The government had issued new rules and guidelines for the social media intermediaries and social media platforms in the country. On 25 February 2021, the Ministry of Electronics and Information Technology has announced its draft Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, for social media platforms.
Ravi Shankar Prasad announced during a press conference that these rules are not a newly framed one but were already the existing ones under the IT act. He also said that he is trusting the platforms to follow these rules. Self-regulation will be the focus of these guidelines.
The rules have provided a difference between significant social media intermediaries and regular social media intermediaries. The new guidelines for the social media platforms are:
Social Media Platforms with a minimum of 50 Lakh registered users in India are under the group of significant social media intermediaries. They are subject to maximum compliance.
However, the government wants other Social Media platforms to comply with the rules and regulations applicable to these significant social media intermediaries. That is only if the services of these platforms create a risk in the integrity and sovereignty of the country.
The government wants social media platforms to come up with a mechanism where users can express their complaints. It wants Social Media intermediaries to have the following:
Chief Compliance Officerâ The Chief Compliant Officer will be responsible to maintain compliance with the rules and Acts.
Nodal Contact Person â The Nodal Contact person will be responsible for maintaining contact with the law enforcement agencies (the government) 24/7.
Resident Grievance Officerâ The Resident Grievance Officer will be responsible for managing the grievances from the users and is expected to perform the functions that are mentioned under the mechanism of Grievance Redressal.
All the above mentioned officers have to be a resident of India. Even the significant social media companies are supposed to have a physical contact address in India. This will create an impact for the foreign players because they will have to set up an infrastructure and extend resources and taxation.
The government says it is a step to strengthen social media users and other intermediaries. The government wants a Chief Compliant Officer even for significant social media companies. According to the new guidelines the companies will need to publish a monthly compliance report as well.
Ravi Shankar Prasad, the Union Minister said that “If there are complaints against the dignity of the users, particularly nudity, women that exploit their private parts or of any other individual, sexual acts, impersonation, etc. should be removed within 24 hours.”
The significant Social Media intermediaries are expected to come up with technology-based measures, automated tools to identify abusive contents and information, child sexual abuse, rape, or any other information which was previously removed.
The rules also require significant social media to track the origin of a message. They are supposed to track the âfirst originatorâ. This means that your messages wouldnât be end-to-end encrypted anymore. The Social Media apps like WhatsApp, Telegram, etc. will be forced to break their end-to-end encryption.
The government has said that they are interested in the content of the message but they would want to know who created it. This will be mainly concentrated on messages which are passed on related to the security and sovereignty of India, public order, or concerning rape or any other sexual content.
The government wants the social media intermediaries to disclose the âFirst originatorâ of such messages.
The significant Social Media intermediaries are supposed to provide a system for the verification of users. For example, through mobile numbers. It is on a voluntary basis.
According to the rules, âusers who wish to verify their accounts voluntarily shall be provided with an appropriate procedure to do it. They will be provided with a demonstrable or a visible mark of verification with a tick or a dot.
It can be a setback on the userâs privacy even though the verification is on a voluntary basis. The userâs information that is collected can become a part of the privacy policy which the social media platforms have the right to use. The users wouldnât have an option. They will have to consent to the platformâs privacy policy.
FAQ
Who regulates social media in India?
Ministry of Information and Broadcasting regulates social media in India.
What is the most used social media platform in India?
Facebook is the most used social media platform in India.
Which social media company Facebook owns?
Facebook currently owns Instagram and WhatsApp.
Conclusion
Even though after the implementation of the new guidelines, foreign players would still be interested in setting up their business in India because there is an absence of a registration or a mandatory licensing framework for the digital media business. The rules will be put in effect once it is published in the gazette. The additional due diligence which is meant for the significant social media intermediaries will come into effect 3 months after the publication of these rules.
Indian pharmaceutical market has been one of the largest markets in the world in terms of volume as well as value. Also, India is the largest provider of generic drugs with around 20% to 25% of global exports in volume. Since the business in the pharmaceutical industry of India is great, one can have a decent opportunity to start it in the local market.
If you are someone who is interested to open a medical store or obtain a pharmacy license in India, this write-up is for you. Pharmacy business has been eternal in our country. Even when all other businesses suffered huge losses due to the Covid-19 pandemic, pharmacy businesses kept on growing and flourishing and will continue the same in the future as well.
In India, the pharmacy business doesnât get affected by economic cycles or financial hiccups. With minimum investment and space you can set up your pharmaceutical business is it a franchise or your own store. Read this article to know more about how to get a pharmacy license in India.
When you decide to obtain a pharmacy license in India, you should first decide the type of pharmacy that you would want to run as there are different types of pharmacy businesses in India.
In our country mostly all the pharmacy businesses fall under the category of standalone pharmacies who operate their business in the unorganized sector. However, the popularity of township pharmacies has been growing in recent years. It is observed that the majority of the standalone pharmacies are set up under a partnership or sole proprietorship.
These days pharmacies can now register themselves as LLP or a Private Limited Company for around Rs. 8000/-
Types of Drug License
Since there are various types of dealings and businesses in India in the pharmacy sector, there are various types of drug licenses. As mentioned below
Sales License
This license is to be obtained by the businesses that plan to make sales of drugs. These include Wholesale Drug License, Retail Drug License, and Restricted Drugs Sale License.
Manufacturing License
Those businesses who plan to manufacture drugs allopathic and homeopathic need to obtain a manufacturing license.
Loan License
A business that uses manufacturing facilities of some other license and does not own a manufacturing unit, requires a loan license.
Import License
When one wishes to deal in the import of drugs, an import license is issued.
Multi-Drug License
If one places to operate the pharmacy business in multiple regions with the same name, he/she a multi-drug license will be issued.
Revenue of Indian Pharma Sector
Prerequisites of obtaining a pharmacy business license in India
There are a few essential things that are to be acknowledged before obtaining a pharmacy license in India.
1. Qualification
If you are planning to have your own pharmacy business, you must be qualified. If your business operations are in wholesale it is imperative that you have completed your post-graduation with one year of experience or have an under graduation degree with four years of experience.
2. Place
When you wish to have a pharmacy business, it is important that you have adequate space too.
Pharmacy License
To obtain a wholesale or retail pharmacy business license you must have a minimum 15 square meter space.
In all other types, you would have to have a minimum of 10 square meters of space.
Also the National Building Code of India, 2005 has laid a few guidelines on the clear height of the premises of the sale which are to be followed accordingly.
3. Storage
There are many drugs that are required to be stored in low temperatures, refrigerators, or under air conditioners. You must have such important storage facilities for the same.
