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Tag: 📖 Learning

  • Is SEO Dead in 2023? Understand New SEO Trends

    Are you not getting any organic traffic on your website even after implementing all the SEO strategies?

    Do you constantly write 2-3 articles daily but, still are not able to rank even a single article?

    Is your SEO agency going downhill?

    Have you come to believe that SEO is dead in 2023?

    Well, if you answered yes even to a single question then this article is for you.

    There are a lot of misconceptions regarding the effectiveness of SEO in 2023 and what strategies would work in the future.

    Today, I will clear all the misconceptions and tell you if SEO is dead in 2023 or not.

    I will also tell you effective strategies that are recommended by Google itself that can help you rank your articles higher on SERP.

    After reading this article you will understand what has changed in SEO and how you can adapt to the changing trends.

    Is SEO Dead in 2023?
    SEO is Saturated
    AI-Powered Tools Can Also Write Articles
    SEO for E-commerce Websites
    Adapt Your SEO Strategy to Changing Trends
    Top 6 SEO Strategies for 2023
    Improve the E-A-T of Your Website
    Is E-A-T a Ranking Factor?
    5 Ways to Improve Your Website’s E-A-T

    Is SEO Dead in 2023?

    SEO is not dead as long as people use search engines. This is because search engines use SEO to rank websites.

    If SEO has not vanished then why people are not getting organic traffic or sales even after implementing all the SEO strategies?

    The answer to this question lies in the next paragraph.

    SEO is Saturated

    Well, SEO is not dead but Google is very saturated.

    According to earthweb there are more than 600 million blogs on the internet, with over 7.5 million blog posts published per day in 2022.

    As you can guess, there is just too much content for Google to rank.

    Google was the one who told us that we need to create good quality content that helps people solve the problem to rank our articles on the search engine.

    Although people took this to a next level.

    Writers and SEO experts started creating content like crazy.

    People are building new websites on niche topics every now and then and writing articles that may not help people solve their problems.

    The focus went from quality to quantity and that’s where things started going wrong for SEO.

    People are not getting any results from SEO because they are competing with millions of articles.

    Most importantly, a lot of people know how to beat the algorithm so, they are ranking their articles even though they might not be the best ones.

    92% of the traffic goes to the first page of Google Search Results
    92% of the traffic goes to the first page of Google Search Results

    Due to this, you can see dozens of poor-quality articles ranking on the first page of Google.

    At the same time, high-authority websites are ranking for most of the keywords.

    For example, Wikipedia ranks for almost every other keyword.

    All these things increase the competition.

    The problem doesn’t end here because more and more articles will be published with the help of AI in the future.

    AI-Powered Tools Can Also Write Articles

    A lot of AI-powered tools like Ryter, Jasper, and many more can write long-form plagiarism-free articles within minutes.

    This means that marketers can publish more and more articles on a daily basis on different topics.

    Since Google’s algorithm cannot understand which articles are published by AI and which are written by humans, articles that are drafted by AI can also rank.

    This means that Google will get more and more saturated in the future.

    SEO for E-commerce Websites

    Benefits of E-commerce SEO
    Benefits of E-commerce SEO

    E-commerce sites are using SEO in the most terrible way possible.

    Let’s say you want to buy a digital watch.

    You hop over on Google in the hope to find a blog post that tells you the best watch that matches your needs.

    You need an article where they tell you the best watches with their pros and cons.

    However, you eventually find yourself reading an article from a watch company where they describe some key characteristics of each watch and embed a link to their products.

    Would you be able to buy yourself a perfect watch by reading such articles? Absolutely, NO.

    On the other hand, most of the e-commerce sites like Amazon and Flipkart rank for most of the product keywords.

    Other websites only write articles with the aim to sell their products or earn some affiliate income.

    In both such scenarios, readers are not able to understand which product is best for them.

    As you can see even e-commerce sites publish articles like crazy with the sole aim to sell you a product.

    E-commerce sites aren’t willing to put in the effort to write a quality article and just want the SEO agency to write it.

    Since these SEO agencies are not experts in their domain they end up producing subpar articles.

    People will become irritated if this keeps happening, which will lead to a decrease in Google searches.

    Instead, they would go to other social media sites like Instagram, Pinterest, or YouTube to get answers to their questions.

    To be very frank, social media sites sometimes work better than Google because there are real people on those sites providing genuine solutions.

    If you think that your articles are going to rank just because you are stuffing keywords in your meta title and descriptions and developing backlinks then you are completely wrong.

    You need to tell yourself that things are changing and you need to adapt.

    If you want to grow your reach and get organic traffic you need to pitch your product or service to the right audience.

    On the other hand, if you are writing blogs then you must first define who reads your articles and why they are reading them.

    Below, I have mentioned the top 6 effective SEO strategies that will work in 2023.

    Top 6 SEO Strategies for 2023

    Google's Search Central Updated Guide
    Google’s Search Central Updated Guide

    The strategies that I am mentioning here are not any guesswork.

    Google’s Helpful Content Update was released in August 2022 which stated that helpful content that satisfies the needs of the readers and helps them solve their problems will rank well.

    There are different questions in the document that guides you in writing better content.

    I would be take the help of that document and tell you effective SEO strategies.

    So, keep in mind that these strategies are mentioned by Google itself.

    Focus on Specific Industry and Niche:

    Don’t produce content on different topics. Instead, choose a particular topic and write detailed articles around it.

    When you curate articles on a particular niche it shows Google that you have expert knowledge on your topic.

    Creating a website with only blogs pertaining to video editing, for instance, would be a good idea.

    If you create such a website you can write blogs on topics like:

    • 10 best free video editing software for beginners.
    • Common video editing mistakes people make.
    • 5 ways to edit video faster.

    Target long-tail keywords and keep producing high-quality articles.

    When the algorithm of Google understands that you have a deep knowledge of video editing you would start ranking for the keywords related to video editing.

    So, instead of producing content on different topics choose one particular industry and niche.

    Write on Exploding Topics:

    Instead of writing articles on outdated topics, you should write on a subject that is creating a buzz in the market.

    You can also write on topics that currently are not popular but will grow in the future.

    To find such topics you can use tools like Google Trends and Exploding Topics.

    Don’t Focus on Word Count:

    You need to understand that people’s attention span is going down.

    Thanks to Instagram and Tik Tok, people are habituated to consuming short-form content.

    This is the reason why YouTube also introduced ‘shorts’ in its system.

    Your readers want to solve their problem as soon as possible.

    Instead of increasing the word count of your articles, improve the quality of your content and give people what they want as quickly as possible

    Now, I am not saying long-form content doesn’t work.

    The idea here is that if you can give an answer to a question in just 500 words then don’t write a 1000-1500 words article.

    On the other hand, if you feel that your topic needs to be discussed in depth then by all means write a long article.

    Take the example of this article, since there was so much to tell this article is a bit long.

    However, everything that is written here will assist you in developing a potent SEO strategy.

    Don’t Just Summarize:

    Don’t just summarize what others are saying without adding any value.

    Instead of paraphrasing write something unique which has not been mentioned in other articles.

    Before you start writing answer yourself: What is the USP of my article?

    Add Your Personal Experiences:

    To make your articles stand out from the crowd you can add your personal experiences.

    When you write something which you have experienced in real life it increases the trustworthiness of the article.

    At the same time, personal experiences give an emotional touch to your article.

    So, if you have something to share don’t hesitate to write it.

    Create Executable Content:

    This is a very important point. After reading your articles your readers should be able to do something.

    They should be able to achieve their goals.

    For example, if you are writing a guide on how to select the best bicycle then after reading your article your readers should be able to buy a bicycle for them.

