Tag: ✍️ Opinions

  • How Mobile Healthtech Bridges Gap for Heart Patients in Remote Areas?

    This article has been contributed by Arindam Sen, Director and CEO of Heartnet.

    A lot of transformative efforts have been made in the Indian healthcare infrastructure to enhance the well-being of citizens. Though there have been notable improvements so far, the Indian healthcare system continues to struggle with cardiovascular diseases that are not easy to diagnose and treat. The Indian Heart Association projects 2.5 crore coronary artery disease cases in India by 2025 which is a notable rise from the 1.7 crore cases reported in 2023.

    The advent of mobile health technology is a game-changer for heart patients in India, especially those staying in villages. Digital technologies serve as an aid to individuals, allowing them to constantly monitor their heart health and get timely medical help wherever they are. With telemedicine, cardiologists from metropolitan cities can monitor patients’ vitals, which include blood pressure and heart rate, remotely and advise treatment, lifestyle modifications, and diet. The utilisation of telemedicine in a cost-effective and equitable way is a key objective to minimise the gap in health services in urban and rural India.

    Primary Challenges in Rural Indian Healthcare Infrastructure
    Lack of Advanced Infrastructure in Rural Regions
    Time Consuming and Expensive
    Mobile Healthtech: A Game Changer for Remote Cardiac Care

    Primary Challenges in Rural Indian Healthcare Infrastructure

    Limited Specialists: The inadequacy of skilled healthcare professionals in rural India is the most significant challenge for the rural health sector. With a population of over 1.3 billion, India has a doctor-patient ratio of 1:1.457 compared with a WHO recommended ratio of 1:1000. Absence of the qualified health personnel in rural areas for effective and timely diagnosis services is the reason for the increasing number of heart diseases.

    Lack of Advanced Infrastructure in Rural Regions

    Another significant challenge in rural India is the shortage of state-of-the-art medical equipment and infrastructure. Most of the healthcare facilities in semi-urban and rural areas are hardly equipped with advanced technology for the treatment of cardiac disorders. Thus, a large number of heart patients often go undiagnosed or poorly diagnosed.

    Time Consuming and Expensive

    In semi-urban or rural regions where advanced healthcare facilities are available, it is quite expensive for patients due to its limited availability. Consequently, patients who need critical care and more advanced medical facilities, have to travel long distances, which is both time-consuming and expensive.

    Mobile Healthtech: A Game Changer for Remote Cardiac Care

    Improved access to care: The use of technology in providing efficient heart care removes geographical constraints, thus patients in hard-to-reach areas can communicate with cardiologists and other specialists for consultations, diagnosis, as well as management of their medical conditions. Mobile ECG devices can be used by paramedics or rural health workers to conduct ECG examinations in remote areas. This data can then be transmitted to the cardiologist for the diagnosis of heart conditions remotely. Through telemedicine consultations using video conferencing, specialists can now connect with local physicians in the remotest areas and provide diagnoses, treatment recommendations, and ongoing support for treating heart diseases in rural areas.


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    Enhanced monitoring: The technology-empowered devices allow for continual monitoring of vital signs that can act as early warning signs of deteriorating conditions like arrhythmia or heart failure exacerbation. The implementation of IoT helps to analyse user data more accurately and quickly and generate personalised risk assessments for heart diseases. Similarly, the apps and wearable gadgets continually track vital indicators including heart rate, blood pressure, and oxygen saturation. This data is then transferred to cardiac professionals with the aim of assisting them in monitoring the patient’s wellness in real time and taking immediate action whenever required. This provides an opportunity for prompt action and prevents critical moments.

    Empowered patients: Teleconsultation provides invaluable tools for patients to understand their health conditions, and their assigned medication, and do lifestyle modifications that can ensure self-management and make them feel in charge of their health. These apps can be utilised as educational resources and even create an individual plan to develop content with the expert’s help to spread awareness about heart diseases, and associated factors providing patients with prevention measures, and self-management techniques. In this way, patients are empowered to take an active role in managing their heart condition and empowered with a better quality of life and reduced stress about health.

    Reduced healthcare costs: Initial diagnosis and screening tests might involve huge costs, time, and effort. However, mobile healthtech technologies facilitate patients by minimising travel requirements and facilitating remote consultations by offering virtual screening and diagnosis with the help of experts. It can significantly reduce healthcare costs for both patients and healthcare systems and reduce the physical burden on hospitals, and management, ultimately leading to lower operational costs.

