Fashion has been an inbuilt statement in our lives, fashion eCommerce startups are making a good mark as they are gathering a lot of varieties of products.
Clothes, jewellery, and other accessories are taking away a major part of our lifestyle and shopping is one of the most tiring tasks, to click for a good product involves lot of time, confusion and trials.
Top 5 Fashion E-commerce Startups to Build Your Wardrobe.
Myntra is one of the successful fashion Indian e-commerce companies, with their headquarters in Bengaluru, Karnataka. It was founded in 2007 by Ashutosh Lawania, Mukesh Bansal and Vineet Saxena. Initially, the company used to sell personalised gift items such as T Shirts, mugs, mouse pads and others.
Myntra
In 2011, Myntra began selling fashion and lifestyle products and stopped it’s personalized Ā product service. Myntra was acquired by Flipkart in 2014 and then, it has grown many folds, it is working independently as well as a part of Flipkart. It offers more than 350 Indian and international brands, it also has a 30 day return policy which makes customers comfortable.
Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan and Manu Jain
Launch
2012
It was founded in 2012 by Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan and Manu Jain, the company has its headquarters in Gurugram, India. Jabong sells shoes, apparel, accessories, home decor and furniture.
Jabong
The e – store carries over 1000 brands and over 90000 products. Jabong is one of the largest e commerce business in India. It is keeping pace with new trends and fashionable products, that is why, it has scored well in selling goods to customers.
Voonik
Startup Name
Voonik
Headquarter
Bengaluru
Founders
Sujayath Ali, Navaneeth Krishnan
Launch
2013
Voonik has got some unique features, it provides suitable products according to your style and personality, this is why it stands different from other fashion startups. It was founded in 2013, by Sujayath Ali, Navaneeth Krishnan. Voonik was launched as a personal mobile application, before being introduced as a web platform.
Voonik
It has become user friendly platform, by asking customers questions about their choice and personality. The application fetches answers and provides outfits according to the individual information, it made various developments and improvisations for a customer better experience.
Limeroad was founded by Suchi Mukherjee in 2012. Limeroad has its own speciality waving in a new path, it allows you to create your own look-on a virtual scrapbook- using products from thousands of vendors on it’s site, and can share it with others. If you are not the creative type, you want to buy a look created by someone else.
Limeroad
You can also find styles by subscribing to limeroad feed or follow people whose fashion you like. The creator of the look gets reward points and buyers get full fashion package at one place, limeroad is one of the best destinations to find beautiful products for women.
Kraftly
Startup Name
Kraftly
Headquarter
New Delhi
Founders
Saahil Goel
Launch
2015
Kraftly was founded in 2015 by Saahil Goel, and has its headquarters in New Delhi. The company started as C2C. Mobile flea Market platform and focused on selling handcrafted products, and now it has a great collection of women’s clothes, jewellery and accessories, footwear, toys, and more. Kraftly bridges gap between sellers and buyers, where people can sell their artefacts apparels, home decor items.
Kraftly
Here, sellers have an advantage of chatting with the buyers which enables direct contact between the two, helping them understand their needs properly. Sellers can upload pictures of their products into the kraftly app and sell. It’s a great platform for people who want to earn money by their art and craft, therefore unique products come up in this way, where customers have access to a variety of products and not the routine ones all the time.
And these fashion eCommerce startups are going around different brands, making customers comfortable having all at one place, keeping track with styles and latest trends, fashion startups are running out well, they have developed their technology and providing a variety of options and trials.
So, that was all about Top 5 fashion eCommerce startups of India.
For online businesses, it has become necessary to solve the queries of their customers to ensure consumer loyalty along with their brand establishment. Nearly 80% of businesses use a chatbot in one form or the other. But earlier what used to happen was that a man always sat on the answering machines waiting for the call and solve the queries of their customers. So, it was a cumbersome process. What chatbot has replaced now is a man looking for help from machines to remove the constraints of human limitations.
Since the time is the customer service industry which has been revolutionized, and the innovation responsible for this is the chatbot. Chatbots are considered the future of customer service and management.
Emirates increased their engagement rates by 87% after deploying chatbots.
What Are Chatbots?
Chatbots are those computer programs that can have real conversations with you with the help of chat interface, which allows real-time conversations with users. Chatbots are generally used with all of the popular messaging apps. The fun part is when you have conversations with them, they all seem real. For instance, Mark from XYZ company will help you out with FAQs and will direct you to the real seller and then heāll call you back. Also, thereās no timing issue; if you open a website at 12 midnight, the bot is still ready to have a chat with you.
What is a Chatbot?
Chatbots can understand written and spoken text, and interpret its meaning. The bot can then look up relevant information and deliver it to the user. Most modern smartphone apps rely on chatbots to function. Chatbots have become an important part of business growth and the need for these AI-powered bots is only going to increase in the future.
Technologies Used In Chatbots
The cost and power of a chatbot depend on the technology it uses. There are two categories of chatbots ā
1. Command Based Chatbots
As the name says, these types of chatbots rely on a databank of replies and heuristics. The bots reply by selecting an answer that matches the context of a query. Command based chatbots cannot create new texts. These chatbots can answer a set of limited questions so there is a need for manual help at the back-end for atypical questions asked. To answer a question, the chatbot has to understand it first. Command based chatbots use template search or dynamic search for understanding and answering questions.
One main limitation is that the command-based chatbot cannot perform functions outside its code, so what it lacks is the second technology.
Command-based and AI/ML-based chatbots
2. AI Based/ Machine Learning Chatbots
What the command-based chatbot canāt do, the AI/ ML-based chatbot can do it. It can answer all of the ambiguous questions of the user, meaning; you do not have to be specific when asking questions to these chatbots and no databank of replies. The chatbots create replies from scratch using natural language processing. These chatbots become smarter with time, learning from past questions and answers.
The star point, here could be: Both categories have their advantages and disadvantages. Command based chatbots can give more reliable and grammatically correct answers but fail to respond to questions outside their knowledge base. On the other hand, artificial/ machine learning chatbots need a vast amount of learning data and can struggle to form longer sentences.
If you are still wondering why you should get a chatbot for your business then we are going to give you seven different reasons why your business needs a chatbotright now.
Top 7 Reasons āWhy Your Business Needs A Chatbot?ā
1. You Want Your Business To Be Open
Keeping the business around the clock is difficult, especially for small and medium-sized businesses. This means when a customer reaches out to your business, they wonāt get a response from you till business hours resume. What chatbot gives you is its incredible feature of time-boundness. Thereās no timing issue; if you open a website at 12 of midnight, the bot is still ready to have a chat with you.