    At the very least, your readers should learn how to choose a bicycle that suits their needs.

    You must always write an article that clarifies the doubts of your audience.

    If people get confused after reading your articles then your piece of content is useless.

    7 Steps to Create the Perfect Content Marketing Strategy
    Do you want to create high-quality content and rank higher on Google? Here’s the ultimate content marketing guide to help you attract visitors.
    StartupTalkyShikha Tyagi

    Improve the E-A-T of Your Website

    Google's Quality Raters Guidelines
    Google’s Quality Raters Guidelines

    E-A-T stands for Expertise, Authoritativeness, and Trustworthiness.

    This concept was laid down by Google itself in its Quality Raters’ Guidelines.

    • Expertise: What is your level of expertise and knowledge on the topic?
    • Authority: Do the industry experts link back to your content?
    • Trust: Does your organization protect user information and provide accurate information?

    Since everyone was pushing content on Google like crazy, this metric was developed to evaluate the overall quality of the article.

    Using this metric Google is trying to understand if the content is valuable to readers and whether it should rank well or not.

    Here’s an example from Google that highlights what they mean by E-A-T:

    “High E-A-T news articles should be produced with journalistic professionalism – they should contain factually accurate content presented in a way that helps users achieve a better understanding of events. High E-A-T news sources typically have published established editorial policies and robust review processes.”

    Is E-A-T a Ranking Factor?

    Google's Ranking Factors
    Google’s Ranking Factors

    E-A-T is technically not a ranking factor but, it can impact your rankings. I know this sounds very confusing but, listen to me.

    E-A-T determines if the content is helpful or not and Google only wants to rank content that helps people solve their problems.

    So, using this metric if Google thinks that your content is not helpful they won’t rank your articles anyways.

    As a result, even though it’s not a direct ranking factor, it can indirectly affect your search rankings.

    5 Ways to Improve Your Website’s E-A-T

    Tell About Yourself:

    Tell your visitors who you are and why you are the right person to speak on a particular topic.

    You can do this by having an effective About Us Page or a Team page.

    You should also tell your readers your name, profession, number of years of experience, and why you are writing on that specific topic.

    If you have a website where a lot of writers publish content regularly just like our website StartupTalky you can include the name, pic, and bio of the writer.

    Work With Experts:

    Google wants to rank articles written by experts who know what they are talking about.

    Since anyone can publish a low-quality article on Google, it is very important for the search engine to make sure only the highest quality content ranks.

    So, rather than hiring ghostwriters who don’t have any expert knowledge about your niche you should only work with experts who can bring something new to the table.

    Back your information with facts and link your article to other high-authority websites, official sources, studies, and research papers.

    You can also link your article to tweets by industry experts. Linking to high-authority websites increases the trustworthiness of your article.

    When big websites that are experts in their domain link back to your article, it tells Google that you are also an expert in your subject.

    In this way, the chances of your article getting ranked on the first-page increases.

    Update Content Regularly:

    The content that you have written a few months back or a year ago might become outdated today.

    At such times, you should always update the content with new and accurate information.

    Conclusion

    Don’t just stuff keywords and build backlinks. Put yourself in the shoes of your customers.

    Think about different ways your customers could discover you.

    Then ask yourself if are you building your SEO strategy around those ways.

    You must understand that apart from Google there are so many other ways to increase your reach like Instagram and YouTube.

    If you are new to the industry first build your audience on social media sites.

    Once you have built a name in your industry and people are searching for your brand name on Google you can then start writing content.

    Or you can produce content both on Google and other social media sites.

    The key thing to remember is to focus on quality and not on quantity.

    FAQs

    Will SEO exist in 10 years?

    I can’t give you an accurate answer to this question but there is a very high chance that SEO will exist 10 years from now.

    This is because search engines use SEO to rank websites.

    Without SEO, the search engine won’t be able to understand which articles to rank so, SEO would be there in the future.

    Although, the way people perform searches will change.

    For example, instead of typing their search query on Google, they would rather ask Alexa or Siri to find answers to their queries.

    If this happens Google will bring chances to its algorithm and you need to change your strategies as well.

    The complexity of search queries would increase if people use virtual assistants to conduct Google searches.

    This means that your keyword research strategy would also change.

    What’s replacing SEO?

    SEO has evolved into Answer Engine Optimization (AEO).

  • Top 10 SEO Link-Building Methods That Work for 2022

    The process of improving the quality and quantity of website traffic to a particular web page or website through search engines is called Search Engine Optimization – SEO for short. What SEO does is target unpaid traffic – also known as ‘natural’ or ‘organic’. This kind of traffic originates from image searches, video searches, academic searches, news searches, and industry-specific vertical search engines.

    As an internet marketing strategy, Search Engine Optimization is brilliant in that – it increases the potential to receive more visitors to a website when that website ranks higher on a particular search engine. These visitors can then be potentially converted into customers.

    What is Link Building
    How to Build Links for SEO
    Link-Building in SEO – What are the Benefits

    Link building is defined as the process of acquiring hyperlinks from other websites to your own. A hyperlink is a way for users to navigate between web pages.

    Link building plays an important role, in SEO, especially within competitive industries. In this technologically driven world, link building is a great marketing tool. Link building can be extremely effective at driving more referral traffic, especially, when combined with strong technical SEO foundations, great on-page SEO, excellent content, and a good user experience.

    Link building in the field of Search Engine Optimization is described as an action that is aimed at increasing the quantity and quality of inbound links to a web page. The ultimate goal of building such links is to increase the search engine rankings of that web page or website.

    It is the process of establishing relevant hyperlinks from external (top-quality) sites, to a website. It is a marketing gimmick to increase brand awareness.

    There are many link building tools and strategies or methods for creating backlinks. The top 10 link-building methods are listed below:

    This does not require any content writing. What simply needs to be done is to insert links of your website to another website with existing content. It is one of the easiest ways to various website marketing strategies. However, it could be a paid service.

    2. Social Media Leveraging

    One effective way to increase visibility as well as engagement is to get active on social media. Most gen xers and millennials are very active on various social media sites. Swipe-up links can be added to websites or blogs. In this way, traffic can be increased via social media.

    3. Guest Blogging

    Guest blogging is one way to add value-added content that is relevant to your audience and also has a strong authority to get a hyperlink. Ensure that the website is authentic and relevant to your audience. This increases traffic and also generates quality leads.

    4. Use of Infographics

    Creating infographics like pie charts, tables or diagrams are great strategies to provide readers with useful bite-sized content. Infographics are dramatic representations of information and hence generate an automatic interest from readers.

    5. Authentic Domain Authority Sites

    Authority sites like Forbes India or Times of India have resource pages that are trust-worthy and reliable sources of information. These resource sites can be linked to your website for quality information. It is necessary to stay vigilant for spammy sites.

    One link-building strategy involves searching for broken links (links that are not working or are dead) and suggesting them to be replaced with the link leading to content on your website. This is a win-win situation for both parties and an excellent strategy.

    7. Content Marketing

    People are consuming a wide range of content online. Writing blogs, articles and informed content pieces which are subject-specific for your own websites with internal links is also a brilliant content marketing strategy for link building in SEO.

    8. Participate in Expert Forums

    Content pieces with a lot of link exchanges happen in expert Forums. One such example of an expert form is HARO (Help A Reporter Out).

    A reciprocal link is a mutual two-way link between two websites. There are link-exchange directories that website owners can use to submit their links for reciprocity. This is done to ensure a higher ranking on search engines.

    10. Using Social Bookmarking

    It is a way of saving and categorizing web pages in a public location on the web. These bookmarked pages are scanned by search engines because bookmarks have anchor text and are shared and stored publicly.

