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Tag: 📖 Learning

  • Cryptocurrency: Boon Or Bane to The World Economy

    With the industrialization and absorption of technology, digital currencies are gaining much importance of late. Bitcoin is undoubtedly one of the most popular digital currencies because it was the first-ever cryptocurrency that was discovered in 2009, by the pseudonymous developer Satoshi Nakamoto. Therefore, the people who are aware of cryptocurrencies and their concepts are well-versed with bitcoins at least.

    The global cryptocurrency industry was last estimated towards the end of 2021 at $910.3 million and is expected to grow at a CAGR of 11.1% to $1902.5 million in 2028. Though we are still devoid of the exact data, the total cryptocurrency investors in India range between 15-20 million, where the total crypto holdings were estimated at 400 billion rupees ($5.37 billion).

    Though the cryptocurrencies or the income drawn by the Indians from the same were not taxed earlier, in a recent move to bring the cryptocurrencies and non-fungible tokens (NFTs) under the tax bracket, the Indian Finance Minister Nirmala Sitharaman announced a 30% tax on the income from the transfer of virtual digital assets on February 1, 2022, Tuesday. Sitharaman further specified that no deductions and/or exemptions would be allowed here. The crypto tax, being proposed at 30%, is the highest tax band that has been introduced in the country so far. This crypto tax news is also happily welcomed by the crypto industry, founders and entrepreneurs alike. The chiefs of 3 major organizations – WazirX, CoinDCX, and ASQI responded cheerfully to the news as soon as it was disclosed by the Indian government, happy at the progressive stance the government is taking.

    In this article, we will talk about the significant advantages and disadvantages of Cryptocurrencies.

    What Is Cryptocurrency?
    Types of Cryptocurrency
    Pros of Cryptocurrency
    Cons of Cryptocurrency

    What Is Cryptocurrency?

    Cryptocurrency Adoption Growth in Different Countries
    Cryptocurrency Adoption in Different Countries

    A cryptocurrency is a type of virtual currency that uses digital files as money. Normally, the files are designed using the same methods as cryptography. Cryptocurrencies use ‘decentralized control’, which means that they aren’t managed by the government or one person.

    Types of Cryptocurrency

    There are many different types of cryptocurrency in the market that are taking the world by storm. Some well-known currencies are:

    Bitcoin (BTC)

    Bitcoin is the most popular cryptocurrency out there and its development is the inspiration and result of the development of other cryptocurrencies. It was founded in the year 2009  by Satoshi Nakamoto, whose identity is revealed. The current value of bitcoin is INR 1514136.15

    Litecoin (LTC)

    Litecoin was developed in the year 2011. The creator was Charles Lee, who was a former Google engineer. The current market value of Litecoin is INR 3934.91. It is quite similar to bitcoin and is popular as well.

    Ethereum

    Ethereum was founded by programmer Vitalik Buterin in 2013, he is also the co-founder of Bitcoin Magazine. The current market value of Ethereum is INR 83896.38.

    Zcash (ZEC)

    Zcash, another form of cryptocurrency was founded by Zooko Wilcox-O’Hearn. This crypto was developed and released in the year 2016. The current market value of Zcash is INRT 4716.53.

    Stellar Lumen (XLM)

    Stellar Lumen was created by Jed McCaleb in 2014, who is an American programmer and entrepreneur. as it is cheap it is said to be good for investment. The current market value of Stellar Lumen is INR 8.4.

    Cardano

    Another cryptocurrency that is taking over the world is Cardano. It was developed by Charles Hoskinson, who is also the co-founder of Ethereum. The current value of Cardano is INR 35.31.

    Cons of Cryptocurrency

    People are getting more and more obsessed with cryptocurrency. Here are some advantages of Cryptocurrency investments:

    Protection from Inflation

    It’s one of the great advantages of cryptocurrency as inflation has caused multiple currencies to make their value decline over time. Nearly every cryptocurrency, at the time of its launch, is issued with a set amount. The source code defines the amount of any coin; like, there are only 21 million Bitcoins released in the world. So, as the demand increases, its value will rise, which will keep up with the market and, in the long run, restrain inflation.

    Instant and 24 Hour Accessibility

    It is possible that you can spend or purchase anywhere you are, and you do not even require a system to use it. Everything can be done from your mobile device, implying that even those with limited usage of technology are still able to make their investments and make decisions in real-time. This convenience is a fundamental feature for the selection and buying of bitcoin and it is being used all over the world to give opportunities for those who would earlier have struggled to become online customers.

    Self Governed and Managed

    Governance and preservation of any currency are determinants for its development. The cryptocurrency transactions are collected by miners on their hardware, and they get a transaction charge as a reward for doing so. Since the miners are getting paid for it, they keep transaction records precise and updated, maintaining the honesty of the cryptocurrency and the records decentralized.

    Secure and Private

    Privacy and security have always been a primary concern for cryptocurrencies. The blockchain record is based on many numerical puzzles, which are difficult to decode. This makes a cryptocurrency extra secure than conventional electronic transactions. Cryptocurrencies, for better safety and privacy, use pseudonyms that are unconnected to users, accounts, or saved data that could be connected to a profile.

    Ease in Currency Exchange

    Cryptocurrency can be obtained using multiple currencies like the US dollar, European euro, British pound, Indian rupee, or Japanese yen. With the help of different cryptocurrency pocketbooks and exchanges, a currency can be converted into another by trading in cryptocurrency,  with minimal transaction fees.

    Decentralized

    A significant advantage of cryptocurrency is its decentralization. The majority of cryptocurrencies are regulated by the developers using them, and the individuals who have a notable amount of the coin. The decentralization assists keep the currency monopoly free and in check so that no organization can ascertain the movement and the value of the coin, which, in turn, will keep it stable and secure, unlike currencies that are controlled by the government.

    Cost-Effective Mode Of Transaction

    One of the important applications of cryptocurrencies is to transfer money across borders. With the help of cryptocurrency, the transaction expenses handled by a user are decreased to a negligible amount. It does so by eradicating the necessity for third parties, like VISA or PayPal, to approve a transaction. Transactions, whether foreign or national in cryptocurrencies, are lightning-fast. This is because the verification requires very little time, as there are very few hurdles to pass.

    Cons of Cryptocurrency

    There are many reasons cryptocurrencies are still facing the heat from people. Some of the disadvantages of cryptocurrency investment are:

    Used for Illegal Transactions

    Since the privacy and security of cryptocurrency transactions are stable, it is difficult for the government to track down each user by their wallet address or keep checks on their data. Bitcoin has been used as a mode of exchanging money for a lot of illegal contracts in history, such as acquiring drugs on the dark web. Cryptocurrencies are also used by some to convert their illegal money through a trustworthy mediator to mask its origin.

    No Security in Case of Loss

    As with emerging technology, some use incompetence to scam, trick and steal your hard-earned bucks. This has proven to be the problem with digital currencies, so it is necessary to be informed of the security risks. With a few primary security, one can decrease the possibility of causing a loss that cannot be restored.

    Conversion of Cryptocurrencies

    Some cryptocurrencies can only be patronized in one or a few fiat currencies. This limits the user to convert these currencies into one of the major currencies, like Ethereum or Bitcoin, then through other exchanges, to their wanted coin. By doing so, the additional transaction fees are added in the process, requiring unnecessary money.

    Adverse Effects of Mining on the Environment

    Mining cryptocurrencies requires a lot of power and electricity, making it extremely energy-intensive. The greatest culprit in this is Bitcoin. Mining Bitcoin requires advanced computers and enormous energy. It cannot be done on regular computers.

    No Refund or Cancellation Policy

    If there occurs a dispute between involving parties, or if a person wrongly transfers funds to the wallet address, they cannot be recovered by the sender. As there are no rebates, one can generate a transaction whose product or services they never received.

    Prone to Market Fluctuations

    There are numerous ways that one can use cryptocurrencies, but a lot of people utilizing them at the moment are solely using them as an investment. While eager users are using their digital money to purchase tickets to sporting events, gamble online, or wait for the market fluctuations to work in their favour. Treating your bitcoins as any other commodity may be the way to initiate a more widespread understanding and trust in the new currencies.

    Conclusion

    With recent developmental and rules regarding cryptocurrency in every country. People are getting more and more interested in them. Of course, there are cons of cryptocurrencies that make people question themselves before indulging in them. However, with technology taking over the world, people cannot deny the pros of cryptocurrencies. It is just a matter of time before cryptocurrency will take over the world.

    FAQs

    What are the advantages of Cryptocurrency?

    The advantages of Cryptocurrency are that it is decentralized in nature, it is not affected by inflation, and transferring money across borders is easy.

    What are the disadvantages of Cryptocurrency?

    Some of the disadvantages of cryptocurrency are, It is used for money laundering, it is highly volatile and it has high-security risks.

    Is it good to invest in Cryptocurrency?

    Investing in crypto can be profitable but it is risky too, as it is a highly volatile currency and is prone to market fluctuations.

    What are the different Cryptocurrency wallets?

    Some of the best Cryptocurrency wallets are:

    • Coinbase
    • Binance Chain (BNB)
    • PointPay Banking Wallet
    • Bitfinex
    • Blockchain
    • Paxful Wallet
    • Overbit
    • eToro
    • Ledger Nano
    • WireX

  • Top 12 Proven Strategies to Convert Free Trial Users to Paying Customers

    We all love SaaS products like Spotify, Trello, MailChimp, etc. But how many of us use the paid version of them? Well, not many individuals use the paid version cause these brands monetize on the enterprise version of the app.

    But, what if the brand offers a SaaS tool only for B2B professionals? A freemium model is not the go-to option for each SaaS company. Also, unlike these well-established brands, it is hard for most SaaS brands to get users to try their products and become paid customers.