A chatbot can ensure that your business remains open all the time in one form or another. In fact, it can do more than just answer your customerās questions. It can make reservations, ask about the menu, and give a plethora of different details about your business.
no timing issue; if you open a website at 12 of midnight, the bot is still ready to have a chat with you.
2. You Can Build Trust By Answering Questions
You know the drill when a small business gets on start then thereās not only one single established business. This means that the competition is always fierce and you need all the help you can get to stand out in the crowd.
When a customer has a query regarding your bran then it reaches out to you and then what they expect is an instant reply. This gives them the sense of, that the brand can be trusted and is always going to be with you in hard times. However, providing instant replies to all the questions can be outright impossible, especially for human agents. Chatbots, on the other hand, provide you with the ability to answer queries round the clock.
By adding frequently asked questions to the chatbot, your customers can search for the right answers anytime. This will build trust among your current and potential customers.
Chatbots are an automated solution that lets you handle your business handle easily with customerās queries. Earlier what happened was, when the queries needed the real guidance then you have to book a meeting, so handling only a number of customers because a human agent can only attend two or three customers at the same time. This was the biggest limitation which businesses need not brag it until now when chatbots came into power.
However, if you use chatbots in addition to your human agents then your business can easily scale its operations without having to worry about the increasing number of customer chats and calls. Simply put, if you are looking forward to scaling your business then look into chatbots because chatbots helped scale Indiaās largest sports game by 30 times.
4. Right Products and Services to Customers
There will be times when your customers will need help figuring out the right product or service that fits their budget and requirements. This mostly happens when your customers are looking for something expensive to purchase or when they donāt have enough exposure to a particular product or domain.
Chatbots come in real handy when the customers arenāt sure what they are getting and whether itās worth spending a big amount. Your Chatbot knows when your customers need help with their purchase decisions. The bots not only give an explanation regarding a particular product but also give recommendations based on prior queries from the user. Thinking practically, one could say that your chatbot loves your customers more than you.
5. Target Millennials
Millennials are not impulsive buyers. They like to inquire and compare products before they buy. They love chat channels more than any other form of customer contact services. So, if your product lines are aimed at Millennials, introducing chatbots in your customer service will be a prudent investment.
According to a survey, millennials prefer solving their issues on their own rather than reaching out to someone or a customer service agent. This exact point is why chatbots are needed and give this service to them can help your brand gain reviews.
6. Better User Interaction
Chatbots are capable of having conversations with customers like a human agent would. A funny instance that happened with me was, that I was reviewing some online coaching class, then a chat box popped up and from there Aksh helped me throughout the process. Hereās the fun part when I said it was nice talking to you and a sweet welcome came from there; then I had to ask if he was real. Oh No! He was a chatbot and I got fooled.
Coming back, they can keep your customers engaged in a specific platform by maintaining a conversation. When a web application is opened, the user is greeted by the chatbot in a non-intrusive manner. The user can then ask the chatbot specific questions regarding a product or a service. Most of the time, the user is provided with answers from the database, but in a structured manner that mimics human interaction. With each question, the bot also provides a list of options making it easy for the user to input the necessary query.
Most businesses come up with an app for their products, which customers have to download from play stores. Imagining the whole of this gives me like a lazy look, because whatever it is; itās a cumbersome process. Looking from business point-of-view, apps are expensive and require a lot of time for development. And also, building an app and expecting them to download an extra app on their device for the query is going to get you only a handful of customers which is bad notice.
Hereās where you can implement chatbots on messengers, which is where most people spend their time. They are a better alternative to having an app. The chatbots are designed in a way that engages the customers who come in and makes them try the companyās products and services.
Things To Keep In Mind While Developing A Chatbot For Your Business
Keep personalization in mind. Your welcome screen should tell the user about the features of your bot. A user will feel more at home with your service if the bot is using his name for greeting and interaction.
Take care of the design of your chatbot because the user is going to trust a well-designed chatbot.
Use proper text-formatting, high-quality links, and high-resolution pictures in your bot replies.
Ask users for all the information you require, upfront, and take care of the conversation as well. Keep them connected to their mails.
Linking your chatbot with an NLP library can help in minimizing grammatical errors.
Readymade Chatbot Platforms You Can Use
Top 10 mot innovative chatbots in the world | Global Tech Council
In todayās competitive industry, customers are always looking for customized solutions. You need to satisfy your customerās requirements and do it in a way that makes you stand out from the crowd. Chatbot scale up your operations. It does not suffer from the limitations of a human agent. Where live agents can handle only 2 to 3 conversations at a time, chatbots can operate without an upper limit. By employing chatbot solutions to complement your human task force, your business can get the boost it requires entering new markets.
The future will be heavily directed by Artificial Intelligence (AI) technologies which prominently include chatbots. Thereās a positive response to many chatbot benefits such as an increase in process efficiencies, decreased workload, and improved customer service, but itās important that a measured approach is taken to implement these technologies.
The new corporate culture may sound plenty of options to you but the fact that the company usually grows when employees become progressively more competent and knowledgeable. While a lot of the learning happens outside training sessions, there is no denying the impact of a good training program.
With all the time and resources businesses allocate to training, it’s important to get it right the first time. If we say on an individual basis, the teaching concept may sound simple. But there are 7 big mistakes companies make when training their employees. The basic point here is, although it may take a whole new form and poses incredible challenges when organizations try to train their entire workforces, best practices and catastrophic methods of doing things may help you out.
People and businesses should grow together concurrently
Training mistakes can do more than translate incorrect information; they can de-motivate staff, set employees up for failure, and even put them at risk. These are 7 common mistakes companies usually make which may be a pit-hole for the company for upcoming ventures.
Training in Training Rooms is Obsolete
A few decades ago, classroom training sessions used to happen and since they are obsolete now, most modern companies design training programs. In todayās fast-paced work new methods of working are adopted like remote working. Employees need to travel a lot and have flexible work hours. Getting everyone together can take months of planning.
Basically, the cons of classroom training are that it takes the employees away from the desk and can be a major distraction when they are juggling deliverables. Training rooms are functional during induction training and group activities, but itās impractical for every other training scenario.
Classroom training sessions have become obsolete now
The training programs carry the benefit of, accessing then anywhere from any device with login details. A quick webinar is also a great medium to get employees in different locations together when the training style needs to be a bit more conversational.
