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Tag: 📖 Learning

  • What Should Sellers Know About Their Ecommerce Site’s Search Algorithms?

    As an E-commerce store owner, you may be tempted to believe that product selection, order fulfillment, and a well-built site are only essential for running a successful online store.

    While these common factors are important, there is one more crucial element that often gets neglected by most – the site’s search feature. Visitors who use the store’s search feature have a higher buying intent; hence, the search feature generally contributes considerably to the total revenue.

    But since online shoppers are becoming pickier, you cannot afford to lose them by offering a basic search feature in your online store. If you want visitors to make purchases, you must provide them with a seamless navigation experience paired with relevant results and clear product information. It can be achieved by incorporating modern E-commerce search functionality in the store.

    Intelligence autocompletes suggestions, proactive assistance, personalization, NLP, and custom stemming algorithms are a few ways to optimize the site’s search feature for the best results. Want to know how you can make the most from the site’s search feature? Read till the end.

    Use of NLP to Render Relevant Product Results
    Data Processing
    Zero Results Page
    Autosuggest/Autocomplete
    Enable Search Solution
    Allow Users to Search by Product Image
    Optimize Search Solution

    Use of NLP to Render Relevant Product Results

    Farfetch
    Farfetch

    For the uninitiated, Natural Language Processing (NLP) can be best defined as a computer program’s ability to understand human speech as it is spoken. The best example of NLP can be Amazon’s Alexa and Siri. They understand human command and interpret it to perform or deliver the required action. Something similar can be applied to an E-commerce store.

    Integrating NLP into your site’s search algorithm can extract more relevant product results based on consumer searches. Accuracy is the keyword here. Since searches can be complex, E-commerce site search solutions must be smart enough to differentiate and understand various queries.

    One example of it can be item plus attribute searches. Farfetch, a well-known, premium E-commerce store, has used NLP to render relevant search results to visitors.

    When you search for women’s shoes in this store, the site displays a range of shoes as the results. Sandals, sneakers, and slides are some types of shoes shown in the result. What is worth noticing is none of the product titles lists ‘shoes’ as a keyword.

    Yet the search engine was smart enough to understand what the user is trying to search. It is one of the best examples of NLP you can come across in the whole of E-commerce segment.

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    Data Processing

    Best Buy
    Best Buy

    Data Processing is essential for an advanced E-commerce Search Solution. An online store with hundreds of products across categories will also have plenty of searchable data to organize and process. Product reviews, internal rankings, descriptions, titles, categories, and attributes are some data points that need processing. Mere indexing is not enough for a modern search solution.

    To process data more meaningfully, you should start by converting poorly-structured data into organized structures by identifying specific patterns. The data should be cleaned, tagged, extracted, and optimized, so search engines can better understand long-tail complex queries.

    The entire process should be well-automated to end human touch. Your aim as a seller should be to enable advanced data processing, so it works automatically with all the products 24*7. Every E-commerce store owner can learn data processing from BestBuy.

    When you type in any long or complex query, like HP 16 GB RAM laptop, in its search bar, it processes its stacks of data and renders laptop suggestions that belong to the specific brand and possess the required feature, i.e., 16 GB RAM, in this example. It shows the search algorithm’s ability to juggle multiple specifications in a single search.

    If you don’t process the data the correct way, your visitors can start seeing irrelevant product recommendations. It would help lower sales eventually.

    Zero Results Page

    Zero Results Page
    Zero Results Page

    Display Relevant Products on the Zero Results Page. Zero results page is a common sight on most E-commerce platforms. It often appears when a visitor types something in the search bar that cannot be found. If it’s a complex query that most find difficult to comprehend, it’s normal. But it’s a problem if the zero result pages appear because the online store’s search solution is poorly-designed.

    As an online seller, you should ensure that the zero results page leads to relevant products related to the searched query, not blank screens. The store’s search engine solution has to be advanced enough to detect and suggest relevant products instead of stating the particular item wasn’t found.

    It is an area where most E-commerce stores are lagging behind. Take Metro Shoes, for example. When you search for Adidas winter shows in the search bar, it leads you to a page with no results.

    Had they displayed other Adidas shoes, the chances of the visitor making a sale would have gone much higher. If you want to go further, you can personalize the zero result page search recommendations based on the user’s browsing history.

    Autosuggest/Autocomplete

    Anticipate and Complete the User’s Search with Autosuggest/Autocomplete. Online stores offering hundreds of products should incorporate this feature in their search option. It makes shoppers’ buying process easier and faster. When the autosuggest/autocomplete feature recommends the relevant product, it saves visitors from slogging through different items to find what they want.

    If you can give your visitors an autocomplete/autosuggest facility the way Amazon does, you can add a lot of money to the bottom line. It will contribute to an increased conversion rate. Another great way to boost user experience using a search solution is by recommending relevant products immediately after the keyword search has been autocompleted.

    For best results, carry out specific customization work concerning certain features or your own line of products. Being stuck with the default search parameters will serve no purpose in the long run.

    If you’re running out of inspiration and want to deliver a high-converting experience, divide the entire autosuggest/autocomplete section into four main parts: keyword suggestions, articles related to the keywords, main keywords in different categories, and product suggestions.

    Enable Search Solution

    Flipkart
    Flipkart

    Enable the Search Solution to Distinguish Between Synonyms. Last on the list is being able to distinguish between synonyms. Let’s understand this with an example from Flipkart. When you search for dark bombers on Flipkart, its search algorithm understands the query and runs through the vast database, including studying the pictures.

    As a result, it displays products of dark colors, like navy blue, black, grey, etc. You can achieve something similar by integrating your search solution with advanced AI image recognition algorithms. This algorithm is excellent for online retailers to help them improve their internal search. It can become even better if it starts to detect synonyms automatically.

    Allow Users to Search by Product Image

    When one talks about using the search bar of an E-commerce store, people generally think of typing the product or keyword. But often, people try to shop using the image at hand.

    For example, if you randomly came across a dress via social media platforms but are unsure what to type to find it on E-commerce stores, an image search can help. You are not the only one who comes across such situations where the only thing you can think of while online shopping is a visual image.

    E-commerce stores like eBay and Meesho are some online websites that let shoppers search using product images. If you can integrate something similar in your online store, you’ll witness a massive spike in overall revenue.

    Optimize Search Solution

    Whenever an online shopper visits an E-commerce store, the first thing he does is type the product name in the store’s search bar. It makes it easier for the shopper to find the relevant product within seconds.

    However, since the modern buyer demands more, E-commerce store owners can no longer rely on basic E-commerce search. Modern AI-based search engines with NLP, intelligent assistants, automated merchandising, etc., are the need of the hour.

    Online stores that take the time and effort to make their shoppers’ buying journey easy are often rewarded in terms of increased sales, more brand loyalty, and higher customer retention. Search optimization can be a complex topic for many E-commerce store owners, but it isn’t that difficult to understand.

    Whether you have a relatively new online store or an already established one, the search optimization features discussed above in this guide are all you need to get the ball rolling. Implement all the tips, and you’ll be surprised to see the results.

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    Conclusion

    Almost every visitor who wants to make a purchase from your e-commerce site has a certain idea about what they want to buy. So, it is extremely important for sellers to give great attention to their site’s search algorithm in order to understand customers’ preferences. For this, all a seller has to do is make the site’s search process as smooth and efficient as possible, and the above article includes all the essentials that will help in doing so.

    FAQs

    What is E-commerce?

    Any electronically buying or selling activity over the internet is called E-commerce.

    What are the types of E-commerce?

    There are 6 types of E-commerce: B2C, B2B, B2G, C2B, C2C & C2G.

    What are some famous E-commerce websites?

    Amazon, Flipkart, Meesho, Jabong, Snapdeal, and Myntra are some famous E-commerce websites.

  • Stages of Startup Funding – From Pre-seed to Late

    Funding is the act of providing resources to finance a need, program or project. Sources of funding include credit, venture capital, donations, grants, savings, subsidies and taxes. There are two types of funding:

    • Soft Funding
      This type of funding includes donations, subsidies and grants that have no direct requirement for return of investment. It is also known as crowdfunding.
    • Equity Crowdfunding
      Funding that facilitates the exchange of equity ownership in a company for capital investment via an online funding portal per the Startups Act, is known as Equity Crowdfunding.

    Funds can be allocated for either short-term or long-term purposes.

    Purpose of Funding
    Stages of Startup Funding

    Other Methods for Raising Money

    What is Startup Funding? All You Need to Know

    Purpose of Funding

    Value of Startup Funding Across India from 2015 to 2021
    Value of Startup Funding Across India from 2015 to 2021

    Businesses regularly seek funding. This funding can be for one of these three reasons:

    For Research

    This is most often allotted in the fields of technology or social sciences. This type of funding is granted on the basis of a project, a department or an institute depending on the scope of the research or the project. Organisations that require such funding normally have to go through competitive selections.

    For Launching a Business or Startup

    Entrepreneurs with a business concept need the necessary resources including capital to venture into the market. The size of the funding required by these businesses depends upon the nature of the business.

    For Investments

    This type of funding usually involves fund management companies that gather pools of money from various investors and use it to purchase securities. These funds generate returns through asset diversification. The main purpose of these funding activities is to pursue individual or organisational profits.

