the company to reach all the customers, but if a company does not have artificial intelligence they will be slow in doing their work, they might face loss.

    If a company does not meet the needs of the customer its competitors will stifle its development, and if a company is not advanced or updated the customers will also be apathetic-towards its service.

    Nowadays those companies who provide online services are the ones who are still surviving and earning a good amount and profit from those who do not provide online services. So, the company should ensure that every service they provide is online too. For example, people who are physically challenged, elderly people who cannot go physically to the service centre, but know about artificial intelligence and technologies can prefer AI-based companies to those who are not so advanced about AI.

    A company with advanced AI and technology gets its work done more effectively and productively than the competitors who do not employ dynamic AI and technology.

    Advantages of AI in Finance

    • It works faster and helps to make better decisions quicker by improving the quality of data.
    • AI helps to plan a useful and helpful way that is beneficial for a finance company and also for its customers.
    • AI helps to prevent fraud by its tools and efficiency to keep away from financial crimes. It helps by keeping track of previous fraud transactions so that they can be used to prevent getting frauded.
    • It helps to eliminate the mistakes that humans make and give better solutions that give more accurate data faster.

    Disadvantages of AI in Finance

    • It has a very high maintenance cost depending on the use.
    • AI also creates risks of unemployment as everything is done through AI which leads to less use of human creativity. But it cannot replace a human even if machines performance is productive and faster than humans as when there are complicated tasks when a piece of expert advice is required this work can only be done by employees.
    • It can sometimes be dangerous to let AI have full control as sometimes there are some errors due to which there can be a problem in data and sometimes it can be difficult to detect it.
    • As there is more and more use of technologies or we can say AI it leads to a decrease in the use of human creativity.

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    Conclusion

    Artificial Intelligence is very helpful in the field of finance as it provides different innovative services, saves time, keeps away from fraud, etc. It also helps to get a competitive advantage over the competitors as the customers prefer advanced and updated companies.

    AI have different uses like anti-fraud system, credit rating, risk management, etc. AI is very helpful to both the finance company and the customers even if there are some disadvantages we can find solutions to make improvements.

    FAQ

    How AI will transform the future of finance?

    AI will improve fraud detection, predict cash flow and can provide high-quality services to the customers.

    How does AI help in banking and finance?

    AI features such as chatbots, fraud detection systems, and digital payments are actively used in the finance industry.

    How will AI affect financial services?

    With the help of AI, you can get an edge over your competitors as it provides advanced security, more informed decisions, and reduces risk.

  • Robotic Farming- The Upcoming Revolution In The Agriculture Sector

    The collaboration of agriculture with technology might be the most revolutionary one that’s ever been. Agriculture is an industry that accounts for a major portion of a country’s growth and economic stability.

    The evolution of the agricultural industry from a basic occupation to a full-fledged high-tech industry has altered the parameters of development and the standards keep on rising. Let us get a complete insight into robotics agriculture and its impact.

    Need of Robotics in the Farming Industry
    History of Agricultural Robots
    Demand in The Market
    What Can Agricultural Robots Do?
    Application of Robotics in Agriculture
    Benefits of Robotic Farming
    Agricultural Robotics Companies

    Need of Robotics in the Farming Industry

    The world is growing at a supersonic speed and predictions say that a number as high as 9 billion would represent the human population by 2050. To cater to a world so big, a striking growth in agricultural production is required. This might justify why farmers’ are taking assistance from the robotic world. This gives a hint about Robotic Farming and Its Impact.

    Customer service, manufacturing, mining, packaging, shipping and transportation are all industries that are already using robots to increase their outputs and aim to double the involvement.

    The boom in the artificial intelligence sector, the rising population, and the invention of more and more utilitarian robots have caused agriculture to open its gates to innovation. The Verified Market Research, says that the agricultural robots market is expected to touch $11.58 billion by 2025, becoming one of the well-invested markets in the upcoming decade.

    History of Agricultural Robots

    The first vision of robotics was visible in the agriculture scenario, which can be traced back to the 1920s while doing research-related work i.e. use of automatic vehicle guidance. This landed the advancements between the 1950s and 60s of automated agricultural vehicles. Other developments in this field over the years include the harvesting of oranges using a robot both in France and the US.

    The indoor industrial settings had used robots for decades, outdoor robots for the use of agriculture are considered a little more complicated and difficult to furnish. Concerns over safety, over the complexity of picking crops subject to different environmental factors and unpredictability, make the process a little more demanding.

    Demand in The Market

    There is a looming fear related to the dearth of labour and increasing demands. With a majority population of ageing manpower, countries like Japan are failing to meet the labour market’s clamour. Similarly, in the US, this sector mainly depends on immigrant workers, but the decline in seasonal farmworkers and the country’s notion to stop immigration makes it difficult to meet the bars.

    What Can Agricultural Robots Do?

    Agricultural robots usually come in handy to perform tasks that are slow, repetitive, and dull for farmers. Robotic farming can help the farmers to focus more on improving the overall yield.

    The common duties that agricultural robots can perform are:

    • Soil analysis
    • Phenotyping
    • Weed Control
    • Sorting and packing
    • Harvesting and picking
    • Environmental Monitoring
    • Automated mowing, pruning, seeding, spraying

    Caring and harvesting crops are some of the most common activities for which many robotic farming companies are developing robots. For instance, Fendt’s Xaver robot, expected to hit the market this year, can execute tasks such as planting and fertilizing crops like corn, weed control, and scouting operations.

    Vision Robotics from San Diego is working on robots that will perform “thinning,” which ensures that seeds have sufficient space apart during planting, fastening their growth.

    Application of Robotics in Agriculture

    Robots have also played a crucial role in preventing losses as big as $43 billion due to weeds resistant to herbicides. They are also set to help farmers by preventing some of the $43 billion losses created by herbicide-resistant weeds. Later, many robotic farming companies like Blue River Technology has introduced a See & Spray robot in the market and marketed it as an effective weed-spraying machine.

    Monitoring huge agricultural fields is a humongous task. New sensor and geo-mapping technologies allow farmers to get a much-advanced level of data about their crops than they ever had. Drones and ground robots provide a way to collect this data autonomously.

    Another example is the TerraSentia robot, developed by EarthSense which can autonomously move through the fields and use sensors to monitor various plant parameters to analyze the crops without any need for human intervention. It can also be further developed to detect common plant ailments. The data will progressively help scientists to understand the optimal environment to nurture the best crops.

    Benefits of Robotic Farming

    Irrigating and fertilizing crops is one of the key steps in nurturing healthy crops. Evidently, this uses excess water decreasing efficiency. Inventions like Robot-Assisted Precision Irrigation can help in reducing wasted water by targeting specific plants. Ground robots autonomously navigate through the rows of crops and pour water directly at the base of each plant.

    Robots have an additional ability to access areas where other machines cannot. Robotic advancements will also help in filling the decreasing manpower in the agriculture sector. Robots that are being developed have a workload capacity equivalent to 30 human workers.