Just because Chandler knows how to code, doesnāt make him qualified to train. SMEs (Subject Matter Expert) should ideally coordinate with the course designer to tweak the training program. There full involvement in the program is not needed, just the guidance can work wonders.
Communicating and learning are only as good as the trainer keeps it going right. It may seem obvious, but choose the right individual to lead the process of training employees. Keep in mind the best teacher is not necessarily the person that’s best at the role themselves. One main drawback of SME training work is that it diverts the trainees from their core-work. And also, they have a little knowledge of training methodologies.
The trainer should be accessible to the trainee at all times. This means that the trainer needs to physically be around, and the trainer’s door needs to be open.
This is the most common mistake which most of the company tends to do, and then disaster happens because of a single mistake that the trainee does later. Most of the companies take this training as a one-time activity, which is typically at the beginning of a job when an employee is provided with the basics. But thereās much to be learned afterward also.
Organizations should shift their focus from offering one-time, job-specific training to providing all employees with ongoing learning and development opportunities. Companies benefit greatly from continuous learning programs, developing in-house experts who can better serve colleagues and customers while building their own knowledge and careers.
Forgetting āthe WHYā
Most of the training programs keep on focussing on HOW employees should do their job. The how factor gets keep missing which is clearly important- a new employee needs to understand the nuts and bolts of their responsibilities, the tools they will use to do their job, and the expectations of the role.
The employee also needs to be trained on the why. Understanding “the why” gives them a deeper understanding of their role in the organization and what the organization is all about. It empowers them with problem-solving skills and allows them to evaluate processes and root out inefficiencies.
Training just for the sake of training is a bad idea. Employee training programs should be tagged to goals that are measurable in the workplace. For example, a fire safety training video should be followed up by a safety and compliance check and be scored.
Recycling on Conventional Methods of Learning and Technologies
The fact that training should be accessible and consistent always, doesnāt mean that recycling old training videos and scenarios that don’t reflect the work is one of the quickest ways to disengage learners. Quality of training often differs from trainer to trainer. For example, a webinar or classroom training is only as effective as the person conducting it. E-learning technologies solve this problem by empowering employees to train themselves.
Online training/ E- Learning
The great idea that can work here is that employees can directly go to an online portal to register for a course. These courses are interactive to keep the participants engaged. These courses also make use of animation and videos for maximum retention. After finishing each segment of a typical E-learning course, employees need to pass a test to move on to the next segment which checks the concept clearance.
The best part of E-learning is that employees can learn at their own pace. They can learn about a particular subject in chunks without having to download everything in one long session.
Top 3 HR mistakes companies make
Itās easy to ignore the human resources side of your business when things are flowing smoothly. After all, there are far more pressing concerns nagging us each day. Relations with employees can be enjoyable and fulfilling or time-consuming and terrifying, depending on the situation.
Being proactive in the area of HR, recognizing and rectifying HR mistakes before they become serious problems, can save you countless headaches and protect your business against costly legal claims.
“Selling is really about having conversations with people and helping improve their company or their life. If you look at it like that, selling is a very admirable thing to do.”- Lori Richardson
āāA salesperson is a professional whose role within a company is to sell the product or service that are provided to them. So, How to be a better salesperson?
In Nutshell, we can say that it involves looking for potential customers, promoting your product, assisting customers with complaints or inquiries related to products, services, and many many more activities.
To conduct so many duties, a salesperson must be equipped with several virtues to be able to work efficiently and breakthrough every task.āāA basic theory by David Mayer (as published in Harvard Business Review) is that a good salesperson must have at least two essential qualities: empathy and ego drive.āāāā
”Pretend that every single person you meet has a sign around his or her neck that says, make me feel important.’ not only will you succeed in sales, but you will also succeed in life. – Mary Kay Ash
It is not very important to agree with the feelings of the customer; a great salesperson makes an empathetic connection with the customer to understand their state completely. It is a central quality to be able to sell him/her a product or service, which must possess an ample amount. Once you can touch the soul of the customer, you get the power to affect his/her mind too.
A salesperson simply cannot sell well without the invaluable and irreplaceable ability to get great feedback from the client through empathy.
āāThe second of the essential qualities needed by a good salesperson is a particular kind of ego drive that makes him want and need to make the sale in a personal or selfish way, not solely for the money to be attained. Everyone aims to achieve big in life. And for that, you need to take small steps at first.
Each step covered act as a power booster to climb higher. His sentiments must be that he has to generate the sale; the customer is there to assist him in fulfilling his particular need. In effect, the dealāthe conquestāprovides a powerful means of enhancing his ego. His self-picture improves dramatically under subjugation and diminishes with failure.āāāāāā
While these are some natural qualities that can also growth time, effort and patience, we provide you with some practical tips to achieve the goals of being a better salesperson:
Tips to Being a Better Salesperson
āāāāKnow Your Product
āāWhile many tricks in the past have worked for sales, the increasing access to information has made it tough for companies to befool people. Hence, it has become increasingly important to know your product in and out as much as you can before you make the pitch. Nothing is more off-putting for a buyer than to find an ignorant sales representative.
Know Your Product
āāāāBe an Active Listener
āā” We don’t learn from talking; we learn from listening.” It is human nature to wait for your turn to speak in any conversation, but a smart salesperson listens deeply for multiple reasons. Listening leads to forming stronger bonds and trust with the client.
Be an Active Listener
Also, the information contained in the conversation can help them position the product or service better to the customer in real-time. Such discussions can bring out some essential highlights which can be beneficial for future dealings. So, as Brian Tracy has stated,” Make a habit of dominating the listening, and let the prospect dominate the talking.”
āāāāWork Harder
āāThereās no such thing as a born salesperson. Great sales representatives make it look easy, but superior performance usually indicates that a salesperson has taken the time to hone their skills and is continuously iterating to help their prospects better. The efforts they give to make every sale gets undermined by the number of sales in the given period say in a month.
It is not easy to convince people all around because they find all kinds of heads, from easy-going to hard-hitting, from fickle-minded to hot-headed. Dealing with such a variety and being successful in it is a significant achievement in itself.
āāFollow Up
āāAfter the proposal is made, the client’s reply is much-awaited. But waiting in itself is not enough. Always remember,
” It’s not your customer’s job to remember you. It is your obligation and responsibility to make sure they don’t have a chance to forget you.” – Patricia Fripp.