    Stages of Startup Funding

    Stages of Startup Funding
    Stages of Startup Funding

    A new business demands much more than a great idea. It needs dedication, discipline, hard work and most importantly funding to convert its great idea into a successful reality. As the business progresses and grows, it may require funding for expansions and research depending on the type of business. There are different stages of funding that respond to different needs at different stages of a growing business.

    Pre-Seed Funding

    This is the ideation stage. It is a time when the entrepreneur is working to bring the idea to life. That is why it is known as the pre-seed stage. Usually, the fund requirement at this stage is small and there are very limited and mostly informal channels available for raising money.

    • One way to raise capital is to self-finance. This can be accomplished by relying on personal savings or by mortgaging or selling real estate property for money.
    • The more common method is to borrow from friends or family members. The biggest benefit of this method is that there is an inherent level of trust between the entrepreneur and the investors.
    • Another method is to win the prize money/grants/financial benefits that are provided by institutes or organisations that conduct business plan competitions. Though not large, the amount of money is usually enough for the ideation stage. The challenge is that the business plan has to be approved by the judges.

    Seed Funding

    Seed capital is the investment made at the preliminary stage of the startup. This money helps the business in identifying and creating its roadmap and the direction in which the business needs to grow. To this end, the money goes towards identifying the market demands, preferences and tastes and then formulating a product or service. Seed funding is generally raised from

    • Bank or even Non-Banking Financial companies (NBFCs) in the form of loans.
    • Mentors, friends or family members.  
    • Crowdfunding
    • Angel Investors

    Venture Capital Funding

    This form of private equity financing is provided by venture capital firms for funds to startups and emerging companies that are deemed to have high growth potential and have demonstrated strong business operation acumen. Venture capital comes into the picture when the company’s products or services reach the market. This is a growth stage that further involves more rounds of funding.

    Series A Funding

    This is the very first round of VC funding that is primarily used for marketing, improving brand credibility, tapping new markets and business growth. The potential investors for Series A funding are-

    • Accelerators
    • Super Angel Investors
    • Venture Capitalists

    Series B Funding

    When a business reaches the stage of Series B funding, it means that the product has found a market and there is scope for growth in other markets as well. This type of VC funding is utilized to hire more staff, improve the infrastructure and expand the business beyond local borders. Potential investors for this type of funding are-

    • Venture Capitalists
    • Late-stage Venture Capitalists

    Series C Funding

    While there is no limit to the rounds of funding that a business can receive this round of business funding entails great caution. The more investment rounds, the more the business releases equity. The potential investors for series C funding are-

    • Late Stage Venture Capitalists
    • Private Equity Firms,
    • Hedge Funds
    • Banks

    Series D Funding

    This is a funding stage that is not very common for businesses. This type of funding allows entrepreneurs to raise money for special situations like a merger or if the company hasn’t hit its growth goal yet. The potential investors in this funding are the same as the investors in the Series C Funding.

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    Initial Public Offering (IPO)

    Number of IPOs in Public Markets of India from 2015 to 2021
    Number of IPOs in Public Markets of India from 2015 to 2021

    Initial Public Offering is the process of offering corporate shares to the general public for the first time. Growing startup businesses often use this process to generate funds for expansion and growth. There is a specific process for growing startups who decide to raise capital via the IPO route.

    • The business has to form an external public offering team comprising of underwriters, lawyers, certified public accountants and SEC experts.
    • Information regarding the company’s financial performance and its expected future operations has to be compiled.
    • An audit has to be conducted of the company’s financial statements that generates an opinion about its public offering.
    • The company, then, has to file its prospectus with the SEBI and determine a specific date for going public.

    An IPO has several other benefits to offer other than raising funds for a growing business. These are:

    • Additional funds can be generated through secondary offerings as the company already has access to public markets.
    • A public company is a very attractive place to work and attracts better talent.
    • Executives of the company can be partly compensated through stocks.
    • Mergers are easier for public organisations.

    Apart from all the known funding methods, there are some lesser-known but quick methods to raise money for a startup. These methods may not work for everyone but depend on the type of business operations. These are:

    1. Product Pre-sale: Companies like Apple and Samsung raised finance to continue operations by starting a pre-order campaign well ahead of the official product launch. It is an often overlooked and highly effective method to raise capital and improve cash flow.
    2. Selling Assets: This is a tough step to take but it is effective to meet short-term fund requirements. These assets can be bought back once the business is out of a crisis.
    3. Credit Cards: This is not the most effective way nor is it highly recommended. However, it is one of the most readily available ways to finance a business. The credit can be continued by making minimum payments, but, the interest rates and the costs on the cards can build very quickly. Carrying that debt can be detrimental to the business owner’s credit in the long run.

    Conclusion

    The various startup funding stages allow entrepreneurs to scale up their business operations at any stage of their business. This practice also allows them to identify the stage at which their company is operating and which potential investors might fund them for expansion.

    Also, this is a cyclic event as many startups that have grown successfully through funding might become investors in other startups as well.

    FAQs

    What are the stages of funding?

    The stages of startup funding are:

    • Pre-Seed Funding Stage
    • Seed Funding Stage
    • Venture Capital Funding Stage (Series A, B, C, and D)
    • Initial Public Offering (IPO)

    What is the pre-seed funding stage?

    It is a time when the entrepreneur is working to bring the idea to life. It is the stage of ideation which is why it is known as the pre-seed stage. The most common source of funding at this stage includes self-finance, family and friends, or grants from certain institutions.

    What is considered late-stage funding?

    Late-stage funding is meant for companies that have passed the phase of ideation, and product development, and are making sales. Late-stage funding is gained by companies that are growing and shows huge growth potential to investors.

  • What Does It Take for a Startup to Be IPO Ready? | A Complete Guide

    Most companies focus on IPO (Initial Public Offering) only after they have attained unicorn status. But, is it actually the criteria for it? After all, this is one of the best measures to generate funds for your company.

    In this blog, we will discuss the various aspects of IPO and how you can determine whether your company is ready for IPO status.

    Keep reading…

    What is IPO?
    How IPO works?
    Process of IPO
    What Does It Take for a Startup to Be IPO-Ready?

    Performance of Indian Startup IPOs

    What is IPO?

    Initial Public Offering or IPO is the process through which a private corporation offers its shares to the public for the first time, in new stock issuance. It is also a measure for the company to raise capital from public investors.

    It is one of the ways for private investors to fully realize their investments. Sometimes it also works as an exit strategy for the earlier investors or founders by fully realizing their gains. It provides the opportunity for the company to obtain capital through their primary market by offering its shares.

    Usually, the companies hire investment banks to help with the market demand and set the price for IPO.

    How IPO works?

    Total Value of IPOs in Public Markets of India from 2015 to 2021
    Total Value of IPOs in Public Markets of India from 2015 to 2021

    A company before IPO is considered a private firm. It only comprises of a few shareholders including the founders, cofounders, or professional investors like angel investors or venture capitalists.

    IPO does not just allow the company to gather capital but, it also provides an opportunity to expand and grow faster. As stated earlier, typically the companies that have acquired unicorn status i.e., have reached the valuation of 1 billion, advertise their interest in going public.

    However, private companies that have proven their calibre for profitability and have well-built fundamentals can also qualify for an IPO. A company should reach the maturity stage where it is able to stand up to the rules and regulations of the Securities and Exchange Commission (SEC).

    Also, it should be able to take care of the benefits of the shareholders and its responsibility towards them. Overall the market competition and the company’s ability to deal with the list of requirements make it eligible for starting the IPO process.

    When a company decides to go public, its previously private shares are converted into public shares. The worth of the shares already existing with the previous private shareholders becomes equal to the public trading price.

    Now, every individual who is interested in investing in the company has the opportunity to contribute towards the company’s shareholders’ equity. Therefore, the new value of the company’s shareholders’ equity depends upon the number and price of shares it sells.

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    Process of IPO

    IPO working process
    IPO working process

    The IPO process is divided into two parts, the premarketing phase and the actual initial public offering. A company first advertises to underwriters, these are the individuals responsible for evaluating and assuming the company’s risk for payment.

    These underwriters are requested for private bids after which the company chooses one or more of them to lead their IPO process. There can be several underwriters responsible for managing different parts of the process viz. filing, marketing, document preparation, etc.

    The various steps included in the IPO process are as follows:

    Proposals

    After the company’s advertisement, underwriters submit their proposals describing their services, offering prices, share amount, as well as the time duration for the market offering.

    Underwriter selection

    The Company goes through the proposals and then chooses the underwriter and an underwriting agreement with terms is prepared.

    Team formation

    A team comprising of underwriters, lawyers, SEC experts, and Certified Public Accountants (CPA) is formed to lead the process.

    Documentation

    The primary document for IPO filing is the S-1 Registration Statement which is divided into two parts viz. the prospectus and the privately held filing information. This document also includes information regarding the expected filing date. It undergoes multiple revisions throughout the pre-IPO process.

    Marketing & Updates

    New stock of issuance is pre-marketed by the underwriters and executives to estimate the market demand for deciding the final offering price of the shares. Throughout the marketing process, underwriters revise the financial analysis based on market response. This might also include changing the issuance date or even the price of the IPO. The SEC as well as exchange listing requirements are well taken care of by the companies.