    This will allow the farmers to focus more on the entrepreneurial aspects rather than the manual work involved. These will lead to labour and time savings along with an increase in crop yield, proving that technological progress is prevailing in all aspects of our lives. It will empower the farmers to spend a little less time in the business and more time on the business.

    Agricultural Robotics Companies

    • Blue River Technology.
    • Harvest CROO Robotics.
    • PEAT.
    • Trace Genomics.
    • SkySquirrel Technologies Inc.
    • aWhere.
    • FarmShots.
    • Abundant Robotics.

    Conclusion

    Though the potential of these machines is extraordinary, they inevitably lead us to the archaic fear that robots will replace human manpower. The positive outlook can be that the farmworkers can function as the operators and managers supervising these automata.

    The demand for food is surpassing available land for growing crops and only farmers can fill the gap. Involving robotic power in the sector will not only enhance the agricultural process but will help in increasing the outputs manifold.

    We are still in beginner levels of the age of robotics agriculture with most of the inventions in the early trial phases and the R&D phase. These Agribots can create a massive altercation and prove that the future will witness an overpowering reliance on AI, steered by humans.

    FAQ

    What is the future of robotics in agriculture?

    The use of Agricultural Robots will lead to skilled jobs. It just means that the new generation of farmers will need more advanced skills to work alongside robots. Today’s farmworkers will become tomorrow’s fleet managers who oversee robotic farming systems and autonomous vehicles.

    What are the uses of robots in agriculture?

    Agricultural Robot Applications – Some of the most common robots in agriculture are used for harvesting and picking, weed control, autonomous mowing, pruning, seeding, spraying, and thinning.

    What is the future of the agricultural robots market?

    According to many researchers, the agricultural robot market should have an annual growth rate of over 20% until 2022. Today, a vast majority of robotics on farms are for milking cows or indoor machines. But soon, robots will start working outdoors in the future.

    Some of the popular robots in agriculture are, Ecorobotix, Nano Technologies, Energid Citrus Picking System, Agrobot E-Series, Blue River LettuceBot2, Agribotix, Vision Robotics, and RoBoPlant.

    How AI can help agriculture?

    AI-enabled agriculture bots help farmers to find more efficient ways to protect their crops from weeds. AI bots in the agriculture field can harvest crops at a higher volume and faster pace than human labourers. By leveraging computer vision, it helps to monitor the weed and spray them.

    What are agricultural robots?

    Agricultural robots automate slow, repetitive, and dull tasks for farmers, allowing them to focus more on improving overall production yields. Some of the most common robots in the agriculture sector are used for: Harvesting and picking, weed control, autonomous mowing, pruning, seeding, spraying and thinning.

  • Mind-blowing Guerrilla Marketing Ideas for Startups and Small Businesses

    Guerrilla marketing is a marketing strategy that uses unorthodox methods to grab the attention of the public in order to boost its sales and brand image in the market.

    Imagine you’re a student and everyone in your school is wearing a school dress code and you’re wearing a funky t-shirt, having tattoos on your neck and coloured hair. What will be the varied sense of emotion around you? Everyone would start staring at you (though there are chances that you may be thrown out of the class until it’s your birthday or any other occasion). That’s where guerrilla marketing comes into the picture. You are presenting yourself in a manner that’s different from others.

    Similarly, many mid-cap, small-cap, and blue-chip companies are trying out this guerilla marketing technique to outshine their competitors. There is a window of opportunity for growth, meaning people will talk about it – be it in the newspaper, social media, or any other platform.

    Every business makes an investment for a financial return that does not always mean selling a product or service. It could also mean building a brand and getting out your name there.

    So, if you’re some business owner and looking for ways to promote your business, then you can think of something outside the box in order to attract your customers. Don’t be average when it comes to creativity. Here are some of the best guerilla marketing tactics and examples for startups and small businesses.

    Guerrilla Marketing Ideas
    Tips & Tricks for Guerrilla Marketing
    Guerrilla Marketing Examples

    Guerrilla Marketing Ideas

    1. Create Graffiti and Chalk Arts on Walls or Side Walks

    Graffiti means writing or drawing something on walls in a creative way in order to draw people’s attention. This can be implemented in areas that are frequently visited by people. People tend to see and appreciate such kinds of graffiti and wall art. Nowadays, people are used to taking selfies. Moreover, this could become their selfie point. You can use this idea for your benefit.

    Mesmerizing graffiti art of Nike
    Mesmerizing graffiti art of Nike

    Create graffiti and chalk arts that describe your business or the products/services you offer in a creative way. This can be a wonderful guerrilla marketing idea for your startup to advertise your brand. If you are creative enough, you can do it yourself, or else you can hire someone. This idea will help you to grow your business as well as your customer base.

    2. Use Stickers and Posters to Advertise

    You must have seen posters and stickers pasted everywhere for maximum reach and engagement. This is another guerilla marketing strategy to promote your small business. Since it does not cost much, many small-cap and mid-cap companies tend to adopt this marketing tactic.

    Poster Advertising
    Poster Advertising

    3. Billboard Advertising

    Guerrilla marketing strategies are considered to be better than traditional marketing techniques. These strategies help to increase the brand recall value. When people come across this unique billboard advertising, it helps them to recall the brand easily. This leads to word-of-mouth marketing as people talk about it with their friends, family, or colleagues.

    Billboard Advertising
    Billboard Advertising

    4. Use Vending Machines and Food Trucks

    If you have a food and beverages business, you can put vending machines in popular areas or have food trucks. It could be a wonderful approach to advertise your products and to reach out to more and more people. It might be a little expensive but is highly profitable. This technique can help you to bring more customers to your business.

    College students are going crazy by seeing the unique guerrilla marketing strategy of Coca-Cola

    Tips & Tricks for Guerrilla Marketing

    Here are some tips and tricks for startups to make guerrilla marketing work for you.

    1. Be Unique and Creative

    This is the most important tip every business owner should keep in mind. Never try to copy any advertisement or strategies from other companies, especially from your competitors. People like advertisements that are unique, something they have never seen before and is creative enough to draw their attention.

    Guerrilla Marketing Examples
    No one can beat an Indian guy when it comes to creativity

    2. Choose Your Location Strategically

    It is very important to choose a location for your guerilla marketing campaign that brings maximum reach and engagement. Locations are chosen wisely. It could be a place where people visit frequently and are easily noticeable. Another important factor while considering a location is to select a location where you can find your target audience.

    An innovative and smart ad of Ray-Ban asking people not only to protect their eyes but themselves too
    An innovative and smart ad of Ray-Ban asking people not only to protect their eyes but themselves too

    3. Use Your Wit To Outsmart Your Competitor

    Use your competitor’s advertisements for your own good. Point out small mistakes in their advertisements and show how you are better than them in your advertisement. Use witty comments so that people get attracted to your advertisements.