Follow Up
A salesperson has to conduct some quick follow up calls or emails or both. Many a time, the sales rep donāt know if the client even opened their email. HubSpot Sales helps with this issue, letting salespeople know when and how often a prospect opened their email. With this information, they can follow up at the most optimal time.
āāPersonalize Your Approach
āāTo learn as much as you can about the prospective client and then using that information in your conversation with them can be useful in understanding the real pain-points people are facing at the time and help build their product up to suit the needs of the client. Mould your words enough to convince your client that your product will solve their problem or highlight that problem as well if the client was unaware of it.
”Approach each customer with the idea of helping him or her solve a problem or achieve a goal, not of selling a product or service.” – Brian Tracyāāāā
Theyāre Always Sellingāā
As they leave the office, their selling practice goes beyond the hours, and they engage with the prospective clients at dinner, parties, social gatherings and even at a barbershop if the opportunity presents itself. Bottom Line: It is not a job anymore; it is a habit to sell.āāāāāā
Persistence is the key to unlock the bonus treats in the business. Being energetic, structured and resourceful is always needed. He/she must be able to handle time constraints while achieving the required goals.
Digital payment is a way of performing payments without the use of digital currency. It is also known as electronic payment. In digital payments, both payer and payee rely on digital modes to send and receive money.
In todayās digital era, our dependency on smartphones exceeds the wildest possibilities. Millennials eat, live, and breathe smartphones. In fact, the use of wallets has declined ever since mobile phones started supporting e-wallets. Carrying change and holding debit cards has become a fad of the past. Digital payments have been ingrained in the way people perform transactions today.
The digital payments service sector is growing big, and top tech firms are coming up with innovative payment services of their own. Amazon with amazon pay, Ola money, Appleās Apple pay and Google with Google Pay are amongst the latest offerings. The emergence of mobile wallets wasnāt an overnight phenomenon. Peter Thiel and Elon Muskās PayPal was an early initiative. It paved way for several others.
India is not far away in terms of cashless economy; homegrown apps like Paytm and PhonePe are now facilitating payments for millions of Indians. Paytm launched the first active digital payment services in India. It was launched in August 2010 by Vijay Shekhar Sharma and was no less than a disruption. Around 130 million people use Paytm services in India. Facebook recently announced Facebook Pay which will be available on Instagram, WhatsApp, and Facebook.
Cryptocurrency, a digital asset, is being touted as the next step in digital payment services. Facebook has taken a step in this direction. Libra is Facebookās cryptocurrency. Mark Zuckerberg claims Libra to be the future of banking and transactions, āLibra is a permissioned blockchain digital currency proposed by the American social media company Facebook.ā Libraās initial release is planned in 2020.
With Facebookās Libra, Mark Zuckerberg wants to disrupt the way how money works. But such initiatives are riddled with issues. Several lawsuits followed post Libra’s announcement. To regulate the working of Libra, it shall be monitored by an independent association called Libra Association; this association would by governed by organizations like Uber, Lyft, PayPal, VISA, MasterCard, etc. Facebook will be maintaining a cryptocurrency wallet called CaLibra. Though Facebook claims Calibra will be maintained with high-grade security and have no effect on one’s privacy, many people donāt believe it.
āLibra is a global cryptocurrency built on blockchain to promote financial inclusion. Libra is digital, mobile, stable, fast, cheap and secureā. An organization independent of Facebook would oversee Libra. CaLibra, the mobile wallet to hold Libra, would be integrated in all the apps owned by Facebook such as WhatsApp, Instagram, and others. Transactions done with Libra would be the same as PayPal or any other medium available today.
The money from your bank account can be transferred into CaLibra that you can use at shopping malls and online stores. You can also get back your money i.e. Libra can be converted to physical money from Libra authorized people. The exchange of Libra currency and the mechanism behind the transactions’ executions still beg reasoning.
The whole Libra blockchain will be organized and maintained by a 28-member strong Libra association comprising Uber, Lyft, VISA, Mastercard, eBay Vodafone, etc. It is proposed to be a non-profit organization with its main office at Geneva, Switzerland.
Each member needs to give $1 million to get one vote in the organization. The organization will elect a representative to oversee the Libra council. Whenever you add money to your Libra account, it goes into the giant Libra reserve which in turn gives you Libra tokens. The value of Libra stays the same irrespective of the volatility in a countryās economy.
Facebookās cryptocurrency shall cut down transaction fees and establish a global currency. Financial irregularities and hassles in transactions would become a talk of the past.
Like the concerns and question marks accompanying any major announcement, troubles arose for Mark Zuckerbergās Libra initiative. In the first week of October, PayPal become the first to step out of the Libra association. The reasons for its withdrawal are not known yet. eBay, Stripe and Mastercard followed PayPal by leaving Libra Association.
Soon, Mark Zuckerberg was summoned by the US Congress. He asserted the launch of Libra would not be done without the approval from US regulators. Zuckerberg further emphasized on the need to take risk via innovation for ensuring US retains its position as the global leader. France and Germany blocked Libra and amended certain laws. Many banks and law makers are also changing rules related to monetary transactions.
After these issues, Facebook began losing momentum on Libraās launch. With the criticisms and questions Libra faced, itās clear that the world still holds scepticism on the idea of online payments and digital currency transactions through payment apps.
While certain parties continue to loath cryptocurrency, the technology of future is undergoing rapid improvisation. More complex algorithms ensuring hack- proof network and privacy-oriented transactions will catalyse the acceptance of cryptocurrency. The future of digital payment services, though shrouded with negativity and hesitance at present, will stay for decades to come.
Instagram is one of the most prominent social media platforms nowadays. Instagram’s popularity is even exceeding the reputation of its parent company, i.e. Facebook. This is because most of it’s users use Instagram daily. They use it to publish pictures or videos they create. Such a high prevalence of Instagram has made business people incline to Instagram marketing for their businesses. Why do you think they choose Instagram for marketing?
This is because Instagram is very flexible and has a fantastic strength of users so that you have the opportunity to market your product there. The viewership can be huge, and there will be many people who will see your product/s and might get interested in buying your product if you promote it engagingly. To strengthen their trust in your business, you can also post a video tutorial of making your product or testimonials on Instagram.
āāWant to switch to market on Instagram? This is the time. You can start Instagram marketing your business. With this market, business growth is guaranteed. Here we will give you some amazing Instagram marketing hacks in order to take your business to the upper level. These are quite easy. These ways are: Ā Ā Ā Ā Ā Ā ā
Make Instagram Account with the Name of Your Business Name
Often referred to as your handle, a username is a name a person uses on Instagram to define their profile address. The first thing you should do is to make an Instagram account with the name of your business or company so that people could easily remember.