    To maximise the reliability of mobile health technology and to enhance its potential, it is important to gain a collaborative effort from various stakeholders including:

    • Government Initiatives: The Indian government can be a key player in building digital literacy, expanding the internet in rural areas, and offering subsidies for telehealth tools and gadgets. This will act as a major encouragement for the rural population to accept and build reliable trust with digital healthcare providers.
    • Public-Private Partnerships: Collaboration between government agencies, healthcare providers, telecommunication companies, and technology providers is extremely crucial in designing digital healthcare solutions that are both sustainable and scalable. The collaboration will boost the effectiveness and efficiency of minimising the burden on cardiac specialists across the country.
    • Community Engagement: Educating the public on telehealth benefits and teaching communities how to use these technologies efficiently is a major necessity for the widespread adoption and usability of digital tools. An effective engagement strategy through healthcare volunteers and specialists would encourage rural citizens to take an active part in learning and utilising telehealth platforms to improve their heart health.

    Mobile health technology offers a transformative approach to bridging the gap in cardiac care delivery, particularly for patients residing in remote areas. It allows for early identification of potential cardiac issues, diagnosis, communication with specialists, and timely treatment of cardiac issues. Patients facing cardiac issues in rural or semi-urban areas can remotely connect with cardiologists from renowned institutions, eliminating the need for arduous travel, minimising the time involved in travel, and reducing waiting times. Overall, mobile healthtech is a revolutionary step that offers a plethora of benefits for both patients and healthcare providers, transforming cardiac care delivery in semi-urban and remote regions of India, leading to improved cardiac healthcare infrastructure in the country.


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  • AI in Healthcare: Enhancing Patient Communication, Adherence to Treatment Plans, and Patient Engagement in their Healthcare Journey

    This article has been contributed by Dr. Arpita Goyal, Yale Scholar.

    The healthcare industry is rapidly evolving with an increasing demand for AI-powered solutions, and care is shifting toward the adoption of a patient-centered approach. AI applications span across diagnostics, treatment, and beyond, reshaping the dynamics of interactions within healthcare services. AI plays a significant role in enhancing communication between healthcare providers and patients.

    Enhancing Patient Communication
    Improving Adherence to Treatment Plans
    Enhancing Patient Engagement

    Enhancing Patient Communication

    AI-driven tools like chatbots use advanced AI algorithms and existing medical databases to engage patients in conversations about their health conditions and educate them on how to take care of their well-being. By utilizing natural language processing and machine learning, AI tailors its communication in a way that could cater to individual patients’ needs. Furthermore, it streamlines tasks through automation such as scheduling appointments, managing patient data, and insurance inquiries.

    Chatbots have proven to be beneficial in setting reminders for medication intake, monitoring compliance levels, and facilitating medication refills and dosage instructions. Beyond handling tasks, it can also act as a personalized health companion, offering health advice, wellness tips, and comprehensive support for managing medical conditions to allow individuals to self-manage their health conditions.

    Another innovative AI tool is language translation services that translate information into the patient’s preferred language and this tool ensures that language barriers do not impede access to essential healthcare resources. Companies like Healthify engage with patients in their language to address
    their questions on fitness, nutrition, and overall wellness.

    Another company, PharmEasy leverages AI for optimizing appointments, scheduling, organizing patient data, and addressing insurance-related concerns to enhance the patient journey. And, Dooze focuses on patient monitoring to provide care and prompt interventions through improved communication between patients and healthcare providers.


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    Improving Adherence to Treatment Plans

    Improving compliance with treatment plans presents a challenge in healthcare, as it can result in adverse outcomes and higher healthcare expenses. Some AI technologies use sensors and wearable devices to monitor the activities of the patients, including medication adherence and their physical movements at all times.

    By analyzing their data, AI technology can also assist in detecting patterns of adherence, enabling healthcare providers to intervene with patients at risk of non-compliance before anything related to health issues escalates. These technologies can send medication reminders, offer strategies for managing side effects, and deliver information according to individual patient needs. Research suggests there is an increase in adherence rates with the use of AI-driven interventions and patients have rated this platform as effective too.