4. Tax registration
In our country, all pharmacy businesses are required to obtain GST tax and pay GST timely. Since these businesses will be selling drugs and medicines, they are going to be registered under GST 2017.
Documents required for starting a Pharmacy Business
Starting a pharmacy business in India comes with certain formalities and responsibilities that vary from state to state. It is suggested that whenever you apply for a pharmacy business license, keep the following documents ready with you.
1. Application form for the pharmacy license which is in the prescribed manner.
2. A covering letter would be required with the intent of the applicant. It should be signed by the applicant along with his/her name and designation.
3. For obtaining the drug license, you would be required to produce the receipt of challan fees.
4. A declaration in the prescribed format mentioned in the form.
5. The blueprint of the premises regarding the key plan and the site plan.
6. The grounds or basis of possession of the premises.
7. Any authorized Identification proof and photo of the owner/s of the pharmacy.
8. If the premise is taken on rent, then you would be required to show proof of the ownership of the premises.
9. Proofs of the constitution of a company like an Incorporation Certificate or Memorandum of Association or Article of Association or Partnership Deed are to be presented while obtaining the drug license.
10. An affidavit of non-conviction of proprietor or partners of the pharmacy business under the Drugs and Cosmetics Act 1940 is essential.
11. Along with the above-mentioned affidavit, you also need to produce an affidavit of a registered pharmacist or a competent person working full time.
12. If the person is employed, an appointment letter of a registered pharmacist or a competent person is required.
All these documents are required to be produced in order to become eligible for obtaining a medical store license. Once you complete all these formalities, you will be required to file the application for granting the pharmacy business license. For the same, you will have to visit the drug inspector’s office where all the proceedings would be taken ahead.
List of Application Forms
Sr. No
Form No.
Purpose
1.
Form 19
Application for grant or renewal of a license to sell, stock, exhibit or offer for sale, or distribute drugs apart from those specified in Schedule X.
2.
Form 19A
Application for granting or renewing a restricted license to sell, stock, exhibit or offer for sale, or distribute drugs by retail via dealers who donât engage the service of a qualified individual.
3.
Form 19B
Application for license to sell, stock or exhibit or offer for sale, or distribute Homoeopathic Medicines.
4.
Form 19C
Application for grant or renewal of a [license to sell, stock, exhibit or offer for sale, or distribute] drugs specified in Schedule X.
5.
Form 24
Application for either the grant of a license or for the renewal of a license or to manufacture for sale or for distribution of drugs other than those which are specified in [Schedule C, C (1) and X].
6.
Form 24A
Application for either the grant of a loan license or renewal of a loan license to manufacture for sale or distribution of drugs other than those specified in Schedule C, C (1) and X.
7.
Form 24B
Application for grant or renewal of a licensee to repack for sale or distribution of drugs, being drugs other than those specified in Schedule C and C (1) excluding those specified in Schedule X.
8.
Form 24C
Application for the grant or renewal of a license to manufacture for sale [or for distribution] of Homoeopathic medicines or a license to manufacture potentized preparations from back potencies by licensees holding a license in Form 20-C
9.
Form 24F
Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule X and not specified in Schedule C and C(1).
10.
Form 27
Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule C and C (1) excluding those specified in part XB and Schedule X
FAQ
How much does it cost to open a pharmacy in India?
A pharmacy franchise requires an initial investment starting from INR 8 â 10 lakhs, which includes licensing and documentation.
How long does it take to become a pharmacist in India?
To practice pharmacy in India one atleast requires a diploma in pharmacy, which is awarded after only 2 years and 3 months of pharmacy studies.
Which is the number 1 pharmaceutical company?
Sun Pharmaceutical Industries Ltd is the number 1 pharmaceutical company.
Conclusion
Health is the most important part of everyoneâs lives and is certainly a business sector that is evergreen. Pharmacy business in India is currently at the growth stage and will continue to flourish in the coming years as well. By following the procedure mentioned in the above write-up, you can easily obtain a drug license and open your own pharmacy store.
Multitasking is a way of doing multiple tasks at the same time. People who think faster usually do multitasking to finish their jobs on time and before the clock hits the desired time. Many offices now prefer someone who can do multitasking to save time and energy.
So, the question is how to Train Yourself in Doing Multitasking. Multitasking is not easy and not everyone is able to do it. There are those people who can work better when they do their tasks one at a time while others want to finish faster than expected. Multitasking requires quick thinking skills; however, people can train themselves in multitasking. Here are 7 simple steps to Train Yourself in Doing Multitasking.
Before venturing into multitasking, the goals need to be recognized and set. It is very important to have goals while multitasking so that time and energy is saved. Also, try to keep evaluating the goals and crossing them off the checklist to make work easier.
2. Research the job
Weigh the importance of tasks to know if multitasking is required or not. If the job doesnât involve urgency and rush then they can be pursued at a later time and multitasking will not be required as some jobs require thorough attention and concentration to be completed. Multitasking wonât be a good option in such cases.
In doing multitasking, make sure that there is prior familiarity with every aspect of the task. Choose routine and known jobs for multitasking. Trying to do multitasking with jobs that are new increases the chance of failure.
4. Start as early as possible
It is better to start early when there are too many tasks to be done. Do not wait for the time set for the task to start. The more time one has on hand, the more tasks can be finished.
Do not stay on one task only as more jobs can be done when working alternately as long as the track is not lost. However, manage to stay focused on each task individually. Important point on how to Train Yourself in Doing Multitasking.
6. Cross-check the tasks
When there are tasks that are no longer relevant or necessary, eliminate them and stick to what is only urgent and important.
Multitasking is like opening many websites on the browser at the same time. When the first site is still loading its information, you can open another site to save time. Multitasking should also be done the same way.
It cannot be denied that multitasking requires huge focus but if people practice the above-mentioned points the stress levels can be minimized. Start with small tasks that are easily manageable and gradually move to bigger ones. Small and manageable tasks are easy to familiarize with. Do not try doing tasks that are not related to each other. Unrelated tasks will ruin the workflow and may destroy the work that has been done. Most importantly, do not forget to take a break. It is indeed multitasking but it doesnât mean that people cannot take a break. Practice multitasking to reduce stress levels and increase productivity.
Books are considered as a great companion for humans. Reading books would help us to look at life in a different perspective. Books increases your creativity and makes you smarter. There are a lot of books written by entrepreneurs which would help us, motivate us and guide us through various phases of life.
Here is the list of books written by biggest Entrepreneurs of all time
Sir Richard Charles Nicholas Branson was born in 1950. He is an English Businessman and author. Richard Branson is the founder of Vision group which controls more than 400 companies in various field.