    Netflix India had the hardest time converting users into paid customers. Many other SaaS products, especially new SaaS companies face the same issue. Let us look deeper into the issue first.

    Types of Free Trials
    Why Free Users Do Not Convert Into Paid Customers?
    12 Proven Ways to Boost the Free Trial Conversion Rate

    Types of Free Trials

    There could be a couple of reasons that your free trial users are not converting. Firstly, let us look into the types of free trials:

    Freemium Model– It means offering a set of features for free forever and charging for certain premium features. Example: Trello

    Opt-in Free Trial– It offers the user a free demo period of 14-30 days without any credit card information, in exchange for the email address. Example: Salesforce

    Opt-out Free Trial– It is similar to an opt-in free trial with a limited period of the demo but demands credit card information. Example: Netflix

    The difference in the model also impacts the free trial conversion rate. It is generally noticed that conversion is maximum for an opt-out free trial. However, it is hard to get more sign-ups for the same. Nonetheless, what are the reasons that users pull back after trying your product?

    Why Free Users Do Not Convert Into Paid Customers?

    High User Expectations

    There could be a gap between the user expectation and your product offering. The user might be looking for some specific features which are not USP for your product.

    Better Alternative

    The user might have a better alternative that solves the problem at a lower price or gives better performance. For instance, many companies prefer Slack over Microsoft Teams. Microsoft teams might be a cheaper alternative but Slack offers better integration and usability.

    Bad Boarding Experience

    Another reason that drives users away is an inefficient boarding experience. A smooth onboarding process means sending onboarding emails, tool setup & personalized demo, and providing an onboarding kit. Brands often miss multiple touchpoints to impact the users which affects the conversion rate.

    The product does not solve the user’s problem

    If your product does not solve the user’s problem and acts as additional friction or workload, conversions will drastically decrease. However, there are times when the best products can not convert as they are unable to communicate and highlight their value or lose points in customer management.

    Here are 12 strategies that would help you increase your free trial conversion rate.

    12 Proven Ways to Boost the Free Trial Conversion Rate

    Conversion is not just about bringing more features or improving your product. The best-in-class product could also perform variably low due to mistakes like poor onboarding process, too much friction, complexity in product set-up, or lack of incentive. Below are 12 tactics that can enhance your trial to paid conversion rate.

    Easy to Use Product

    Your product might not have all the advanced features but if it can solve the users’ problems with ease, it will definitely get more paid users. Ensure that your product is easy to use and does not add up to the workload. It should have enough guidance to move around and use the product smoothly. Alternatively, there are many other ways to fill in the gap in case of a complex product.

    Offer Personalized Demo

    Sometimes the products are hard to understand and require assistance initially. In those cases, a personalized demo is a great way to highlight the use cases and make the user thorough with the product. Also, a dedicated team that helps onboarding with setup and a demo works exceptionally great to boost trial to paid conversion rate.

    Create Resource Centre

    Another way to tackle the issue of a complex product is by creating a resource library that the user can refer to as and when required. You can have a separate center on the website or within the product integrated into different places. Also, this is a great place to highlight case studies for your product and tap into any customer queries.

    Highlight USP

    Some brands fail in communicating their USP and hence lose a big margin to their competitors. What stands you apart from 50 other products available in the market that might be cheaper or more expensive than you? Identify and communicate this through your content throughout platforms and sales pages. It can help you cross the bridge if you have various close competitors.

    Provide Conditional Offers

    Apart from conveying brand USP and features, providing an incentive works as a great way to offer premium features and get paid customers. Something like this offer by Grammarly.

    Grammarly Offer
    Grammarly Offer

    It gives a 50% off which is only available till midnight. They help in attracting more paid users. Once the users opt-in for the paid version, it is generally noticed that they don’t unsubscribe from it.

    Choose Opt-out Trials

    Opt-out trials are a great way to increase your trial to paid conversion rate. Since it requires credit card details, it helps qualify users beforehand. It has the highest conversion rate of 30-60% for many brands. However, a SaaS brand that is new in the market shouldn’t opt for it as it wouldn’t get great results. It is great for brands with an existing brand foot in the market that wish to scale.

    Leverage Email Sequences

    Emails can play a major role in conversion if leveraged smartly. Firstly, setting an onboarding email sequence in place is really important. It smoothens the process of onboarding and keeps the users hooked to the product.

    Secondly, using emails to send reminders about the end of the trial period is another way to use emails. Lastly, they are a great way to get customer feedback or voice any offers/features.

    Ease the Upgradation Process

    The process of moving from a free to paid version should not be a hassle for the user. It should include collecting credit card details + only necessary information. Also, It should not be complex for users to find a portal to upgrade to the paid version. The installation and upgradation should be effortless.

    Provide Personal Support

    Chatbots are a great way to handle customer grievances promptly. Chatbots or dedicated sales person could act as a team to solve queries for the users and create a better understanding of the product. Also, mark down the common queries that you get and eliminate/ simplify those elements to reduce friction.

    Limit Number of Paid Features

    As crucial as it is to show what the paid version of the tool can do, it is advisable to restrict the number of paid features. Only provide limited premium features depending upon the product usage and customer pain points.

    Alternatively, offer premium features for a limited time or number of times. For instance, limit a particular feature, let us say integration with Google Suite for up to two times only.

    After this, the trial may continue but those premium features are exhausted. This again boosts the free trial conversion rate. Also, try and limit the demo period to 14 days at maximum. It gives enough time for users to try the product and get clarity about it.

    Optimize User Journey

    A user journey is crucial for a business to understand how the user uses the product, where it lags, and what is the key to better performance. You should optimize this user journey by first analyzing it well with the help of heatmaps and then filling in gaps.

    Start by holding a consistent narrative across platforms. Also, establish credibility in the niche with the right type of content and PR. Each user interaction should solve a goal for the user and add value to it. Aim to remove any unnecessary friction and ask for minimal details.

    Use Heatmaps and Activity-based Triggers

    Heatmaps are a crucial tool for SaaS brands to understand user activity. Not only do they help in understanding the user journey but also assist in optimizing the product for conversion.

    Heatmap
    Heatmap

    You can use activity-based triggers that incentivize and ease product usage. HubSpot uses Activity-based Triggers efficiently to maximize conversion. Look at the email below:

    Activity-based Email
    Activity-based Email

    It uses activity-based triggers, communicates value, gives an enticing offer, and highlights USP.

    These strategies can be a great starting point to understanding the loopholes and fixing them up. But how much should a business aim for as a free trial conversion rate?

    Conversion Benchmarks

    A standard benchmark for free trial conversion rate is 4% across all the types of free demos offered and industries. Apart from these more defined conversion rate benchmarks based on the model of the free trial are:

    • Freemium– Below 10%
    • Opt-in Free Trial– 5-25%
    • Opt-out Free Trial– 30-50%

    This shows that the opt-out model is great to convert users but is generally advisable for brands with goodwill that wish to scale further. The Freemium model offers the lowest conversion rate and hence is adopted by companies that make money by selling to enterprises.

    If your product has lower rates, look into the loopholes and fix them with mentioned strategies or some other solution. However, there are cases in which companies outperform these standards, such as Slack with a 30% conversion rate.

    FAQs

    What does “Free trial conversion rate” mean?

    The free trial conversion rate means the percent of users that convert to paid customers after a free trial over a defined period.

    How to calculate your “Free trial conversion rate”?

    Paid customers after a free trial/ Free trial sign-ups x 100. For instance, if your tool gets 35,000 sign-ups in a month for a 14-day trial. Out of these 7,000 users convert into paid customers. Then, the free trial conversion rate is 20%.

    What is a good conversion rate from free to paid?

    15% to 20% is considered a good conversion rate.

    How do I convert my free trials to paying customers?

    Offer demo, highlight your USP, provide excellent customer support, and provide exciting offers.

  • All About Pitch Deck Presentation | Pitch Deck Tips for Pitching Investors

    If you’re a business owner, you’ll need to know how to pitch your idea. Even if you don’t intend to seek investment, having a strong elevator presentation demonstrates that you understand your company inside and out. Which will come in handy if and when you decide to seek funding. Whether you’re a new owner or a “corporate entrepreneur,” your pitch deck is crucial, because it represents your logic for why investors should believe in your concept and provide you with a substantial sum.

    To market their firm to potential investors, startups commonly create a “pitch deck.” It’s tough and time-consuming to raise funds from investors. As a result, it’s critical for a business to develop a strong investor presentation deck by telling a fascinating and appealing tale.

    We’ll talk about the value of a solid pitch deck and other financing presentation tips in this article.

    What is a Pitch Deck?
    Importance of Pitch Deck
    Tips To Successful Pitch for Funding

    Pitch Deck Tips | How to create a Pitch Deck for Investors

    What is a Pitch Deck?

    A pitch deck, also defined as a start-up or investor pitch deck, is a demonstration that provides information regarding the company to interested clients. The fundamental purpose of a pitch deck, as weird as it may sound, is to get to the next round, not to get funds.

    Obtaining finance entails a multi-step procedure. The first step on the scale is a good, informative pitch deck. You’ll want to pitch investors with a concept that piques their interest and encourages them to interact with you. A pitch deck presentation is made up of a number of slides that help you create a convincing tale about your company. You can make one with standard software like PowerPoint or with a cutting-edge tool like Visme to produce a one-of-a-kind slideshow.

    Importance of Pitch Deck

    A Pitch deck is the first tool entrepreneurs use to communicate with investors, whether online or in person. It serves as a marketing pitch for financiers, allowing people to comprehend the startup in the way that they are used to. A pitch deck assists in conveying information to potential investors, clients, and partners in an organised and aesthetically appealing manner. The goal of the pitch deck is to explain the sophisticated workings of your business and the industry it works in, to stockholders interested in your venture, with the goal of generating their attention to your startup.