Posting exciting content
Post exciting content for your business. Preferably, hire a professional for this task. You can perform image editing or have a graphic designer to design the content of your product. It’s essential to draw the first impression on people who should be fun and can reach people’s hearts.
Use Geotagging
Geotagging is a feature provided by Instagram with which, you can tag the location of each of your images. You can also tag your work address or the address where your business is placed. It can be easy for people to know the whereabouts of your business. To use geotagging, you can simply do this, by pressing “add location” and then you can type an address or select an address if it is available.
Geotagging
Use Hashtags
The hashtag is used to index your content. In a post, you can use n number of hashtags at the same time. The use of this hashtag can facilitate your content visible to others with the same hashtag or something similar. By using the hashtag, you can market your product effectively to a greater extent by reaching out more efficiently to the targeted groups. Ā Ā
To be able to get a lot of followers, you must be following many people first to enable them to develop back your Instagram account. Wherever possible, you should follow thousands of people so that you and your business will be known to them. Keep in mind that you must try to follow only potential clients and avoid following every random account you come across. Following unwanted or uninterested people can make you look clingy and might lead to negative publicity.
āāReceive Requests for Followers
Never refuse a request by followers to follow you. It can make you quickly get a lot of followers, and you can easily become more prominent in the Instagram market. If it becomes like this, you can publish your products effortlessly and attract more people to buy your product. It also shows the magnitude of people who shows interest in your product.
Tagging people is like geotagging. The difference is if geotagging is used for tagging locations, people tagging is for tagging people who are influential in the market and associated with your business in any way. In this way, you would be able to extend your market to that personalityās followers. Thus, tagging can be helpful if you have a person/s who have a good number of followers on Instagram. They might be your employee/s as well if he/she is famous enough on Instagram, you never know!
Trying To Be Live On Instagram
Instagram Live is a feature on Instagram that allows users to stream video to followers and engage with them in real-time. When users broadcast live video streams on their accounts, Instagram alerts followers that they can view the live stream. By using Instagram live, you can promote your products live. It can be used to engage with your followers directly and be quick to solve their doubts and dilemmas.
Trying To Be Live On Instagram
Moreover, it makes it easier to pitch your product directly without trying to piss off by pestering people and help you engage with only responsive people. The best of all is, you can get instant feedback and make improvements if required. This is very useful for you in recruiting more followers on your Instagram also because live chats are more tempting.
Make Quiz
The quiz is in high demand by the people these days. The Quiz feature enables you to write a query and a few probable responses. Only one answer is correct. People will take a guess, select one explanation, and they will be able to see instantly if they were right or wrong. To improve the Instagram marketing of your business, you can promote this business by creating a few quizzes. Many people are interested in taking the quiz in the hope to win prizes. Do not forget to geotag and tagging people so that there could be more engagement to follow the quiz.
Provide Reward
Giveaways are in trend these days. Instagram users, who have a significant following wish to reward their existing followers and attract more by giving away some fantastic gifts which follow them, like their posts, etc. The reward is very popular and most requested by people who use Instagram. You can use this function to attract followers You can make a program such as to share your products with a lot of people and you can give a reward to your followers to follow such tasks.
Provide Reward
Instagram marketing is surely beneficial for any business, especially the ones, which target the younger generation, they being more active, rather obsessed with this app. it becomes easy to grab their attention and get their inclination towards your product with so many features provided by Instagram.
If you also want to make money online, there are several ways to wait for you. The internet is full of opportunities which makes your job simpler. You just need to choose what is suitable for your skills, requirements and guide it then.
Domain selling is a serious business in todayās world. The domain selling a business is turned to be a low-risk business. However, there is a need to go through all legalities to start a business. A domain name is usually a website name. This is the address for the internet to access your websites.
Business requires domain names to register to protect it from copyrights and trademarks. You can also resell domains. Given below are the important steps to start your domain business.
How to start domain selling business
1. Experience
If you are an experienced web developer. Then you should start domain selling and hosting business. You should gain experience by working in the company. This will help you in fixing the price of your product and earn money. Experienced web devs know the level of competition in the market.
2. Set The Value For Your Domain
Firstly determine the price of your domain. Most of the people end up overpricing their domains. This is the reason for restrictions on the market reach. Some domains own a higher price than others due to the suffix used. Shorter domains have more value than longer ones.
You can spend time researching the other related domains that have already sold.
Once you get a clear idea for the worth of your domain. You need to start finding buyers and create a customer base. You need to fix a broker for domain who shares the total selling price. You get to display a list of domains on popular sites that sell them.
You can also advertise your business on various social platforms. And try to reach to required domain and website hosting businesses.
4. Fix Your Target Groups
You need to fix your target groups. It helps you to focus on specific domains and build your expertise. After domain listing, focus on making it more attractive. You need to know whether the domains have any existing traffic already. You should use escrow service to avoid deceived by any buyer.
You should list out domains in strong distribution networks. This will let you bring your domain names to the millions of buyers every month.
You should have a proper business plan to work on. You also need to plan the budget and the amount of money to invest. You need to be very clever with your investments in your business. Try to fix a timeline and work accordingly.
6. Website
Try to build a proper website that is business-oriented. Also, decorate your site. It should be attractive to customers. It should contain all the information related to your business.
Payment services present on the website have to be secured. You should also add an online chat system. This will help you in getting all information about their queries.
The very first step is to determine the value of the domain name. You can assess domain names yourself. An excellent approach to appraise your domain name is NameBio. It uses a keyword-based search engine that looks up for sale prices of the domain names. You can find an idea about the lowest, highest, and average prices.
But what if you couldnāt find value for the domain name. This is where listing the services helps. A professional appraiser will know the market very clearly. It can provide valuable information that helps you to get you a domain name.
Most of the domain names sell in the three to the four-figure. Ā If you already a premium domain name, you can low the price in the case to gain interest. A fixed price strategy is to create an idea for people. This could be a great strategy to use for people asking for fast sales.
If you already have a premium domain name then you can command 6 or 7 figures. You are now in a good position to set a price.
Top domain name investors
Step 3: Landing Page Indicating That Your Domain Is For Sell
While buyers choose the domain of their choice. They will check the domain in their browser if itās available. creating a landing page on your website can lead you to close a deal.
There are many creative ways to locate buyers to such landing pages. Make sure you create the landing pages for every domain you sell. Most of the landing pages have inquiry forms. This allows clients to gather information.