    Board & Processes

    A Board of Directors is formed to look after the financial and accounting information as per the audit requirements for quarterly reporting.

    Issuance of Shares

    The Company issues the shares on the pre-decided date. The primary shareholder issuance is received as cash and is recorded in the balance sheet as stakeholder’s equity.

    Post-IPO

    There are certain post-IPO provisions. The underwriters also have the opportunity to buy additional shares within a specified time duration.

    The key objective of an IPO is to raise additional capital for a company. It also benefits the company through increased prestige and exposure amongst the public which may boost sales and profits. Moreover, IPO can help a company lower the cost of capital for both equity and debt.

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    What Does It Take for a Startup to Be IPO-Ready?

    Number of IPOs in India from 2015-2021
    Number of IPOs in India from 2015-2021

    Every year several companies start their journey as an IPO. India saw an IPO boom in 2021 with around 125 companies making their debut in the market.

    Although the highest number of IPOs were registered in 2017 reaching a mark of 172, the capital raised was highest in 2021. These 125 companies raised around 18 billion USD in comparison to 10 billion USD by 170 companies in 2017.

    Other than earning handsome returns, the companies listed in the IPO have also experienced strong gains in listings as well as an increased number of subscribers. Zomato and Tatva Chintan Pharma are an example of this.

    But, what does it take for a company to be IPO-ready? In this section, we will discuss the factors that differentiate an IPO company from others.

    The process to become IPO-ready is long and tedious. It isn’t so that a company thinks of it and makes an announcement the next day. A number of things have to be managed.

    The process of getting IPO ready begins at least 12˗18 months before the actual announcement. Some of the major factors looked after during this time frame include:

    Influential Board of Directors

    When you are thinking of bringing your company to the public for funding, having a board comprised of members well recognized for their potential and decisions is always a good idea.

    This plays a significant role in establishing your firm as a reputed and confident organization. This is why most companies focusing on getting IPO-ready look for admired experts from different sectors.

    There are a number of examples in the market to prove this fact. For example, ixigo is an AI-based travel portal. Just sometime before the company filed for IPO they hired former IRCTC Chairman, Mahendra Pratap Mall as one of the board members.

    Similarly, former HDFC MD, Aditya Puri joined API holdings, PharmEasy’s parent company, before their announcement of being an IPO contender.

    Restructuring the Business

    Internal restructuring might be required by some businesses to put their best arm to work. However, just like the board, these decisions must also be taken well in advance before the IPO process begins.

    For example, in Nuvoco Vistas, the cement arm of Nirma group, internal restructuring was undertaken before IPO. As a part of it, the Rajasthan cement unit was brought under the hold of the firm. The company had a 5000 crore IPO.

    Physical or Digital

    The experts claim that the coming time would make it mandatory for Indian businesses to work in both physical and digital ways. Taking this into caution, many deals are being made, where a digital business acquired a physical one and vice versa.

    These deals are majorly done for scaling up, by filling in the gaps in the portfolio and strengthening different verticals of the company.

    For example, Pharmeasy, an online pharmacy startup acquired a 66.1% stake in diagnostics chain thyrocare technologies, for Rs 4,546 crore, to diversify its business.

    Experts believe that more such omnichannel transactions will follow in the coming time and such deals will soon become a part of pre-IPO requirements.

    Executive Support

    Another important but often ignored aspect of IPO is finance function. While most businesses focus on a board full of influential directors there is the least attention paid to the finance division.

    The fact is that during the entire IPO process the company face a number of stumbling blocks. That is why they need a team who can back them up during their stresses.

    Considering an experienced Chief Finance Officer (CFO) for the company is a great step to include in the IPO process. After going public, the CFO has to face challenges such as greater reporting, governance, regulatory, and audit standards.

    Although not seen everywhere but the food delivery company Zomato, opted for a new CFO well before its IPO process. They promoted their Corporate Development Head, Akshant Goyal, to the position of CFO.

    Businesses should also look for experienced individuals for the posts such as executives, company secretaries, etc.

    Financial Transparency

    Irrespective of business size or model, financial transparency forms an essential aspect of the IPO process. This is also a part of the equity strategy of the IPO-bound company.

    Generally, financial statements for the past 3 years before the IPO announcement are considered optimum. Yet, experts believe that preparing financial statements and subjecting them to review by the board must begin well in advance.

    In many cases, the lack of quality financial statements becomes the reason for missing the IPO timelines while other such reasons maybe not be SEBI ready.

    For a startup or any business going public means more responsibility, financial discipline, planning as well as its execution.

    There is a tough road ahead so before you finally decide to have IPO, the following checklist must be marked:

    Growth

    Investors will only be interested in spending their money on a healthy and thriving business. With growth, here we mean revenues. Growing revenue is an indicator that the company has more new customers, or old customers buying more products and that the customer churn rate is low.

    Experts believe that revenue growth of 30% for the last two years will ensure that the company will be able to stand against its competitors in the market.

    Capital

    Although gathering resilient capital is the main reason for any business to opt for IPO but going public at a time when the business really needs capital can be the worst decision.

    There should be enough cash in your balance sheet not just to attract investors but also to make you appear trustworthy. Just like you, investors are also here for the money. They want to see that soon their investment will be able to provide them with good returns.

    Market Size

    Large market size is an indicator of opportunity and potential. This means the company is able to expand without much hassle.

    Although calculating the exact market size can be tricky, it is traditionally done by gauging the revenues of the legacy players. Also, factors like high growth, scaling up, etc., are indicators of good market size.

    Competitors

    Direct or indirect, having a track of competitors is important. The investors would only want to spend their money on a winning bet. The overall IPO opportunity as well as the total addressable market depends upon the competitors.

    A more crowded market tends to receive a lower valuation. Unless there is a clear differentiation between the company under question and other competitors in the market, it is difficult to bag the deal.

    A systematic, dominant company with an already large market is preferred by public investors.

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    Unit Economics

    This refers to the analysis per product revenue and cost. This helps in isolating the core cost of the business and helps gauge how the business would perform at maturity. It also analyses the long-term margins.

    Leadership

    Good leadership inspires the trust of investors. The CEO and CFO are the faces of the company. The reputed and recognized faces help attract public attention as well as investment.

    So before thinking about IPO, think about the board of directors, executives, and finance in charge of your company.

    The company should be a law-abiding entity and must have all the required licenses and other necessary formalities completed as per law. Not having any legal issues pending strengthens the trust of the investors.

    Therefore, it is also essential to get rid of any vetting issues. Any vetting issues must be managed with utmost concern before the company is listed for IPO

    It is always good to have a legal team to guide you through the process. They may also be helpful in the preparation of documentation submitted during the time of IPO processing, ensuring that they are as per the rules and regulations of the Security and Exchange Commission. Moreover, the company should be apt with the tax payment and other legal responsibilities.

    Conclusion

    We have shared with you an extensive checklist while trying to cover major aspects of the IPO process and the necessary details that must be taken care of before deciding to go for it. Still, the IPO process is complex and always requires expert advice.

    It is essential to go through every detail carefully while making the final decision. The legal, as well as financial issues, must be handled as a priority without ignoring the other related functions.

    FAQs

    What are the benefits of buying an IPO?

    There are several benefits of buying shares in an IPO such as:

    • High growth potential
    • High chance of big returns in the long term
    • More price-related transparency
    • Shareholder ownership authority
    • Small investments may provide great profit

    How can I buy shares in an IPO?

    Buying shares in an IPO is a complicated task. This is the common procedure for buying shares in an IPO:

    • Choose the right IPO
    • You must have a Demat account/trading account and PAN card with a broker that offers IPO access
    • Arrangement of Funds
    • Bidding of Shares
    • Get an allotment of shares

    How can I find the best IPO?

    To find the best IPO you need to do the following things:

    • Understand the business
    • Analyze the Growth Potential of the company
    • Check the Utilization of the proceeds
    • Check Promoters’ Background
    • Study Financial Growth of the Company
    • Read the prospectus carefully
    • Check Price and Dividend

  • Misconceptions About Startup Funding |10 Most Common Misconceptions to Avoid

    Business success requires ambition, dedication and a lot of perseverance. The main ingredient, however, is money which ultimately makes a business sustainable. Funding a startup business is easier than people believe. This is mainly due to the many misconceptions that float around about what funding really means for a business and how it can be sourced. The reality is that what many entrepreneurs believe to be sound logic, may actually be harmful and hurtful to their businesses.

    Funding refers to the money required to start and run a business. It is a financial investment in a company for product development, manufacturing, expansion, sales & marketing, office spaces and inventory. It can come from a variety of sources and is used for a business from the ideation stage to a fully functional and profitable entity.

    How to Get Business Funding?

    Misconceptions About Getting Funding

    Misconceptions About Getting Funding

    Major Reasons for Startups' Failure Worldwide in 2021
    Major Reasons for Startups’ Failure Worldwide in 2021

    Depending on Existing Network

    While the existing network of friends and family and a few professional connects might be enough to raise the initial seed capital to launch a business, it is by no means enough once the business gets off the ground and begins to grow. Fundraising is an enormous undertaking and an entrepreneur needs as many connections with investors as possible. It is important, therefore, to invest in networking to expand the connection pool.