Losing my virginity, How Iâve survived, had fun and made a fortune doing business my way. This is the title and subtitle of the book and the famous quote from the book âOh, screw it, letâs do itâ, this is the philosophy which helped the author and businessman build an empire of nearly hundred companies ranging from retail to aviation. The book is an autobiography of Sir Richard Charles Nicholas Branson.
Steve Jobs, Walter Issacson
Walter Isaacson book
Walter Isaacson was born in 1952. He was a professor, journalist and an author. He had become the chairman and CEO of CNN in 2001.
Steven Paul Jobs was born in 1955. He is an American businessman. He was the chairman, CEO and co-founder of Apple Inc.
Steve Jobs is the biography of the Apple CEO Steve Jobsâ life. This book is available only in the format of an e-book. It consists of a list of personal interviews conducted with Steve Jobs. The subtitle of the book is âHis own words and wisdomâ
Tony Robbins was born in 1960. He is an American author, coach, philanthropist and speaker. He is well known for motivational speaking.
The book Money, Master the Game is a personal finance book written for every common man. He has made the financial terms easy and understandable. The tips given in the book can be used by every individual irrespective of their earning capacity. The book is concentrated for achieving Financial Freedom. The subtitle of the book is 7 simple steps to financial freedom.
Rich Dad, Poor Dad, Robert T Kiyosaki
Robert T Kiyosaki Book
Robert T Kiyosaki was born in 1947. He is an American businessman and Author. Robert T Kiyosaki is the founder of the companies Rich Global LLC and Rich Dad company which provides financial education through books and videos.
Rich Dad Poor Dad is a must-read book for every individual. It is one of the best books for personal finance. The book shows the actual difference between assets and liabilities and gives a proper understanding of how the rich gets richer and the poor remains poorer. The book gives us an understanding of about how the rich teach their kids about money.
Peter Andreas Thiel was born in 1967. He is a German â American Entrepreneur and Venture Capitalist. He was the co-founder of PayPal. He was the first outside investor in Facebook.
Zero to One provides an inner look into the authorâs strategy and philosophy. He explains the strategy to build a perfect startup and the problems which may arise while building it. He provides strategy based on his lessons he learned from founding and selling PayPal.
How to Win at the Sport of Business, Mark Cuban
Mark Cuban book
Mark Cuban was born in 1958. He is an American entrepreneur, television personality and investor. He is the owner of NBAâs Dallas mavericks. He is also one of the investors in the television series Shark Tank. He is also the chairman of AXS TV.
The book explains about people who end up in random jobs. The author says that some people like him would know from their childhood about their dream job or what they would want to do in life. The others wouldnât have a clue about it. This book says that no matter what you are doing everything is a learning experience and we should always try to gain something from it.
One of the best quotes from the book âIn every job, I would justify it in my mind, whether I loved it or hated it, that I was getting paid to learn and every experience would be of value when I figured out what I wanted to do when I grow up.â
FAQ
Who is the Richest entrepreneur in 2020?
Jeff Bezos is the Richest man and the richest entrepreneur in 2020.
Who is the Youngest entrepreneur ever?
Cameron Johnson is the Youngest entrepreneur ever.
Who is the Most Powerful CEO in the World?
Jamie Dimon, CEO of JPMorgan Chase is the Best CEO in the World for 2020.
Conclusion
There are many more books written by Entrepreneurs which would provide a lot of knowledge and give us an inside view about the businesses around us. There are even a lot of books written about Entrepreneurship which is not written by entrepreneurs but still would be really valuable. As the saying goes âWe lose ourselves in books, we find ourselves there tooâ.
The social media platform has another gem added to its treasure, called the Clubhouse. So to say in the pop culture lingo, the app is said to be âlit AFâ since it’s in a hot spot of news and media. The app has also been making headlines for the security concerns of its users, its billion-dollar investments, and also for being kicked out by the Chinese government.
Let us analyze what is Clubhouse and what the hype is all about.
February 22, 2021– Clubhouse has surpassed the 10 million mark for its downloads globally. India has witnessed 42000 installations of the app so far.
February 14, 2021– “Join me for a Conversation”? Elon Musk invites Putin on Clubhouse.
February 10, 2021– Clubhouse tops Japan’s download chart as CEOs and other top executives embrace app. Clubhouse has been downloaded on 440000 devices in Japan alone.
February 11, 2021– Facebook is working on a similar app called the Fireside to compete with Clubhouse.
Clubhouse – The App
Clubhouse, founded a year ago, by silicon valley entrepreneur Paul Davison and ex-Google employee Rohan Seth, is an audio chat app that lets you talk, listen or join conversations happening in the ârooms” of the app. It has a 5000 members cap on every room that is created. If you want to speak, you can âraise your handâ and be brought up on the âstageâ along with the moderator in charge of the room.
The Clubhouse app is currently only available for iPhone users. According to the official website of Clubhouse, the developers are working on an android version of the app which will soon be made available.
Clubhouse Logo
So once you are invited, you can listen as well as join conversations, discussions and interviews on various topics by entrepreneurs and artists alike. The conversations are live unlike podcasts and can be listened to or joined only while they are on air. You can listen to them while you are multitasking or join a group of listeners on a topic that fuels your curiosity.
Is Clubhouse Jeopardizing the Security of its Users?
Well, the answer cannot be a legit yes but many of the users are bothered by how it demands access to all your contacts. This might not be a surprise as many of the social media apps have the same protocol, But Clubhouse has contact uploading requirements which might be uncomfortable to the users.
The app shows recommendations to those people who have been blocked by other users. For example, if you are being harassed, and have blocked out the contact, Clubhouse lets that harasser know that youâre connected to them via app recommendations.
Also, there are speculations that Clubhouse makes unencrypted recordings of the conversations happening in the virtual âroomsâ which it claims to delete if anything happens beyond the status quo.
Adding to the above, another observation is that Agora, the company that is behind the appâs infrastructure, is based in Shanghai. It concerns the users of privacy breach and the data being passed on to the Chinese government.
Why is Clubhouse getting all the Attention? – Celebrity encounters
For an app launched not less than a year ago, it is surprising that Tesla CEO Elon Musk decides to make an appearance. It doesn’t stop there, Facebook owner Mark Zuckerberg too joined the club.
Roughly, a month ago a couple launched a show called âThe Good Times Showâ which has garnered popularity after it interviewed a few giants from the tech industry. âThe Good Times Showâ is hosted by a Facebook employee and her husband who is a newly named partner at Andreessen Horowitz.