Donāt ignore the value of interpersonal communications while closing a deal.
Step 4: Try To Choose An Avenue To Sell Your Domain
Many sellers do enlist of domain sites with person to person to sell. You can these domain marketplaces. Those are Afternic, BrandBucket, NameCheap, and Sedo.
GoDaddy auction is the popular domain auction site around. You can encourage buyers to contact for further information. Let them have entered their bid on the auction site. This is true that many of the auction sites charge a commission from selling price. But this will be worth your peace of mind.
Most of the marketplaces have a review feature. Read out the sellerās reviews on the buyer. This will give you an idea about the seller whether he/she is trustworthy or not. Donāt go further for the deal, if you are not sure about it.
If you want to transact a large amount of money. Then you should hire an escrow service. Go for research on the marketplace auction site you want to use. If that doesnāt own escrow service. You should hire one yourself. Escrow service makes larger money transactions more secure. Because the buyer will not receive the domain until full payment has been made.
Escrow service is a broker between you and the buyer. An agreement containing the details of the sale will be great. The buyer will then submit the payment to an escrow account which then will be delivered to you. You should contact the domain registrar and transfer the domain to the buyer. And lastly, the buyer confirms to escrow service about receiving all rights.
If anyone fails on their part of the agreement. The escrow service contains all the details of the transaction. This can be used as a piece of evidence for further actions.
Therefore, setting up a domain selling business can be exciting these days. This is due to an increase in demand for domain names. Domain names are required several businesses. Such as law firms, educational institutions, and eCommerce business. Ecommerce is spreading rapidly throughout the world. The domains you want to supply have to be easy to access and secured.
You can supply startups trendy and popular domains. Which helps them in building their website without any coding. You can try to get in touch with established people. Because they know the way of approaching it and make it successful.
Startup valuation is both art and science combined. The gut, instinct, and gut instincts are usually involved. Well established companies are easier to value because you can throw their revenue in a spreadsheet and work its magic. They have numbers. A startup in its initial state lacks solid numbers. Only forecasted values are available, and those are just an estimation.
Why is valuing a startup necessary, you might ask. Valuing helps an investor decide if the startup is worth investing in. And why are startups valued so high? Showing a high and solid valuation attracts investors like bees to honey. The valuation also helps entrepreneurs in determining how much of a share to give to investors in exchange for their money.
But having a high valuation at the start is not compulsory. It just means that a high valuation at the seed round implies higher valuation in the next round. For that, you will need to show considerable growth. A general metric is showing 10x growth over eighteen months. There are two strategies regarding valuations:
Go big or go home ā Raise a large amount at the highest valuation and grow as fast as possible. If successful, the seed round will fund itself. And the dilution rate is less as compared to a slow-growing startup.
Slow and steady ā This involves a steady growth rate where you raise only as much as you need and spend as little as possible.
Factors That Impact Startup Valuation
Industry
If the industry is booming, investors are more likely to sink money into your venture.
Customer base
Showing that your company has customers is a surefire way of showing high valuation.
Reputation
If the owner has a stellar record of running businesses or the product/service is a successful one, investors are more likely to get attracted even if the business lacks a customer base.
Supply & Demand
If the demand is high, a high valuation can be placed. If the supply is higher than demand, investors might be less willing to invest a large amount.
Product
Lack of need for the product or if the product is not of good value, the valuation of the business is lowered.
Competition
The business will find it difficult to carve a niche for itself if there is no scope left, i.e if there is heavy competition.
Management
Sometimes, an outstanding team is enough to inspire confidence in an investor. Lacking that can make things go downhill.
Pre-evaluation revenues
This depends on whether you already have a commercial product/service in hand and if it is generating any revenue. An existing revenue is a positive cause for convincing an investor.
Methods of Valuation of Startups
Cost-To-Duplicate
In this method, the hard assets are taken into account and the cost of duplicating the same business elsewhere is estimated. Unfortunately, this method does not take into consideration the growth potential and intangible assets such as brand value, industry trends, or reputation. This method gives us the ālowballā estimate of the venture.
This method determines the cash flows generated in the future and sets and applies a discount rate to the value to arrive at the probable valuation. The cash flow determination depends on market fluctuations and the ability of the analyst to make good assumptions. The discount rate is proportional to the risk factor.
Discounted Cash Flow
Berkus Method
This is the most popular method in use. It is used for the valuation of pre-revenue startups. This is how it works :
If It Exists
Add Company Value Upto
A Sound idea
$ 0.5 million
Prototype or working model
$ 0.5 million
Quality management team/ Reputed leader
$ 0.5 million
Strategic relationships/ Partnerships with industry
$ 0.5 million
Product rollout or sales (initial revenue)
$ 0.5 million
Comparables/Multiples Method
This method works on the principle āone price for allā, meaning similar companies are worth the same. Ā Essentially, similar startups are compared. It uses industry ratios such as price-to-earnings ratio, price-to-sales ratio, values-to-earning before interest, etc., It also takes factors that are not similar for both companies into account.
Comparable Company Analysis
Image Source: CFI
One disadvantage of this method is that there is a slim chance of finding similar startups as business ideas tend to be unique.
Scorecard Valuation Method
The average pre-money valuation of all startup businesses in the area is determined. The startup in question is valued against them on the basis of a scorecard. The Scorecard consists of the following factors and their weightage.
This method uses the same average pre-money valuation method and compares twelve elements of a target startup to a funded and profitable startup. The elements are as follows:
Management
Stage of the business
Legislation/Political risk
Manufacturing risk
Sales and marketing risk
Funding/capital raising risk
Competition risk
Technology risk
Litigation risk
International risk
Reputation risk
Potential lucrative exit
Each parameter is awarded a value ranging from +2 to -2, with +2 being a positive valuation of the company for that parameter and -2 being negative.
Valuation By Stage Method
This method is similar to the Berkus method but treats the parameters in the latter as subsequent stages. Generally, the stages appear to be:
āAn exciting business planā -may warrant around half a million
āA strong management teamā – may warrant one million
āAvailability of prototype or finished productā- may warrant around 1-2 million
āPartnerships or steady customer baseā- may warrant around 2-5 million
āShows signs of growth and profitabilityā- may warrant greater than 5 million
The amount is the valuation of the company and gives an idea of how much an investor might be willing to invest in your startup.