    5Star vs Cadbury Billboard Advertisement
    5Star vs Cadbury Billboard Advertisement

    Guerrilla Marketing Examples

    When there is no guerrilla marketing, business becomes quite boring. So, here I’m going to show a few of the creative marketing campaigns brought up by some of the businesses.

    Coca-Cola Guerilla Marketing

    Coca-Cola encourages people to share their coke through its unique marketing campaign.

    Coca-Cola Billboard Advertisement
    Coca-Cola Billboard Advertisement

    Faber Castell Guerilla Marketing

    This eye-catching billboard of Faber Castell demonstrates that even children can draw something as beautiful as the sky.

    Faber Castell Billboard Advertisement
    Faber Castell Billboard Advertisement

    Kit Kat Guerilla Marketing

    Kit Kat asks people to have a seat, have a break, have a Kit Kat through its creative guerilla marketing tactic.

    KitKat Guerilla Marketing
    KitKat Guerilla Marketing

    Save Tress By Sarova Guerilla Markeiting

    This is a brilliant marketing campaign implemented by Sarova, an environmental organization. They placed this fake animal doll on a street lamp, which would attract people’s attention, and then people will notice the poster they attached below it which gives their slogan, “SAVE THE TREES”.

    Save The Trees Campaign By Sarova
    Save The Trees Campaign By Sarova

    Mr Clean’s Brilliant Idea Guerilla Marketing

    Another example of a creative Guerrilla advertisement is displayed by Mr Clean, which provides cleaning products to its customers. They placed their advertisement on one of the crosswalks proving that its products clean better than other products.

    Guerrilla Marketing Examples | Mr. Clean
    Mr Clean’s Creative Advertisement

    IT Movie Promotion Guerilla Marketing

    Now, you will get this one only if you have seen the IT movie. They have creatively used the balloon in the sewer to promote their film with a line written underneath that reads. “IT IS CLOSER THAN YOU THINK. #ITMOVIE IN CINEMAS SEPTEMBER 7”.

    Guerrilla Marketing Examples | IT movie
    Brilliant Promotion By IT Movie

    Conclusion

    Guerrilla marketing can be a replacement for traditional marketing. In a nutshell, guerrilla marketing uses creative thinking to arouse the public’s curiosity about the brand via display ads that are temporary unauthorized banners, put at high traffic areas.

    It’s actually a very unconventional form of inbound marketing which raises brand awareness among large audiences, without interrupting them and conveys the message smoothly without much effort.

    As it is unconventional, it’s not easy to explain the concept. Often it is best understood when it’s observed. One needs to have good observation skills in order to understand the message.

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    FAQ

    What is guerrilla marketing?

    Guerrilla marketing is a marketing strategy that uses unorthodox methods to grab the attention of the public in order to boost its sales and brand image in the market.

    Is guerrilla marketing expensive?

    The average spending on guerilla marketing by small businesses is $400 per month. But, not all marketing campaigns need to be expensive or complicated to be successful. Guerrilla marketing uses low-cost, unconventional methods to draw attention to a brand, idea, product, or service.

    What are some of the guerrilla marketing examples in India?

    Small World Machines – Coca-Cola, Chai carts – Amazon, Strong Child – Anando Milk, Yahan se Kharido – Snapdeal are some of the guerrilla marketing examples in India.

    Which are some of the top guerrilla marketing companies?

    The Pixelate, Brand Mommy.com, The Marcom Avenue, Social Pulsar, Khairnar Technologies, Harsh Mann Luxury Consultancy, Fulcrum Resources, and Maverick India are some of the best guerilla marketing agencies.

    What are guerrilla marketing ideas for startups?

    Creating graffiti and chalk arts on walls or Sidewalks, Using stickers and posters to advertise, Billboard advertising, and Using vending machines and Food Trucks are some of the best guerrilla marketing ideas for startups.

    Is guerrilla marketing illegal?

    Guerrilla marketing is considered illegal when a brand tries to capitalize on intellectual property that they have not paid to be a part of. That’s what makes guerrilla marketing illegal.

  • Coolberg Success Story- Aimed Towards Youngsters Who Don’t Drink Alcohol

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Coolberg.

    In the Indian market, there hasn’t been much creativity in the soft drinks industry, and it has grown somewhat antiquated. Coolberg was created to provide a quality and creative soft drink substitute. New flavours and fashionable items are required in contemporary India. According to a recent poll, more than 80% of customers want to try alternatives to Colas. As a result, Coolberg, a drink for everyone, was developed.

    Non-alcoholic beer can be made using a variety of methods. Some of which involve restricting the fermentation process and others require evaporation of alcohol from an ordinary beer. Coolberg uses the former method and keeps the fermentation of its beverages to a minimum.

    Know more about the company profile, startup story, business model, founders, etc., of Coolberg by reading this article further.

    Coolberg – Company Highlights

    Startup Name Coolberg
    Legal Name Coolberg Beverages Private Limited
    Headquarters Mumbai, Maharashtra, India
    Industry Craft Beer, and Food and Beverage
    Founders Pankaj Aswani, Yashika Keswani
    Founded 2016
    Areas Served India
    Current CEO Pankaj Aswani
    Website www.coolberg.in

    About Coolberg
    Coolberg – Industry
    Coolberg – Name, Logo, and Tagline
    Coolberg – Founders
    Coolberg – Startup Story
    Coolberg – Vision, and Mission Statement
    Coolberg – Employees
    Coolberg – Business Model, and Revenue Model
    Coolberg – Funding, and Investors
    Coolberg – Growth
    Coolberg – Competitors
    Coolberg – Future Plans

    About Coolberg

    Coolberg Beverages Pvt Ltd is a firm that makes non-alcoholic drinks. It is an Indian company that manufactures non-alcoholic beers to establish a new drink genre that is trendy, contemporary, and appealing.

    The company’s beers are made with natural ingredients including herbs and barley malt and are available in a wide variety of flavours, giving drinkers and beverage fans a selection of interesting mocktails and beers to pick among.

    Coolberg’s Malt Zero Alcohol Beer has a beer-like flavour, and its other malt-based drinks, such as Cranberry, Strawberry, Peach, Ginger, and Mint, provide a pleasant and fresh punch. The company’s goods appeal to a wide range of clients, including many who enjoy Coca-Cola and those who crave the flavour of the beer.

    Coolberg – Industry

    During the projected timeframe, the non-alcoholic beverage market is expected to grow at a rate of 4.7 per cent (2021-2026). COVID-19 is having a significant influence on the worldwide non-alcoholic beverage category, which is implementing numerous safety regulations, measures, and quality control to increase customer confidence.

    Such initiatives have raised sales of items with functional advantages, such as immunological health, which are projected to have a favourable influence on the market; demand for high-sugar carbonated drinks has decreased both in off- and on-trade venues.

    In 2020, the pandemic changed the package size scenario, with customers opting for larger pack sizes and multipacks since they are more cost-effective and eliminate the need for further regular shop visits.