Elon Musk made an appearance on the show on January 31st where he spoke about his company SpaceX preparing for a Mars trip, about how artificial intelligence will slowly take over, his views on cryptocurrency, and the ongoing pandemic. It all went bananas when he brought on stage Robinhood CEO Vladimir Tenev for an interview. The interview was about the appâs role in the short squeeze of GameStopâs stocks.
On February 4, the man in charge of the worldâs largest social media network, Mark Zuckerberg appeared on the Clubhouse app. Signed in as âZuck23â, Zuckerberg talked about futuristic technology from Facebookâs Reality Labs Group, which specializes in augmented reality, virtual reality and other platforms believed to be the future of human interaction.
Clubhouse User Growth Over Time
The show further plans to schedule an interview with Elon Musk and rapper Kanye West. The maverick show has been doing new rounds of attention since it interviewed two tech leaders of the industry who are otherwise shy when it comes to media appearances. Clubhouse and âThe Good Times Showâ could be a new platform for world leaders and influencers to share their knowledge and expertise. It could be also a new media outlet for performers and artists.
The Chinese Ban
Shortly after a certain âroomâ on the Clubhouse was found discussing taboo topics such as Beijingâs placement of Uighurs in concentration camps in Xinjiang, Hong Kongâs pro-democracy movement and the 1989 Tiananmen Square protests â absorbing perspectives and information far outside the lines drawn by the Communist Party, the app was blocked by China.
Top Clubhouse Markets by Downloads
There are more than one billion internet users in China. But very few have access to iPhones. The access limits further as users need foreign-registered iPhones to download Clubhouse. Politics was one of the topics discussed that touched the wrong Chinese nerve. The government, afraid of the freewheeling of opinions of the citizens on an American app is troublesome enough and wasted no time in banning the app in China.
Although, various tech-savvy groups from China, which included engineers, product managers, and several intellectuals have talked about making a similar app for their fellow citizens. However, many believe that the Chinese government would never give up that control.
FAQs
What is the Valuation of Clubhouse?
Clubhouse reached a valuation of $1 billion as of January 24,2021.
Is clubhouse only on Apple?
According to the official website of Clubhouse, the developers are working on an android version of the app which will soon be made available.
Who owns the clubhouse app?
Clubhouse is developed by a Silicon Valley entrepreneur Paul Davison and ex-Google employee Rohan Seth.
Conclusion
When the app becomes available on android, it is going to create a much bigger flow of listeners voicing their opinions and sharing their stories on the platform that Clubhouse seems to provide. This could lead to many countries, afraid of their opinioned citizens, to prevent its use in their countries too.
Nevertheless, its popularity is far from diminishing. As said earlier, Clubhouse could become a new media outlet and host various arguments and discussions that could change the course of activities around the world. It is on its way to reform the patterns of social media behavior and how we use it.
Rapid FDI stride is something India is boasting of since economic liberation in 1991, And indeed it brought in huge investments and millions of jobs alongside. No doubt market reforms placed the economy on the fast track of development. But on the flip side, soon after FDI in multi-brand retail got introduced in 2012 local businesses and trades took a hit quite as expected. Especially since gigantic foreign players like Amazon entered the market, Plenty of jobs were lost while micro & small retailers suffered significant losses.
First Significant Change in FDI Policy That Hit Amazon/Flipkart
The ease & comfort of e-shopping has been intelligently multiplied in value by these global giants by offering heavy discounts. Therefore, to level out the playing field, Govt of India brought in a major policy shift Via FDI into e-commerce in Dec 2018. This change was persuaded by Indian brick-and-mortar retailers who were long unhappy with the supposed unfair trade practices of these multinational corporations.
They contested that e-commerce retailers like Amazon & Walmart controlled Flipkart were creating complex business structures to smartly bypass foreign investment rules. They do it by finding a way around FDI rules to avoid complying with orders that are detrimental to these corporation’s interests & profits.
US companies deny these charges, But govt of India had to look over the interests of Indian businesses first & so it did. Now, these giants were disallowed to sell products from sellers in whom they had an equity stake.
However, this didnât seem to deter these foreign participants from working around policies to keep competition from Indian retailers at bay. So the Govt of India again is revisiting the FDI rules off late to tweak it further and Prohibit even those sellers from selling on these platforms, in whom these e-commerce companies have indirect stake through their parent company.
Prohibit sellers who purchase from the e-retailer or its group firm & intern sell on the e-commerce site (presently the seller is allowed to transact 25% of its inventory under this arrangement)
Govt had earlier in 2020 tightened the noose on FDI from neighboring countries as well, who share land borders with us like China, who now will have to seek govt approval before investing. The objective behind was to protect opportunistic take-overs & acquisitions of Indian companies in distress by foreign giants, due to COVID-19 induced global recession.
Henceforth, any new investments in any sector from these (restricted) countries namely China, Pakistan, Bangladesh, Nepal, Myanmar, Bhutan and Afghanistan will have to take the govt route, and not the automatic route which was open to it earlier.
E-commerce/E-retail Growth in India
Let us look at some fascinating facts & figures before we discuss this subject further:
Why E-commerce Regulation is Vital for Indian Economy
According to an American market research firm, Amazon & Flipkart together occupy about 63% of the total e-commerce space in India. Now, if domestic retailers, online & offline i.e. physical brick-and-mortar stores have to have a fair share of the market or a fair competition at least govt has to devise a strategy to promote Indian e-commerce & Industry without discouraging FDI. Itâs a tough proposition.
FDI is looked over by Indian departments of commerce & industry. They formulate laws and regulate FDI inflow by framing new policies and/or modifying scrapping old policies & rules. While this is done to further the economy on a macro level, its ripple effect on the micro economy canât be overlooked either.
So it has to strike a fine balance between retail reforms, an open market which on one hand benefits end consumers and provides millions of jobs. On the other hand predatory pricing, deep discounting by online retailers makes small retailers(mainly owner-managed & run stores) fight for survival tougher.
A large growing economy like India, where low production costs and high-quality labor service lures investors from the world over, developed nations like the US, European and China, is also most prone to manipulations by foreign players if given a free run. As feared in this tweet by CAIT, Amazon India has been disrespecting laws reveals a recent Reuters investigation.
— Confederation of All India Traders (CAIT) (@CAITIndia) February 17, 2021
In January 2020, Indiaâs antitrust watchdog, the Competition Commission of India, announced it was investigating Amazon and Walmart Incâs Flipkart following a complaint by an Indian trader group. The commission cited four alleged anti-competitive practices: exclusive launch of mobile phones by the e-commerce firms, promoting preferred sellers on their websites, deep discounting, and prioritizing some seller listings over others.