    As technology advances, SEO becomes more and more important. Consequently, link-building in SEO also gains importance. There are definite advantages to link-building in SEO.

    Authority Boost

    The goal of link building in SEO is to be unique and stand out in the competition. Link building boosts credibility and trust among your target audience.

    Social Media Visibility

    Traffic can be directed towards social media, which is a beehive of activity, via link-building. This adds to higher visibility and potential business.

    Increase in Search Engine Visibility

    With quality external links on your website, search engines can boost your visibility with higher rankings.

    Increased Conversion

    Higher visibility boosts website traffic. Higher traffic can increase potential conversions.

    Better Site Performance

    Quality link-building will positively impact SEO metrics. It will improve domain and page ranking while lowering bounce rates.

    Builds Credibility

    Third-party external links automatically act as an authoritative strength for your domain. This, in turn, builds the credibility and trustworthiness of your website.

    Conclusion

    Quality Link building in SEO, today, is probably its most important marketing tool. Website building gives a great reach to the initial audience but link-building is what gives it authority, and credibility and helps boost business.

    There are many tips to build a link, but some are more effective than others. As time goes on, many more ways will emerge that will help in building links that are more powerful and more effective. In the meantime, some of the best ways that are mentioned here will help you on your way to success.

    FAQs

    Yes, creating backlinks is still effective and cannot be ignored! The more high-quality and relevant backlinks a page has the more traffic it will get from Google.

    There are two different types of backlinks: Dofollow and Nofollow links.

    It is difficult to say exactly how many backlinks you need – it really depends on the competitiveness of your niche and your overall goals.

    Contextual backlinks are links to other websites, placed within the main content of a page.

  • How to Avoid Bankruptcy While Running a Startup

    Millions of people these days are trying to establish their startups despite having a simultaneous regular job only to make sure that their total gross income is enhanced. A startup of any magnitude is a great independent source, of increasing your income, and if you can establish the business well, you can also take it up as full-time work and ensure that your source of income through the startup is stabilized.

    According to a survey, 90% of startups fail. The basis of any startup is the capital investment, and if you are trying to establish a business, there would be a certain amount of loan that you would have to get. The startup usually has a higher risk of falling victim to bankruptcy. There are different types of loan policies, and then there is a chance of loss at the startup, and hence the chance of bankruptcy also increases.

    Main reasons for business failure among startups worldwide in 2021
    Main reasons for business failure among startups worldwide in 2021

    In this article, we will talk about the steps that can be taken to avoid the bankruptcy of a startup. So, let’s take a look at it.

    Managing the Expenses
    Careful Planning of the Month
    Secondary Income Source Till the Business is Stabilized
    Cutting Out the Optional Expenses
    Debt Settlement Lawyer

    Managing the Expenses

    You may wonder what you can do to make sure that the profit is high while all kinds of expenditures are well managed. There are different types of expenses associated, and when you have a thorough understanding of these, you can easily plan your expenses well.

    Here, we are going to guide you regarding budget management for any kind of startup as well as how to ensure that you can avoid bankruptcy no matter how many loans you have to worry about. There are many aspects of the expenses associated with the startup and when you have a clear conception of them planning the budget for your company becomes easier. The chances of failure of your startup lessen. You would also be able to take the help of the finance department for better planning too.

    An Expense Management Software
    An Expense Management Software

    Expense Management Software is another option that helps businesses, big or small, keep track of their expenses. They let businesses manage their spending, prepare budgets, manage various expense-related reports and do much more seamlessly which helps save much time.

    Careful Planning of the Month

    You may have different requirements every month, but when you have a proper plan about the expenses you would incur and stick to it, it becomes easier to understand how much you save as well as control the expenses as well. Plan the next month’s schedules and the possible expenses ahead of time and then try and follow the schedule to ensure that you are getting the best possible output from your company at the minimum expense.

    This way, you would be able to keep track of every expenditure within the startup as well as have proper control over them. This is essential to make sure that your business can maximize the profit and hence paying off the loans would become much easier.

    Secondary Income Source Till the Business is Stabilized

    If you have a regular job or any other source of income apart from the startup, then do not let them go unless your startup is stabilized and is fetching home a good turnover. This would ensure that you have some other option to manage the debts when your startup fails and you are suffering loss.

    If you do not have a secondary income source, you can as well look for it so that there is an alternative to handle your finance when there is any loss at the startup. Any of the family members too can join a regular job and together, you can pull the income and ensure that you have enough money to ensure complete security on the financial front despite paying for the debts.

    Cutting Out the Optional Expenses

    When you are trying to find out the different types of expenses that your startup has, you will discover several expenses that can be avoided or can be substituted with a cheaper alternative. Make sure that you are cutting them out and saving money.

    It may seem less, but over time the amount that you have saved from such minor sources would be the reason why you can pay off your debt easily, and this is elemental to make sure the startup does not go bankrupt. This is a significant risk that people in business are afraid of and this is why many are apprehensive about establishing a business of any kind at all. The risk factors are often considered too high and simply not worth it.

    Debt Settlement Lawyer

    A Digital Banking and Lending Platform
    A Digital Banking and Lending Platform 

    Every startup and seasoned business needs a debt settlement lawyer for any relevant legal advice. You can hire a lawyer permanently, and he or she would be able to handle all your debt troubles for you.

    The lawyer will help you with paperwork, and make the loan process quick and easy. They can help you get loans at a lower interest rate.

    Conclusion

    The failure rate of Startups is very high. Only a few remain in operation after a year or later as they have to shut down mainly due to bankruptcy. Proper management of expenses, settling debts, having secondary income sources, cutting out the extra expenditures, and hiring a professional lawyer can help you avoid bankruptcy.

    FAQs

    What can I do to avoid bankruptcy?

    You can avoid bankruptcy of your company by:

    • Cutting excessive spending
    • Managed and planned Expenditure
    • Earning more profits
    • Settling debts
    • Using professional help

    Do bankruptcies hurt your credit score?

    Yes, your credit score can be hampered by bankruptcy as it will remain in the credit reports. This might change the way the lenders see you and it might result in them being unwilling to loan you.

    What are the three most common causes of bankruptcy?

    Running out of cash, not having a market need and getting outcompeted are the three most common causes of bankruptcy.

  • How is AI Being Used in Fashion Industry?

    The fashion industry is no more about just making and selling clothes. Anybody who thinks they’ll set up a good-looking website, put tons of choices, and hope that customers will follow is living in La La Land.

    It doesn’t work like that anymore. The fashion industry is leveraging the latest advancements in technology to boost sales and clientele. Social media is flooded with DIYs, small fashion brands, and fashion giants so it’s safe to say that the market is booming with options for customers.

    Projected Revenue of the Indian Fashion Industry from 2017 to 2027
    Projected Revenue of the Indian Fashion Industry from 2017 to 2027

    Brands are shifting towards AI to make their voice heard and stand out from the clutter. AI will be an inseparable part of our life. Predictions show Revenue of the Indian Fashion Industry will grow 16.32% annually (CAGR 2022-2027) to reach $39.42 billion by 2027. From automated messages to attention-grabbing notifications, from suggesting sizes to customers to building preferences, fashion brands all over the world are using AI to their benefit.

    Demand and Supply Projection
    Automated Clothes Sorting
    Inventory checks and Re-stocking
    Designing Clothes
    Personalized Recommendations

    Here’s how AI is being used in the Fashion Industry:

    Demand and Supply Projection

    Brands like H&M are sitting on huge amounts of unsold clothing that will lead to lost money. This happens because nowadays brands focus on producing bulk clothing as per the latest trends which go out of fashion swiftly, making room for new trends and thus, production of more new clothes. This costs brands a lot of money and also contributes to wastage.