    Not Investing in Creating Professional Marketing Collateral

    Investors receive thousands of unsolicited business plans annually, requesting funding. A company looking to interest investors in a round of funding must effectively and succinctly be able to convey the value that sets the business apart through thoughtfully conceived marketing material. A business requires an attractive marketing campaign to receive good investors.

    Underestimating the Timeline of the Funding

    The process of finding the right investors and going through the due diligence process can take up to a year or even more. Hence, an entrepreneur looking for funding must take into account at least 12 months before the funding goals are fulfilled. This requires diligent planning of business operations.

    Focusing Exclusively on Partnering

    The funding route may make it necessary to offer equity in the business to investors. New entrepreneurs wrongly assume this move to be an effort of a takeover. This makes them defensive and offer only an asset partnership to investors. This is a counter-intuitive move as it limits the number of investors to receive funding.

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    Need for More Data

    The first thing to do with investors is to open a line of communication. Hence, ‘when’ becomes more important than ‘what’ to say. It is prudent to arrive at the crux of the issue as soon as possible. If the investors need to see more data, they will ask for it. It is necessary, at the foremost, to show them the product or service that requires funding.

    Being in Stealth Mode

    The fear that the idea can be stolen can prevent the business from showcasing the invention in the first place. To grab the interest of the investors, the product needs to be showcased to highlight the value proposition in investing in the business.

    In Due Diligence With a Venture Capitalist

    Fundraising is a numbers game and most companies fail the due diligence processes and do not succeed in procuring funding. This is hardly the reason, though, to stop looking for investors or give up. This should, in fact, lead to double efforts towards funding.

    Exclusive Focus on One Category of Investor

    It isn’t wise to be selective before having options. The entrepreneur must scour the market, understand all the options for fundraising and cast a wide net to attract investors.

    Not Interested in Speaking With the Associate-Level Staff

    The associate-level staff are, essentially, the gatekeepers of the industry. It is wise to understand that most executives act based on the reports of the associate-level staff. It is in the entrepreneur’s interest to keep up a good relationship and healthy communication with them as they could be the pathway for the funding.

    Issues Around Focus and Organisation

    The process of fundraising is overwhelming. Colour-coded spreadsheets aren’t enough to organise and present all the information. The business would be wise to invest a small sum in the right cloud infrastructure to drive its campaign.  

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    Depending on Banks to Avoid Diluting Equity

    While it is true that banks are great non-equity partners, they rarely take the risk of investing with a startup without collateral or personal guarantee. They have very strict covenants with a monthly payment guarantee.

    Conclusion

    Contrary to popular perception, receiving funding for the business is not a nerve-racking experience. It does, however, call for the entrepreneur to thoroughly evaluate the various sources of funding to reach the right decision. Eventually, the goal of the business is not merely to raise funds. It is about utilising those funds to the maximum effect that causes the business to grow and turn profitable.

    FAQs

    What percentage of venture capital investments fail?

    It is estimated that around 25-30% of venture capital investments fail, as per the National Venture Capital Association.

    What are the reasons for startups’ failure?

    There are various reasons that lead to the failure of startups. Some prominent reasons include wrong partnerships, inability to raise funds at the right time, unprofitable marketing efforts, lack of research, etc.

    What are some misconceptions about getting funding?

    Some of the basic misconceptions about getting funding are:

    • Depending on the existing network
    • Focusing on one category of investors
    • Depending on banks
    • Underestimating the timeline of funding
    • Being in stealth mode

  • How Can You Make Money With Printify? | Top 11 Ways to Increase Your Earnings on Printify

    A print-on-demand service that is designed to allow business owners to make custom designs to place on t-shirts, hoodies, and a few other products is what defines Printify. The company was founded by James Berdigans, Artis Kehris and Gatis Dukurs and operates as a B2B marketplace connecting manufacturers with eCommerce stores. Printify eases the way for store owners to focus on building their brands by taking care of mundane tasks like fulfilling orders – including billing, manufacturing requests and shipping.

    Ecommerce business owners can print their designs, logos, art, or photos on clothes, accessories, stationery, jewellery, home décor options, etc., using Printify and then sell them directly through their own online marketplaces.

    Printify attracted a USD 3 million investment in 2019 from Bling Capital, which was founded by Ben Ling, a former general partner at Khosla Ventures. Ling said – “Printify is perfectly positioned to enable the new trend of micro and boutique brands. Consumers and SMBs alike can benefit from Printify’s high-quality, low-cost and fast printing platform — and create their own micro-brands.”

    Things to know before using Printify

    How Printify Works?
    How to Generate Income From Printify?

    Global Photo Printing and Merchandising Market Forecast
    Global Photo Printing and Merchandising Market Forecast

    How Printify Works?

    Printify’s process can be defined in five steps:

    Choice of Products

    The eCommerce business can choose the types of products they wish to sell. It could range from coffee mugs, phone cases, t-shirts, etc.

    Creating a Design

    Desired designs can be created using Printify’s design tools, which can then be uploaded – be it images, logos, or other designs. Once that is done, it is a simple matter of adjusting the design onto the product, correcting its size and placement on the product.

    Deciding the Provider

    This step requires a little research as there are multiple suppliers. However, most of them send samples for proof.

    Placing the Product on an Ecommerce Site

    All the entrepreneur has to do is place the product on their website. Other commercial marketplace integrations can be used to hasten the process.

    Making the Sale

    This is the step that Printify completes for the business as it takes care of order fulfilment.

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    How to Generate Income From Printify?

    A Printify store only generates an income if consumers are buying from it. There are a few steps that entrepreneurs can take to boost their income on Printify:

    Create a Website

    This option requires some amount of monetary investment, time, and a few other resources. It allows the entrepreneur to create their own space and organize it their way. It also allows the entrepreneur to have full control over how the consumer views the business and its product offerings.  

    Expand Ecommerce Footprint

    Limiting the business and its products to exposure only from a single eCommerce site is counter-productive to its expansion and growth. Printify offers integrations with WooCommerce, eBay, Shopify, Wix, Etsy, and more that broadens horizons and exposure. Each avenue opens the gate to a whole new demographic of potential customers.

    Expand Ecommerce Footprint with Printify's Integrations
    Expand Ecommerce Footprint with Printify’s Integrations

    Develop a Social Media Presence

    This goes without saying. The large and ready audience present on social media sites is an ocean of opportunity. This is an effective tool of communication that reaches the audience in a very short space of time.

    Monetize YouTube

    YouTube is, without a doubt, one of the most popular and accessible video services globally. It is a great platform that is easy to use to organically introduce a Printify product. A Printify gear can be worn during the video that resonates with the audience without specifically talking about it. It also multiplies the possibility of a sale or an affiliation. All this is in addition to becoming a YouTube partner by fulfilling certain conditions and being accepted by the appropriate officiating boards.

    Begin Blogging

    Blogging is a mainstream way to generate public awareness and interest in a Printify store. They are popular because of their ability to gain attention on the central point of the blog, listing higher due to SEO, helping the audience to connect with the store as well as generating an income through affiliate marketing.

    Mobilize Tiktok

    The demographic that this video creator app appeals to is young Gen-Zs. It is a good idea to make a video series compatible with a personal skill or idea. It is good for getting attention from a large audience, which can then be guided to a landing page. Another idea is to feature video content from store releases of Printify products and use them in some sort of a story, plot, or theme. The idea is to engage the audience. However, the app is unavailable in India. But users outside the country can definitely utilize the platform to gain maximum value from it.

    Online Coaching

    One of the easiest things to do is to share the knowledge gained through the skills acquired through Printify. The experience and the exposure gained can be utilized to upskill other budding Printify users. This can also lead to a new idea as well.

    Designing Unique Graphics

    If the entrepreneur is equipped with an educational degree in artistic fields, as is a Printify Store owner, this skill can be utilized to create personal designs that are unique and different, that are engaging and have an emotional connect to people. There are a few programs that can be used to create these designs.  

    Become an Affiliate for Printify

    Simply put, it is a process of introducing Printify to customers. If they choose to begin their own Printify store, the affiliate earns a certain percentage from their annual sales. It is essentially monetizing a zero-income aspect.

    Write or Record Merchandise Reviews

    This involves giving an expert opinion on a particular merchandise-related subject. Customers are likely to purchase a product based on the review of a Printify store owner who demonstrates credibility and subject authority.  

    Run a Contest

    This contest can be time bound for designing a logo, suggesting an original inspirational quote or a host of other ideas that help in boosting business. The winner’s prizes can include merchandise from the store.

    Conclusion

    The contemporary eCommerce ecosystem thrives on innovative thinking and a strong desire for success. As effective as these methods are, the more inventive the store owner gets to attract customers, the better are the chances for business expansion and growth.

    FAQs

    Do I need to pay for using Printify?

    No, you do not have to pay anything to use Printify’s platform. You can simply integrate your sales channel and publish as many designs as you want in your store.

    What websites does Printify work with?

    Printify offers integrations with various websites. These are:

    • Etsy
    • eBay
    • Shopify
    • BigCommerce
    • WooCommerce
    • PrestaShop

    Can you make money off Printify?