    List of Top 25 Companies Pitch Deck
    The best pitch decks tell the real story about your brand or company. Read to know more about the top companies’ pitch decks.
    StartupTalkyGorish Dua

    Tips To Successful Pitch for Funding

    Pitch Deck Presentation
    Pitch Deck Presentation

    Funding is quite important for any startup growth. Pitch Deck presentation helps in telling a compelling story of your business that attract investors to invest in your startup. Many startups turned unicorns with successful pitch deck presentations. Here are some pitch deck tips for pitching investors to your business.

    Build an Impressive Presentation

    Spend the effort preparing your pitch deck beforehand. The idea is to make a deck that is simple to work with and that gets financiers enthused about your company. With this in mind, you should prepare a 10-minute edition as well as an extensive one that covers everything you’d like to share with possible investors.

    Rehearse Your Pitch Properly

    You should work on your pitch. Because if you won’t be able to swiftly communicate with each aspect of your company, every other piece of advice on this list will be rendered useless. Too many founders believe that simply knowing their business will enable them to articulate its value quickly and effectively. Furthermore, having a dynamite pitch deck with eye-popping images would suffice. As a result, they arrive at pitch meetings ill-prepared. Spend the time to rehearse, simplify your content, and maintain just the aspects that contribute to the success of your company. Anything else can be left on the final cut.

    Show Realistic Target Market

    Target Market in Pitch Deck Presentation of DocSend
    Target Market in Pitch Deck Presentation of DocSend

    Even if it is true one day, don’t say that everyone on the planet is possibly your intended audience. Consider who you’re designing your item for and divide your marketplace into TAM, SAM, and SOM segments. This will not only amaze your listeners, but it will also assist you in strategizing your roll-out strategy. When talking about your target market, strive to create a user persona or your ideal customer if you can. This can assist investors in visualising the possible consumer base and shows that you’ve given careful consideration to who your company will service. In a fast pitch, it’s also far easier to communicate to a specific person rather than a large audience.

    Business Model of Your Startup

    Business model in Pitch Deck Presentation shared by Mint
    Business model in Pitch Deck Presentation shared by Mint

    This presentation is usually the most important to investors. How are you going to make a profit? The business model of your business is very crucial, be it a freemium business model, subscription business model or Franchise Business Model. Be very detailed about your products and pricing, and underline how eagerly your consumer awaits your entrance once more.

    Share Your Milestones

    Milestone shared in a Pitch Deck Presentation shared by Castle
    Milestone shared in a Pitch Deck Presentation shared by Castle

    You would like to establish credibility early in the presentation. Take some time to share the success you’ve gained in your field. This is your chance to talk about your accomplishments. What you and your team have accomplished thus far will impress the investors (sales, contracts, key hires, product launches, and so on). You’ve probably stated parts and pieces of this already, but now is the time to establish a whole picture of your company. But don’t simply talk about what you’ve done; also talk about where you’re headed. Show them a timeline with the next stages and extra milestones, as well as how the financing will assist in attaining them.

    Introduce Your Crucial Team Members

    Investors are more interested in people than ideas, so be sure to include information on your hard-working crew and why they are the best people to manage this company. Also, make sure to mention any skill sets that your team may be lacking. Most startup teams are short on crucial personnel, such as marketing, managerial knowledge, programmers, sales, operations, and financial management. Let them know you’re aware that you’re not an expert in every field.

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    StartupTalkyAshwini

    Conclusion

    You won’t know how fantastic your pitch is unless you give it a try. Don’t get too worked up, and approach each investor pitch as a learning opportunity for both you and your company. You’ll only get better as time goes on, and you’ll be able to apply what you’ve learned to all aspects of your company.

    FAQs

    What is a Pitch Deck Presentation?

    Pitching is a short-term presentation of your business idea that can last anywhere from a few seconds to a few minutes. You can either utilise a PowerPoint to support your speech or simply deliver it verbally. A pitch’s main purpose is to attract new consumers, investors, or stakeholders to your company.

    What makes a good pitch deck?

    It should include your company plan’s main themes, the items and services you offer, high-level financial estimates, and capital requirements.

    What does a great pitch deck look like?

    A pitch deck is a 10- to 20-slide presentation that gives a quick overview of your firm, revenue, business model, and startup goal.

    What are the elements of a good Pitch Deck presentation?

    Some elements of a good Pitch Deck Presentation for startups are:

    • Product/Service the Business Offer
    • The Problem your business is solving
    • Target Market Size
    • Business Model
    • Revenue Model
    • Competition
    • Crucial Team Member

  • How to Run Ads on Amazon and What Should You Know to Plan a Successful Advertisement Campaign?

    Amazon is the largest online retailer across the world. In 2020, it generated revenue of US$ 120,968 million becoming the leading e-commerce market, globally.

    Approximately 197 million people use Amazon worldwide. In the U.S. alone 95 million people have Amazon Prime membership and spend an average of around $ 1400 each year.

    Therefore, advertising and listing your products on Amazon gives you an unmatched opportunity to create awareness and visibility of your products and boost sales. Moreover, as Amazon is trusted by millions of users seeing your product or brand advertisement on Amazon makes them appear more authentic and reliable.

    Hence, advertising on Amazon becomes a very important part of your marketing strategy. However, a number of people complain that they are unable to derive the desired returns.

    They claim to spend a huge amount of money on advertising but cannot get enough customers. If this is happening with you as well then this blog is meant just for you.

    Advertising your products on Amazon and increasing your sales through it can be complicated. In this blog, we will share the tips and tricks that will help you throughout this process and help bring more sales.

    But, before we tell you about the tips to follow for a successful advertisement strategy, let us first discuss in brief how Amazon ads are created.

    How to Run Ads on Amazon?
    What Should You Know Before Running Ads on Amazon?
    Types of Advertising Campaigns on Amazon
    Tips to Create and Run a Successful Ad Campaign on Amazon

    How to Run Ads on Amazon?

    Advertising on Amazon is a great way especially for the new sellers to create brand awareness. Let us see how to create and run ad campaigns on Amazon.

    Amazon allows you to create two types of advertisement campaigns. They have sponsored brand campaigns and sponsored product campaigns. The first can only be created by the sellers who have registered a brand with Amazon while the latter can be run by any seller.

    Amazon Sponsored Product Ads
    Amazon Sponsored Product Ads

    Both these campaigns are meant to increase product or brand awareness and visibility that in turn increase the sales of the product.

    The next thing you need to understand to run an advertisement campaign is bidding. Amazon does not charge you for running ads but as soon as a user clicks on your product to see the details an advertisement expense is deducted irrespective of whether or not the visitor buys the product.

    This amount depends on the bid that you place while setting your advertisement campaign. In case two sellers are selling similar products, the product of the seller who has placed a higher bid will be shown on the top.

    Now let us see the step-by-step process of how to run advertisements on Amazon.

    Creating Campaign

    • First of all, log in to the Amazon Seller Panel.
    • On the top of your screen, you will see a number of options such as catalog, inventory, pricing, etc. Click on the Advertising option. A list of options will come down. Click on the Campaign Manager option.
    • On the next screen, you will find a tab “Create Campaign”, click on this.
    • The next screen will ask you to choose your campaign type. This includes the two options as stated earlier i.e. sponsored products and sponsored brands.
    • You can choose the option suitable for you. For reference here, we will go with sponsored product option.
    • As soon as you click continue the next screen will open that has multiple questions related to running the advertisement campaign.
    • The first column is the campaign name. You can choose any name that may help you in easy identification later as this will only be visible to you.
    • The second column asks you about the start and end date of your advertisement campaign, you can choose this as per your convenience.

    Setting the Budget

    • The next option requires setting the daily budget of your advertisement campaign. This is the amount that you are willing to pay every day to run the campaign. Amazon desires this amount to be greater than Rs. 50 per day.
    • As explained earlier Amazon only charges the advertisement expense when a user clicks on your product to view details. Hence, the daily budget amount also depends on your per-click bid. For example, if you have set the bid at Rs 5 per click and the daily budget at Rs. 100, as soon as 20 users click on your product, your daily budget will exhaust. Therefore, the higher the daily budget the longer your product will be visible to the customers. Mostly, it is suggested to keep the daily budget around Rs. 500 as it runs throughout the day.

    Targeting

    • The next option is targeting. Here, you will find two options i.e. automatic and manual targeting.
    • In manual targeting, you will have to choose the keywords through which your product will be displayed to the viewers while in automatic targeting Amazon decides the keywords on its own.
    • If you are a beginner it is better to choose automatic targeting to see the viewer response first.
    • The next option is a campaign bidding strategy. There are three options to choose from viz. dynamic bid – down only, dynamic bid – up and down, and fixed bids.
    • The first option lowers your bid when the ads are less likely to convert into sales. The second option raises or lowers the bid in real-time depending on the possibility of conversions. The third option keeps the bid fixed.
    • Now, you will have to create an ad group. You can add multiple ad groups in a single campaign.
    • The first column is to select the name of your ad group which will only be visible to you.
    • The next option is to choose the product for your advertisement. Here, we would suggest choosing the product from a single category while in a particular ad group.
    • Now, you will have to choose the automatic targeting where you will find two options set default bid and set bid by targeting group.
    • We recommend choosing the first option if you are just a beginner and also choosing your bid as suggested by Amazon as this increases the chances of sales.
    • Next column negative keyword targeting is optional. You can leave this option blank if you are just beginning.
    • After a month or more of running your advertisement campaign, you can add the keywords in this column that do not bring any sales to your product.
    • The final step is to click the “Launch Campaign” button. Your advertisement campaign will be launched as soon as you click this option.