What lies Ahead for Amazon & Flipkart
While the colossal change in consumer behavior is unlikely to fade in near future, Amazon & Flipkart also maintain that they have been complying with Indian laws duly & are denying all charges. Govt is in talks with stakeholders for over a month. Therefore, for now, it is difficult to say what impact the policy changes, if any, will bring in, though e-retail unquestionably seems to have a bright future in the Indian market of a billion-plus.
FAQ
How much FDI is allowed in retail?
51% FDI in multi-brand retail through automatic route i.e. without having to seek govt approval.
Do online marketplaces like Amazon have their own products?
Amazon and other multi-brand retail marketplaces are only allowed to connect sellers & buyers on their website in India. They are not allowed to purchase, hold, market and sell stocks as their own.
Who started e-commerce in India?
K Vaitheeswaran was the first person who opened the first online marketplace for Indian consumers called Fabmart.com in India in 1999, now rebranded as âMoreâ.
Indian-based actress Priyanka Chopra Jonas had launched a second career as a venture capitalist investing in some tech companies in recent years. She stated it was an effort on her part to change the tech industry and gender inequality.
Priyanka Chopra Jonas had told that she was introduced into the investing world by her U.S manager Anjula Acharya who is also a Venture Capitalist and also said that Anjula Acharya was an influence on her entrepreneurial career. Priyanka Chopra Jonas has been very active with her entrepreneurial career since 2018.
Priyanka Chopra Jonas said, “Ideas are the currency of the presentâ during the recently held event ‘Startup India Prarambh’ supported by the Indian government.
Below are the startups funded by Priyanka Chopra Jonas.
Bumble is an online dating app which was founded in 2014 by Whitney Wolfe Herd. She was the vice â president in marketing for its rival app Tinder. She later left the company after filing a lawsuit against it.
Bumble is known as a women-led company, as Herd is the youngest women CEO to take a company public in U.S and the youngest woman self â made billionaire.
Bumble is slightly different from its rival companies. It is known as the âfeminist appâ. A woman wouldnât have to reveal their name in the app, they can reveal their identity only after finding a match and that is only if they feel secure to reveal it. It requires the women to make the first move.
The app also has other features where they filter friendships and professional relationship with Bumble BFF and Bumble Bizz. Their major revenue is through the purchases from inside the app and the different subscription models such as bumble boost and bumble premium.
Priyanka Chopra Jonas invested in Bumble in the year 2018 and she was also acting as an advisor to the app for its launch in India. The app was introduced in India in the year 2018. The app was later acquired by American firm Blackstone.
Holberton school was founded in the year 2016 by Sylvain Kalache and Julien Barbier. The founders had noticed that there was a huge gap between the software engineers and the skills required by the company. Most of the times the students would end up in huge debt after their graduation and still would lack the knowledge and skills to find a job.
So, they built a school which helps the students to learn programming as well as the soft skills required to find a job. The school actually allows students to study for free until they find a job after graduation. Â Their curriculum is designed for students to gain more practical experience.
Graduates from this school have found really satisfying jobs in companies like Google, LinkedIn, Apple, Tesla, Facebook, Cisco, IBM etc.
Priyanka Chopra Jonas had invested in the company during the year 2018. Her investment was 8.2 Million (around INR 59 crores). She had mentioned that the companyâs mission was aligned to hers which is empowering women through technology.
After the investment in Bumble and Holberton School, Priyanka Chopra Jonas tweeted that she was so excited to partner with them and that she was honored to join the companies to expand gender equality across the tech space and to make a social impact for the greater good.
Apartment list
Logo of Apartment List
Apartment list is a U.S technology based real estate company. It was launched in the year 2011 by John Kobs and Chris Erickson. It is an online marketplace for apartment listings.
Apartment lists help people find rental apartments. Their mission is to help families find a place to call home. It provides smooth, simple and smart rental facilities to people. The aim of the startup is to make market rentals an easy and a simple work as it is considered very tedious and a complex process.
At the end of December 2020 Apartment list was valued at USD 600 million. This was Priyanka Chopra Jonas latest investment with an undisclosed amount. With this investment she joined the board of directors of the company which include American singer Lizzo, baseball star Alex Rodriguez or Arod, NBA player Andre Iguodala and others.
FAQs
Which startups have Priyanka Chopra Jonas invested?
Priyanka Chopra Jonas has invested in three startups, Bumble, Apartment List, Holberton.
Which is the next startup Priyanka Chopra Jonas is looking to invest in?
The actress said that in 2021 she is looking forward to investing in a mix of beauty and tech and education.
Conclusion
Priyanka Chopra Jonas has said that she was willing to invest in Startups that have found a gap in the market. She also added that she is willing to invest in Startups that aim to make peopleâs lives easier and those who work for a social cause. She also added that it is important for startups to have good viability with the above-mentioned qualities.
Priyanka Chopra Jonas has mentioned that she would love to invest in Indian-based startups that would make a mark globally. The actress said that in 2021 she is looking forward to investing in a mix of beauty and tech and education.
What does outsourcing essentially mean? It means that there are certain tasks in your company that for certain reasons you and your current employees are unable to do. So you give that work to someone else who is not a part of the main company.It’s not as simple as it looks. But it is best to outsource jobs to freelancers.
You have to very careful and wise about outsourcing, the kind of freelancer that you are hiring and the kinds of work which when outsourced will bring you the greatest profit.
A freelancer or an outside firm will not understand the passion and essence of your company. They will not do the work the way you want them to do. This can change the way people conceive your company and can also downgrade the quality of your product. What we mean here is that not all tasks in your company are meant to be outsourced. You have to know the kinds of tasks that can be safely outsourced, whether you should hire a freelancer or another firm or should you do the work.
But still, outsourcing is a very popular option, especially among small companies. Why so?
Thatâs because at the end of the day you can make more money and have more chances of profit. But you cannot just use freelancers to do the less important tasks. But it is best to outsource jobs to freelancers because your work will be done easily and with more profit.That will only hold your company back in the long run. Try outsourcing in the sales and revenue sectors.
Out of the five challenges listed above the options that are favored by outsourcing are Increasing profits, Growing revenue, and Cash flow. It allows you to bypass employee hassles and lets you function as smoothly as possible.
Now that you know the basic advantages outsource jobs tofreelancer to do your task you must decide on what kind of tasks should you outsource. To begin, try and keep a record of your activities. Identify the tasks that you do the most and that have the highest value. Keep them to yourself. The tasks that you outsource should be such that they have low-value returns and something that you and your current employees cannot do well. But take care that the job that you give them shouldnât be your key competency.