    One of the best ways to make money off Printify is through the process of introducing Printify to customers. If they choose to begin their own Printify store, the affiliate earns a certain percentage from their annual sales. In this way, by helping others, you will be able to earn some profits out of their total sales.

  • What Is Dall-E and How Does It Work?

    Have you ever thought that it would be possible when we decide to input any text and simultaneously it would convert or generate an image by deciphering or processing what we want to convey through the write-up? For example, you wrote about an armchair in the shape of an avocado. Then, the image you imagined while writing the above sentence would be generated in front of you after some time. Which seems pretty cool and exciting, right?

    Now, you would be thinking about what made it possible to carry out this work and its mechanism. That is why here in this article, we will talk about everything related to DALL-E, the image-generating software developed by OpenAI and the theory behind its functioning.

    What is DALL-E?
    How Does Dall-E, the Text-To-Image Generator, Work?
    Why Is Dall-E Considered a Breakthrough in Today’s World?
    Does Dall-E Matter to Us?
    Benefits of Using Dall-E in Commercial Sectors
    Other Features That Dall-E Users Can Enjoy

    10 Free Text to Image AI Generators

    What is DALL-E?

    A 12-billion parameter version of the GPT-3, Dall-E is an artificial intelligence model developed by OpenAI capable of generating images from texts. It is the first artificial model that can carry out this phenomenon.

    If you are now thinking about whether Dall-E can provide only simple input text illustrations, then you are pretty wrong. Dall-E can give rise to multiple illustrations with several alternatives on a single write-up. Interestingly, it could represent something more bizarre than what you imagined.

    How Does Dall-E, the Text-To-Image Generator, Work?

    Dall-E is not subjected to only the generation of unique plausible images from various sentences. It can also explore other sides of a complex language structure input in its platform. So, let us look at some of them and see how they work towards it:

    Controlling Multiple Objects

    AI-Generated Images by DALL-E
    AI-Generated Images by DALL-E

    For instance, if there is a phrase containing multiple objects and different relationships, like a baby penguin wearing a blue hat, red gloves, green shirt, and yellow pants.

    Dall-E does not confuse all the apparel with each other but rather combines each piece of information without mixing them up. However, it’s seen that the proper workability of Dall-E depends on how captions have been arranged and on avoiding misrepresentations.

    Conjuring up Both Internal and External Structure

    Dall-E is found to quickly draw both the internal and external structures of an object in an exemplary and exquisite manner like never before. But, the details that Dall-E shows can only be visible if referred to or viewed up close.

    Adding Contextual Details

    While describing a task of translating text to an image, there may be instances where a single caption could give rise to thousands of plausible images, and determining a single image would be hard. Moreover, there could be places where a particular addition of something could make the image more attractive and pleasant to see, but the user may not specify that detail in the caption.

    This is where Dall-E stands relatively superior to other 3-D rendering machines or platforms where you can mention every detail ambiguously. For instance, if your text indicates that an image must include a particular detail that is not clearly stated, then Dall-E fills that detail in that excluded space and renders your image picture-perfect.

    Workability in the World of Fashion

    Next, let us look at how Dall-E fairs in the world of fashion and how it fares in having an excellent fashion sense. Dall-E works efficiently in its capability to provide a range of possibilities whenever two different colour codes are input into text, for example, a yellow and black sweater. Here, it can generate many combinations for how those two colours can be used.

    But when it comes to different colours that are less common like olive or navy are conveyed in the text, Dall-E often gets confused regarding it. Sometimes, it recommends shades of light blue or different shades of blue and, likewise in the case of olive, it recommends different shades of brown or some brighter shades of green.

    Combining Different Concepts

    The creative nature of our language allows us to combine different concepts which are entirely unrelated, like real or imaginary, into one sentence. Along with this fact, Dall-E is also quite capable of combining two imaginary items and generating an image. Although, Dall-E may not always be successful in creating images having unrealistic details. For example, if we want to create a visualization of a snail made of a harp then Dall-E may get confused regarding the forms of the objects or the way it must combine both subjects.

    However, it was an animal which is real, so what about an armchair in the shape of an avocado? Dall-E, in this case, tries to devise a solution closely related to the design and practically functional. But there could be instances when the image would not be adequate to what you wanted.

    Why Is Dall-E Considered a Breakthrough in Today’s World?

    Dall-E is considered a game changer in today’s world because earlier artificial intelligence was able to generate images but needed to see them beforehand to give rise to them. The discovery of Dall-E by OpenAI is revolutionizing the way we use AI with images as a single input of text can now lead to an image being represented closely, resembling what we imagined of it seamlessly.

    Global AI Software Market Revenue from 2018 to 2025
    Global AI Software Market Revenue from 2018 to 2025

    Does Dall-E Matter to Us?

    After getting a brief understanding of the functioning of Dall-E, we may be faced with a common question: will this machine-learning technique be the end for the creative thinkers or designers in the field? If computers can now generate original images through text, what work is left for humans, albeit artists, graphic designers, or illustrators, doing the same work?

    One thing we need to clear out of our minds is that a discovery like Dall-E will not oversee an end to human capabilities or turn out to be a replacement for them but rather be an enhancement to our already evolving workforce.

    No technology, after its introduction into the mainstream world, would be able to take over the existing structure just like that. In addition, Dall-E needs a specific language input to render some complex images. Sometimes those images may not be enough for you or up to your standards, depending on their usability.

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    Benefits of Using Dall-E in Commercial Sectors

    Even though Dall-E may not be suitable for some purposes, it most definitely is beneficial to sectors like:

    • Ecommerce sites: When generating impactful and customer-oriented product images through different eCommerce sites, Dall-E becomes quite influential. Dall-E is a cheaper and more affordable option where designers can include extended dynamic imagery and a somewhat simpler option before the usual technical design.
    • Real estate sites: Another sector where Dall-E is pretty useful is real estate sites. Here, customers or real estate developers could generate images of structures based on how they want to build the place or buyers looking for places depending upon their favourability and specifications.

    Other Features That Dall-E Users Can Enjoy

    Some other features that users who have chosen Dall-E can enjoy are:

    Editing

    There could be instances where the image generated by Dall-E is not meeting your requirements. Then, Dall-E offers some of the best editing access that allows you to edit and change the image as per your need.

    Variations

    Users can add different types of variations on the image which was generated by Dall-E or even uploaded by the user on its platform inspired by the original picture.

    Here are some security features that Dall-E is said to improve and offer to its users:

    Reducing Misuse

    Because of the unique abilities of Dall-E subjected to creating images from text, it is highly possible to be misused to some significant extent by different people. That is why Dall-E rejects users from uploading realistic images to its platform and also restricts users from creating images that depict the faces of celebrities or politicians to avoid any controversy.

    Eliminating Bias

    Dall-E has implemented a new technique in its security software that prevents it from creating any image containing bias, like tags of a specific gender, caste, or honours. It tries to replicate the true nature of the diversity of the population worldwide.

    Preventing the Creation of Harmful Images

    The content filters of Dall-E have been made efficient and effective to prevent people from violating the content policy. It doesn’t allow people to generate harmful images towards any organization, public figure, or adult content but stays true to its word of enabling creative expression.

    Monitoring

    Dall-E servers are constantly automated and humanly monitored to prevent people from misusing the platform.

    Conclusion

    In the end, after looking at some of the broad aspects of Dall-E, we can say this was machine learning, the artificial language we most probably needed. If you have a common question regarding whether it will take away the human workforce and make more people unemployed. Then, it certainly will not do that because it is still relatively new and needs to expand itself more to perform better in not only generating images out of the text. However, we must agree that this OpenAI development will undoubtedly change the way of working these days.

    That is why, hopefully, after reading the above, you are now aware of Dall-E, its workability, and some other aspects that could also help you as a company in many ways.

    FAQs

    What is DALL-E?

    In simple terms, DALL-E is a machine-learning model designed by OpenAI. It is designed to generate digital images from simple text descriptions.

    What does DALL-E stand for?

    The software, DALL-E is a blend of two names– WALL-E, the animated robot Pixar Character and Salvador Dali, the Spanish surrealist painter.

    How expensive is DALL-E?

    Users can create with DALL-E with 50 free credits during their first month of use,
    and 15 free credits every month. Also, they can buy additional credits in 115-generation increments for $15 with each text prompt worth 1 credit.

  • 8 Ways To Convert GEN Z Leads For eCommerce Store

    When one looks back in time, one will notice how different the marketing strategies were. But those strategies worked fine for the generation ruling then. However, if you try to apply the same marketing techniques today, they will not give you profitable results. It is because the needs and preferences of the generation leading the market have changed a lot. Therefore, the marketing strategies should also be changed accordingly.

    Nowadays, most businesses want to target Generation Z, popularly known as Gen Z. If you also have the same goal, we will help you with some of the best lead generation ways that work for this generation. But before we delve in, you must know what Gen Z means. Simply put, it is the current generation of people born between 1997 and 2012. The oldest people belonging to Gen Z are around 25 years old; some are also married and have kids. This is the generation most brands want to target because they are the present and the future market. Keep reading to know how to convert Gen Z leads for your eCommerce store!