    The non-alcoholic beverage sector in India has experienced tremendous growth. Expanding middle-class populations, increased urbanisation, and rising disposable income are all contributing to this expansion.

    Furthermore, with a population of 1.3 billion people, India is one of the world’s largest consumer marketplaces. It is also one among the youngest in terms of demographics, with over half of the population under the age of 25 and around 65 per cent under the age of 35.

    According to an analysis, the Indian bottled non-alcoholic drinks industry is expected to rise at a rate of 16.2% from 2017 to 2030. Furthermore, because more individuals switch to packed beverages, the industry is expected to expand to USD 20.4 billion by the end of the projection period.

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    Coolberg – Name, Logo, and Tagline

    Coolberg Logo
    Coolberg Logo

    Coolberg’s slogan says, “Non-Alcoholic Beers Never Tasted So Good Before.”

    Coolberg – Founders

    Founders of Coolberg - Pankaj Aswani and Yashika Keswani
    Founders of Coolberg – Pankaj Aswani and Yashika Keswani

    Coolberg was founded by Pankaj Aswani and Yashika Keswani in 2016.

    Pankaj Aswani

    Pankaj is the CEO and co-founder of Coolberg. His name was also included in Forbes’ list of the top 30 under 30 people in the world. He is a CA and a former banker.

    Yashika Keswani

    Yashika is the Co-Founder and Chief Operating Officer of Coolberg Beverages Pvt. Ltd. She previously worked at MTLB as a Verbal Communication Expert, where she was responsible for content writing for print advertisements, idealising, designing posts for social media websites, managing pages on social media websites, blog writing, radio jingles, and content writing for brochures, visiting cards, and menu cards, among other things.

    Coolberg – Startup Story

    Pankaj and Yashika, a couple, established Coolberg in 2016.  Pankaj is a teetotaller who does not drink alcohol, although he enjoys partying with his buddies. So many of his pals drank beer or other alcoholic beverages, but Pankaj preferred to consume Energy Drink or Apple Juice discreetly.

    The trick was that both the options seemed to be beer in the glass, and friends didn’t push him to consume more alcohol. In several instances, he rescued himself. The greater problem was that there weren’t a lot of alternatives for non-drinkers, and Pankaj didn’t use to buy expensive mocktails with a lovely curled straw.

    Pankaj and Yashika visited Australia and New Zealand after their marriage in early 2016. Pankaj had the same difficulty at many of the restaurants and clubs, that is where they discovered the non-alcoholic beer alternative.

    Pankaj ordered Non-Alcoholic Beer right away and fell madly in love with it. This was the epiphany moment when a doorbell rang in both of their heads, and they tried to launch non-alcoholic beers in India, 12,000 kilometres away from the home.

    When Pankaj and Yashika returned to India, they began working on the formulas and spent several months perfecting the formulation and putting in place all of the necessary equipment.

    Coolberg was formed after a huge amount of work, and their idea of developing a non-alcoholic beer subcategory in India became a reality, and it is now on its way to being a great success.

    Coolberg currently sells not just in India, but also in Africa, Bhutan, the Maldives, Nepal, and other nations.

    Coolberg aspires to be India’s biggest beverage firm in the premium non-alcoholic beverage sector. The Coolberg family has grown to over 300 members and is rapidly increasing.

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    Coolberg – Vision, and Mission Statement

    Coolberg was formed, and their vision of establishing a non-alcoholic beer category in India became a reality, and it is now on its way to becoming a huge success.

    Coolberg – Employees

    • Pankaj Aswani – Founder & CEO
    • Yashika Keswani – Co-Founder & COO
    • Sumanta Sarkar – Director of Sales Marketing
    • Aejaz Patel – Business Development Manager
    • Bhavin Rajde – Business Development Manager
    • Biman Kar – Business Development Manager – HORECA
    • Brijesh Gupta – Area Sales Manager
    • Dharmesh Kundaliya – Market Development Manager
    • Kapil Baviskar – Business Development Manager
    • Milan Das – Area Sales Manager

    Coolberg – Business Model, and Revenue Model

    “Coolberg was conceptualised looking at the needs of non-alcoholic consumers, I being one of them. There was a demand and it was met by imported stuff. We saw an opportunity in non-alcoholic beer segment and entered this business. We are increasing production every month,” Aswain said.

    Coolberg is a millennial-oriented brand. It’s designed to have the optimum flavour, consistency, and scent, as well as youthful and colourful packaging. The product is now accessible in over 30 major cities and is supplied at over 2000 commercial outlets, the majority of which are cafes and restaurants.

    The products are priced at Rs 109/- MRP and fall into the luxury segment. Coolberg has carved out its position in the marketplace, catering to customers who aren’t interested in alcoholic beverages.

    When non-drinkers are socialising with friends and seeking a more grown-up option to the juice and soft drink alternatives present in the market, it also provides a fresh perspective.

    Coolberg – Funding, and Investors

    Coolberg has raised $3.5 million in two rounds of financing.

    Date Round Amount Lead Investors
    Nov 13, 2019 Series A $3.5M RB Investments Pte. Ltd.
    Aug 1, 2018 Seed Round – Anirudh Agarwal, India Quotient, Sanjay Mehta

    Coolberg – Growth

    Coolberg is a millennial-oriented brand. It’s designed to have the optimum flavour, texture, and scent, as well as youthful and entertaining packaging. The products are now accessible in over 30 major cities and are supplied at over 2000 retail touchpoints, the majority of which are restaurants and cafĂŠs.

    The products are priced at Rs 109/- MRP and fall into the premium category. Coolberg does have its own place in the industry, catering to those who aren’t searching for alcoholic drinks.

    When non-drinkers are socialising with friends and seeking a more grown-up alternative to the soft drink and juice alternatives available on the market, it also provides a fresh experience.

    Coolberg is now accessible in 25,000 retailers across India, 4 years since its inception. Supermarkets, grocery shops, cafĂŠs, restaurants, colleges, airlines, and online mediums, all distribute it.

    Pankaj, a Chartered Accountant, is in charge of marketing and statistics, while Yashika is in charge of organizing and advertising. According to Statista, sales in the soft drinks industry in India is estimated to reach $4,932 million by 2022, with the market growing at a 9.0% annual rate (CAGR 2021-2025).

    Currently, the brand works with over 250 distributors that provide to a variety of retail outlets. Also, it sells directly to consumers through a range of online platforms.

    Coolberg – Competitors

    Counter Culture Coffee, Budweiser, Heineken, Kingfisher, Funkin, Boxed Water, and INCASUR are among Coolberg’s main competitors.

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    Coolberg – Future Plans

    Pankaj Aswani, Founder of Coolberg Beverages Pvt Ltd, said, “Coolberg was conceptualised looking at the needs of non-alcoholic consumers, I being one of them. There was a demand and it was met by imported stuff. We saw an opportunity in the non-alcoholic beer segment and entered this business. We are increasing production every month.”