Benefits Of Outsourcing Jobs To Freelancer
The task will be done by someone who specializes in it and will, therefore, have better quality. Thus, improvement in quality, and you also save time.
You can get the task done on an economic scale by outsource jobs tofreelancer rather than getting a full time employee.
As you have given the task to someone else you can now focus on whatâs important and give more time into planning future projects and products.
Like said before, you have to be careful too. You have to control the amount of outsourcing that your company does. Too much of anything is bad and that goes for outsourcing too. If you outsource too much it wonât take long for your company to become weak. All your competitors need to make you fall is a few freelancers. Also over time, you will realize that your company is changing and you will start losing your foothold. The quality and reputation will also change and so will your customer base.
Hide Your Key Competency
Thereâs an important lesson to be learned before you choose a freelancer to do your job. Never give them control over your key competency. What is meant by key competency? It is that thing that makes your company what it is. In easier language, the thing or rather the idea that sets your company apart. If you give that away, it would be like allowing someone else to drive your favorite car. Your key competency is the root or the foundation underneath your company. Giving that to someone else will change the very essence of your company.
So, how will you recognize your key competency? Look at Apple, their key competency being the design of the smartphone. They employ a lot of freelancers to do a bunch of other technical but only the Apple company can make the phone look like an iPhone. Thatâs their basic essence.
You should ask yourself, what is that thing that sets my company apart from others? What ideas, passion, and choices define your business?
Set Your Goals First
But this doesnât mean that you will blindly outsource anything that is not your key competency. You have to first ask yourself the very basic question that most people fail to do: why should I outsource? See, the answer to this question will decide whether the outsourcing will give positive results or not. You have to give it a thought before you come to a decision. Is it really necessary to outsource? Because the task is so non-essential, you might want to just download good software and take care of it.
Choose a Platform
There are a number of sites that serve as marketplaces to hire freelancers, including Upwork, Freelancer.com, People Per Hour, and many others. Choose only one site, this keeps it simple to manage. Itâs also worth noting that there are more niche job websites that can provide better results for certain tasks. People most often use same sites for hiring and managing projects.
Do Not Always Choose Lowest Bid
Hiring someone to do your job just because of the price is the biggest mistakes. Although price is an important factor but so is experience and quality of work delivered by an individual. The bids vary drastically as people having different work experience, from all around world send you bids. Settle for a bid that offers you a reasonable price and enough experience to handle your project.
Price is one factor that you want to consider, but itâs not the only factor.
You might outsource because you want to save money or maybe you and your current employees simply donât like the task. But only focusing on money may not always work in your favor. Maybe in the short term, it may seem like a good decision but in the long run, it can have negative impacts on your business. Try and avoid outsourcing in critical sectors like sales & hire.
Use New Technologies
Itâs always a smart help to take help from the software sector. If thereâs a software that can take care of your tasks that you donât want to do, then go and check if you can solve the problem with the software. Itâs always better, easy, and hassle-free than hiring an actual human to do the work. There is a lot of software available on the internet that can do a lot to boost your productivity. For instance, 94% of marketers have claimed that taking the help of software to do their work has helped improve their work and also helped them enhance their quality of work.
Hire a Professional for Legal Works
However, there are certain kinds of work that you simply mustnât handle on your own. Like taxing and handling of legal documents. Itâs always a wise decision to consult a professional for such tasks. Most of the small companies hire freelancers or firms to take care of tasks like this. Also normally these kinds of tasks are specialized and their services are required only a few times in a year. Hence itâs not a wise decision to employ someone full time for this. Rather outsourcing is the wisest decision in this case.
As far as outsourcing is concerned, your choice depends on the task that youâll be handing out. Finance and accounting are where the major bulk of outsourcing occurs.
Also, the IT sector has witnessed a massive increase in outsourcing because of the problems related to this sector require specialized and skilled help. Currently outsourced IT work like project-based and statement of work tasks are now equal to staff increase for IT work. The legal sector is seeing a steady increase in outsourcing as more and more companies are hiring lawyers and established firms to take care of the legal part of their businesses.
All of these changes and trends including the increase in outsourcing and freelancing is part of the popular gig culture that is becoming the new norm of the business world.
You know the drill when itâs performance review time. Sometimes, itâs hard for someone to deliver face-to-face performance reviews, so giving a performance review effectively should be a skill in corporate culture. Performance reviews are one of the few tasks that create a lot of anxiety among employees and to balance positive feedback with the need for improvement is always a thin line.
A go-to tip to make performance reviews successful in your company may differ but universal principles about how to talk to an employee and discuss his or her performance, are the same. These tips for performance reviews are applicable in your daily short conversations with your employee, and they are also needed at times when there is a discussion about job goals and performance.
You may get the notionthat a performance review is an opportunity to unload a long list of criticisms, but thatâs not 100% correct. Rather, itâs an honest evaluation of the employeeâs performance, both good and bad. Think of the performance review as a way to celebrate the positives and emphasize areas where improvements are needed and can be made too. When you build your performance review around those metrics, it gives your employees the information they need to grow within their position and benefit the business as a whole.
What Should A Performance Review Look Like?
The basic characteristics on which effective performance reviews are built are:
Communication
Collaboration and teamwork
Problem-solving
Quality and accuracy of work
Attendance and dependability
Ability to accomplish goals and meet deadlines
Effective Performance Reviews
So, how you chose to format and grade these components are up to you. Some organizations use the grading method of assigning A, B, C, D, and F, some use scaling order of 1 to 10, and some use percentage. Whatever system you chose, ensure that the performance review is effective and understandable, and communicates the information clearly in a concise manner.
Doâs and Donâts: Principles to Remember While Doing A Performance Review
Do
Donât
Make it clear at the beginning of the year how youâll evaluate your employees with individual performance planning sessions.
Offer general feedback; be specific on behaviours you want your employee to stop, start, and continue.
Give your employees a copy of their appraisal before the meeting so they may have their initial emotional response in private.
Talk about compensation during the review; but if you must, divulge the salary information at the start of the conversation.
Deliver a positive message to your good performers by mainly concentrating on their strengths and achievements during the conversation.
Sugar-coat the review for your poor performers; use the face-to-face as an opportunity to demand improvement.
While performance review methods and approaches may differ, but these tips to review any performance review effectively will never ditch you. But they will help you make performance reviews polite, positive, and motivational. These tips will help you inspire the best from your employees.