    Gen Z Leads For eCommerce Store

    What is a Lead in the eCommerce market
    The ways to convert Gen Z leads

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    Facing difficulties in generating leads? Here’s how you can use interactive content marketing to boost your lead generation to get qualified leads.
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    What is a Lead in the eCommerce market

    Lead In The eCommerce Market
    Lead In The eCommerce Market

    Some people think that leads are those who buy from you, but that’s not true. Those who buy from your store are your customers and leads come before that stage. Leads are those target audiences who have interacted with your brand somehow. It can be by liking one of your social media posts, clicking on your ad, visiting your website, adding your product to their cart, etc. Lead generation is the most important step for any business because these leads are your future potential customers. So higher the lead generation, the more the chances of gaining loyal customers for your eCommerce store will be.

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    Lead generation is not easy but here’s a technique to leverage you’re about us page and generate leads using it.
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    The ways to convert Gen Z leads

    Ways To Convert Gen Z Leads
    Ways To Convert Gen Z Leads

    Content Marketing

    Gen Z people love consuming content of all kinds, be it blogs, vlogs, reels, etc. Not just for entertainment purposes, but they love content also when they want to find out more about a certain product. Hence, if you want to bring in more leads, you need to create more content around your products. For instance, if you are selling blenders, try creating product description blogs where the buyer can learn all about the blender. Besides product descriptions, you can also create other interesting blogs with helpful tips and hyperlink your website within the content.

    The more information you provide about the products you sell, the higher your customers’ trust in your brand will be. They will be certain about what you are selling and how to use it. Eventually, they will click on the link, visit your website and take action. To gain success via content marketing, make sure you hire people who know how to create the right content for your target audience. Consistent content creation will help you reach potential customers quite easily!

    Advertising through Vloggers

    GenZ people love watching vlogs (ask those who patiently wait for an entire week just for a vlog from their favorite YouTuber). Getting in touch with vloggers and giving them the paid responsibility of advertising your brand can really help. They will make convertible “aesthetic” videos for your brand to help you advertise your brand to their own followers. Almost all eCommerce brands starting from skincare to clothing are using this advertising method to attract the attention of GenZ customers and so can you!

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    Getting the GenZ Attention through Bloggers

    Besides vloggers, you can also advertise your brand through bloggers (people who write on their website instead of recording a video). You might think that people don’t read a lot but that’s not true for the GenZ community. They love reading, especially on web! The more they read, the more they get to know about your brand, and the better it sells. So make sure you use the efficiency of creative bloggers at its best!

    Email Marketing

    Email Marketing For Beginners

    Well, you cannot be certain that your visitors will buy from you the very first time they visit your store. In that case, you need to stay in touch with them via email. Every time someone visits your store or clicks on your ad, ask for their email id. Soon you will have a list of contacts you need to mail regularly. Make sure you are not spamming their mailbox because they might unsubscribe from your mailing list. So instead, send them interesting emails that contain helpful information, coupon codes, customer reviews, etc. Limit it to three emails a week because too much of anything can become irritating in no time. You can also use email marketing to remind your leads to buy the product lying in their cart!

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    SEO (Search Engine Optimization)

    SEO For Digital Marketing
    SEO For Digital Marketing

    SEO is the current ruler of the digital marketing globe. Without it, you will have a hard time targeting a specific customer base for your products. There are many SEO strategies, on-page, and off-page, which you need to follow. For instance, when you create content, it should contain enough keywords to get a higher ranking on Google. But that does not mean you need to spam keywords because otherwise, your content will be ranked poorly on any search engine. This is just one example; there are many more SEO technicalities that an SEO strategist can help you with. So if you are launching a new eCommerce store, make sure you hire a reputed SEO specialist to reach your audience without any hassle.

    Social Media

    This goes without saying that Gen Z people are obsessed with social media. Pick anyone in the crowd, and you will see they are on at least one social media platform. Hence, social media is a powerful tool that every brand uses these days. Your brand must have an account on all the social media platforms where you post regular updates about your products, discounts, etc. You can also use social media ads to promote your brand widely. The most popular ones are Facebook and Instagram ads.

    Besides running ads and posting content, you can also collaborate with budding influencers and promote your brand via their page. Social media marketing is evolving with each passing year. Social media platforms are also introducing new and better ways of promoting brands. So use it as the hype of these platforms can help you market your store quicker and better!

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    PPC (Pay-per-click) Advertising

    PPC For Beginners

    Even though SEO marketing works more effectively, in the long run, you can also introduce PPC (pay-per-click) advertising on Google ads for better promotion of your brand. PPC helps you stay ahead of the competition by giving you a range of competitive keywords. That means your ads will show when someone searches for a specific keyword. For example, if you sell women’s garments, your ad will show under the search results of ‘dresses for women,’ ‘gowns for women,’ and other such keywords. After setting the ad, you need to determine how much you are willing to pay Google for each ad. Google usually shows those ads for which the PPC rate is higher. Hence, you need to find the market average PPC rate and set something close to that.

    Customization

    Benefits Of Customization
    Benefits Of Customization

    The same ads won’t work for all the customers because each audience base is different. Well, that does not mean you need to create thousands of different ads for different customers. Instead, you need to create specific sets of customers and cater to them the ads that relate to their present condition. For example, if you are showing maternity wear ads to someone who isn’t even married, then it won’t work.

    This applies to email marketing as well. Before sending a mail, you should determine whether it will be relevant to the reader. The right approach will be to set their age, income, demographics, and relationship status and learn more about their interests. For example, if a customer is interested in wedding-related content and they are engaged, it might be that their wedding is approaching soon. In that case, showing them ads for wedding products would be a great idea.

    CRO (Conversion Rate Optimization)

    8 Tips For CRO

    To find out what works best for lead generation on your eCommerce store, you need to apply the test and trial method. First, you need to test a few website layouts, landing pages, website info, products, etc., and see what is bringing in more leads. This process is known as the conversion rate optimization or CRO process. It helps you make the lead generation process easier by understanding the exact choice of Gen Z people. You can also hire a professional marketer for this job as they know better about what works best for a particular eCommerce niche.

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    Free Bait

    When creating a Facebook ad, you need to provide free bait that stands out. If your bait is something too common, people will hardly click on your link. Do proper market research to see what kind of baits work the best for your eCommerce niche, and then create something unique for your potential customers. For instance, if you are selling diet products, you can offer a free CD that talks about health and nutrition; make sure it is free of shipping charges as well. This makes unique and attractive bait.

    Conclusion

    Now that you know the procedures to take, maybe your eCommerce store will receive more Gen Z leads. Keep in mind that finding leads takes a lot of time and patience. Without putting a lot of effort into your market research, you cannot expect to receive quality leads. As managing the lead-generating process alone can become a little tiresome, you might need to engage a team of professionals.

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  • Seven-Step Guide to Start an Online Fashion Store in 2022

    The best moment to start selling garments online was roughly 15 years ago when the market was just getting started but now is the second best time.

    With so much potential on the horizon, jumping into the world of e-commerce businesses now can help you capitalize on trends instead of missing out on a great chance. However, before you begin offering your items for sale, you’ll need a solid foundation that will guide you on the proper route from the outset.

    In this comprehensive guide, we’ll walk you through every step of setting up an online store for your fashion and clothes business so you may be ready for the new normal and succeed.

    1. Pick Your Niche First Thing
    2. An Organized Business Plan Is Necessary
    3. Research Your Customer Base
    4. Choose an Ecommerce Platform
    5. It’s Time to Pick Products for Your Online Clothing Store
    6. Select a Catchy Domain Name
    7. Start Loading Information on Your Website

    1. Pick Your Niche First Thing

    Picking your niche is the first thing you should focus on when building your own online fashion store. Deciding on the type of product you want to sell, is what determines your customer base. You can get a look at all the current fashion trends and pick an area of your choice to fixate on.

    If you stick to your niche, you are more likely to improve upon it. The goal should be to be the best provider of the products you have chosen for your business. This will help you attract a healthy, loyal customer base which will also help grow your business in the long run.

    Standing out from the crowd should be your primary goal when it comes to e-commerce. There is already a lot of traffic in the online fashion business. There are giant brands also, which make it pretty hard for newer businesses to flourish. So it’s important that you are very particular about your niche.

    You should go for products that you are genuinely interested in, that you would consider purchasing for yourself. That is the best way to connect with your customer base.

    2. An Organized Business Plan Is Necessary

    Any big or small business needs a well-thought-out plan, and a strong business plan goes well beyond “sell products, earn money,” instead delving into the minutiae of how your organization will work.

    Consider points like:

    1. An executive summary that gives a high-level overview of what your organization expects to achieve.

    2. A description of the company, including product lines, consumer demographics, and competitive strategies.

    3. A market analysis that examines the marketplace’s data and statistics, such as average sales, the number of other merchants, and predicted growth rates.

    4. A competitive study that concentrates solely on rivals in the same market.

    5. A marketing strategy that includes both online and offline sales and marketing tactics.

    6. Financial plans for the near future as well as the long term.

    Choosing a business model is an important component of designing an online retail business plan. Print-on-demand, bespoke cut and sew, private label clothes, and dropshipping are the four most prevalent options in the internet clothing retail market.

    3. Research Your Customer Base

    Going all out on branding is not the key to a successful business. The real trick is to know your customer base. You need to do proper research to know the exact audience to whom you need to advertise. It all depends on the kind of business you are running. Every business has its own specific group audience.