Venture Capital Method
Professor Bill Sahlman of Harvard business school introduced this method. The following formulae are used:
Return on Investment (ROI) = Terminal (or Harvest) Value Ć· Post-money Valuation
Post-money Valuation = Terminal Value Ć· Anticipated ROI
This method is meant for pre- as well as post-revenue startups.
First Chicago Method
This method is a very qualitative way of determining the state of the startup. Three different evaluations are given based on the best-case scenario, the worst-case scenario, and the normal scenario.
First Chicago Method
Book Value Method
This method is used when the startup faces a loss and is going out of business. The valuation is done considering only the tangible assets of the company. Growth, revenue, branding, etc., do not matter.
Any method on its own is not sufficient to get a correct estimate. The best approach would be to evaluate the startup using multiple methods. Those methods on average will give us an approximately accurate guesstimate. Not to mention some methods are merely qualitative. Valuations are handy when you turn to fundraising.
There is no hard and fast rule when it comes to scoring funding. Sometimes, the person, the brand, or the team might convince the investor rather than the calculated numbers. It is a matter of skillful negotiation and instilling faith in the investor that your company deserves the funding.
Competitor analysis refers to identifying the competitors and evaluating their strengths relative to those of one’s own product or service. One should evaluate their competitors by categorizing them between different groups, based on their competitive strategy and list their product or service, its profits, growth pattern, past strategies, structure, strengths, and weakness, etc. Different competitor analysis tools can be used to analyze your competitor.
Check who is the business rival you are dealing with and what is their position
Gather all the data about your competitor for identifying and assessing their methodologies to determine their strength and weaknesses, and then compare your website with your competitorsā website to identify how they are doing on the internet and marketing areas.
To make things more detailed, following things in the action can be taken into consideration, in analyzing the rival company,
The services/products that the company offers.
The Social media page i.e Instagram Facebook, Twitter, etc.
Business page.
The ON-PAGE TECHNIQUE ( Title, Meta description, keywords, content, images, site structure, page speed, etc.)
The Off-page technique(Social Bookmark, Blog, Business Listing, Classified, Guest Blog, etc., Forum Marketing, Link Baiting, Photo Sharing, Business Reviews, Local Listings, Answer Questions and Social Shopping Network, etc.)
The site design and how it is different from yours.
The areas from where the competitors are getting quality backlinks.
CTA services of the website.
Review the data from the competitor
To do so, data can be found from a variety of sources such as Crunchbase, Owler, LinkedIn, and more, which pulls from thousands of public data sources at once. Then, dig a little deeper. After looking at the basic company information, try to take a look at the company DNA.
Checking which aspects of their workforce a company is investing in can give you a lot of insights. LinkedIn is particularly very useful, to quickly get a breakdown of the data around a workforce.
At this level of analysis, the main things that need to filter out and understand are the percentages of the workforce in regards to the following categories,
Research and Development
Sales and Marketing
CXO and VPās
Percentage of staff in different geographic locations.
Take a quick look at a few signals that can give you insights into how each one is faring against the other in terms of marketing strategy and the success of this strategy. The following can be checked for the process,
Social Media: The use of social media can be checked and understood in the correct context.
A B2C company will typically strive for many followers and high engagement, while a B2B will have a more niche and targeted crowd and smaller numbers will be considered a success.
Web Traffic: A similar logic applies to check the web traffic using a free tool which is mentioned above. A B2B company may have low quantities of the month to month guests, however, what is significant is the trend(upwards or downwards) over time and, for the competitive consideration, how would they stack up side by side in this analysis.
Awards: Consider grants the organization has gotten, particularly if those Awards are item related. Additionally, recognition of HR practices such as a āBest Place to Workā may be an indicator the company infrastructure is solid. After all the researches, get the conclusion piled up and collect the insights from the research. This way one can compare its competitors and use the insights for the benefit of their websites. Comment below more ways of competitor analysis, down below the comment section.
Best Competitor Analysis Tools
If you want to be ahead of your competitor you should understand the importance of business analysts for your organisational growth. Now, here are the ways to do the competitive analysis for a website.
iSpionage Reviews
iSpionage is a competitive intelligence tool that provides valuable SEO data to users with regards to business competitors. The tool spies on companiesā business rivals and discovers what search keywords, advertisement content, and landing pages allow them to attract customers. This strategy allows business entities to keep themselves afoot or even ahead of their competition.
iSpionage SEO Analysis
Features of iSpionage
With the help of the tool, one can analyze the following: An overview of the competitorās PPC keywords, Average Ad position, PPC budget, monthly clicks.
One can analyze Ad copies of your competitor. Their destination URL for each ad, groups that trigger the ad, monthly traffic, and average rank, and the monthly advertising budget of all your competitors.
By showing how other advertisers group their keywords and landing pages for example, the tool enables businesses to create or recreate their groupings to gain as much traffic or more as their rival.
Online marketing and SEO optimization can take up a big chunk out of a companyās budget. With iSpionage, they can minimize their spending in this area, as the tool discerns how much the competition spends every month on AdWords.
SimilarWeb is a website that provides web analytics services for businesses. The company offers its customers information on their clients’ and competitors’ website traffic volumes, referral sources which include keyword analysis and demographics, and website “stickiness” (e.g., time on site, page views, bounce rate), as well as other features.
Similar Web Dashboard
Features of Similar Web
This tool is beneficial in understanding the competitorās traffic sources. It gives an idea of how the competitor is generating traffic and their audience demographics.
Gain insight into any website’s statistics & strategy with the click of a button, all in one tab, as you’re browsing with the SimilarWeb browser add-on.
See any websiteās organic and paid keywords, including āGoogle not-providedā keywords. Find trending keywords, see how much traffic they generate and discover the search ads associated with them.
Discover the sources that generate traffic to any website – referrals, search, social and display. Unveil their acquisition strategy to find new and proven ways to grow your business.
Reveal any websiteās most popular and trending inner pages. Track competitorsā campaigns, analyze their funnel and discover what content generates the most interest.
Similar Web Pricing
Plan
Pricing
Free
$0/month
Enterprise
Custom Pricing
Free plan gives you 5 Results Per Metric, 1 Month of Mobile App Data, and 3 Months of Web Traffic Data.
Spyfu Reviews
SpyFu exposes the search marketing secret formula of your most successful competitors. Search for any domain and see every place they’ve shown up on Google: every keyword they’ve bought on Adwords, every organic rank, and every ad variation in the last 14 years. Find online and traditional leads methods – social media, email, phone, and address – you can’t find anywhere else.