Performance Reviews Shall Not Become Cliche
Tips For Conducting Performance Reviews Effectively
1) Make the Environment Comfortable
Itâs important that the environment in which you hold your performance review should be comfortable as possible as it goes a long way toward putting your employee at ease even before the meeting begins.
Thereâs nothing wrong with using a conference room for a performance review, but sit next to the employee rather than 20 feet away and try doing what you can to put them at ease.
If you have decided to hold the performance review in your office meeting room, then silence your phones, turn off your email, and hang a âDo Not Disturbâ sign on your door before the meeting starts.
This goes with managers wondering where to start when theyâre faced with putting together a performance review. The suggestion would be to review the job description. When preparing it, ask yourself these questions as the basis for the rest of your Performance review:
Did the employee satisfy all the responsibilities and requirements listed in the job description?
Were there certain aspects left lacking?
I mean this may work wonders and can make your work go easy. But while youâre looking at the job description, make sure itâs up to date. Only when the job description is up to date and accurate will you be able to provide a fair performance review.
4) Conduct Reviews Frequently
Conduct Reviews Frequently
Donât make your performance review an annual event because it may sound weird when employees are having snacks while they are already feeling overwhelmed for the reviews pending. Instead, provide feedback throughout the year. Many businesses hold performance reviews at the end of major projects. Some set them every three months. Always choose a frequency thatâs right for your business and your employees. And be sure that the performance review isnât a surprise. Your employees should know when itâs coming.
5) Donât Let Only Recent Performance Fill Your Evaluation
Donât let the most recent activity of your employees fill your evaluation. A performance review should be based on everything that occurred since the last review, not just the past week or month.
Try to look at the big picture, not just the time last month when the employee saved a big project or the time, he missed a critical deadline â it can help you be more objective with your feedback.
Basically, a performance review should be based on three key points:
Company-specific core competencies.
Position-specific competencies.
Achievement.
The first two competencies may include skills such as organization, company/product knowledge, attitude, and anything else thatâs important for the job. If your company hasnât defined these competencies yet, now is a good time to do so.
7) Weigh Each Aspect Of The Employeeâs Performance
Itâs essential to weigh each aspect of your employeesâ performance. Your performance review should be divided in a manner, for instance, company-specific competencies should be worth 20%. Position-specific competencies should be worth 30%. Achievement should be worth 50 percent (I mean this is a must to keep them going on).
8) Hold an Annual Face-To-Face Performance Review
No matter if you are conducting a written performance review for a long time then a face-to-face performance review meeting can make an annual event in your business. A written performance review is useful for more frequent evaluations, but itâs beneficial to hold a face-to-face review at least once per year. You convey a great deal with your tone of voice and expressions. Those things donât come across in a letter, no matter how well-written. The face-to-face performance review also makes it possible to have a discussion about your employeeâs work, rather than just a one-sided monologue.
9) End with The Positive Note
Think of your performance review as a sandwich: the positives are the bread and the negatives are the meat, lettuce, and condiments.
As we mentioned, itâs a good idea to lead with the positive to set the right mood for the performance review, but itâs also smart to end on a positive note. Chances are, the first and last thing you talk about them will be what the employee remembers most. If that last thing is negative, it could affect everything they do when they return to work.
End on a positive note, even if the employee has plenty of things to work on â so they feel good about themselves and secure in their job.
Always End The Review With A Positive Note
10) Be Open & Honest with Employees
Honesty is the best policy, so donât be afraid to be open with your employees about their performance. Donât sugar-coat your assessment or beat around the bush. Your employees will know when youâre being overly-flattering, and the review process is hard enough without making your employees decipher what youâre trying to say. Itâs satisfying when it goes all right, because somehow in a manner everybody knows where they went wrong and where they were best at.
Before presenting your review to an employee, gather feedback from her co-workers. It can also be informative to your analysis if you ask the employee herself how she thinks sheâs doing. Peer feedback and self-appraisals can go a long way toward giving you the most complete picture possible of an employeeâs performance.
Effective Performance Reviews
12) Use the Right Language
The words you use are just as important as the message youâre trying to communicate. Thatâs why itâs vital to use the right language during the performance review. Be as clear and specific as possible without sounding trite and insincere.
Avoid general terms like âgood,â âgreat,â and âexcellent.â Opt instead for action words like Excels, Decisive, Responsive, Dedicated, Knowledgeable, Honest, Thorough, etc.
These types of words are more descriptiveand, are more meaningful.
Itâs also a good idea to create a list of strengths and weaknesses phrases for common parts of the performance review, such as Attendance, Attitude, Customer Service, Dependability, Flexibility, Interpersonal Skills, Leadership, Performance, Teamwork, Time Management, and more.
For example:
A strengthphrase for performance is:
Michael excels at developing strategies that deliver results.
A weakness phrase for performance is:
Does not take initiative unless prompted.
A strength phrasefor attitude is:
Does not let difficult circumstances get her down.
Aweakness phrasefor attitude is:
A negative attitude in some situations has a tendency to cause problems.
Just be sure to elaborate on the phrases you choose so that the employee has a clear idea of what you mean.
13) Set Goals
Reviewing old goals and setting new goals is a crucial component of every successful performance review. Because this is what actually a performance review means at the end. When you set goals for your employees, you give them the direction to work. You give them away to quantify their performance. They can look at what theyâre doing and ask, âIs this habit getting me closer to achieving my goals? What can I do that would make it easier to reach those goals?â
4 Examples Of Performance Reviews
Here are some examples of performance reviews that may really work in explaining to you. Now performance reviews can be categorized as Good review, Satisfactory Review, Poor Review, Combination Review.
1. Good Review
Chandler exceeds all expectations in his role as a server. He always has a positive attitude. He adapts easily to rapid change in the workplace. He works well under pressure by herself and with other team members. He is detail-oriented and completes tasks in a timely manner. He even seeks out additional responsibilities when his schedule isnât that tight.
2. Satisfactory Review
Cheshta meets all company expectations in her role as a customer service rep. She adapts well to client demands and changing workloads. She maintains a sense of detail and a positive attitude even under pressure. These skills, though, come at the expense of time management. And while Sheen shows an aptitude for leadership, she doesnât actively seek out leadership training or opportunities.
3. Poor Review
At times, Kopal can be very effective at her job as a shift manager when she is engaged in her work. Unfortunately, Kopal is frequently late, and this seriously impacts the productive hours of her workday. During the next quarter, we would like Kopal to focus on attendanceâbeing clocked in and ready to work at the start of her shift.