    For a fashion website, luckily the customer base is huge. However, you need to specifically address them by numerous marketing techniques that are available in the market. There are multiple points that one needs to consider. Starting from identifying your competitors.

    You need to find out their strengths and weaknesses and update your website accordingly. Your research also depends on the kind of apparel you are selling. Your products and their descriptions will play the biggest role in shaping up your customer base.

    Keep a tab on how your competitors are promoting their products. Do not follow in their footsteps, be unique and form your own marketing strategies that stand out from the rest but do cover the things that are in trend for that time.

    It is very important to hear out your clients and take reviews seriously. Conduct polls and ask for feedback from your customers to know all the ways in which you can improve your online fashion store.

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    4. Choose an Ecommerce Platform

    Ecommerce platforms that provide online shopping stores service
    Ecommerce platforms that provide online shopping stores service

    If you wish to sell online, you’ll need an e-commerce platform. Fortunately, there are a plethora of high-performing e-commerce systems available to support your store, but before you go with the simplest or cheapest option consider a few things.

    Ask yourself the following questions:

    a) How would I like to run my company? How much assistance I am in need of?

    b) What level of technical expertise do I possess? Am I willing to perform any coding to bring the site to life?

    c)What features, such as email marketing strategy, SEO, a custom domain name, or SSL certificates, do I want my platform to offer?

    d) How much money can I invest in an e-commerce platform? Is there enough money in my budget to pay for extra add-ons, themes, or plugins?

    Some platforms are bare-bones, providing a “blank canvas” on which to customize a shop, these are known as open source. The user has complete control over the source code with open-source solutions, allowing for comprehensive customization of everything from product pages to themes to check-out experiences.

    More customization, on the other hand, sometimes means more complexity, thus any technological adjustments should be handled by professional web developers.

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    5. It’s Time to Pick Products for Your Online Clothing Store

    Once done with the finalization of the clothing niche. The next step involves choosing the products under the same niche. Will you be offering t-shirts or skirts with short sleeves? The clothes and apparel market has literally endless opportunities, and you can be sure that any area you’re selling in has a plethora of possibilities.

    However, if you’re tempted to jump in and sell everything right once, you may find yourself in trouble before you’ve even begun. In the initial stage of the business, it is most recommended to go at a slow pace. And after a certain period, you can start gradually expanding your product offerings.

    Assume you’ve decided to create an online clothing company specializing in yoga and fitness. Instead of including a wide range of things on your proposed list, focus on the must-have items. Every product, whether it’s a sweatshirt or a pair of socks, has the ability to help you launch your new apparel line.

    6. Select a Catchy Domain Name

    Different Websites for the Domain Registration
    Different Websites for the Domain Registration

    Picking the right domain name for your company can actually make all the difference. If you choose a catchy, easy-to-pronounce name that doesn’t easily leave a customer’s head, then the first thing they’ll type while looking for online shopping sites will be your site.

    The following tips can help while selecting a domain name:

    1. Restrain from the names that are difficult to spell. To make it easier for potential clients to find your website, use simple words or phrases.

    2. Pick a name that can grow with you. The state of your company when you first start may not be the same as what it becomes later on. As a result, you’ll need a business name that will permit future expansion.

    3. Make yourself stand out. Make sure your domain name reflects your company’s brand identity and avoids being confused with competitors.

    7. Start Loading Information on Your Website

    (i) A few must-have pages

    An Example- The above online shop has an additional page added on them under the sub-topic of more
    An Example- The above online shop has an additional page added on them under the sub-topic of more

    Additional pages can create a better experience for the visitors. Some of the pages to include are know us better, stunning collection categories, FAQs, sizing (international size chart), shipping, returns, feedback or contact us, the Weave (a blog of sorts, with creative and relevant information regarding cloth/ textile in general and your apparel in particular), etc.

    (ii) Upload high-definition images

    This is essential if you want to provide your customers with a visually appealing experience. Multiple angles and zoom in the shot, especially for online garment demos, are required so that the user may have a closer look at the fabric. It is preferable to employ pros and go for a model shoot because it offers the viewer an idea of how the apparel will appear when worn.

    (iii) Ensemble descriptions

    Include extensive descriptions of your ensembles in your submission. Integrate your material with Google keywords on Google Adwords, and hire an expert to help you with SEO tactics and tools – it will dramatically boost your online presence.

    (iv) Set the rates for your ensembles

    Maintain a sense of proportion by researching how your competitors have priced their products. Consider shipping expenses as well, and don’t overcharge for delivery.

    (v) Cataloging

    User-friendly catalogs make buying for your customers quick, fun, and simple. On your front page, highlight your one-of-a-kind items and new arrivals. Sort the items into distinct collections, such as formals, casuals, and nightwear. Keep track of the color variations as well as the size of the selection. Remember to set up cross-sell and up-sell chances as well.

    The above graph shows the important attributes of an online shop with their importance shown in percentage as per the data shared on Satista
    The above graph shows the important attributes of an online shop with their importance shown in percentage as per the data shared on Satista

    Conclusion

    Starting a business of any kind is a huge risk, but the online clothes market is an excellent place to start. Starting an internet shop can be a simple recipe for success, thanks to increasing trends and a variety of business structures that allow for flexibility and are economical.

    And for example number of examples are allowed for one to take as an inspiration. There’s never been a better moment to realize your clothes store aspirations when backed by the right internet platform and a solid business plan.

    FAQs

    Are online clothing stores successful?

    Success requires persistent efforts. Online stores with proper implementation of different strategies and persistent efforts are undoubtedly successful stores. Some of the best successful online clothing stores are Fashion Nova, Moozle, GearBunch, etc.

    How do I start an online clothing business?

    To start an online clothing business, one needs to follow a number of steps to accomplish the work. One needs to select the clothing niche along with the selection of the most appropriate business model, then the next step involves name selection and registration. After registration, one needs to get the products and website ready in order to start with the marketing.

    How much does a boutique make per month?

    As per the study conducted in the US, the average pay of an online store in the year 2022 is around $3,744 per month.

    How much does an online clothing business make?

    The amount of money made by an online clothing business in the US is about $48,901 per year on average.

  • How Are Shopify Sellers Getting Scammed? | 5 Common Scams Targeting Shopify Businesses and Sellers

    Shopify is the proprietary eCommerce platform of Shopify Inc., a Canadian multinational eCommerce company headquartered in Ottawa, Ontario. The online platform offers online retailers a multitude of services including payments, marketing, shipping and customer engagement tools.

    As of May 2021, the company reported that 1,700,000 businesses in approximately 175 countries used its platform. By July 2022, Shopify was among the top 20 largest publicly traded Canadian companies by market capitalization.

    Shopify Scams

    Targeting Customers
    Safeguarding Practices

    The Dark Truth of Shopify Dropshipping

    Shopify Scams

    Online scams are rampant. Where there is money to be made, there are individuals looking to take advantage. Because of its business size in the eCommerce world, Shopify is a prime target for such scammers and fraudsters targeting businesses and consumers alike. These scammers create detailed plans to defraud businesses, suppliers, and consumers.

    Online Purchase Share of All Scams Worldwide from 2015 to 2021
    Online Purchase Share of All Scams Worldwide from 2015 to 2021

    Targeting Businesses

    The following are the Shopify scams targeting businesses and sellers:

    Triangulation Scam

    A fairly common tactic employed by online crooks, it is one of the most profitable scams. The scammers create real Shopify sites and also create a dropshipping business. Next, instead of selling the inventory they own, they buy the inventory from real suppliers with stolen credit cards. The consumer receives the goods from the seller, so it is not a consumer scam. It is deemed to be stolen merchandise as it is purchased with stolen credit cards. The scammers receive the money, but the credit card company refutes the charge that was incurred to purchase the inventory. In the end, the supplier is out of inventory and has not received any payment for it.  

    Counterfeit Return Scheme

    This age-old classic scam is not unique to Shopify and it grows in a mail order business. The consumers purchase an item and then issue a return within the stipulated time period. When the executive comes to collect, the consumer returns a duplicate and cheaper product in place of the original. This leads to the consumers receiving back the money they spent on the purchase as well as keeping the original item of purchase. The seller, on the other hand, loses the money and receives a counterfeit product. Fortunately, it is fairly easy for businesses to protect themselves from this scam by simply adding unique identifiers, such as serial numbers to their products.

    Duplicate Store Scheme

    This scheme works exactly as the name suggests. The scammers create and mimic a popular store sight with a similar domain name, claiming to sell the same original product. However, during an actual sale, they might fail to provide the merchandise or provide a low-quality product. In the end, this is a two-way scam, as sellers and consumers both lose out. However, Shopify has taken pro-active steps to weed out such fraudulent sites quickly through software tools and has added this service to their paid monthly maintenance service offered to merchants.

    Switching Scheme

    The long-term loss that this type of scam causes the seller makes it one of the most serious schemes. This sort of scam has been prevalent on sites like eBay. A potential buyer will make a purchase from a Shopify store and request a direct invoice from PayPal, citing technical difficulties which are preventing payment completion. Once the invoice has been sent, the seller receives a notification, ostensibly from PayPal, confirming payment by the consumer. The notification will also state that the funds are on hold and require the product tracking number. Of course, this notification is fake. Once the seller updates the product tracking number, the scammer receives the product for free as there are no PayPal funds on hold. This loss can be huge, depending on the size and cost of the shipment.