    AI algorithms are continuously being improved to accurately predict medication adherence, so they can promptly alert healthcare providers about errors in medication usage. Tools like SMS-based refill reminders and monitoring systems aid patients in tracking medication intake and assisting them in following their treatment plans. These AI systems can adjust communication tactics based on each patient’s behavior and reasons for non-adherence through reinforcement learning algorithms, ultimately contributing to compliance over time.

    AI-powered tools also offer tailored guidance to assist patients in overcoming obstacles to adherence, such as logistical challenges or financial limitations. Everwell is among the companies leveraging AI to enhance medication adherence for individuals dealing with mental health issues. The company monitors medication compliance, collaborates with healthcare providers, devises strategies to monitor adherence rates, and delivers interventions to enhance adherence.

    Enhancing Patient Engagement

    When patients are engaged in their health journey, research suggests that they are more likely to follow treatment plans, stick to their medications, and embrace lifestyle measures. In this transformative era, AI-driven tools are redefining healthcare delivery, making it more accessible and patient-focused. The application of AI in telemedicine allows patients to seek care remotely. AI-
    powered interventions can help patients access quality care, helping them achieve better health outcomes and create better patient satisfaction.

    Further, AI-driven patient portals provide people with an unprecedented level of access to their health and wellness records, scheduling and administrative resources, and direct lines of communication to their support team, all from anywhere and at any time. This round-the-clock visibility of important health and wellness data makes it easier for people to take a more direct role in managing their health, including routine testing and screenings.

    AI tools do this by leveraging detailed data, from past medical histories and records to daily routines and behaviors, so healthcare professionals can create a truly personalized solution, specifically tailored to the individual. The next frontier, including AI-driven voice assistants and chatbots, makes access to support easy, intuitive, and even empathetic.

    AI-powered tools assist in bridging gaps and enable more patient-centric healthcare delivery models leading to better health outcomes and enhanced patient satisfaction. The use of AI in healthcare benefits both patients and healthcare providers in ways such as personalized and empathetic interaction, improved accessibility, cost and time savings, and administrative burden reduction. Patients could easily find available healthcare providers, schedule appointments, and receive general healthcare-related information using AI.

    AI assistants could also aid healthcare providers in documenting patient encounters nearly in real-time, thus improving clinical documentation quality, reducing administrative time, and reducing provider burnout.

    However, there are various challenges and risks associated with AI-powered communication tools, including inequalities and biases, dehumanization of healthcare, privacy and security risks, trust and transparency challenges, and ethical and regulatory concerns. Also, there are immense bureaucratic and regulatory hurdles to overcome to develop an appropriate regulation and oversight of these technologies that guarantee their safe and effective use in healthcare. But the sheer energy of Indian AI healthcare startups like Qure.ai, PharmEasy, HealthifyMe, and others, which are innovating in medical imaging, disease diagnosis, telemedicine, chronic disease management, and medication care AI from India to the US, Europe, the UK, South America, and Africa.

    The landscape of patient communication, adherence, and engagement will ultimately transform the healthcare industry, especially in India, if the government allows initiatives like the National Digital Health Mission to promote widespread patient communication, adherence, and engagement and funds AI innovation.


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  • Home Healthcare: Business opportunities for Wellness promotion on World Health Day

    This article has been contributed by Amol R. Deshmukh, CEO and Founder, MedRabbits.

    Amidst the ongoing global health crisis, the significance of home healthcare in promoting wellness has come to the forefront, especially on World Health Day. The paradigm shift from traditional hospital-centric care to personalized, home-based solutions underscores a seismic transformation in how we perceive and access healthcare services. This transition not only reflects technological advancements but also mirrors a fundamental shift in consumer preferences towards convenience, comfort, and individualized care.

    Against this backdrop, opportunities abound for businesses to not only innovate but also thrive in the burgeoning home healthcare sector. The convergence of technological innovation, changing demographics, and a growing emphasis on holistic well-being has created a fertile ground for companies to make a meaningful impact. By leveraging cutting- edge technologies, forging strategic partnerships, and upholding ethical standards, businesses have the potential not only to drive commercial success but also to revolutionize the healthcare landscape, placing wellness at the forefront of their endeavors.