4. Combination Review
Aishani meets some of the company expectations in her role as a barista but falls well short of others. She is an active listener, manages her time efficiently, and is always conscientious about the quality of her work. Aishani needs to work on demonstrating professionalism at all times and, though she works well by herself, would benefit greatly from additional team-building skills.
There are some tools that can make your work go super fine and easy. So to simplify your responsibilities every day, you need a scheduling task manager. Some of the features are:
Whatever you are providing them in the name of performance review just remember that you provide informal feedback before and after the performance review. If thereâs something an employee needs to work on, be sure to make a note of it in their file so you can refer to it when it comes time for the annual performance review. This will help the employee work on their strengths and weaknesses every day.
How to handle your performance review?
Let them know theyâre doing a good job so they donât think they have to change. Even a simple âgood jobâ email or note on their desk goes a long way toward helping them feel like a valuable part of the team.
In my opinion, performance reviews are the only thing which canenhancerelationshipsbetween employees and manager significantly, which is a boon for customers and work relationships. So, take these performance reviews into practice too, to make this job work effectively.
Frequently Asked Questions
How to do a performance review?
Provide regular, informal feedback. While performancereviews typically happen once or twice a year, feedback should not be limited to those short review periods.
Be honest.
Do it face to face.
Use tangible, pertinent examples.
End on a positive note.
Choose your words with care.
How to conduct a performance review?
Prepare all feedback ahead of time.
Keep your remarks clear and concise.
Provide employees with a copy of the completed evaluation form.
Keep employeereview meetings a two-way conversation.
End with a focus on the future.
Hold multiple evaluations throughout the year.
Employeeevaluation examples.
How honest should you be in a performance review?
The best employee evaluations are open and honest conversations, but it’s easy, without thinking, to disclose sensitive or confidential information about other employees or customers. Be totally honest and forthcoming about the employee’s performance, but remember.
Dropshipping and eCommerce goes hand in hand and have turned out to be gold for all those who are now sitting at home. It is one of the best opportunities to make money online with your own social media account. One of the fastest ways to market is to use Facebook ads manager for dropshippingbusiness. So, the question is, how to start dropshipping on Facebook.
Many are in a great deal of stress that they are putting more effort on Facebook ads vs Google ads for dropshipping so they rely on the organic traffic of Google. It might have worked a few times earlier, but promoting your online stores through Google ads is just futile. I mean if someone really wants to buy your product, then they will automatically go to Google but that isnât scalable like Facebook is.
Facebook is the largest social network with 2.6 billion active monthly users so you can see how Facebook ads help your upcoming business. Facebook Marketing is easily scalable because its something you put in front of a few customers and can scale up to millions from them. It is never about creating just an ad but creating a successful Facebook ad. Here are the tips to use facebook ads manager for dropshipping business.
Create visuals with videos and high-quality images from Canva or alike.
Use a Multi-Product Carousel.
Facebook Offers and giveaways can be a perk.
Target a price point.
Stop Selling! Not every ad is about Sales.
Call-To-Action Lead for Customers.
Target your website viewers and build communication with them through emails.
Target people based on various categories in the process of buying something.
4 Steps to Facebook Ads To Include Your Sales:
1. Set Up A Facebook Pixel
Setting up a facebook pixel is the most important step for a headstart to your campaignâs success. You can âCreate a Pixelâ from facebook ads manager or else facebook will automatically generate it. You can view your Pixel Code with the help of your Pixel ID from Shopify store Admin page, so you can search your Shopify Account within the store preferences.
2. Create An Ad
Create a new ad account to spread your brand awareness and reach out to people. Try increasing a lot of traffic on your online store with a minimum of 300k at first to get results within the geography too. Before that, set up your Facebook Ads Manager account first to hit the advertising campaign for the first time itself. You should consider optimization tips for impression and if you really want to dig further, create an âAdd To Cartâ option in spite of no actual purchase. This seems to be not very normal at first but believe me, this is a magnet for shoppers.
Tip: Using âAll Ad Setsâ can give you a more detailed version of your Shopâs Performance. This helps you promote your business on facebook.
Facebook Ad Optimization Tool
3. On-Going Ad Check-Up
You have to measure the success of your campaign. Always keep a check on important features, like CPA(Cost Per Action). You should always pay attention to it because keeping it high at first would let Facebook optimize your campaigns with time. This might look like a poor plan but this is going to make your business profitable. CTR: When these numerals go down, it means that your feed is being skipped. Frequency will tell you the views on your ad gains and this helps you look onto the bigger audience your ad currently is for instance which age group your ad directs to.
4. Optimization
Optimization is the key to get the best results for ads campaigns. Look for the best age group and keep your entire budget according to that. Selecting geography to target your ad could be time-consuming but you just have to avoid targeting several different countries. This could even lead to dragging the performance of the ad set down.
Facebook Campaign Optimization
Basic Model of Dropshipping
Learning about dropshipping is fun but there could millions of doubts about it. The supply chain is a fancy term to dropshipping. You have to learn that it is a special type of retail method where you donât have to actually stock products. Instead, just direct those sales to a shop who actually sells it because, with the help of the dropshipping model, it buys products from a third party and gets it shipped directly to the buyer.
The basic model is that seller buys inventory as needed from a third party to complete the orders. It basically acts as product curators with a mix of items to target marketing with customers.
Basic model of dropshipping
Reasons Why Dropshipping is a Popular Model:
Less Capital is required which is the biggest advantage of dropshipping.
Facebook ad shipping is easily scalable in comparison to traditional e-commerce businesses.
It is easy to get started because at the end of the day you donât have to stock items or take care of your shops. You just have to track inventory for accounting and handle shipments.
Since you donât need to stock the items but just offer an array of trending products to your existing customers. You can sell it directly with no additional cost.
The basic key to facebook ad dropshipping is to approach like any other online business but just not get caught up in the cycle of being overpaid. Since there is no magic to it, so you just have to approach in a different way while making a facebook ad.
Using Facebook Ads for dropshipping can work a great deal if you innovate with time. It is one of the swiftest routes to marketing. All of this is an ultimate guide to facebook ads for dropshipping. If you work properly, then you can be a professional businessman on an eCommerce block who actually knows how to automate sales.
Frequently Asked Questions – FAQs
Do Facebook ads work for dropshipping?
Definitely! It is a powerful combo but you have to keep an eye out on your ad strategy and continuously innovate when it comes to product curation, and keep your customer experience at a consistently high level.
Do Facebook ads work for Shopify?
Yes, if you are using Shopify, you can add the Facebook sales channel and sync products seamlessly to your ad account.
Can you dropship without ads?
Yes, you can. But the results won’t be as great as with ads.
Tanusha Verma
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