    Now, when we know how to run an advertisement campaign on Amazon we can now move forward to understand how to make our advertisement campaign successful.

    What Should You Know Before Running Ads on Amazon?

    Even when Amazon offers you a broad platform to create brand awareness and visibility, not all advertisement campaigns running on Amazon can be called successful.

    The reason for this is the money spent on these campaigns, which is quite high in comparison to the sales brought through them.

    As per a survey, the annual advertisement cost on Amazon increased from 16.9 billion U.S. dollars in 2014 to 10.9 billion U.S. dollars in 2021.

    Annual Advertising Costs of Amazon
    Annual Advertising Costs of Amazon

    This indicates that more and more retailers on Amazon are now opting to run advertisement campaigns. This has obviously increased the price of advertising but the sales are also increasing at an equal speed.

    However, many vendors still cannot get the conversion rates they desire. They should understand that advertising for different brands and products is different and requires a unique strategy.

    Types of Advertising Campaigns on Amazon

    Amazon offers six different types of advertising campaigns. They are:

    Amazon Sponsored Ads

    As explained above these are the pay-per-click and keyword-targeted ads. These are displayed on the top of the page when a viewer searches for a product.

    Amazon Headline Search Ads

    Also known as the sponsored brand campaign these are the keyword-targeted ads that are displayed alongside the search results.

    Amazon Product Display Ads

    These are also the pay-per-click ads that appear on customer review pages, product detail pages, below the search results, and on top of the offer listing pages.

    Amazon Native Ads

    These are of three types viz. recommendation ads, search ads, and custom ads. These ads can be displayed on your brand’s own website.

    Amazon Video Ads

    These ads can be placed on Amazon-owned sites and devices such as IMDb, Amazon.com, Amazon fire TV, etc.

    Amazon Stores

    These are the multi-page online stores on Amazon that can be used by the seller to promote their brands.

    Each of these campaigns is meant to grab the attention of viewers and increase the conversion rate of the product. You will have to choose the advertising strategy best suited for your product or brand.

    Also, your work is not over just by choosing the strategy and launching a campaign. A routine and thorough analysis of your campaign, including the new trending keywords and discarding the old ones, and making other required changes regularly should be an essential part of your advertising campaign.

    After all, this, remember that every marketing strategy is different and every product or brand requires unique advertising practices to get noticed there are certain basic rules that make a difference.

    Tips to Create and Run a Successful Ad Campaign on Amazon

    Below we have mentioned the 6 tips to create and run a successful advertisement campaign and boost your sales on Amazon.

    Identify your goals

    Are you trying to boost your conversion rates or just increase your brand awareness? Whatever your target be it should be clear to you so you can choose the right marketing strategy and implement it correctly.

    This will also help you identify the right metric to measure your success. For example, if you are focusing on increasing your sales Advertising Cost of Sales (ACoS) can be the right metric. Similarly, if you are here to create brand awareness customer impressions can be a perfect fit for you.

    The product page of Amazon is divided into objectives to help you easily choose the best-suited advertisement strategy for your brand or product.

    As explained earlier Amazon only charges the advertisement fee when a user clicks on your ad to view the product details. To make every click count you must advertise the best of your products so that maximum numbers of clicks turn into sales.

    You must also ensure time and again that the advertised products are available in stock and competitively priced.

    It is also advised to choose the products that display the featured offer on Amazon. When several brands are selling the same product, Amazon combines them into one product detail page.

    If your product becomes a part of a featured offer, it will definitely increase the visibility and sales of your product.

    You can use a number of measures to make your product the featured offer such as pricing your product reasonably, including multiple shipping options or free shipping wherever possible, offering support services to ensure happy and satisfied customers, and reviewing your inventory.

    Strong title and compelling details

    This is one of the most ignored but impactful steps. The title of your product is the first impression for the potential customers. Therefore, it should be strong and catchy.

    You can include details such as brand name, product type, size, color, material, key features, quantity, etc. in the title. The best titles are usually 60 characters long, easy to read, and informative.

    Next, come the product details. An attractive title might tempt the user to click on your product but the precisely crafted, clear, and concise details are the reason most users buy a product.

    It is always a good idea to include multiple bullet points in the description of your product. The shoppers today are smart and capable of making informed decisions. Your responsibility as a seller is to guide them in making the right choice.

    The product description must provide the details such as uses, content, dimensions, origin, operational considerations, etc. of the product.

    The product description is the small narrative of your product so it must be crisp and clear including all the necessary details. Apply the unique voice of your brand while writing the description. This will help you create a positive user experience.

    You must also include high-quality, zoomable images of your product. This will help provide the user with a clear picture of what to expect. If possible also include a short demo video highlighting important features and details of the product.

    Select the right channel to advertise:

    Amazon offers multiple options for you to display your product advertisement. For example, voice ads can be put on Alexa-enabled devices.

    Choose the right channel to advertise your product.

    Get creative with your ads and give them a unique positive tone that reaches the customer and rings a bell.

    Also, you must choose the right advertising campaign for your product between sponsored brand and sponsored product. While the first type of advertisement is meant to increase brand awareness the latter helps you boost the individual product sales.

    Category-specific targeting

    While looking for products on Amazon you must have seen the heading “Product you might be interested in”. This is category-specific targeting.

    Basically, the advanced targeting functionality feature of Amazon gives you the opportunity to display your products along with the other products belonging to the same category.  This helps you enhance the effectiveness of your ads.

    Displaying your products alongside the other famous brands and top-rated products makes them look more reliable and allows you to increase brand recognition.

    Choose keywords wisely

    Keywords are the essence of your advertisement so it is highly crucial to choose them wisely. The right keywords can really make your brand popular.

    Choose specific keywords that are likely to be used by high-intent people. Include important details of the product as keywords that may be of interest to the target audience.

    Also, it is equally important to get rid of negative keywords that do not serve the purpose of your product. These keywords just increase your ad spend without bringing any traffic.

    You must regularly check the viewer response to include the new trending keywords in your advertisement strategy and remove the old redundant ones.

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    Conclusion

    Amazon being the largest online marketplace worldwide provides you with the platform to reach a much wider than possible through any other way. However, without an impactful marketing strategy, it can be difficult to create brand awareness or boost sales through this great platform.

    By using the simple tips for running a successful advertising campaign on Amazon mentioned in this blog you can definitely increase the visibility and sales of your product on Amazon. You can thank us later.

    FAQs

    Can you run ads for Amazon products?

    Yes, you can run ads on Amazon for your products. Amazon ads are a great way to increase the visibility of your product and get on the front page of Amazon.

    Is it free to advertise on Amazon?

    Ads on Amazon work on cost-per-click ads, if a user clicks on the ad Amazon charges you.

  • Top 10 Important Elements to Include in Your Pitch Deck

    The world is witnessing a huge rise in the number of startups in recent years. Many youngsters are showing interest in developing innovative ideas and starting their own businesses. Thanks to affordable technology for feeding ideas and options to those young entrepreneurs to shape their dreams.

    The first and foremost thing that a startup requires is a fund. However creative the idea is and however talented the founder is, the startup will never take a step further without funds. So, how can a startup raise funds? There are various investors and venture capitalists who are ready to fund startups with excellent business ideas and a knowledgeable team.

    The primary thing that the founders should do is impress the investors with the pitch. The pitch deck should contain such things that should convince the funders to release money from their pockets. Let us know more about the pitch deck and the elements it should carry most importantly in it.

    What is a Pitch Deck?
    Important elements to be included in your Pitch Deck

    1. Product
    2. Problems
    3. Solution
    4. Funding and Financials
    5. Revenue Model
    6. Traction
    7. Target Market
    8. Competitors
    9. Team
    10. Exit Strategy

    Pitch Deck Tips

    What is a Pitch Deck?

    A Pitch Deck is a presentation that gives an overview of the startup to the investors. It should contain all important information about our business like its nature, demand in the market, future plans, strategies, etc. Informative and short pitches are the ones that gain the interest of investors.

    Initially, Pitch Deck serves to be the face of a startup and it is how we introduce our company to the financial backers. The first impression it creates stands out to be crucial. So certain things that cultivate trust in the survival, success and future of your startup have to be considered and included while getting the pitch ready.

    Important elements to be included in your Pitch Deck

    The following article covers the important requirements for a pitch deck:

    Product

    If yours is a product-based startup, then take your product to the investors. Get them to know your product personally. Sometimes, your product might speak more than your words. Let them use your product and know it well. Even if your product is in the development or underdeveloped stage, create some samples or models to present to the investors. The visual presentation would give you an added advantage during the pitching.

    Problems

    Give a brief explanation of the problems you are facing as a business. Explain where the problem exists, the reason for its existence, where future issues can arise and so on. A simple narration with a relatable example could help investors understand the problems better. This might gain you a positive note on your in-depth business knowledge and a solution to the problem. Even if the investors fail to invest in your startup, their experienced advice could be of great help in the future.

    Solution

    Moz Solutions in Pitch Deck
    Moz Solutions in Pitch Deck

    Providing solutions to the problems can cause you some good during the pitch. If identifying the problem shows your understanding of the business then solutions show the knowledge you possess over it. Explain to them how you are going to solve the problem, how it is going to impact the business, the reason for choosing this particular solution, etc. If the solution or the strategy is adopted from a predecessor, then explain how they made it happen. Also, be prepared to counter any questions to be shot against you by the investors.