    Coolberg Beverages Pvt Ltd intends to increase market dominance in terms of reaching out to several clients. The firm’s offerings, which include the manufacture and marketing of zero-alcohol beer, are currently accessible in 30 major locations across India. Such items were available in 2,000 outlets, including stores and restaurants. Coolberg now intends to increase its reach by ten times.

    As of 2019,  “This year our target is to make products be made available at 20,000 outlets, which is a 10 times growth in market expansion. We want to penetrate deep into the markets we are already in. It helps in better distribution and an efficient supply chain. Once we stabilise our operations in these markets, we will expand to new markets,” Aswani added.

    Coolberg – FAQ

    What does Coolberg do?

    Coolberg Beverages Pvt Ltd is an Indian startup that makes non-alcoholic drinks.

    Who founded Coolberg?

    Coolberg was founded by Pankaj Aswani and Yashika Keswani in 2016.

    When was Coolberg founded?

    Coolberg was founded in 2016.

    Which companies do Coolberg compete with?

    Counter Culture Coffee, Budweiser, Heineken, Kingfisher, Funkin, Boxed Water, and INCASUR are among Coolberg’s main competitors.

  • Valentine’s Day – The Much-Coveted Love Story of Numbers and Statistics

    So, that day of the year is finally around the corner when friends, families and individuals celebrate love, compassion, and relationships with their loved ones. It is not just another celebration, or simply a special day as one may think it is, but this day has quite a significance when it comes to business and economics, globally. It is a revenue-driving force in many essential sectors across the globe and this blog is a testament to what Valentine’s day promises to be – for the gifting industry and anything that connects to it.

    From flowers to jewelry, and from teddies to clothing, the numbers speak a different story about the importance of Valentine’s day and its impact on economies.

    So, let’s take a dive into the Valentine day facts and stats along with some eye-catching business statistics:

    Valentine’s Day Sales – A Dive into the Number Game (USA)
    In the US Valentine’s Day Scene – In Depth Analysis
    Valentine’s Day Predictions 2022 – Pandemic, so what?
    A 360-Degree Overview Of Valentine’s Day
    From the Indian’s Point Of View – The Growing Significance

    Valentine’s Day Sales – A Dive into the Number Game (USA)

    Here’s a list of some of the major Valentine’s day consumer insights that is simply interesting to know:

    • $21.8 billion – yes, that is what the Americans spent on Valentine’s Day 2021.
    • $4.1 billion – worth of jewelry was bought by US consumers on the eve of Valentine’s Day 2021.
    • $164.76 per person – The average amount spent on Valentine’s Day per person in 2021.
    • $106.22 – The average amount spent by women on Valentine’s Day.
    • $291.15 – The average amount spent by men on Valentine’s Day.

    As per the recent Valentines day spending statistics, this year’s (2022) Valentine’s day spending is expected to reach $23.9 billion.

    Valentine's day business statistics
    Average spent by Men and Women on V-day

    In the US Valentine’s Day Scene – In Depth Analysis

    1. Americans spent $27.4 billion on Valentine’s Day in 2020 which was a huge surge, an increase of 32.36% to be apt, the $20.7 billion spent on the same in 2019 seemed like a smaller and outdated number, thanks to the growing need to display their affection among Americans. The numbers dipped a little to $21.8 bn in 2021.
    2. An increase in YoY increase in average spending has become a trend over time, on top of a healthy increment in the spending pattern of an average person on the verge of Valentine’s Day. The statistics show that there has been a more than 43% increase in the spending pattern from 2017 to 2020, which is quite impressive.
    3. 52% of the total expenditure was on spouses and partners, a steady 9% decrease in the expenses as compared to the previous year. This reflects a paradigm shift in the mindset of the millennials who are gradually opening up to spending on family and friends as well.
    4. 1/4th of the US bought something for their beloved pets, which makes up for a very interesting stat and a welcome figure, to top everything else. $1.7 billion was spent on buying gifts for their furry friends, an all-time high in the history of Valentine’s day.
    5. Americans and their love for jewelry and dinner dates were evident in the numbers themselves. $5.8 billion was spent on jewelry, which remained the go-to gifting choice for 21% of the consumers. Over one-third of the Americans who celebrated the day, preferred a dine-out with their loved ones.
    6. Red roses and candies remained the medium to express love & gratitude for Americans who spent $2.3 billion on flowers and plants that make up a healthy 37% of the total consumers. More than 50% of the total consumers bought candies too, nearing 36 million pounds of chocolate for Valentine’s Day.
    7. Men spent more to buy things for their partners and loved ones and it comes as a no-brainer since that has for long, been the case when we consider the numbers side by side. Men spent $26.05 billion on Valentine’s, compared to $23.92 billion spent by women, an 8.90% deficit which could’ve put them on par with men had they spent more.

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    Valentine’s Day Predictions 2022 – Pandemic, so what?

    Valentine’s Day Predictions 2022
    • $23.9 billion – yes, you heard it right! 3 out of 4 people involved in this day feel that celebrating this day is important. If you think that they’re just saying for the sake of it. NRF predicts that despite everything that the pandemic has spoiled in the US, over 73% of the people think that celebrations are important, courtesy – of the COVID-19 pandemic. The previous year 2021 saw the Americans spending close to $21.8 bn even amidst the pandemic woes and this year it is expected to be somewhere around $23.9 bn, making it the second-highest year on record.
    • $11.7 billion – the significant other/spouse will be showered with appreciation, love, and gifts. The prime purpose for the celebrations, they make up more than 50% of the total expenditure.
    • $5.2 billion – people in the US will spend upon family members and friends which comes as a welcoming statistic because, at the end of the day, Americans do realize that the day is to show gratitude to anyone you love or admire.
    • $4.8 billion – to be spent on children, classmates, teachers, pets, co-workers, and others. The numbers are significant when we compare it to the previous year, which even if low, are important because the world is recovering from the wrath of COVID-19.
    • $175.41 is the expected average amount to be spent by the Americans on this Valentine’s day 2022. The average amount spent by a single person in America was $164.76 in 2021.

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    A 360-Degree Overview Of Valentine’s Day

    360 Degree overview of Valentine’s day
    • As of now, in the US – Valentine’s Day is a  $27.4 billion industry, that is promising enough to grow YoY until the COVID-19 pandemic led to the global slowdown that will be reflected this year.
    • In Australia, AU$377 million is spent on presents, whereas New Zealanders spend $216 million on Valentine’s week shopping.
    • Almost 151 million greeting cards are exchanged on the V-Day.
    • Red roses, which are considered as the symbol of love and remain extremely popular during Valentine’s Day – are grown and sold in large numbers. In 2019, approximately 224 million roses were sold where a dozen of them were priced around $97.22, registering a 2.5% YoY increase.
    • Chocolates, cards, and jewelry remain the most sought-after gifts on Valentine’s Day.