    Brands are now using AI to predict sales according to trends, product type, color, price, and range factors. This is helping brands minimize the extra product and generate increased revenue as there is less money wastage. Returns are also reduced due to smart prediction of demands.

    Automated Clothes Sorting

    AI Robots used for Sorting Clothes
    AI Robots used for Sorting Clothes

    Sorting and arranging clothes can be a difficult task as it requires labor and time. Most warehouses have people doing it for you and they cannot work 24/7. It is also costly and ineffective. Therefore, big brands like GAP are testing AI to sort clothing for you according to size, color, or preferences that can be just put into a box and shipped to your house via a drone. Through deep learning, the robot can be trained to handle fragile items like sunglasses more gently than jeans.

    Trade Show Advice For Startups
    Every year, thousands of trade shows are held across the globe. They arepopular, not to mention effective, way to promote products and services to awider audience. Trade shows have been effectively used to scale businesses[https://startuptalky.com/tag/business/] and as an essential tactic in taki…
    StartupTalkyAshwini

    Inventory checks and Re-stocking

    Malls and stores are being monitored by a camera that tracks the product that is out of stock. They can automatically inform the manufacturer about the shortage. To make it even more efficient, the functioning is such built that they scan data to confirm whether the same product is lying in some other store and being sold so that it can be brought to another store. This reduces wasteful manufacturing and saves money.

    Designing Clothes

    Use of AI for Designing Clothes
    Use of AI for Designing Clothes

    Yes, you read that right. Your clothes might be designed by a robot rather than a human. Popular online fashion retailers like Amazon and Myntra are using AI to generate designs for clothes.

    One of the brands on Myntra, Moda Rapido, sells clothes designed by robots. They take inspiration from data about customer preferences and social media trends. Fascinating right? We thought we are far from robots and here they are designing clothes for us.

    How Artificial Intelligence Is Transforming Business
    The mimicry of human intelligence is called Artificial Intelligence. Or Thedevelopment of intelligent machines, thinking, and working like humans is calledArtificial Intelligence. With the help of machine learning, we can develop anArtificial Intelligence. Machine Learning is an application of Ar…
    StartupTalkyAvinash kumar mahato

    Personalized Recommendations

    Myntra using AI for Clothes Recommendation
    Myntra using AI for Clothes Recommendation

    AI is making the lives of fashion retailers easy by providing them with sorted data as per the likes of the customers. Earlier, we would see the clothes and find out what works for us but now, we get recommendations of clothes that we might like. This is done by AI by carefully analyzing previous orders and finding out color, style, and size preferences.

    Conclusion

    AI is changing the future of the fashion industry for the better. It is proven to be more sustainable, cost-effective, and user-friendly. But they will also cost many employees their jobs, not only in the lower posts but also as designers. Let’s see if robots can be great designers. For now, it can be concluded that we are much closer to the age of robots than we’d like to think.

    FAQs

    How AI is used in the fashion industry?

    AI is used in the fashion industry to help improve the efficiency of manufacturing processes. AI systems are also used to spot defects in the fabric.

    Which industries use AI the most?

    Healthcare, Education, and Marketing are the sectors that employ AI the most.

    Can AI design clothes?

    Fashion designers are increasingly using artificial intelligence to design clothes as a tool for innovation.

    How can Machine Learning be used in fashion?

    Machine Learning uses existing fashion trends and customer data to produce a model to fit the market need. It boosts the design process.

    What fashion brands use Artificial Intelligence?

    • Nike
    • Zara
    • Dior
    • H&M
    • Macy’s
    • Nordstrom

  • New Year Resolutions Every Entrepreneur Should Make

    A new year’s resolution is a kind of promise a person makes to bring change. Not just individuals make new year’s resolutions for themselves, but business owners do it for their businesses too. In 2022, They had taught us many things, the new normal followed by the pandemic is the ultimate truth now. To be prepared for the future and how to manage all things, especially in business. So all businesses want to make 2023 better and the requirements for the organization.

    There are so many new year resolutions every entrepreneur should make so that they can see great growth in their respective businesses. Resolutions can be goals you want to accomplish over a short period (short-term goals) or goals you want to accomplish over a year or many years (long-term goals).

    The end of the year is the time when all businesses set up a plan for the next year and fill the gap that is not covered in the past year. In this article, we will talk about some new year’s resolutions that every entrepreneur should make for the success of their business. So let us get started.

    Time Management
    Expand Your Business
    Secure Your Business
    Lead Through Crisis
    Work-Life Balance
    Learn Something New
    Join New Networking Group
    Give Back to the community

    Time Management

    Time mangement and schedule
    Image: Moina Abdul

    Time management means prioritizing things for one’s life and activities. By doing so, you can reduce your stress. The main goal of time management is to be productive. When you are aware of what you need to do, you can better manage your workload. Forgotten items, details, and instructions always make us do extra work.

    We often talk about time management in our daily life. But do we really know what it really means? When you manage your time, It means you are prioritizing your tasks. So that you can create more time for other things in your life.

    Being on time and working produces great opportunities. By being on time, you are able to start meetings and projects, and your workday is properly managed. Discipline helps you to manage both your time and tasks. It helps you to separate emotions from your tasks. When you are away from your emotions and worries. That is when you perform well.

    Initially, start with small goals that are part of a bigger goal. Most bosses and companies make blunders by giving unrealistic targets to their employees, but that always backfires and reduces the productivity of the employees.

    Expand Your Business

    Growth and expansion are key goals for almost all entrepreneurs. Growing your customer base is important for business success. Most businesses target their sales and marketing efforts to specific customer markets based on demographics like age, gender, location, interests, activities, and values. The idea is to market and sell existing products and services.

    Social media is a powerful tool to promote your business to potential customers and gain valuable insight. Analyze new opportunities in business. One of the best and most effective ways to grow a business quickly is to build an email list. Many entrepreneurs find initial success in copying a competitor’s business model. But it is not a healthy practice in the long term. It is about making your presence everywhere possible. However, quality should not and must not be compromised over quantity. So select online platforms carefully apart from your website.

    It is said that in the 21st century, one skill that requires the most and will be relevant is the ability to inspire others. Personal value is like a magnet that attracts all good things into our lives—the greater our value, the greater our reward. Since the solution to having more is becoming more, we must be in constant search for new ways to increase our value. When you work for yourself, you inspire others by your action and not by words.

    Work on your Health

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    Entrepreneurship is always considered a demanding job. Being a businessperson is a hectic job on earth, but so is our health. When we consider the word ‘health’, we think we have to join a gym or go 10 or 20 miles running or lose weight.

    However, health means balancing one’s life physically, emotionally, and mentally. In terms of physical fitness, we can follow the WHO recommendation of 10,000 steps daily for adults and for mental and emotional beings, and we can do yoga, meditation, or deep breathing according to our schedule.

    Secure Your Business

    Protecting your business against losses means securing your employees, customers, building, equipment, and revenue-related assets. According to CBS, over 80% of businesses have reported that their systems have been hacked. Security cameras and other technologies can also help protect your company from harassment or performance issues.

    The first and most obvious security investment to make for your business is to install surveillance cameras. Modern business is almost impossible without a network where data is kept and shared among employees. If you have employees, keeping accurate records can greatly improve your payroll accuracy and reduce the risk of overpayment.

    A recent Gartner study found that 90% of companies that suffer major data loss close within two years and that 80% of business owners have no plan to protect their data.