    The Transition from Hospital Care to Home Healthcare
    Seizing the New Era of Home Healthcare

    The Transition from Hospital Care to Home Healthcare

    Technological advancements, changing consumer preferences, and evolving demographics are collectively driving a profound transformation in traditional healthcare paradigms. Today, individuals increasingly seek patient-centered, easily accessible treatment options that cater to their unique needs and preferences. In response to these shifting dynamics, home healthcare has emerged as a beacon of hope, offering a holistic approach to well-being that encompasses personalized medical, rehabilitative, and preventative services.

    Beyond its convenience, home healthcare represents a paradigm shift towards empowering individuals to take charge of their health in familiar and comfortable environments. It acknowledges the importance of continuity of care and fosters a deeper sense of engagement and accountability among patients. Moreover, home healthcare aligns with the broader trend towards value-based care, which emphasizes achieving optimal health outcomes and improving patient satisfaction.

    As the transition from hospital care to home healthcare accelerates, stakeholders across the healthcare ecosystem must adapt to this new reality. This includes healthcare providers, insurers, policymakers, and technology developers collaborating to optimize care delivery models, enhance interoperability, and ensure equitable access to services. By embracing innovation and collaboration, we can harness the full potential of home healthcare to revolutionize the way we approach healthcare delivery and promote well-being for all.

    Business Opportunities in Wellness Promotion

    Telehealth and Remote Monitoring

    Telehealth platforms have emerged as a cornerstone of home healthcare, enabling patients to connect with healthcare providers remotely. Businesses can capitalize on this trend by developing user-friendly telehealth applications that offer personalized wellness consultations, virtual fitness classes, nutritional counseling, and mental health support. Integrating remote monitoring devices allows for real-time health tracking, empowering individuals to take proactive measures to improve their well-being.


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    Personalized Wellness Plans

    One size does not fit all when it comes to wellness. Businesses can differentiate themselves by offering personalized wellness plans tailored to individual needs and preferences. This can involve leveraging data analytics and artificial intelligence to assess health risks, customize diet and exercise regimens, and provide ongoing support and motivation. By focusing on preventive strategies, such as stress management and sleep optimization, businesses can help clients achieve sustainable lifestyle changes and reduce their reliance on reactive healthcare services.

    Home-Based Fitness and Rehabilitation

    The convenience and privacy of home-based fitness and rehabilitation programs appeal to a wide audience, including busy professionals, seniors, and individuals with mobility limitations. Businesses can seize this opportunity by offering virtual or in-home fitness sessions led by certified trainers and therapists. These programs can range from low-impact exercises for seniors to specialized rehabilitation protocols for patients recovering from surgery or injury. By emphasizing continuity of care and progress tracking, businesses can foster long-term engagement and loyalty among their clientele.

    Nutritional Services and Meal Delivery

    Nutrition plays a pivotal role in maintaining optimal health and preventing chronic diseases. Businesses can capitalize on the growing demand for convenient and nutritious meal options by providing meal delivery services tailored to specific dietary preferences and health goals. Collaborating with registered dietitians and chefs enables businesses to offer personalized meal plans that cater to various dietary restrictions, such as gluten-free, vegan, or diabetic-friendly diets. By combining culinary expertise with nutritional science, businesses can empower clients to make informed food choices and cultivate healthier eating habits.

    Wellness Technology and Wearables

    The proliferation of wearable devices, such as fitness trackers and smartwatches, has revolutionized how individuals monitor their health and fitness levels. Businesses can tap into this market by developing innovative wellness technologies that integrate seamlessly into daily life. Whether it’s a smart water bottle that reminds users to stay hydrated or a sleep tracking device that provides insights into sleep quality, there’s no shortage of opportunities to leverage technology for wellness promotion. By fostering a culture of self-awareness and accountability, businesses can empower individuals to take ownership of their health journey.

    Seizing the New Era of Home Healthcare

    In honour of World Health Day, it’s time to once again pledge to employ home healthcare to promote wellbeing. Through a commitment to innovation, collaboration, and ethical principles, businesses may steer towards a future in which healthcare functions not only as a service but also as a catalyst for overall well-being.

    Home healthcare is a great opportunity for companies to promote well-being and influence beneficial changes in the healthcare system. Businesses may open up new development opportunities and significantly improve the lives of individuals and communities by utilizing the power of innovation, teamwork, and moral leadership. As home healthcare providers set out on this path to a better future, companies should keep in mind that the real test of success is not just how much money they make but also how much of an impact they are having on the health and happiness of people.