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    From the Indian’s Point Of View – The Growing Significance

    • INR 30 Crore worth of rose stems were exported from India in 2019.
    • E-commerce transactions are expected to stay somewhere around 20-30 Crores for V-Day.
    • Women spent 35% more than men, a complete opposite when compared to the US.
    • Roses, chocolates, and cards remain popular, in India as well.
    • 50% Y-o-Y growth registered in the starter premium segments when it comes to gifting.
    • INR 5k-10k is the average amount spent by Indians on the eve of Valentine’s Day.
    Valentine’s day Facts & statistics

    On a final note, Valentine’s day holds a special place for consumers and people across the globe owing to the roots of love, compassion, and empathy it vibes for. However, it holds even more importance from an economic point of view since a number of industries are directly or indirectly dependent upon this day for all of their business and revenues. The gifting industry is one of the main industries largely dependent upon this day for their operations and revenues. Despite the pandemic, the V-Day market promises to grow over time, irrespective of the temporary slowdown that we are witnessing nowadays.

  • Doblin’s 10 types of Innovation Framework and How You Can Use It?

    Innovation is a part of moving forward. It can be summed up as the process of coming up with something original or updating anything. We have come a long way from drawing on caves to using PowerPoint presentations for the art of storytelling, using CDs and cassettes to just plugging in our earphones into our devices to listen to music. Smartphones serve as yet another good example; you can do anything with them, from watching movies, clicking pictures, to playing games.

    Innovation is the only way forward and has long been a part of our society in every aspect, and it is a very crucial part of a business, helping it stand out and attract the right opportunities to thrive.

    With innovation, you are always one step ahead of your competition. It gives you the advantage of staying relevant with the times by keeping up with changes and adapting to the environment. It can also help you to keep pace with the ever-changing wants and demands of your consumers and the market.

    Types of Innovations
    Doblin’s 10 Types of Innovation Framework

    Types of Innovations

    Disruptive innovation

    Disruptive innovation involves creating a concept, product, or service that disrupts an existing market or creates a completely new one. Additionally, you can do this by targeting consumer segments that have been overlooked by established companies for so long.

    Radical innovation

    Radical innovations open the gates to new markets. With the introduction of new technology, business models, services and more radical innovations are considered ‌rare.

    Incremental innovation

    As an incremental innovation, existing technology is used to enhance existing offerings by adding novel features such as revamped packaging to existing marketing.

    Architectural innovation

    The innovative architecture includes tapping into new markets with your domain expertise and skills.‌‌

    Doblin’s 10 Types of Innovation Framework

    There exist so many innovation frameworks that have been introduced and discovered by well-known personalities like McKinsey, W. Chan Kim and Renee Mauborgne, Kelley and company.

    These frameworks have evolved from simple linear, sequential models to more complex models today. We have open innovation, blue ocean strategy, ally vs acquire, three horizons, and more. But the innovation frameworks that are widely accepted and commonly used in today’s times are “10 innovation frameworks” that were identified by Doblin.

    He observed that all innovations are built upon the foundation of some same basic elements. These ten elements were then grouped into three main areas, which were mainly classified into three categories, Configuration, Offerings, and System.

    Configuration

    Furthermore, under configuration falls everything that has to do with what transpires inside the business along with the systems that form its foundation.

    1. Profit

    The profit-making business model is as simple as the word suggests itself. It is about when you wish capital to flow into your business. This model allows organizations to make money continuously. As a company, ask yourself, “How does your company generate income?” or how it can generate additional income.

    How can you use it?
    • Assess what are the core activities that get the money in
    • Evaluate the existing and latest innovative models that generate revenue for your business
    • See what you can do differently when you desire to generate more profit
    • Focus on where you are getting your money from?
    • Find out what is the product or the line extension can help to give a boost to your sales
    • Create a value offering for your consumers that no other competitor’s brand can give by creating a unique USP (Unique Selling Point)
    • Challenge your assumptions and find creative perspectives to look at the way you do things in your company

    For example, Chupa Chups leveraged their product by introducing candies with a new package design to fit the occasion of Halloween and practised moment marketing to make additional revenue.

    Chupa Chups Halloween Packaging
    Chupa Chups Halloween Packaging

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    Network

    To create value through networking, you must know who and how to deal with it. Maintaining relevance and staying connected is a key component of collaboration. You collaborate with others, work with them, establish a common ground, and aim towards achieving both organizations’ common goals/objectives.

    How can you use it?
    • Consider the internal capabilities of your company, evaluate and see if there are any areas that provide the opportunities for a successful collaboration.
    • Identify the common aims, objectives, and goals of the other organization that you are collaborating with.
    • Connect with others to create value.
    • Find the right networks that will be assets to your company.

    Remember when Stranger Things collaborated with Nike, Adidas, Baskin-Robbins, Levis, H&M including 75 more other brands because these brands apparently aligned with the 90s theme of the web series.

    Levi's Stranger Things Collaboration
    Levi’s Stranger Things Collaboration

    Ashish Chanchlani’s latest collaboration with Amazon’s mini-TV is yet another stellar example. In the video, there was a staged act in which Ashish Chanchlani’s number was revealed. That led to many people calling on the number to speak to him.

    Ashish Chanchlani collaboration with Amazon mini-TV
    Ashish Chanchlani collaboration with Amazon mini-TV

    Almost 3 lakh calls were made on the number, where they were met with a pop-up from True Caller showing Chanchlanis ID and a pre-recorded voicemail that successfully delivered the message of raising awareness for the newly released Amazon mini-TV. This is a perfect example of both channel and customer engagement innovation frameworks.

    Structure

    This framework has to do with managing companies’ assets, and here assets include both tangible and intangible assets that a company may have.

    How can you use it?

    Examine your assets, intangible, and tangible, such as companies’ capabilities, incentives, brands, facilities, resources, etc.

    • Keep an eye on the design and structure of your assets.
    • Monitor the structure continually to get effective results.
    • Find ways to align your talent with your assets.
    • Construct a distinct and sophisticated structure for your business that cannot be copied by your competitors.

    Take the example of Google. The 20 percent rule is what made the company famous in 2004. The employees were allowed to spend 20 percent of their time working on side projects. That, they thought, would help Google thrive. This led to the origin of Gmail and Google News. As a result, they were able to train their employees and create value from an intangible asset (their talent).

    Process

    Process innovation framework aims at optimizing the process of producing the final product. By making changes in the technology and equipment that is used to design, develop and manufacture your products. Which helps you save time and money and provide better customer service.

    How can you use it?
    • Innovate novel processes and techniques.
    • Try cutting-edge software and equipment in areas like production, delivery, support services etc.
    • Use process innovation to produce or deliver original or significantly improved products.
    • Upgrade to the latest and advanced technology and equipment to design, develop and manufacture your products.

    For example, boAt does this by manufacturing its products in China. The company’s origins lie in India. In any case, manufacturing the product in China solves a problem that reduces production costs. In addition, it makes the product affordable, helping the brand to remain competitive in the market and meet customer demands.