    Lead Through Crisis

    “During a crisis, your goal is to reduce loss and keep things operating as normal as possible.”- Gene Klann

    The Coronavirus pandemic is a reminder of how rapidly things can change for businesses. When you are in a crisis, most people are terrified and unfamiliar with the situation. Effective leaders can remain calm and maintain a sense of perspective.

    Organizational leaders faced the current coronavirus (COVID-19) pandemic and associated disruptions in the global economy. Sustainability is going to be a major challenge for a large number of businesses.

    To overcome this crisis, it is always advised to think about the long-term rather than the short-term. However, you need to plan and work for small-term goals, which will be part of your end vision.

    Important steps to lead through a crisis:

    • Connect as a human.
    • Stay on top of the information.
    • Act Responsibly.
    • Choose people over profit.
    • Leaders can prepare their organization to deal with the crisis by acknowledging it.
    • Do not try to control and manage everything. Let things take their own turn.
    • Make yourself available to your employees and people. It is the most important thing to do in a crisis.
    • Addressing your feelings and needs is as important as taking care of others.
    • Decisions like to act or avoid may come at a greater personal cost. Remember the saying by Simon Sinek, “Leaders eat last.”
    • Flexibility in thinking is crucial while dealing with any crisis.

    Work-Life Balance

    There is a difference between work and life, which, for entrepreneurs, is rarely true. Deciding when you are available can be much easier than deciding when you are not available. It is hard to inspire and enroll others when you are not healthy. Be “you” in every situation. You should have less stress, more peace, and more harmony in your whole life.

    By doing meditation, anxiety, focus, and productivity will be improved. During your working hours, make yourself readily available by phone to your customers. After working hours, communication via phone should only be allowed in an emergency.

    Making time for yourself and your family makes for a better personal life, and it also gives you the time you need to reenergize so that you are at your fullest potential when you are working. The most important thing is to learn and grow from mistakes so that you can change what needs to be changed to help you, and your relationships.

    Learn Something New

    Learning new things has its own set of advantages which brings success and helps you become a better version of yourself. Whenever you make up your mind to take up something new, you get to know different people which helps you get a better idea of life. You can always grow, increase your knowledge base, and improve your skills to better yourself. Developing a new skill will influence the way you do things daily today and it will make doing things quicker and easier, saving time, energy, and stress.

    Reading books can be a boon for entrepreneurs. Reading not only supplements us with knowledge and information, but it also increases our focus and analytical skills. On the other hand, a bunch of books on entrepreneurship or critical problem-solving will put you much ahead of your competitors.

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    Top benefits of learning a new skill:

    • Your brain chemistry changes.
    • Your learning speed enhances.
    • You make great coordination between skill areas.
    • You become a more interesting person.
    • Learning new things makes things interesting for you.
    • When you learn something new, your mind’s horizon and your perception change.

    Join New Networking Group

    Whether you are interested in strengthening your network or furthering your, career professional networking organizations can be a great option for you. Professional organizations can enhance your personal and professional development and provide endless networking opportunities. Being part of a networking group gives you a great chance to discuss ideas with your friends and associates.

    Network groups are a useful source of strong referrals that can boost your business. Professional organizations sometimes offer courses, seminars, and lectures to keep themselves and their members up to date on the latest industry innovations, research, and trends.

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    Give Back to the community

    As Pablo Picasso said, the true meaning of life is finding your gift and the purpose of life is to give back to the community where we come from. Whatever we earn, not only in terms of money but in every realm of our lives. We should try to distribute to others; that is the way the universe works.

    Conclusion

    New year resolutions are just a way to give an ultimatum to yourself to fulfill all your short-term and long-term goals. The concept of a New year, a brand-new beginning is taken here and business owners often use this to push themselves to make their businesses bigger and better. The above resolutions are important for every business so that they can enjoy the taste of success.

    A visitor once visited Nobel Prize winner physicist Niels Bohr and, having noticed a horseshoe hanging above the entrance, asked skeptically if the professor believed horseshoes brought in good luck for him. “No,” Bohr replied with a smile; “However, I am told by the sender that it brings luck even to those who do not believe in it.”

    The above-quoted line “that it brings luck even to those who do not believe in it” is the perfect fit for new year’s resolutions as well. They work for those people as well even if they do not believe in it.

    FAQs

    What are New Year’s Resolutions?

    New year’s resolutions are good practices and new changes one wants to implement in the new year and continue throughout the year.

    What are some resolutions entrepreneurs make every year?

    Some of the resolutions that entrepreneurs make are:

    • Time Management
    • Expand Your Business
    • Secure Your Business
    • Lead Through Crisis
    • Work-Life Balance
    • Learn Something New
    • Join New Networking Group

  • The Future of Ecommerce Industry in India

    With growing internet penetration and disposable incomes, the people of India are experiencing a massive change in their shopping habits. People from all fronts are using their smartphones to buy products and items. With the big three — Amazon, Walmart, and Alibaba, entering the Ecommerce sector of India, the market is slowly maturing and expanding its footprint to the most remote locations across the country. This market for Ecommerce in India is further estimated to witness another transformation with the spread of the all-new ONDC concept that is still new in its approach and promises to make ground-breaking changes.

    According to an analysis, the Ecommerce Industry in India grew from 4% of the total population in 2007 to around 40% in 2017, clearly indicating the rise of the internet era in the world’s fastest-growing economy. The growth of the Ecommerce market in India is expected to further be registered at around $188 billion by 2025. This industry would again rise to reach $350 billion by 2030, as per the latest statistical reports. This internet boom is directly proportional to the emergence of Ecommerce in India and other internet-based domains.

    WIDGET: leadform | CAMPAIGN: undefined

    This post analyzes the current scenario and the future of Ecommerce in India.

    Ecommerce Industry In India
    Growth Of Amazon In India
    Growth Of Flipkart In India
    Other Ecommerce Players In India

    Ecommerce Industry In India

    Projected Ecommerce Revenue of India from 2017-2027
    Projected Ecommerce Revenue of India from 2017-2027

    This success story started in 2007 with the inception of India’s most successful startup, Flipkart. Initially, companies found it tough to encourage people to shop online but with advancing technology, logistics, and payment methods supported by various offers and sales, people slowly drifted to this convenient mode of online shopping. Internet penetration and easily available data, fuelled by the low costs were and continue to be the most prominent factors encouraging this trend.

    Ecommerce in India is expected to touch $200 billion by 2025 from the figure of around $40 billion in 2017. The internet economy, on the other hand, is expected to hit $1 trillion by 2030, majorly riding on the Ecommerce wave. Seeing this potential, Amazon, Walmart, and Alibaba started heavily investing in India and building a strong presence. Various domestic players like Snapdeal, Shopclues, Infibeam, etc. are also a part of this organized and exponentially growing Ecommerce segment in India. Though some of them might not be standing tall enough at the present moment, they always have a chance to bounce back though. Also, as a result of the domain of Ecommerce being broad enough to nourish many other subdomains, the Indian ecosystem of Ecommerce has seen the growth of both men and successful women entrepreneurs, with many more opportunities ahead.      

    Growth Of Amazon In India

    Annual Net Sales Revenue Worldwide of Amazon from 2004 to 2021
    Annual Net Sales Revenue Worldwide of Amazon from 2004 to 2021

    Amazon expanded its footprints in India by promising to invest $5 billion, and until now it has pumped in more than $6.5 billion. These investments are being used for expanding its portfolio by bringing various sellers onto its platform, building and leasing warehouses for storage, improving logistics, offering heavy discounts to acquire new customers, and foraying into new verticals like grocery and payments wallet.