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  • How AI, Big Data, and IoT Revolutionise Personalised Diet Plans in Healthcare

    This article has been contributed by Sajeev Nair, Founder & Chairman, Vieroots.

    It has been thousands of years since both the Eastern & Western medical systems discovered that “one man’s food may be another man’s poison”. But the modern health & wellness movement has turned to personalised diet plans recently, owing mainly to two developments.

    The obvious failure of generic diet plans to effect weight loss and prevent diseases in many people made doctors and researchers think hard about what they might be missing, which eventually led to the development of truly personalised diet plans like the DNA-based weight loss program.

    However, the impact of personalised diets is equally important outside of the weight loss objective. For instance, it has been proven that personalised diets, or better put their lack, determine whether various lifestyle diseases are triggered, as well as impact the physical, emotional and cognitive performances through the principles of nutrigenomics.

    This nutrigenomic impact is not just of the fleeting kind, where you take some food beneficial for you personally, and you feel either energetic or lethargic. It runs deeper, and for the long term, as not only does your genes or DNA affect how various foods are metabolised in your body, but the various foods you consume affect your genes in return, with the potential to affect both disease development and longevity, either positively or negatively.

    The Rise of AI and Big Data
    Wearables in Action
    AI-Powered Coaching
    Super-Apps and Smartphone Solutions
    Shaping the Future of Healthcare

    The Rise of AI and Big Data

    The shift towards personalised diet plans in recent years has been aided by the rapid technological development in various fields including artificial intelligence, big data analytics, block chains, generational AI and the internet of things. For instance, DNA-based weight loss programs and epigenetic lifestyle management have been made possible only in recent years, as AI and data analytics provided the tools to crunch the huge volume of genetic & metabolic data of each client, to arrive at breakthrough insights.

    Wearables in Action

    The tech adoption has accelerated with the advent of health trackers and wearables, especially in a networked or connected mode, as in IoT. Today, not only can wearables like a continuous glucose monitor or a smart ring or a smart watch or a super app give you round the clock surveillance of your health parameters, but can also send these health vitals easily to a personal lifestyle coach for tailor-made and fine-tuned advice.

    When it comes to personalised diet plans, either for weight loss or better disease management and prevention, one of the most useful wearables is the Continuous Glucose Monitor (CGM). Most often implemented as a CGM patch that you wear discreetly on the back of your arm and whose output you can view on your smartphone or specialised devices, it enables you to track real-time changes in your blood glucose levels in response to eating specific foods, as well as to lifestyle interventions like exercise, yoga, meditation, breath work and more.

    AI-Powered Coaching

    The latest CGMs and its software, like from Vieroots, can throw up a lot of insights for both the wearer as well as their lifestyle coaches. These insights often vary from person to person too. For instance, eating a dessert before meals is better for glucose management in many people, while going for a short walk immediately after a meal was helpful in many for keeping the glucose spikes under control.

    Smart rings, another emerging health wearable, complement a CGM in amazing ways. Today, a stylish smart ring like the Vieroots Halo ring that you wear 24X7 on your finger can provide an array of health tracking functions including heart rate variability (HRV), oxygen saturation (SPO2), body temperature, and various vitals about stress, movement & sleep. And it is not only your lifestyle coach who is empowered on your behalf by the sophisticated inputs from such devices. For example, there are personal devices that can give a wealth of information to your physician or cardiologist. For instance, the KardiaMobile 6L from AliveCor that Vieroots has introduced in India is a pen-drive-sized 6-lead personal ECG machine that can detect six risky arrhythmias of the heart.

    If you are prone to such cardiac conditions, you can carry it in your pocket, take readings whenever you feel like it, either at home or office or while travelling, and send the results across to your doctor for him to provide you with perfect medical advice.

    The advent of generational AI programs like ChatGPT has unleashed an era of automated health coaches, in the health & wellness domain. Coupled with precise movement tracking sensors, this has given rise to personal fitness coaching programs that run on a smartphone, that give you step-by-step advice while you exercise all your moves. ChatGPT-like programs in the health-tech domain can also provide diet and nutrition advice, but these should be judiciously chosen, ideally by a certified lifestyle coach, as this tech is still nascent and prone to errors.


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    Super-Apps and Smartphone Solutions

    Smartphone apps are yet another tool at the disposal of health enthusiasts and lifestyle coaches in their pursuit of personalised diet plans. As the requirements from such apps are mounting, the clearly emerging trend is a move towards the development and adoption of super apps.