    Offerings

    In the category of offerings, innovations are directed towards the firm’s core products and services, or both. What a company can offer to a customer regarding value and experience.

    Product Performance

    Product performance innovation overall involves product and process innovation. Here, changes are made to a product regarding its features, quality, price, etc. It is necessary to keep the product up to date with the changing demands and wants in the market. Or the product will be considered outdated and soon be forgotten.

    How can you use it?

    • Think of creative or interesting ways to upgrade your product.
    • Play with the price, quality, feature set, capabilities, or functionality of your products.
    • Devise packaging that stands out,- e.g., doves packaging.
    • Have distinguishable functionality and features of your products.

    A prime example is the unveiling of BMW’s colour-changing car, using electrophoretic technology to change its shade on the surface in an instant using electronic ink.

    BMW Colour Changing Car
    BMW Colour Changing Car

    Product system

    Pen and ink, car and petrol, a smartphone and a SIM card. These are just some examples of complementary products. They are often purchased together or offer added value when used together.

    When using the process innovation framework, the primary goal is to combine products, services. Or any other main offering/ the core value proposition of your business. Rather than handling one product or service and more when you group them, this framework allows you to make it easier to manage them together.

    How can you use it?
    • Identify potential opportunities to innovate.
    • Develop systems that are robust, scalable, and modular.
    • Try bundling and complementing your products/services.
    • Ensure that you build ecosystems that satisfy your customers.
    • Create extensions that work with existing products. Keep in mind that you may not necessarily have to manufacture these extensions.

    For example, one of the very well-known brands in the grooming sector that falls under the umbrella of P&G is (Procter and Gamble’s) Gillette employs this framework very well. They cater to two segments of the market, men, and women. Their product systems include complementary products like disposable blades, blade refills that go with their razors.

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    Experience

    The experience is more focused on the consumer. All that the consumer experiences interacting with your company’s products, services, or overall, in any way with the company itself.

    Service

    ‌The way you treat your customers speaks volumes. They rely on you to get what they want. A business-to-customer relationship involves not just a relationship between a buyer and a seller, but also a relationship of trust. So, if a consumer is getting something from your brand, they are trusting you to deliver that value.

    How can you use it?
    • Add value to your service, come up with original and creative ideas on how you can make the How can you stand out from your competitors?
    • Make the purchasing process easier for your audience.
    • Keep your landing page simple with an easy-to-navigate design.
    • Give them all the information that they might need to reach you.
    • Have a call to action to make their buying process more convenient.
    • Enhance and support that surrounds your offerings.

    Just in the case of Domino’s, their value lies in their very smart and creative service. That is, to deliver their pizzas to their consumers in just half an hour all over India, or to offer it for free if it wasn’t delivered in that time frame.

    Another example is Starbucks, which is using technology and experiential methods to innovate its customer service. They have created a whole culture around their product which makes the space so friendly, comfortable and delightful for the customers.

    Channel

    It is extremely valuable for consumers to know that your brand exists to provide them with the product or service that they are looking for. Channels are a great way to be discovered by consumers, both existing and potential consumers. Thanks to booming technology and the rise of smartphones, brands are now making it a priority to stay relevant with the changing times. And connect with their consumers not only through offline mediums but also online.

    How can you use it?
    • Look at the data of where your audience is and which is the platform that you are comfortable using
    • Revisit and review your landing page. Does it have a simple user interface? Does it give all the necessary information that your consumer needs to connect with you?
    • Ask how you are delivering your offerings to customers or users.
    • Evaluate your audience’s preferences, see if they are okay with using digital platforms, or if they would like or want to visit the store and buy your products.
    • Have a call to action. Always make your organization easy to reach out to. For example, chatbots are available on many pages to answer questions and more.

    For example, Plum recently opened its doors to its first-ever store at the R- City Mall, Mumbai. And it aims to open more than 50 stores by the year 2023. As part of its strategy to create an Omnichannel approach, the brand is seeking to create a platform to connect its consumers not just online but also through retail stores.

    Plum First Retail Store
    Plum First Retail Store

    McCafe gave a novel twist to the billboard and used actual smoke to replicate their hot steaming coffee.

    Brand

    ‌Every brand has its core values. Consider the print ad campaign by Cadbury to thank the people working in the unorganized sector. The print ad itself spoke to what Cadbury as a brand stands for.

    Their vision statement also includes caring for both the well-being of the people and their planet. This obviously shows that they value all the people associated with them.

    The integrated value into their marketing message and clearly stated that they stand against bullying. And they see and care for the people, even if they work in unorganized sectors’

    Likewise, its Purple Heart campaign entailed standing up for your friends who face bullying by trolls. It involved a lot of celebrities fighting hate online with purple hearts under the #heartthehate hashtag. Again, showing how they present themselves as a brand and create a strong position.

    Cadbury Purple Heart Campaign
    Cadbury Purple Heart Campaign
    How can you use it?
    • Revisit your core values and beliefs as a brand.
    • Integrate your core values, mission, vision with your audience’s values, and beliefs in your marketing strategies.
    • Focus on how do you present yourself and your offerings?

    Customer engagement

    ‌Customer engagement enables you to get your hands on one of the things that are valuable to every company: consumers’ data, which can help give you insights through their feedback. Consumer engagement innovation is about how you connect with your target audience (TG), which includes both your existing and potential customers. As a result, your customers become loyal and feel connected to your business.

    How can you use it?
    • Try different marketing tactics.
    • Understand your audience.
    • See which marketing strategy suits the situation with your current goals and time.
    • Keep the strategies relevant and find common ground with your consumers.
    • Try distinctive ways in which you can foster interaction with your consumers.

    Coca-Cola plays with personalized and experiential marketing strategies to get their consumers engaged and have better brand recall and increased brand loyalty, and even drive up their sales.

    With their Open Happiness campaign, based on data analytics, they helped migrant workers in the U.A.E. connect with their families. By allowing them to use the bottle caps of Coke bottles as currency to operate the telephone booth set up by the company.

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    Conclusion

    The 10 types of innovation frameworks by Doblin can help increase the overall efficiency of your business. Understanding your company’s needs will allow you to use the correct innovation framework. These innovation frameworks can also be used in combination if required to get the desired results. Innovation is an imperative aspect of a business, and one cannot thrive without innovation in society.‌‌‌‌‌‌‌‌

    FAQ

    What is the Doblin framework?

    Doblin framework is a set of structured easy-to-use cards divided into different types of innovations.

    What are innovation frameworks?

    Innovation framework is a structure designed to help businesses evaluate their strengths and weaknesses, take an informed decisions and build strategies.

    What are the types of innovation frameworks?

    Profit Model, Network, Structure, Process, Product Performance, Product System, Service, Channel, Brand, and Customer Engagement are types of innovation frameworks.

  • Amazon Pricing Psychology- 6 Ways Amazon Gets You to Spend More?