    Funding and Financials

    Investors won’t grant funds without you asking for it. You need to quote the required funding amount, its purpose and how it will be utilized, and the return the investors would get from it. If you are an existing startup, then you need to provide your past financials in a simple chart or graph along with the above-said details. It should contain spending, areas of your spending, profits, revenue, etc.

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    Revenue Model

    How do you make your revenue? An investor would be most interested to know your revenue model. You can use the information from the target market slide to assist you in briefing the revenue model. Explain the demand for your product or service in the market and how it would pay you back. Dissect the cost and profit from your sales and give brief reasoning for your pricing strategy. This is the other most important element to be included in your pitch deck.

    Traction

    Moz Ptchdeck 

    Project your company’s growth with the current market situation for a foreseeing future. If you are an already existing startup then elaborate your growth trajectory in the pitch deck. You can also mention the benchmarks you have created or the milestones achieved in the past. It can be anything in terms of profit, revenue, sales, awards, etc. This is done to incite confidence in the investors and reduce the fear of risking their finances.

    Target Market

    Sickweather Pitch Deck showing Target Market
    Sickweather Pitch Deck showing Target Market

    Every company, product or service-based, has a target market or customers. That particular targeted area should form part of your pitch deck. When describing this segment, you can include the nature or category of your market, the current and future demand, the impact of your competitors, and so forth. Investors would like to know where the major focus of your startup would be. They might judge your company’s long-term stability with the market you are about to target.

    Competitors

    One of the most important elements to be included in a pitch deck is the competition. Knowing the competition helps you to know about your business well. Since every action of the competitor might have a direct impact on your success and survival, understand your competition well. Not knowing them is a result of ignorance and improper market study. No investor would be ready to invest even a dime in such a startup. So, include a detailed study on your competitors in your pitch deck.

    Team

    Buffer Team in Pitch Deck
    Buffer Team in Pitch Deck

    A team is the core of any business. However great your planning and strategies might be, you need a great team to put everything into action. Assigning the roles to your team, and choosing the right person for the right task, is highly important. Give the investors a clear map of your management and operations team and their expertise.

    Exit Strategy

    Every investor wanted to know the exit strategy when the business gets transformed into a larger one, like going public, in the future. They would like to know your plans for the future and expansion strategies, or in simple terms, where the business will be in the next five or ten years. If you are planning on something like getting acquired, divesting your investments, etc. explain why it is the best choice for the investors.

    Conclusion

    The above are some of the key elements that should become a part of your pitch deck. They assist you in creating an imposing pitch presentation that in turn helps you secure funds and investors for your startup.

    FAQs

    What is a pitch deck?

    A Pitch Deck is a presentation that gives an overview of the startup to the investors.

    What are the important elements to be included in your Pitch Deck?

    10 important elements to be included in your pitch deck are:

    • Product
    • Problems
    • Solution
    • Funding and Financials
    • Revenue Model
    • Traction
    • Target Market
    • Competitors
    • Team
    • Exit Strategy

    Why Is Pitch Deck Important?

    Pitch deck is the first communication means for entrepreneurs to reach out to potential investors.

  • Top 10 Common Web Design Mistakes to Avoid in 2022

    Do you know the feeling when you visit a website only to close its tab in the next five seconds? The average attention span of a user on a website is eight seconds. Your website could be a business, e-commerce, or your personal blog. Now, in the next eight seconds, you would like to create an impression on your audience or your customer which is positive. And grab their attention

    You would not want them to switch to your competitors, make a terrible impression or increase the bounce rate on your website with a shoddy design. Where the color scheme is messy, the typography does not sit right with the brand, or just in general the UI is ineffective.

    Basically, your website can be a deal-breaker for you. Every other business has its presence online, and having a website has become an integral part of being in the market and getting potential customers.

    A good website with the right components, clean user interface, simplicity, functionality, color scheme, visuals, typography, and consistency can ensure that people will continue to browse, make a purchase or keep reading your blog.

    So how can we have a website that has a balance of all of these? Further, we will explain what website design mistakes can be avoided to make sure your audience has a seamless browsing experience.

    What Makes a Good Website?
    Common Website Design Mistakes

    What Makes a Good Website?

    To avoid making website design mistakes, first, let’s try to understand what makes a website a good one. You might not be a graphic designer, or perhaps you are paying one to get your website design done. How do you make sure that your vision comes into being?

    The design has principles, and again you don’t need to be a wizard to know all of it. Just the basic 6 principles that you can follow to get it right. Let’s take a look at what design principles are.

    The six principles of design

    Unity/ Harmony

    Create repeating patterns with the elements having a regular repetition of elements that suggest movement or again create a rhythm. E.g., like a maze.

    Balance

    Arrange the elements in symmetrical, asymmetrical, and radial forms to establish a sense of balance.

    Hierarchy

    As the name suggests, here you use the other principles and arrange design elements to how you want your users to view them.

    Scale/proportion

    Use size, ratio, and divisions to create visual harmony and establish a sense of the relationship between the elements.

    Dominance/ Emphasis

    Create an emphasis, establish a point of difference and bring the focus of your audience to the important aspects of your website by playing with highlights, color, and size.

    Contrast

    Group together elements that appear to be similar or share the same visual characteristics

    While composing, put together the designs that have differences, e.g., the foreground and the backdrop of the web design with different colors.

    Common Website Design Mistakes

    Not Having a Call-To-Action (CTA) Button

    A call to action can be anything that gives your users proof that you exist as an organization or a person. It further guides and encourages the user to take some kind of action on your webpage.

    CTA Button Example
    CTA Button Example

    It could be something as simple as a subscribe button, a call, or a sign-up for the free online course that you are offering. In most cases, a call to action is highlighted or made through special buttons.

    Too Much Loading Time of the Website and the Images

    As mentioned before, the average attention span of a user on a website is 8 seconds. What would you do if you saw a banner ad somewhere and immediately became interested in the brand or the product/service that it is offering?

    Following the button, you click on the link, and it takes you to a page that takes too much time to load. You become annoyed and immediately close the tab. It can be terrible for your business, especially if you are dealing in the industry of e-commerce with no app where your website on the internet is the only source available where your presence is.

    Similarly, when you upload pictures, make smaller graphics that you use for your web are 300 KB or less with large or full-screen background images being no more than 1 MB.

    Not Having Relevant Images and the Content

    Let’s say you are an NGO that focuses on the education of less privileged children. But the content written on your website is about the meaning of the song that’s recently released, rather than giving out any information regarding what your organization is doing to make their lives better. It will definitely confuse your audience. Have content that is aligned to the purpose of your main purpose.

    The same holds true for your visuals. If the image does not blend well with your content, you need to change it to a relevant one or get rid of it.

    Having Complex and Dysfunctional Websites

    Your website can be challenging to navigate, with problems with coding, expired or mismatched domain names, and broken internal links creating a dysfunctional website.

    Another reason could be that you don’t have a secure HTML website, which makes your viewers doubt the security of your website. Resulting in a bad user experience and frustrating your audience.

    Not Secure Website Example
    Not Secure Website Example

    Not Updating Your Content

    Refreshing and updating your content is necessary because it indirectly influences response times. You can lose data and have your website crash due to outdated plug-ins and themes, and you might even experience auto-redirects to other websites that will hurt your SEO ranking and might even result in Google blacklisting you.

    Lack of a Proper Layout, Color Scheme and Typography for Your Website

    Some websites are too crowded with information, graphics, videos, and more. This will only increase the load time for the website and will make it difficult to read. Make use of whitespace, do not have too many elements cluttering your website.

    If you have a high-end brand, choose a layout that can be aligned with the industry. Talking about branding, another mistake people make while designing a website is not selecting a proper color scheme and typography. And the whole website ends up looking like a clown with mismatched color palettes and fonts.

    Cluttered Website Example
    Cluttered Website Example

    Each color represents something. When designing your website, try to keep color psychology in mind. And select your colors accordingly. The same rules apply to typography; it should suit your brand’s personality. Use fonts that are easy to read unless your brand screams funk, and have an appropriate font size.

    Not having mobile-friendly websites

    Websites designed just for desktops can be a problem when your user is browsing them from other devices like macOS, mobile devices, or tablets. The user experience is affected, and not in a good way. Have your website optimized for other devices and be mobile-friendly by building a responsive design for your site.

    In simple terms, back linking is when a user is directed towards your website from another website to your website. The credibility of your website depends a lot on backlinks, especially for Google’s PageRank and SEO.

    It confirms that your site has the relevant content related to the site linking to it and ensures quality. Backlinking is one of the most prominent elements in your SEO.

    Internal linking is when your user is guided from one page to another on your website. It’s again important as search engines use these links to navigate your website. Linking your social media accounts to your website is one of the influential social media integration strategies.

    It helps your audience connect to you on different platforms as well as makes it easy for them to find out more about you, which can also drive traffic to your page.

    Lastly, if you are not using these practices on your website, you are missing out on a lot of actions that can give you an advantage over your competitors.

    Not Having a Minimalistic and Clean User Interface

    Less is more, and most of the time people underestimate the power of simplicity. But having a website design that is minimalistic in nature started growing around the early 2000s and the concept is booming today. By not having one, you increase the risk of complexity.

    A minimalistic design will steer the focus of your viewers quickly to where you want to while cutting back on the clutter. Helping to present your content in a simple and direct way.

    Similarly, a clean user interface will be easy in the eyes of the users, easy to read, and well organized. By not having a clean user interface, you make it difficult for your viewers to focus on one thing without getting distracted. You can refer to the principles of design to help achieve a clean and minimalistic user interface.

    No SEO or Analytics

    If you ignore the strategy of using SEO on your website, you miss out on the organic traffic that comes your way, and the ranking of your page is affected. One should always keep SEO in mind while creating a website, and at least know the basics of SEO.