    In 2017, Amazon’s founder Jeff Bezos stated that Amazon’s app was the most downloaded shopping app in India. Moreover, the company’s loyalty program—Amazon prime—was adopted in India at a much faster rate than in any other country. Its international losses as of April 2018 were $622 million and the revenue was $14.08 billion, whereas a year back the figures were, $481 million and $11.06 billion respectively. Amazon.com had $469.80 billion in revenue in 2021. Amazon is also focusing on improving its smart AI-based speaker, Amazon Echo. Alexa, Amazon’s voice-controlled personal assistant, is being trained to understand and focus on the Indian dialect and vernacular languages.

    Amazon now has options for Hindi, Tamil, Telegu, Kannada, Malayalam, Bengali, and Marathi on its website and app to conquer customers from tier-2, tier-3, and rural areas where English is not widely used or taught. With a growing focus on improving customer service through setting up various fulfillment centers and faster logistics, Amazon is working to counter its local competitor Flipkart which was bought by Walmart and Paytm Mall. It is going to provide drone-based delivery very soon. With its increasing investments despite heavy losses, Amazon strongly believes that today’s investment of Re 1 will yield returns of Rs 100 tomorrow.

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    Growth Of Flipkart In India

    Revenue of Flipkart Private Limited between Financial Years 2014 and 2022
    Revenue of Flipkart Private Limited between Financial Years 2014 and 2022

    On the other hand, Flipkart is a successful domestic Ecommerce player in India. Initially, it had its share of struggles in bringing sellers and buyers on its platform while dealing with the challenges of logistics and maintenance of warehouses. But with grit and hard work, Flipkart has been successful in bringing a revolution that changed the face of the startup ecosystem in India.

    It was the first Ecommerce company to introduce the system of cash on delivery, being mindful of the reluctance people faced while using their cards online. It also accomplished the task of setting up its own logistics unit, Ekart, along with various warehouses for storage and faster deliveries. Just like Amazon, Flipkart’s founders also started their startup by selling books online and slowly scaled their startup to various segments. It has also acquired various startups like Myntra and Jabong in the fashion segment, and PhonePe to delve into the mobile wallet industry. As of FY2017, it held around 45% of the total market in India, with losses of about Rs 8771 crores and revenue rising by 29% to Rs 19,854 crores. Though the market share figures changed slightly, Flipkart still maintained a lead over its counterpart Amazon in terms of market share, which was reported to hold 31.9% market share over the US-based Amazon, which held 31.2% of the market share in 2020.  

    Flipkart also launched its smartphone segment under the name ‘billion’, and also forayed into the electronics segment under the name MarQ. It is even venturing into the untapped potential behind the furniture segment. The basic reason behind launching an in-house brand is to attain profitability; many experts say that in-house brands will ultimately become the backbone of Ecommerce. Success was not easy for Flipkart. Ideas like trying to turn Flipkart into a mobile app completely didn’t go down with customers, and there were other failure stories as well.

    Flipkart was acquired by the American-based supermarket giant Walmart for $16 billion in 2018. This led to a growth in Flipkart’s valuation, which reached $21 billion. This deal was a win-win situation for both as Walmart got a 77% stake in expanding itself into the world’s new Ecommerce battleground, and Flipkart got ammunition in the form of investment and equity to counter Amazon. It eventually began to launch numerous programs like the loyalty program, and Flipkart Plus, where users are provided with free delivery and points. It also has a Flipkart affiliate program where you can become a partner and earn money. These points can be further used to redeem offers on platforms like Bookmyshow, Zomato, Hotstar, etc.

    Flipkart launched its refurbished marketplace, 2gud.com, after parting ways with eBay India. With the competition getting tougher every day accompanied by growing market size, it remains to be seen whether Flipkart will be able to maintain its supremacy. No matter what, Indians will always be proud of Flipkart as it changed the way for the average Indian shop.

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    Other Ecommerce Players In India

    The third dimension of Ecommerce in India is Paytm Mall and other small players. After the fall of Snapdeal, Paytm Mall (started in 2017) was quick enough to conquer the third spot in the industry. Focusing on its Online to Offline model (O2O model), which allowed consumers to avail of online discounts and offers in Offline partner stores, it established a niche in this particular segment.

    Alibaba and Soft Bank invested $356 million in the company. Alibaba took a stake of 28.34% and Soft Bank 19.86%. After this valuation of the company reached $2 billion. It reported annual gross sales worth around $3.5 billion in FY18 and earned operating revenues of $102.97 million in FY19. It reported $34.72 million in revenue from operations and a $17.48 million loss in FY22.

    Short-term visions, lack of experience, and strategic setbacks led to the fall of the company. Alibaba and Ant Financial sold their stake at just $5.17 million and backed out of the company. According to reports, its valuation dropped from $3 billion to $13 million in March 2022. Paytm Mall can make a comeback through ONDC.  

    Another small and promising player was Shopclues, which had been successful in attracting customers from Tier-3 and Tier-4 towns, clearly indicating its difference in thinking from Flipkart and Amazon. It consisted of various small sellers on its platform, selling quality goods at a cheaper price. This business model attracted people from various rural areas who had low disposable incomes compared to their urban counterparts. According to a ROC 2018 filing, it was revealed that Shopclues’ revenue increased by 60% to Rs 180.3 crores, and losses came down by a massive 40% to Rs 332.65 crores. It also hinted at profitability in the coming quarters. However, the promising unicorn, which turned the fourth Indian unicorn startup in January 2016, led by Radhika Ghai Aggarwal and Sandeep Aggarwal, headed only towards nothing.    

    Conclusion

    Many people from the industry feel that the current Ecommerce ecosystem in India (consisting of both the marketplace and inventory type) is less than 5% of its actual potential. With this industry growing exponentially, many small and big players feel that there are more horizontals and verticals which are yet to be explored and organized. Myntra, IndiaMart and Nykaa are among the fastest-growing Ecommerce players in India. The Ecommerce segment will be imperative in pumping up the Indian economy and boosting employment rates.

    FAQs

    What is the future of Ecommerce in India?

    As per predictions, the Indian Ecommerce market will increase by 21.5%, reaching $74.8 billion in 2022, and it will reach $350 billion by 2030.

    What is the present scenario of Ecommerce in India?

    Ecommerce has transformed the way business is done in India. The Indian Ecommerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration.

    What is the market share of Ecommerce in India?

    Growing at an exponential rate, the market value of the Ecommerce industry in India is approximately $88 billion in 2022.

    Which is the biggest Ecommerce company in India?

    Amazon India is the biggest Ecommerce company in India.

    What are examples of the Ecommerce industry?

    • Amazon
    • Flipkart
    • Snapdeal
    • Myntra
    • Shopify
    • Nykaa
    • Alibaba Group

  • What Is Online Reputation Management and Why Should your Business Care?

    Simply put, Online Reputation is how others see you or your organization online. The question is, are you represented fairly?

    Online Reputation Management (ORM) means taking control of the online narrative and protecting your image.

    Typically, organizations only consider Online Reputation Management if a negative news cycle, cyberattack, or a wave of derogatory or false customer reviews impacts them.

    With 93% of all consumers using Google to find information online, online and offline are blending, and Reputation Management is more critical than ever for companies.

    Your Online Reputation is Forever

    Suppose someone writes something negative about your business online. In that case, it can put your business at a severe disadvantage over the long term. You might risk falling victim to a vicious cycle of misinformation and rumors—especially if ignored.

    Digital Reputation firms like TheBestReputation employ propitiatory techniques and strategies to ensure that people find suitable assets when they look for you on the Internet.

    Experienced Reputation Partners can also help create balance, counteract misleading trends, and allow you to portray your business correctly.