Spyfu PPC Keyword Research Dashboard
Features of Spyfu
The app helps get a detailed analysis of the competitorās Adwords AD.
One can analyze the competitorās Adwords History keywords that they are bidding ads on.
Increase your website traffic: Spyfu’s smart recommendations drive clicks to your SEO or Adwords campaigns.
Track your keyword rankings: Monitor your paid and SEO rankings on Google, Bing and Yahoo.
Make Better Connections: Reliable contact info helps you build partnerships or generate sales leads.
PPC Competitor Research: Search for a competitor. See every keyword they’ve ever bought on Google and every ad test they’ve run. Make their successes your own and avoid their mistakes.
SEO Competitor Research: Search for a competitor. See every keyword they rank on. Uncover the exact content and backlinks that lets them outrank you.
Ahrefs’ Site Explorer combines three powerful SEO tools in one interface:
Organic traffic research – See what keywords your competitors are ranking for and which pages bring the most search engine traffic.
Backlink checker – See which websites link to your competitors’ sites and gauge the quality of their backlink profiles.
Paid traffic research – Learn whether your competitors are doing paid search advertising and where they funnel their paid traffic.
Ahrefs Competitor Analysis
Features of Ahrefs
Research Organic Traffic: See what keywords your competitors rank for in search and how much traffic each keyword brings them.
Research Backlinks: Ahrefs has the fastest backlink crawler in the industry and boasts the world’s biggest index of live backlinks (over 14 trillion links), which makes Site Explorer the best tool for backlink research.
Research paid keywords: Do you want to know if your competitors are buying PPC ads and what keywords theyāre bidding on? Navigate to the āPaid Searchā section of the reports to get all the juicy details.
Research pages: The “Pages” section lets you quickly find out which pages on a target website have the most backlinks and social shares.
Research outgoing links: The “Outgoing Links” section gives you an idea of a target website’s linking patterns.
Ahrefs Pricing
Plan
Pricing
Lite
$99/month
Standard
$179/month
Advanced
$399/month
Agency
$999/month
SEMrush Reviews
SEMrush allows you to get insights into your competitorsā strategies in display advertising, organic and paid search, and link building. You can easily analyze which are the best performing keywords of your competitors. It also enables you to analyze competitors display ads and get the right keywords for both your SEO and PPC campaigns.
SEMRush Competitor Analysis
Features of SEMRush Competitor Analysis
We can examine the web traffic, by and large insights of contenders. we can also compare the differences in the statistics between two websites and their performances, tools they’re using, new projects & employees and SEO strategy.
Conduct in-depth analysis of your competitors’ backlinks.
Find and evaluate the websites linking to your competitors but not to you.
Find the keywords that make their products appear in Google Shopping results.
Keep an eye on your competitorsā online reputation using smart mentions tracking.
Specify your competitorsā domains to see the subjects that are already covered.
Track the performance of your/your competitorsā articles across the main social networks.
SEMRush Pricing
Plan
Pricing
Pro
$99.95/month
Guru
$199.95/momth
Business
$399.95/month
Competitive Intelligence add-on is worth $200/month in all the three plans.
GST was implemented in India in July 2017. The GST was meant to replace a slew of indirect taxes with a federated tax. It has impacted almost all Industries, including start-ups. Startups are liable to pay taxes as they cross the threshold limit are liable to pay GST from the moment they cross the threshold limit (Rs 20 lakh or Rs 10 lakh as the case may be).
India is the third-largest startup ecosystem with over 27,916 startups, as of February 1, 2020. Startups play a vital role in the development of the country. The success ratio of new startups is hardly 1%, with GST startups may find it easy to comply with taxes and focus on building and managing their startups. In this article we will focus on Impact of GST on Startups and Small businesses in India.
Impact of GST on Startups and Small Businesses
Positive impact
1. Reduced logistics cost
GST has reduced the transportation cost levied during the interstate transport of goods. CST and octroi are the two taxes that were levied during the interstate transportation of goods. these taxes are collected by individual states. After the introduction of GST, It has replaced CST and octroi which has reduced the transportation and logistics costs. Many states avoid supplying goods to other states due to octroi. The reduction of delivery time and logistics cost had a great impact on startups.
2. Reduced Tax Burden
Earlier businesses with a turnover of less than Rs. 5 lakhs do not have to pay the VAT registration fee. The limit has been increased to 20 lakhs which gave a huge relief to Small businesses and startups.
3. Cascading Effect
The cascading effect is the effect on which tax is imposed on previously charged taxes. for example, a product on which excise duty has been paid can also be liable to VAT. Imagine a situation where a manufacturer produces a certain item for Rs.100. He charges excise duty at 12% and sells it to the shopkeeper at Rs.112. The shopkeeper sells the same item to a consumer at Rs.126 after charging VAT at 12.5%. in this case the consumer has to pay additional VAT on the product. GST has mitigated this cascading effect as only one tax is applicable.
Before GST, businesses have has to get registered with various tax authorities and maintain many documents. they also needed to file different tax returns to different authorities. Post GST, there is single registration and very less paper work required. due to this businesses now can focus on productive businesses operations rather than taxes.
5. Expansion of Business
Most businesses restricted their business operations to one state due to interstate taxes and complicated tax procedures. Post GST inter-state tax complications and transport/shipping cost has reduced.
There are also some difficulties and problems which have affected the startup ecosystem.
1. Decline to freelancers
If you do not have a fixed place of business or you are a freelancer you have to register yourself as a casual taxable person under the GST. The 20 lakhs limit is not applicable in this case. even if you don’t have a fixed place of business you have to register yourself under GST.
2. Tax overburden on Startups
Under GST it has become mandatory to upload invoices and make an e-way bill on a real-time basis. Startups have to focus on tax compliance regularly which affects their innovation capabilities.
3. Small Startups under Tax net
Earlier manufacturing units having a turnover of fewer than 1.5 crores do not have to pay or get registration. Post GST the threshold has been bough down to as low as 20 lakhs. This has bought many small startups under the tax net.
4. Reverse charge mechanism
If the goods delivered by a small business who is exempted from GST, supplied goods to a firm registered under GST. In this case the buyer has to pay the GST by self invoicing.
5. Technology challenges
As all the GST compliance as all filings and registrations have become online, some small businesses and startups might face some problems.
GST has its challenges and has impacted the startups and small businesses in both positive and negative ways. It’s clear that the positive impact of GST outweighs the negatives that have paved the way for the national market.
Vidhi Punamiya