    Another key part of your website is analytics, which helps you understand your audience. Where is your audience from? What type of content do they like on your website the next time? And if you are an e-commerce site, you can use your metrics to scale up your sales game.

    In addition, tracking outbound links will provide new opportunities for collaboration. You can also see what questions cause users to reach your site, your click-through rate (CTR), and your average position.

    Conclusion

    We looked at a lot of things that make a website perform badly. But as we conclude, let’s take a quick revision of the Do’s and the Don’ts, so you can avoid the mistakes while creating a website

    What should your website consist of?

    • Have a mobile-friendly website with a clean and minimalistic user interface.
    • Follow the principles of design while creating your website.
    • Have relevant visuals/ graphics and content that is relevant to your website. This also means having no pixelated or distorted images on your site. Optimize your images that have larger file sizes.
    • Include SEO and analytics on your website to level up your ranking
    • Have inbound and outbound links to your website and integrate linking your social media accounts to your website
    • Make it a practice to align your typography and color scheme for your website with your brand’s personality.
    • Don’t miss out on the call-to-action button.
    • Make use of whitespace, don’t let your website be crowded or complex.
    • Have your content refreshed and often updated with a clear message.

    FAQs

    What are some common website design mistakes

    Not adding a CTA button, not having a mobile-friendly website, not having a clean and minimalistic design, and long loading time are some of the common website design mistakes web designers should avoid.

    What makes a bad Web page design?

    Non-responsive design, cluttered layout, hidden navigation menu, and bad color contrast indicate a bad web page design.

    What are 4 common design errors?

    Use of too Many fonts, using stock images, not proofreading and bad color contrast.

  • How to Make Impressive Use of 404 Page on eCommerce Stores to Boost Conversion?

    Frequent online shoppers must have come across a 404 error page at least once during their online shopping journey. As the site keeps getting bigger, so do the chances of encountering such pages. An eCommerce store can render a 404 error page for several reasons.

    For example, the site owner may have forgotten to permanently delete the page without any redirect, poor server configuration may be causing the problem, or the page is currently unavailable because it is being worked on. The reasons can be several, but the eCommerce store owner cannot take the risk of losing potential sales because of an error page.

    To ensure store owners make the most from 404 error pages, we’ve analyzed hundreds of eCommerce stores to check how they tackle this problem. After studying various eCommerce stores, we’ve handpicked and listed below some of the best ways to boost conversions from 404 error pages. Let’s quickly head to the list shared below.

    Pitch in Your Most Popular Products
    Display Product Categories with Working Links
    Incorporate a Product Search Bar in the 404 Page
    Sprinkle Some Humor or Add a Surprise Element
    Skyrocket eCommerce Sales by Optimizing 404 Pages

    If a visitor landed on the 404 page, he was looking forward to buying a product from the online store. This opportunity should not be wasted. The best way to monetize such situations is by recommending some of the most popular products on the 404 page. Something like Urban Outfitters does.

    Urban Outfitters 404 Page
    Urban Outfitters 404 Page

    Their entire 404 page is divided into two sections. The top section features an old-style black and white GIF stating the page can’t be found. At the same time, the second and lower part displays the most popular products with high-quality image and product name. Since the best and most sold products are shown, the visitor may be tempted to check them out and make a purchase.

    Since this is an excellent way to optimize the 404 page, Urban Outfitters isn’t the only eCommerce store following this method. Steve Madden, a popular shoe-selling online store, also follows a similar approach for maximum conversions.

    No shopper would appreciate landing on a dull 404 page. If the eCommerce store only tells the visitor that the page doesn’t exist, the chances are rare that the visitor will continue browsing the same site. He may instead prefer going back and looking for better-optimized eCommerce stores.

    To prevent this from happening, provide the visitors with a starting point once they reach the 404 page. An excellent way to do it is by adding category pages.

    Missguided 404 Page
    Missguided 404 Page

    Take a look at the 404 page from Missguided, for example. It tells the visitor that the site couldn’t find the page they were searching for. But they don’t end there. The 404-page message is quickly followed by the line “let’s get back on track.” Visitors can see a list of categories with relevant images just below this message.

    It prompts them to start their search again by simply clicking on any of those categories.

    For example, if a visitor was searching for tops, they can click on the “tops” category instead of leaving the eCommerce store. It will boost the chances of the visitor making a purchase. Birchbox is another eCommerce store that follows a similar approach to increase conversions.

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    Incorporate a Product Search Bar in the 404 Page

    When visitors visit a particular eCommerce store knowing what they want, converting them becomes much easier. But missed sales are guaranteed if they accidentally land on a 404 page that isn’t optimized.

    It is why various big eCommerce stores are taking appropriate measures to ensure visitors don’t leave their site after coming across a 404 page. Take Etsy, for example.

    ETSY 404 Page
    ETSY 404 Page

    It is one of the biggest eCommerce marketplaces and knows how to bring back lost sales. It gives visitors two options – type for the relevant product in the search bar or heads back to the homepage.

    These two options give visitors a reason to stay back instead of abandoning the site. Since it becomes difficult to anticipate what each visitor is looking for, giving them an option to search their way out is one of the best-performing ways.

    It is why Etsy is not alone in adopting this approach. eCommerce stores like Need Supply Co., Ted Baker, UnderArmour, etc., follow a similar template while designing their 404 pages.

    Sprinkle Some Humor or Add a Surprise Element

    Making a prospective customer annoyed or frustrated is always a big no for eCommerce store owners. It takes them away from the brand and reduces their chances of returning for future shopping.

    To prevent such events, eCommerce brands should adopt a more personal or humorous approach. Everyone can take inspiration from Amazon, the biggest eCommerce platform on the internet.

    Amazon error 404 Page
    Amazon error 404 Page

    Whenever a visitor lands on a 404 page, Amazon displays a picture of one of its ‘dogs of Amazon’ to make them feel less annoyed. Everyone loves dogs; hence, this approach works in most cases.

    No one expects to see a smiling dog when landing on a 404 page, so it makes them giggle a little instead of making them feel annoyed. Another aspect of this page is a direct link to the homepage.

    Now that the dog’s picture made the visitor smile, he can continue searching for relevant products by returning to the homepage. eCommerce store owners can either replicate the same strategy or make some tweaks to make the 404 page look humorous. It will help prevent visitors from going to another online store.

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    Skyrocket eCommerce Sales by Optimizing 404 Pages

    A mistake some eCommerce store owners make is ignoring their 404 page. They forget that these are also part of the website that needs proper optimization for better conversions. eCommerce store owners that desire high sales must develop unique 404-page optimization methods.

    They can either design their own optimization ideas or pick one from this article. No one can entirely prevent visitors from landing on 404 pages, but efforts can be made to ensure they don’t leave the site without making a purchase. So act wisely.

    FAQs

    What does the 404 error indicate?

    404 error is a Hypertext Transfer Protocol standard response code that indicates the server was unable to find what was requested.

    What is 404 error in eCommerce websites?

    404 error in eCommerce websites indicates that the webpage is down to a misspelled URL, a broken link, or a product page doesn’t exist anymore.

    What are the best ways to optimize 404 error pages on eCommerce websites?

    Some of the best ways to make your 404 error pages of eCommerce websites impressive are:

    • Pitch in Your Most Popular Products
    • Display Product Categories with Working Links
    • Incorporate a Product Search Bar in the 404 Page
    • Sprinkle Some Humor or Add a Surprise Element

  • A Comprehensive Look at Changing Domains and Its Impacts on SEO!

    So, you have got a website that is successfully registered with a particular domain name and is hosted for the audiences. Here’s when you think of changing your domain name, but you are unsure whether or not it would be a wise decision!

    Stop! Never decide on it on your whim, rather you can take help from the internet and the viral articles that are knowledgeable too. Such articles/blogs will direct you with the same, just like this StartupTalky article, which will help you understand domain changes and whether they will impact your SEO.  

    Do you want to change your domain name? In this article, we’ve explained how changing domains can affect your SEO, along with detailed steps to change it without compromising your hard-earned link juice!

    So, let’s get started.

    Does Domain Name Change Really Impact the SEO Performance?
    How Far can Domain Changes Affect SEO?
    How to Change Domains Without Affecting SEO?
    1. Check the New Domain’s History
    2. Back-Up Your Website
    3. Implement a 301 Redirect
    4. Inform Google About the Changes
    5. Submit Your New Sitemap
    6. Test Your Website
    Should You Go For Domain Name Changes?
    Why is Strong SEO Crucial?

    Does Domain Name Change Really Impact the SEO Performance?

    Domain changes are seldom required, but they are also required at some times for some businesses even after they are registered with one of the best domain registrars. Such a change is mostly needed by the companies if they are merging with another company or are looking for another more relevant domain name. Though none of the companies would want to risk their online visibility, brand image, or marketing and SEO, they simply rethink at times whether it would be wise to change their domain names.

    Now, if you are in one such position where you have hosted your website with the help of a reputed hosting company and are wondering whether changing the domain would affect your SEO performance, then the answer is nothing but a YES!

    Changing the domain name would make it harder for the Search Engine, its crawlers and the audiences to find your website. However, it is also true that the change in the domain name shall not erase what you have done in terms of SEO for your brand. So, how far can domain changes affect the SEO?

    Okay, let’s check it out below!          

    How Far can Domain Changes Affect SEO?

    When you intend to buy a domain name from some of the best domain marketplaces and use it as your new website name, you might wonder whether or not it is a wise thing to do.

    When you change your domain, your SEO will suffer to a certain extent. Some pages are likely to drop in rankings right after moving to a new domain, but the effect should be temporary if done correctly.