    Two Types of Online Reputation Management

    Reactive ORM

    Reactive ORM, sometimes called Crisis Management, is a response to a sudden wave of a vicious news cycle, mass negative reviews, or postings from disgruntled former employees. Businesses can address this by having the right Online Reputation Management partner to craft follow-up content, authoritative media coverage, and custom Search Engine Optimization (SEO) strategy.

    Proactive ORM

    Many organizations leverage ORM tools to scale up their business by dedicating their efforts to producing quality content, monitoring customer reviews, and ensuring their information’s accuracy across business listings.

    Ask for Reviews

    Reviews provide useful information, help your business stand out, and help your business profile rank better in Maps and Search.

    One of the major listings that you can leverage is a Google My Business Listing. It is highly recommended to request reviews from customers by sharing a URL specific to your business. Here are some of the best practices suggested by Google:

    • Remind customers to leave reviews
      Let them know it’s quick and easy to leave reviews. Business owners should refrain from offering incentives to customers to leave reviews. You can also get customers to leave reviews if you create and share a link.
    • Reply to reviews to build customer trust
      Your customers will notice your business values their input if you read and reply to their reviews.
    • Value all reviews
      Reviews are useful for potential customers when they’re honest and objective. Customers find a mix of positive and negative reviews more trustworthy. You can always respond to a review to show the customers that you care and provide additional context. If the review doesn’t follow the posting guidelines, you can request its removal.

    Manage your Social Media Profiles

    Managing multiple social media accounts on different social outlets for a small business owner can be exhausting, but it could certainly help in driving high-quality organic traffic to your business.

    Here are some social media management best practices:

    • Research your audience
    • Develop consistent brand guidelines
    • Schedule your content in advance
    • Audit your performance

    Hiring the right agency to blend your Online Reputation Management needs, whether it is Crisis Management, Public Relations (PR), or digital assets creation, and to scale up your brand, by utilizing social media management tools, increasing organic traffic, and SEO is essential to a healthy online presence!

  • Diversity, Equity and Inclusion: An In-depth Look at Each Attribute

    Workplaces are changing in so many ways that it might be difficult for experienced business leaders to keep track. One of the most important shifts in workplace trends is that of DEI, or diversity, equity and inclusion. Many business leaders are committed to supporting more employees of different backgrounds — but integrating DEI into business practices is not as simple as hiring a pack of minority talent. Before any business leader strives to move forward with DEI policies, they might pursue diversity, equity and inclusion certification. Learn more about the basics of these terms here:

    Diversity

    The first letter of DEI, diversity is the presence of differences within the workplace environment. Those differences can encompass all shapes, sizes and colors, from race and ethnicity to gender, gender identity and sexual orientation, to age, to socio-economic class, physical ability, marital and parenthood status and more. Workplaces that succeed in the diversity attribute of DEI will maintain teams of employees with all sorts of differences within their backgrounds.

    There are many benefits to diversity in the workplace. The most commonly advertised advantage of more diversity in employment is the opportunity for enhanced creativity and innovation. People with similar backgrounds tend to think, act and feel in similar ways, which means the methods they use to consider problems and devise solutions tend to be alike. In contrast, people with some difference in their background may approach a problem with a fresh perspective and thus formulate new and pioneering solutions which can improve business performance, productivity and profits.

    Of course, there is a more significant reason for companies to invest in diversity in their staff. As more companies prioritize diversity in hiring, the gaps in employment and income within our society should close. People who are often marginalized in the workplace tend to experience greater struggle in finding secure housing, affording healthy food, obtaining effective education and more. All members of a community develop the opportunity to thrive when employers intentionally integrate diverse backgrounds — and when surrounding communities are stable, businesses have more strength to grow and succeed.

    Equity

    The second attribute in DEI, equity, is the process of creating impartiality and fairness within a business’s practices and programs to allow every individual the same opportunity for positive outcomes. An essential component of ensuring equity within an organization is recognizing the advantages some employees might have and the barriers other employees might face on the path to success. Then, business leaders must strategically alter their processes and programs to even the playing field.

    Creating true equity in the workplace requires more work than many executives recognize. Often, inequality is not the direct result of overt and malicious bias; rather, it comes from systems that have long existed to prefer certain types of people over others. It can take immense effort for business teams to recognize underlying drivers of discrimination within a business practice and develop solutions that overcome them.

    However, the risks of inequity are much more severe than the cost of creating equity in a business. Inequitable systems will drive away people of diverse backgrounds, making it much more difficult for organizations to achieve the first attribute of DEI. What’s more, consumers are becoming much more cognizant of the issue of equity, and if brands do not prioritize eliminating inequity, they could suffer public backlash that makes growth and success impossible.

    Inclusion

    The final component of DEI, inclusion is the process of building a sense of belonging within the workplace. Organizations that achieve inclusion find a way to balance the need for professionalism and productivity with the desire of every employee to be their authentic selves. When inclusion is achieved, workers no longer feel the need to alter something about themselves when they step into the workplace; they do not try to shield their identity, code-switch or participate in other behaviors that obscure their true nature. With efforts to provide adequate comfort and support to employees of all backgrounds, organizations can achieve inclusion.

    As with equity, inclusion is an essential component of maintaining a diverse workforce. Many marginalized employees will begin to feel burned out and unappreciated in non-inclusive workplaces, and as a result, they will leave in search of more inclusive employers. Thus, business leaders need to consider how their workplace cultures might shift to become more inclusive and accepting of people of all backgrounds.

    DEI should not be considered merely some passing fad in employment practices. Business leaders need to think of DEI as a foundational component of their corporate culture and practices, necessary for growing into the future.

  • Government Guidelines For Social Media Influencers: Up to Rs 50 Lakh Fine for Failing Rules

    They are cool, young, smart, working-from-home individuals who have money, fame, success, and notoriety. They are the new-age professionals called social media influencers. These social media influencers are students who are either still studying or have left their education or have studied to become an influencer. They are a different breed from the traditional influencers who were either social activists, intellectuals, politicians, or change-makers in society.

    As per Meta (formerly Facebook), they have seen a year-on-year rise of 35% in the number of social media influencers in India as of September 2021. One of the fastest growing industries globally, the influencer marketing industry in India has valued at INR 900 crores and is expected to grow at a CAGR of 25% to reach INR 2200 crores by 2025.

    Reasons for the rising Popularity of Social Media Marketing
    The Growth of Influencer Marketing in India
    How do Influencers Help
    Governing the Influencer Marketing Sector
    What are the Influencers saying about Guidelines

    Reasons for the Rising Popularity of Social Media Marketing

    1. Targeted Audience

    This is one of the biggest advantages for brands as they can choose influencers based on real-time data. Brands can access the age group that the influencer is targeting, their interests, gender, etc. Celebrity marketing on television targets a wide section of the audience without understanding its relevancy.

    2. Cost Effectiveness

    This is the bottom line for any business. As an industry, influencer marketing is in a nascent stage and the competition between influencers affects the cost of collaborations. Brands are able to collaborate with many influencers with the same budget and reach a more relevant audience. The value for money in this case is higher.

    3. Ease of Platform

    Instagram, YouTube, or Tiktok as platforms are free of cost. Brands can advertise their products either with a single photo or a video that reaches audiences without it weighing heavily on the company’s pockets.

    4. Trust

    Influencers have already built a loyal audience that trusts them. Brands depend on this trust that is automatically transferred to them on the influencer’s advice. Influencers are protective of their audience and are wary of promoting products that are questionably in quality.

    The Growth of Influencer Marketing in India

    Social Media Influencers Demographics

    It was in the year 2014 when the concept of Branded Content came into existence around the world. In India, 2016 was the year when social media influencers gained prominence as brands began considering influencer marketing as a strategy. Niche marketing and content-driven marketing were formulated and utilized. Brand success suddenly depended heavily on a combination of the authenticity of the product and the credibility of the influencer.