    Amazon, the company that started as an online retailer for books back in 1994 is now the largest e-commerce company in the world. As of January 07, 2022, the company is worth $1648.78 billion.

    Today almost everyone depends on Amazon and with good reason. You can find almost everything you would ever need delivered right to your doorstep. So how did Amazon get where they are today?

    Most importantly they’ve managed to stay at the top of the e-commerce business even with the rise of new competitors. To understand this growth and stability shown by the company, we’ll have to take a look at their history and analyze their biggest techniques that help them stay at the top.

    About Amazon
    The Psychology Behind Amazon’s Pricing

    About Amazon

    Founder and former CEO of Amazon, Jeff Bezos financed Amazon with $10,000 of his own money to get the company up and going in 1994. Amazon at that time was completely operated by Bezos, his wife, and a small staff team working in his garage in Bellevue, Washington. Shortly after in 1997, Amazon went public with a $300 million valuation at $1.96 per share.

    Jeff Bezos working from his office in 1999
    Jeff Bezos working from his office in 1999

    Amazon later on in 1999, allowed third-party sellers to sell their products using their website. Since the company already had satisfactory growth in the online sphere, retailers started using the platform with the goals of expanding their public reach and economy. Just within 4 months of letting third-party companies sell, over 250,000 customers had bought goods from a variety of different companies through Amazon.

    Every year Amazon has been getting better, offering more services and a better customer experience than before. In 2005, Amazon introduced its customer loyalty program known as prime. Prime gave users that extra fast delivery and service speed that they needed for a small monthly fee.

    Prime also expanded on to provide media services such as prime movies, music and gaming. Customers were more than happy to pay the monthly subscription for what they would’ve otherwise missed. At least that’s how the consumer mentality boosted Amazon’s sales after it launched prime.

    The very next year the company went ahead with Amazon Web Services(AWS) to consider and profit from the various cloud computing needs of the world.

    Amazon has also been actively developing the Amazon Echo line of smart products along with their assistant Alexa. The company has been growing ever since. Every year new products get added to Amazon, which starts bringing in new customers for the company.

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    The Psychology Behind Amazon’s Pricing

    Amazon’s success isn’t just because of the risks they take or companies they endorse, rather it’s mostly due to some clever marketing techniques. Communicating a product’s nature and value to a customer is essential for a successful e-commerce store. Here we’ll go through some of the well-known pricing strategies used by Amazon to boost sales.

    1. Prestige Pricing

    Consumer stores and shopping centers often use charm pricing as a way to get more sales. It’s common to see the price of a product just a cent below its actual cost. Prices like $4.99 seem cheaper compared to $5 when the difference is almost negligible.

    Prestige Pricing
    Prestige Pricing

    Prestige pricing is the exact opposite of this methodology. While some people may find lower prices more attractive, others may doubt its value and authenticity due to its lower prices.

    Prestige pricing is where the price of a commodity is rounded off to the nearest rounded figure so the price seems ideal. The higher and rounded prices make a product seem more valuable than it actually is.

    Customers are more likely to buy a product that will provide them with more value for money. That’s exactly what gets companies like Amazon more sales using this pricing method.

    2. Price Anchoring

    If you’ve ever used Amazon you might have noticed how you ‘always’ seem to get a better deal. Simple comparative pricing makes consumers feel like they’re getting better offers when in reality it’s just a way to promote sales.

    Price anchoring is a popular way of getting more sales. Several e-commerce stores including Amazon make use of a simple strikethrough price which enhances the value of the actual price.

    Although price anchoring and price discounts are different, the technique has been effective in gaining sales as shown by e-commerce statistics. In the world of digital stores, a sale is equivalent to a customer’s click. Hence price anchoring makes good use of perception to increase sales.

    3. Amazon Prime

    In 2022, about 142.5 million of Amazon’s total users are members of its Prime program. Amazon Prime is a paid subscription-based customer loyalty program that Amazon offers. Since its introduction in 2005, the number of prime users has been increasing progressively.

    Amazon Prime Users Growth in the U.S.
    Amazon Prime Users Growth in the U.S.

    Having a prime membership makes a user eligible for certain perks from Amazon. For starters, customers with prime get faster deliveries, access to special sales earlier, and Amazon’s media and entertainment services such as Prime Video, Prime Music, and Prime Gaming.

    Paying about ₹179 monthly gets you all these benefits and it’s no doubt why people prefer to subscribe to prime. The feeling of getting a higher priority and more gains is what prompts people to stay as prime users. Amazon Prime video generated $3.6 billion in revenue sharing in 2020.

    4. Comparative\Decoy Pricing

    Comparative pricing is a technique used to boost the sales of one product using a decoy product with alternative pricing. Let’s say you have a product that you’re interested in. If two products of similar nature are being presented, one with better overall value than the other, the choice is rather obvious. Comparative pricing is where a product is intentionally made to look bad to promote the sales of another product.

    Decoy Pricing in effect
    Decoy Pricing in effect

    While the decoy product dips in sales, the targeted product gets more sales and that’s completely intentional. The goal here is to get the customers to choose the targeted product instead of the other.

    5. Price Framing

    Everyone in marketing knows that a good sales pitch means a positive impact on sales. Price framing is how a product’s price is presented to the customers. The visuals associated with price presentation and context matter because a customer often makes their decision at the last minute and what they see has to appeal to their mindset.

    Simply adding additional text such as ‘only for’, ‘best deal’, ‘20% OFF’ makes the customer feel like they’re getting a bargain. E-commerce companies gain much more sales due to their marketing campaigns which use this method as well.

    6. One Time Deals

    Adding a time limit to deals and offers speeds up the decision-making process for customers and also makes products seem more valuable. Amazon has been offering limited-time deals for a while now and it’s common to see flash sales during festive seasons. Often these one-time deals aren’t much different from what you can get a product for, considering you have the patience to wait a while.

    As far as most common products on an e-commerce platform are considered, the prices never really stay high for long. It’s only a matter of time before new products rise and the older prices dip. However, customers are tricked into thinking that the reduced prices are indeed a limited-time offer and hence Amazon make huge sales just by adding a timer with a lower price.

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    Conclusion

    Amazon makes excellent use of modern-day technology and scientifically proven marketing techniques to always develop the perfect pricing to get sales going. It’s all about the customer mindset when it comes to e-commerce and that’s where the use of passively manipulative methods shines the most.

    Not all of it is ethical, but the majority of applied techniques are rather intuitive and that is what keeps Amazon’s sales up high during the roughest of times.

    FAQ

    How does Amazon use psychology?

    Decoy pricing, Price anchoring, Prestige pricing, and limited-time deals are some ways Amazon uses psychology to get you to buy more.

    Why do Amazon prices keep changing?

    Amazon keeps changing its prices according to trends and customer feedback.

    How does Amazon use psychology to get you to buy more?

    Amazon creates a sense of urgency by displaying the products left till it gets out of stock.