    That’s why changing domains shouldn’t be done on a whim. It takes careful planning and time. If you change your already high-ranking domain to a new one, you will have a significant drop in SEO and overall organic traffic volumes. This means that all the links on your site under the old domain will no longer work. Thus, the content cannot be ranked.

    Luckily, there are some steps you can take when changing domains without affecting your SEO.

    How to Change Domains Without Affecting SEO?

    Let’s break down some actions you should take when moving from one domain to another:

    1. Check the New Domain’s History

    You could skip this step if you purchased a new domain name. This step applied when you bought an existing domain either from a domain auction or someone else.

    You’ll want to go to archive.org to receive the web pages’ history report on the domain name. Here, make sure that there wasn’t any spam or low-quality content.

    To get an entire in-depth history, you can use Ahrefs’ Backlink Checker tool. You should also use the Google Search Console to see how well Google ranked the previous web pages or whether they had any penalties before.

    2. Back-Up Your Website

    The next step is to back up all the files on your site. This is to avoid any data loss as you migrate your site’s content from one domain to another.

    You can also do a website audit where you list all your inbound links to minimise the loss of those good links. This can be done by going to your Google Search Console and clicking on the Search Traffic section on the left side menu. You can then export the links you want to keep as your records.

    3. Implement a 301 Redirect

    You should create a 301 Redirect. This is necessary to drive traffic from your old domain to your new one. It’s a crucial step in maintaining your search engine rankings and for Google to understand that your site’s content was permanently moved to a new address and name.

    To do this, you should have access to your server’s .htaccess file and use the wildcard process. Once you’re in, simply replace the old domain with the new one. You can find more specific information depending on your hosting provider.

    The transfer process will take up to a few weeks, but you can accelerate the process by doing the next step.

    4. Inform Google About the Changes

    Using the Google Search Console, head to the Change of Address tool and add your new domain to inform Google that your domain name has changed. Google will then update your domain in their system and migrate everything to your old domain name.

    Ensure that everything has appropriately moved. All your links should be resolved and have a 200 OK status code written next to them. Make sure that all the redirects are 301 and not 307 or 302.

    5. Submit Your New Sitemaps

    Your new site will need a sitemap to represent all the pages on your site. Once you’ve identified the importance of all your pages, you should code your URLs. You can use tools like Sublime Text to help.

    Once you’re done, head over to your Google Search Console and click on your website on the sidebar. Then head to the Sitemaps section and remove your old sitemaps. Then on the Add, a new sitemap, and hit input. Finally, click Submit once you’re done.

    6. Test Your Website

    Once the domain change is complete, you’ll want to double and triple-check everything to make sure it’s working correctly. You can manually do this by typing in both the old and new domain names in your browser.

    You can also use Google Analytics to see if it’s appropriately tracking your website under the new domain. Head to the Site Content section and search for any pages with “Page Not Found.” If there are any, that means something went wrong with your redirects.

    Using the Google Search Console, head to the Coverage report to see any errors on your website. It will also automatically inform you via email if there are any significant issues with your new domain.

    Should You Go For Domain Name Changes?

    Domain name changes for a brand almost always falls under the list of the strict no-nos. Here, if you are thinking of improving your SEO performance by changing your old domain to a newer one, then that is an absolutely unhealthy idea for your website.

    Now, if you also find out a domain name that fits the domain you work in and the products/services you provide, then also, you shouldn’t opt to change your domain name. In such cases, you might enjoy a short hit in your organic rankings, but that will eventually dip far lower than you can probably think of if you don’t support the same with adequate strategies. However, if you need to change your domain name anyhow and the reason is compelling, then do it at your own risk, but keep the aforementioned strategies handy to get over the marketing woes.  

    Why is Strong SEO Crucial?

    SEO is crucial because it helps your website become more visible on the search engine result pages. SEO and domain names complement each other, as you’ll see in the these couple of reasons below:

    • Branding – As your domain name is unique, it can be used to build your brand. Your domain name will then help your SEO because of its unusual name.
    • Business or location-related TLDs – Having specific TLDs that focus on what you do or where you’re located makes it easier for your SEO to rank your website higher in the particular location or business extension.

    Conclusion

    Now you know how changing a domain name affects your SEO and its benefits when done correctly. We’ve also explained the steps to change your domain name without affecting your SEO. So, if you ever decide to change your domain name, you know what to do now.

    FAQs

    What is a domain name?

    A domain name can be described as the name of the website. This name comes right after “www” or after “@” in an email address.

    Is domain name needed for a website?

    Domain names are crucial for a website. It serves as the identity of the website on which the online visibility of the individual or the business as well as its marketing depends. Every website is registered with a particular domain, which needs to be done for all of the websites.    

    Why should you not change the domain name of your website?

    If you’re thinking of changing your domain name, then don’t. These are the reasons that will make it challenging if you change your domain name:

    • Changing your domain name will adversely affect your SEO
    • It will make the website less recognizable by the audiences
    • It will make many links inside it invalid
    • Changing the domain name will make it difficult even for the Search Engine and its crawlers
    • It might also impact the reputation of the brand/website

  • How to Write Product Descriptions for Your Ecommerce Store in the Most Optimized Way?

    It is a customer’s natural instinct to read a product description before buying it. especially when they are buying the product from an online website. This is because they need to be sure of the product, its ingredients, and its functions before purchasing it. Customers cannot be sure of the product quality just from a bunch of random information. So, they will always want to read product descriptions before making a decision on them.

    No matter how well-made the product is, someone cannot buy it if the product description is not clear. You need to have a very crisp yet informative description for your products as an optimized product description ensures high sales for your eCommerce store.

    This article will guide you on how you can write product descriptions for your eCommerce store in the most optimized way.

    What Is a Product Description and Why Is It Important?
    How to Write a Product Description for Your Ecommerce Store?

    What Is a Product Description and Why Is It Important?

    A product description is a piece of information that describes the product’s features and benefits. An optimized product description should have a list of ingredients or materials regarding the product in order to attract potential customers and boost sales.

    It is essential to have a product description for all the products on your eCommerce store. It is what will convince potential customers to buy your product and thus, aids in increased sales. People often think that a bunch of factory specifications is enough but it is not. You need to write a piece that contains well-organized and relevant information.

    An optimized product description shows your potential customer the value of your products. If you write it well, anybody reading it will know exactly why they should buy it. Besides, you should also add what problem your product solves. Potential customers often look through products for a solution to a personal problem. Your product will sell more if your product description is clear about what problem it solves.

    How to Write a Product Description for Your Ecommerce Store?

    Global Retail Ecommerce Sales from 2016 to 2021
    Global Retail Ecommerce Sales from 2016 to 2021

    Writing an optimized product description is crucial for an eCommerce store. The following steps will guide you on how to write a product description for your eCommerce store:

    Determine the Target Audience for Your Product

    Every product does not have the same target audience. You cannot write a product description about a blanket the same way you write it for a dress. Somebody looking for a blanket is looking for comfort and good sleep. While someone looking for a dress is looking for style.

    Thus, when writing a product description, you need to keep in mind who is your target audience. This will help you include key points in your product description, adhering to their needs and wants. Potential customers will lean towards your product once they read about it and know that it can fix their problem.

    Add All the Features and Specifications of the Product

    As a seller, you are obviously aware of all the features and specifications of your product. But the customers are not. So when writing a product description, make sure you write all the basic features and dimensions of the product. Besides, we suggest you mention how to use the product as well.

    However, along with this, you also need to add what is special about the product that makes it different from its competitors. This will make your product description stronger.

    A potential customer should know all the key features and benefits of your products. They will lean towards buying a product once they see that it can improve their quality of life.

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    Optimize the Product Description for Search Engines

    Search Engine Optimization (SEO) is the best way to attract traffic to your eCommerce store and your product description can help you do that. You can aim for high ranks on search engines by including keywords in your product description.

    Keywords are words that potential customers search online. For instance, a person looking for a black shirt will search, ‘black shirts for men’. Or a person looking for hair care products will search for something like ‘hair-fall control shampoo’. You need to include keywords like this in your product description. These keywords will vary from product to product. You will have to do research about the keywords regarding different products. But in the end, it will rank your products high on search engines. Thus, better potential for increasing revenue.

    Avoid Unnecessary Information in the Product Description

    Customers do not have the time to read unnecessary information in your product description. They just want to know the features and benefits of the product. If you write unnecessary phrases that do not add value to your product, the person reading it will get bored and most probably will lose interest in your product too. So we suggest you be smart with your description writing and avoid any kind of unnecessary information.

    Add Social Proof in the Product Description

    Adding social proof to your product description adds value to your product. People start developing interest in your product once they see it is genuine and is used by many others as well.

    So, what you can do is add an expert’s approval comment in your product description or you can even say it is tested by professionals (making sure that you actually get it tested). An even better trick is to add customer reviews in your product description. Potential customers love to see that other people like them have benefitted from using the product. It develops a sense of trust among the customers toward your eCommerce store.

    Amazon Product Description Example for Ecommerce Store
    Amazon Product Description Example for Ecommerce Store

    Make the Product Description Easily Scannable

    People have short attention spans. They do not have the time to read everything that’s on the product page. They will only read about 16% of the content. So, your product description needs to cover that 16% effectively.

    You can make that possible by making your product description easily scannable. Easily scannable basically means that it is crisp. It means that the buyer will be able to find the information they are looking for without having to read unnecessary things. You can do that by using bullet points, headings, short paragraphs, different sized fonts, and leaving enough spaces. This will make the description easy to read and understand and thus, reduce the chances of your eCommerce store losing a potential customer.

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    Use Good Images in the Product Description

    Just writing a good product description is not enough. It should be accompanied by good-quality images. About 63% of customers have more trust in product images than in the product description. Good images of the product let the potential customer imagine what the product will look like in real life. Thus, you must make it as appealing as possible.