    The sharp growth of influencer marketing and brand collaborations on apps like Instagram and YouTube was seen in the year 2019. Since then, it has steadily grown as brands have shown a growing preference for collaborating with influencers on the internet rather than proceeding with celebrities for television advertisements.

    By 2021, Influencer marketing on social media has taken over 73% of the market share leaving only 27% for celebrities. Additionally, the behemoth has grown from traditional sectors like food and beverage, personal care, fashion, and technology to now include sectors like BFSI and fintech too.

    How do Influencers Help

    Influencers affect all the levels of the funnel metrics including lead generation and conversion. They drive user engagement by using social media tools like sharing links to product pages, using influencer-specific discount codes, and posting reviews of true use. Brands can trace the influencer by their efforts to generate leads or encourage sales.

    Even within the BFSI sector brands are collaborating with influencers as people are increasingly relying on them to understand personal finance, discover new BFSI services as well as make important financial decisions.

    Over the years, brands have come to heavily rely on value addition through influencer marketing which is much higher than other marketing gimmicks. As per the India Influencer Marketing Report of 2021, 80% of the brands that have collaborated with influencers are of the opinion that the return on investment from influencer marketing is better than other marketing channels.

    Governing the Influencer Marketing Sector

    Rules for social media influencers, up to $62,000 fine for failing to disclose financial ties

    With the sector growing leaps and bounds, there are genuine concerns regarding dubious market practices in absence of any governing body for Social Media Influencer Based Marketing. In July 2021, the Advertising Standards Council of India (ASCI) had begun monitoring digital and social media platforms in an effort to reign in violations of its Influencer Advertising Guidelines.

    By May 2022, ASCI along with the Department of Consumer Affairs held a virtual meeting with the stakeholders including e-commerce entities, to discuss the magnitude of fake reviews on their platforms.

    As early as last week, the central government has decided to introduce a new set of guidelines for social media influencers in an effort to regulate the sector by introducing transparency of collaborations. The new guidelines are likely to be rolled out within the next two weeks. Among other regulations, the government will make it mandatory for social media influencers and creators to disclose their collaborations for paid reviews and paid promotions. The guidelines would also penalize the creators and influencers up to INR 50 lakhs for non-disclosure of financial ties with brands.

    What are the Influencers saying about Guidelines?

    The central government’s move to introduce these guidelines has met with unanimous consent from several content creators and influencers. They feel that these guidelines will encourage transparency in sponsorships as well as induce responsibility in large platform product promotions and curb scams. This move will also bring more clarity to users while recognizing social media influencers as legitimate professionals.

    Conclusion

    Influencer marketing in India will grow and continue to evolve as more and more brands are utilizing this platform for brand awareness and customer acquisition. With India’s vibrant startup ecosystem and bigger established brands looking to expand their customer base, influencer marketing is set up for a bright future as it continues to innovate and upgrade itself.

    FAQs

    Can we regulate influencer marketing?

    The government is set to introduce rules to regulate social media influencers, including penalizing them by as much as ₹50 lakh for failing to disclose financial ties with brands, Central Consumer Protection Authority (CCPA) chief commissioner Nidhi Khare said.

    What makes a good social media influencer?

    The best influencers engage with their audience, take time to answer questions, stay active on their respective platforms and publish content consistently.

    What kind of content do influencers post?

    Nowadays, video is perhaps the most popular kind of content they post.

    What content is not allowed on Instagram?

    Instagram is not a place to support or praise terrorism, organized crime, or hate groups. Offering sexual services, buying or selling firearms, alcohol, and tobacco products between private individuals, and buying or selling non-medical or pharmaceutical drugs are also not allowed.

  • Factors to Consider Before Choosing a Personal Loan Lender in India

    Freedom of Choice – something that was once considered a privilege bestowed only on a select few earlier, is now a reality for all irrespective of their background. Unlike in old times, when choices were limited, we should certainly consider ourselves lucky in the present times.

    This can be further witnessed in the advancement of easy access to financial products that help fulfil our dreams – one such being availing a Personal Loan. Let’s learn what it is, how it can be used, and what you should consider before choosing a lender.

    What is a Personal Loan?

    A Personal Loan is a type of unsecured loan, which means you don’t need to put up any assets as collateral. It is an excellent financial choice for those who wish to fulfil their goals or ambitions using that capital. It can also be used for necessary financial assistance during emergencies or unforeseen circumstances.

    A Personal Loan can be used for:

    • Funding Higher Education – With a Personal Loan, you won’t have to compromise on getting the best in education for yourself or your family.
    • Financial Assistance During Medical Emergencies – It is important to stay prepared and know where to find the right financial assistance during a medical emergency. You can avail of a Personal Loan instantly and pay off your medical expenses.
    • Paying for Travel or a Vacation Abroad – Now you can explore your favourite destinations without worrying about the cost of travel. A Personal Loan can fulfil all your travel and vacation goals while you get to focus on the fun part.
    • Arranging your Dream Wedding – With a Personal Loan, you can arrange your dream wedding and cover its expenses in a stress-free manner.
    • Renovating/Repairing your Home – Home renovations or repairs are required to keep your house in a good condition. A Personal Loan can help you fund your home renovation requirements without burning a hole in your pocket.

    To get a Personal Loan, you need to make sure you find the right lender. This ensures that you get the offer that best suits your needs. Let’s find out how.

    The Top 7 Factors to Consider Before Choosing a Personal Loan Lender in India

    Here are the major factors you should know about before choosing the right Personal Loan Lender:

    • Loan Processing Time – First, find out how quick is the loan processing from application to disbursal. A swift disbursal process ensures that you receive the required funds on time to fulfil your specific purpose.
    • Loan Amount – Next, find out how much you can avail of from a Personal Loan. You can get up to ₹30 Lakh, depending on the lender and the end purpose for which you require funds.
    • Tenure – The repayment tenure for a Personal Loan is important as it determines your EMIs. Some NBFCs offer flexible repayment tenure that ranges from 12 to 60 months. This will give you enough time to repay your loan within the specified period.
    • Interest Rate – You should choose a lender that offers Personal Loans at affordable interest rates. With a low-interest Personal Loan, you can also reduce your EMIs and plan your budget appropriately.
    • Fees & Charges – Choose a lender that charges only nominal loan processing fees over those that charge higher fees. Also keep an eye on the foreclosure and part payment charges lenders might be taking. It is best to take loan from a lender who don’t charges anything for the same. The standard fees & charges for a Personal Loan offered by some NBFCs is up to 2% of sanction amount plus applicable taxes.
    • Personal Loan Eligibility Criteria – Check the eligibility criteria of the lender before applying for the loan. Easy eligibility criteria of the lender will help to get the loan processing done quickly. The Personal Loan eligibility criteria usually include:
      – Applicant’s age
      – Applicant’s citizenship.
      – Applicant’s job status.
      – Applicant’s job experience and stability.
      – Applicant’s monthly net take-home salary and obligations.
    • Documentation/Paperwork – Check the list of documents required by lenders to verify the borrower’s details before approving a loan. Any lender who is asking for many documents will delay the process of loan approval. The basic documents needed from borrowers include:
      – KYC documents like Aadhaar/PAN Card.
      – Current address proof (Passport/Utility bills/Rent Agreement).
      – Latest salary slips and salary credit bank statement from the last 3 months.
      – Proof of employment, such as official mail ID confirmation /Emp ID Card.

    Conclusion

    Now that you are aware of what to look for before choosing a Personal Loan Lender in India, choose wisely. Go ahead and kickstart your journey towards fulfilling your dreams.