    Fake Payment Page at the Shopify checkout
    Fake Payment Page at the Shopify checkout

    Fake Purchase Order Scam

    This scam is rare but effective and requires technical knowledge and software skills on the part of the fraudsters. A fraudulent customer will create a copy of the seller’s Shopify checkout sheet and alter the submit button link. Then they will patch it to a program that enables saving all the data on the checkout sheet. The data is then modified and a fake checkout sheet is sent back at a lower price. The difference goes unnoticed and approved. What this scam does is allow the fraudster to get the products without the seller’s consent, and the seller ends up losing a lot of money.

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    Targeting Customers

    Percentage of Customers Who Lost Money to Online Shopping Scams Worldwide from (2015-2021)
    Percentage of Customers Who Lost Money to Online Shopping Scams Worldwide from (2015-2021)

    Apart from businesses, even customers are prone to Shopify scams like:

    Direct Client Scheme

    This is a scam that involves some sweet-talking fraudsters. First, the seller gains the buyer’s trust with a few genuine transactions where the products are right and they reach the correct address. Once the trust is established, the seller suggests a purchase through a direct card payment technique to avoid extra costs and the inherent hassle of shopping on Shopify. Once they have the buyer’s card details and other data, they proceed to exhaust the buyer’s funds. Needless to say, the buyer doesn’t receive his purchases.

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    Safeguarding Practices

    As both consumers and sellers, there are some basic practices that can help safeguard interests. It is, however, easier to safeguard as a consumer. Any fraudulent activity like non-delivery of a sold item, delivery of a lower quality item, overcharging, etc. can be reported to the merchant who is operating on the Shopify platform.

    As a seller, however, the best practice is to have a premium Shopify Store with all its maintenance services that guarantee regular checks for signs of any fraudulent activities. Barring this, it is mostly up to the seller to remain careful. A few steps like choosing a secure payment gateway, having a single place for all transactions, and saving transaction proofs can go a long way in safeguarding business operations and having proof when and if reporting scams.

    No matter what measures any operating web platform takes, frauds and scammers are always finding new ways for their operations. It is prudent to have personal safety measures in place in addition to the ones that are provided by the operators.

    FAQs

    Can my Shopify store be hacked?

    Almost every online store is prone to hacking and so is Shopify. However, one can protect their Shopify store by conducting proper backup on time and using managed and updated plugins.

    How secure are Shopify payments?

    Shopify is certified Level 1 PCI DSS compliant. This compliance extends to all the stores using Shopify’s platform. In this way, Shopify helps you keep your payment information and business data safe and secure.

    How do Shopify scams work?

    Shopify scams work in the following ways:

    • Counterfeit Return Scheme
    • Duplicate Store Scheme
    • Switching Scheme
    • Triangulation Scam
    • Fake Purchase Order Scam
    • Direct Client Scheme

  • What Is Moonlighting Policy? | Why Swiggy Introduced Moonlighting Policy?

    Moonlighting is the practice of doing paid work in addition to one’s regular employment. It can refer to a high school teacher who also gives private tuition after school hours, a doctor who takes shifts at multiple locations, or even a software developer who spends after-work hours on building a startup.

    There are multiple reasons for people to moonlight. In most cases, these people are seeking supplementary income. Others might do it for professional and personal growth. Yet others seek it as an opportunity for innovation and experiment with new ideas. For some, moonlighting is necessary and even admirable.

    However, there are ethical and legal risks that professionals encounter when they take on additional work as professionals. These employees are likely to encounter a conflict of interest, especially if their moonlighting activities are in direct conflict with their employer’s goal or if their performance is negatively impacted.

    Having said this, companies have widely different policies regarding moonlighting. Some companies restrict it while there are some companies that encourage it seeing the benefits of such self-directed labour. They have moonlighting clauses within their employment contracts. The terms of these clauses can differ, depending on the company and their businesses.

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    Purpose and Policy Brief of Moonlighting
    Scope of Moonlighting Policy
    Policy Elements of Moonlighting
    Violation of Moonlighting Policy
    Swiggy’s Moonlighting Policy
    Pros and Cons of Moonlighting

    Rate of Hiring Intent Across India from 2017 to 2022
    Rate of Hiring Intent Across India from 2017 to 2022

    Purpose and Policy Brief of Moonlighting

    Generally, most companies discourage outside employment. However, newer trends are emerging and the global effect of the Covid-19 pandemic has left people with very little choice. So, instead of an outright refusal, companies have worked to build a policy around moonlighting.

    The purpose of this policy is to retain talent within the company while allowing them to supplement their income without compromising on the company’s goals or intellectual property. There are rules which are inbuilt in such a policy that safeguard the company’s interests without encroaching on the employee’s off-duty hours.

    Scope of Moonlighting Policy

    The scope of building such a policy revolves around the employees of the company to whom this policy refers. Usually, such a policy refers to full-time and part-time salaried employees, keeping contractual employees outside the realm of this policy.

    Additionally, this policy applies to lawful activities. If any employee is found to be engaging in any illegal activity (e.g., fraud, drug dealing), it can result in immediate termination. The company may even take legal action against an employee for using the company’s equipment, resources, or information to support any illegal activities.

    Policy Elements of Moonlighting

    A company can insist on transparency regarding the nature of its employees’ secondary jobs. This is to prevent conflict with their main job. The primary employer may have conditions that need to be agreed upon by the employee who wishes to take up a secondary job. These conditions include:

    • The secondary job must not be with the company’s direct competitor.
    • The secondary job’s work or project must not overlap with the primary employment.
    • The secondary job’s time must not intrude upon the primary job.
    • The nature of the secondary job must not create a conflict of interest with the primary job.
    • If the employee is starting a new business that competes with his or her current employment, that is considered a conflict of interest and may result in immediate termination.
    • The secondary job profile must not affect the performance levels of the primary job.
    • The primary job’s confidentiality clause will remain in effect at all times while working the secondary job.

    However, randomly working or helping out at a family business, freelancing, or even doing voluntary work do not count as secondary jobs and are usually exempt from such policies.

    Violation of Moonlighting Policy

    Depending on the nature of business of the company that provides primary employment, their violation policies may differ in nature. Performance issues, attendance issues, disclosure of sensitive and confidential information, or working directly with competition can all be considered as violations and may carry different aspects of disciplinary action. The company can take actions like:

    • Legal action.
    • Ask to quit the secondary job with immediate effect.
    • Issue an official reprimand and/or launch a disciplinary process.
    • Terminate employment with immediate effect.

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    Swiggy’s Moonlighting Policy

    Swiggy is one of the first companies in India that has introduced such a progressive approach towards moonlighting. Their policy is available to all full-time employees of Bundl Technologies, its subsidiaries, affiliates, associates, and group companies.

    Girish Menon, Head of HR at Swiggy said – “Swiggy has always strived to understand the diverse aspirations of its employees and to design its organisational policies to suit their evolving needs. With the Moonlighting Policy, our goal is to encourage employees to pursue their passion without any constraints due to their full-time employment with us. This is yet another step in our journey towards building a world-class ‘people first’ organisation.”

    This one-of-its-kind moonlight policy allows their full-time employees to take up external projects, subject to approval from Swiggy’s internal team. These external projects can be taken on economic or pro-bono consideration. Of course, as per Swiggy’s company policy, this work has to be taken outside of regular working hours without allowing it to conflict with Swiggy’s business interests.

    Pros and Cons of Moonlighting

    As a concept, moonlighting means additional work that is over and above the primary job. What this also means is that an individual puts in that many additional hours of work physically or mentally. Moonlighting has its own advantages and disadvantages.

    Advantages

    • Additional income
    • Upskilling or instilling of new skills
    • Learning multitasking
    • Expansion of exposure

    Disadvantages

    • Fatigue can set in quickly.
    • Adverse effect on primary job performance.
    • It can pose a risk to primary career.
    • Work-life balance can be negatively impacted.

    Conclusion

    While the concept of moonlighting is old in the western world, it is a new and growing concept in India, particularly in the IT sector. Particularly, in the last couple of years, fuelled by the pandemic, many professionals opted for moonlighting in view of job losses and layoffs.

    Furthermore, the idea of supplementing income, especially with the work-from-home culture, is extremely appealing due to the extra time at one’s disposal. Moonlighting along with a primary day job is all about smart time management.

    FAQs

    What is meant by moonlighting by employees?

    In simple terms, moonlighting by employees is an act of taking up additional jobs, especially outside the knowledge of one’s main employer.

    Do companies allow moonlighting?

    Mostly, companies do not allow their employees to moonlight due to reasons like poor performance issues, attendance issues, disclosure of sensitive and confidential information, or conflict of interest.

    What is Swiggy’s moonlighting policy?

    In August 2022, Swiggy announced the introduction of a moonlighting policy for its employees. This policy allows their full-time employees to take up external projects, subject to approval from Swiggy’s internal team. As per Swiggy’s company policy, this work has to be taken outside of regular working hours without allowing it to conflict with Swiggy’s business interests.