    For instance, if you are selling a mobile phone, you need to add pictures of the front view, the back view, close-ups of the cameras, and the sides. The front view will convey the screen quality of the mobile. At the same time, the back view will convey whether the mobile can withstand a heavy fall. Along with that, the close-ups of the cameras will reveal the camera quality. The close-ups of the sides will tell the potential customer whether the phone is sleek or not. Thus, if the potential customer has a preferred size, camera quality, and sleekness, they can check that easily.

    Similarly, for any other product, good images are necessary. They basically say everything about the product without saying anything. You can also add a few features of the products in the images. Since people like to see the images more, you can convey a lot through them. This will enhance the product value of your eCommerce store.

    Test Your Product Description

    Even if you know exactly how to write a product description, using a template might help a lot. But unfortunately, there is no one kind of template that suits all product types. So, we recommend you make your own product description template.

    Do your research about your target audience. Learn what they want and don’t want and then include them in your product descriptions.

    A few things you should keep in mind when writing your product descriptions are:

    ¡ What problem the product is solving?

    ¡ What is the speciality of the product?

    ¡ Include all the features and benefits of the product.

    ¡ Include target keywords.

    · Adding pictures that clearly display the product’s key features and benefits.

    Once you have written a product description keeping these things in mind, test them out. Put them up on your eCommerce store along with the product and then monitor the reaction towards it. See if the description is helping to increase your sales, and boost your online traffic or not.

    If this new product description increases your sales, you have cracked the code. Now all you have to do is make your product descriptions similar to the ones you tested and you will see high sales for every other product. Including the right keywords will ensure that you are increasing your traffic. Everything you try out must ensure you are doing full-proof research and identifying and eliminating factors that are leaving a negative impact on your rankings. Thus, testing your product description is very crucial as it helps you to know what’s working and what’s not for your eCommerce store.

    Conclusion

    Coming to the end of this article, we hope to have been of help to you in writing product descriptions for your eCommerce store in the most optimized way. Kindly remember to provide all features and benefits of the product in the description. Besides, don’t add unnecessary information that will make people lose interest in your product. Finally, make sure you have good images and have tested your templates. Doing all of these efficiently will definitely help your eCommerce store in increasing its sales.

    FAQs

    How do you write a product description for eCommerce?

    The steps to writing a product description for eCommerce include:

    • Determine the target audience.
    • Add All the Features and Specifications of the Product.
    • Optimize the Description for Search Engines.
    • Avoid Unnecessary Information or Phrases in the Description.
    • Add Social Proof in the Product Description.
    • Make the Description Easily Scannable.
    • Use Good Images.
    • Test Your Product Description.

    What is SEO product title?

    Product title simply refers to the name of the product that appears on the product page of an eCommerce store. It tells the customers as well as the search engines about what you are selling.

    How many words should product descriptions be?

    A product description should be somewhere around 300 words. However, the number of words will vary from product to product.

  • BRICS 14th Summit 2022 | PM Participates in the Summit Virtually

    BRICS constituted of five countries, has become a global phenomenon that has spurred on the need for improvement for a stable and upward-moving economy. The conglomeration met in 2022 to discuss startups. In this article, you can find what BRICS is and what it stands for in terms of developing the economy.

    BRICS- About
    Objectives of BRICS
    Importance of BRICS
    14th BRICS Summit 2022

    BRICS- About

    BRICS Countries Contribution to the World (combined)
    BRICS Countries Contribution to the World (combined)

    BRICS started as BRIC in 2009 and constituted four countries – Brazil, Russia, India, and China. The term was coined in 2001 by Roopa Purushothaman, a researcher for Goldman Sachs, for the Building Better Global Economic BRICs report. South Africa, invited and supported by China, officially became a member in 2011 by attending the 3rd summit meeting as a new permanent member.

    The countries came together to form an economic bloc that also acted with each other’s interests in mind. Although multiple conflicts are rife in the regions that some of the countries share, economic growth and forging alliances remains the objective for BRICS countries.

    The reason why Goldman Sachs was optimistic about the development of BRICS was because of the growth rate. For years, these five countries consistently rated among the fastest-growing economic hotspots in the world. The favourable condition of a global commodity explosion led to a lower cost of labour and sufficient demographics. These factors, along with the availability of natural resources at that point, led to flourishing economies in these countries.

    The enthusiasm around the prediction that BRICS would overpower the economies of the Group of Seven (Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S) died away. Thanks to the worldwide financial collapse and the crash of oil prices, the hype around BRICS as the economically advanced bloc slowly petered out in 2014.

    However, the countries that constitute the bloc continue to meet at annual summits to discuss various topics like terrorism, economic nourishment, peaceful stability, monetary aid, etc. Let us take a look at the various facets of BRICS.

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    Objectives of BRICS

    The main aim of BRICS is to promote security, prosperity, and economic progress among the participants in the conglomeration. No matter what geographical or political disputes might arise between the countries, the relationships forged within BRICS come first. The supreme leaders of all five nation-states must come together to encourage and support each other to improve economically.

    BRICS also has objectives that it wants to achieve, especially with its target of accomplishing its goals by the year 2050. The aims of BRICS are as follows:

    ● To facilitate and attain financial expansion.

    ● To fulfil geographical development.

    ● To eliminate commerce hindrances.

    ● To get the most use out of the available resources.

    ● To create and sustain peacefulness, fellowship, and relationships among nations.

    ● To become a prominent producer and supplier of manufactured goods, services, and raw materials.

    ● To promote financial hotspots that will help grow the economy of each country.

    ● To sustain the New Development Bank

    The main objective for BRICS is to prove that they can restore balance in a world dominated by the G7. To do that, the countries must work together to foster a sense of camaraderie.

    Importance of BRICS

    BRICS Countries Leaders
    BRICS Countries Leaders

    BRICS is an extremely crucial part of the financial growth of the global financial image itself. Consider the fact that the countries concerned together make up 26.7% of the world land surface and 41.5% of the world population. With a GDP of 19.6 trillion USD and about 23.2% of the gross world product, BRICS is a force to be reckoned with. With a combined GDP (PPP) of more than 40.55 trillion USD as well as 4.46 trillion USD in integrated foreign resources, BRICS certainly offers its fair share of contribution.

    As a result, BRICS countries are crucial for the following issues:

    ● For the discussion and partnership on financial situations and issues.

    ● Aid for infrastructure and long-lasting development of projects that can be sustained.

    ● Support for issues like acts of terrorism, food, energy matters, security, and climate change.

    ● Arrangement of India with the other BRICS countries on the matter of NSG memberships.

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    14th BRICS Summit 2022

    14th BRICS Virtual Summit
    14th BRICS Virtual Summit

    The 14th BRICS summit 2022 took place for two days- the 23rd and 24th of June. The conference, convened under the Chairship of President Xi Jinping of China, was held virtually in light of the current Covid-19 pandemic situation. President Jair Bolsonaro of Brazil, President Vladimir Putin of Russia, and President Cyril Ramaphosa of South Africa were present to constitute the BRICS forum.

    The Indian Prime Minister, Shri Narendra Modi, wished to shed light on ventures that will help strengthen the economy. These economic decisions have been shown to increase the output of monetary resources.

    During his address at the summit, the Prime Minister put forward a proposal to establish a database online. The database would store all documents and research networks in connection to BRICS and the BRICS Railways. This will ensure and increase the cooperation among the Ministries of Micro, Small, and Medium Enterprises (MSMEs).

    Moreover, PM Modi also requested the business community under BRICS to help develop solutions for technology startups and MSMEs. He stressed the development and importance of startups, indicating the increase of fintech startups. Moving from a mere 500 in 2018 to an astounding 2,300 fintech startups in 2022, India is the third-largest breeding ground for encouraging profitable startups to operate and grow, after China and Russia respectively.

    PM Modi also highlighted the growth of the biotech industry. More than 1100 biotech startups have registered since 2021, with over 5000 startups operating in the biotech sector. Investments in the biotechnology industry have seen a substantial increase by nine times as well as a growth spurt of seven times the rate since last measured in 2014. This has made a mark on the economy since the worth of this market has increased exponentially from a 10 billion USD industry to a booming 80 billion USD industry as of 2022.

    This year, India will be organizing the BRICS startup event. The main purpose behind this is to strengthen the connection between startups in BRICS countries. The PM also suggested increasing the cooperation among the BRICS members in the field of technological solutions for different social and economic challenges, startups, and MSMEs.

    Conclusion

    Since its foundation, the BRICS members meet at annual summits to discuss various issues and solutions for them. BRICS not only promotes economic growth in the wider sense but also helps to encourage small business ventures in their growth. The organization helps foster a sense of fellowship and facilitates facets of economy boosters like startups.

    FAQs

    What is BRICS and its purpose?

    BRICS is short for Brazil, Russia, India, China, and South Africa. These are the world’s top-most emerging market economies. The primary purpose of BRICS is to promote peace, prosperity, security, development, and mutual cooperation.

    When is the 14th BRICS summit 2022?

    The 14th BRICS summit 2022 took place for two days- 23rd and 24th June 2022. The conference, convened under the Chairship of President Xi Jinping of China, was held virtually in light of the current Covid-19 pandemic situation.

    When did India host BRICS Summit?

    India hosted the 13th BRICS Summit on 9th September 2021. Besides this, India has also hosted the BRICS Summit in 2012 and 2016 respectively.

    Where is BRICS headquarter?

    BRICS headquarters are in Shanghai, the People’s Republic of China.

    When was BRICS first conference?

    The first BRICS conference was held in Yekaterinburg, Russia on 16 June 2009.