    These Swiss army knives of the health-tech domain analyse a huge array of inputs from various wearables like CGMs, smart rings, fitness trackers, smartwatches, etc. to generate powerful health insights. One such Indian initiative is the upcoming Trigr super-app from Vieroots that includes AI-based features including a bloodless blood test using AI face scan, personal fitness coach, bio-age detector, and Geno-metabolic lifestyle suggestions, that can perfectly complement personalised diet plans.

    Artificial Intelligence (AI) in Health Care Market Size Worldwide from 2021 to 2030
    Artificial Intelligence (AI) in Health Care Market Size Worldwide from 2021 to 2030

    Shaping the Future of Healthcare

    The emergence of such diet plans that leverage these technologies including AI, big data analytics and IoT, is also driving up the demand for a new generation of lifestyle coaches who are well-versed with such advances and capable of sourcing, reading, and prescribing personal diet and lifestyle plans based on genetic, metabolic and wearables based data.

    The Viegyan Certification Program in Lifestyle Coaching, formulated by a panel of functional medicine doctors and delivered by ICF-certified coaches, equips candidates to get trained and certified in such technologies, while Vieroots offers them career opportunities as Certified Lifestyle Coaches.


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  • E-commerce Platform Selection: A Comprehensive Guide to Making the Right Choice for Your Business

    This article has been contributed by Sanjeev Ingti, Director & Co-founder, Eliea Wellness.

    In the ever-evolving landscape of online commerce, selecting the right e-commerce platform is paramount for businesses seeking to establish a robust digital presence. This E-commerce Platform Selection Guide aims to provide comprehensive insights into the pivotal factors involved in making an informed decision.

    Evaluating platforms entails a thorough assessment of features, functionality, and user-friendliness. Each platform offers distinct advantages, from the simplicity of Shopify to the versatility of Magento and the robustness of WooCommerce.

    Customization and scalability are crucial considerations, as businesses require flexibility to tailor their online storefronts to unique branding and operational requirements. Scalability ensures that the chosen platform can accommodate growth without compromising performance or user experience. Whether it’s seamless integration with existing systems or support for multiple currencies and languages, customization options must align with business objectives.

    Choosing the right platform demands a holistic approach, considering factors such as budget constraints, technical expertise, and long-term growth strategies. By prioritizing flexibility, scalability, and alignment with business goals, organizations can navigate the complexities of e-commerce platform selection with confidence and clarity.

    Importance of E-commerce Platform Selection for Businesses
    Key Factors in Evaluating E-commerce Platforms
    Tips for Assessing and Choosing E-commerce Platforms

    Importance of E-commerce Platform Selection for Businesses

    Selecting the right e-commerce platform can have a significant impact on a business in several ways:

    1. User Experience (UX): A good e-commerce platform provides an intuitive and seamless user experience for customers. If the platform is easy to navigate and offers smooth checkout processes, it can lead to higher conversion rates and customer satisfaction. Conversely, a poor UX can drive customers away and harm the business.
    2. Scalability: As a business grows, it needs an e-commerce platform that can scale accordingly. Choosing a platform that can handle increased traffic, transactions, and product listings without compromising performance is crucial for long-term success.
    3. Customization and Flexibility: Different businesses have unique requirements and branding needs. The ability to customize the e-commerce platform to match these needs is essential. Flexible platforms allow businesses to add new features, integrate with third-party services, and adapt to changing market trends more easily.
    4. SEO and Marketing: An e-commerce platform that is optimized for search engines (SEO) and supports various marketing tools can help drive traffic and increase visibility. Features like customizable URLs, meta tags, and integration with marketing platforms enable businesses to enhance their online presence and attract more customers.
    5. Mobile Responsiveness: With the increasing use of mobile devices for online shopping, it’s essential for an e-commerce platform to be mobile-responsive. A mobile-friendly platform ensures that customers can easily browse and make purchases from their smartphones and tablets, leading to higher conversion rates and improved customer satisfaction.
    6. Security: Security is paramount in e-commerce, as customers need to trust that their personal and financial information is safe. Choosing a platform with robust security features, such as SSL encryption, PCI compliance, and regular security updates, helps protect both the business and its customers from data breaches and fraud.
    7. Integration and Support: An e-commerce platform should seamlessly integrate with other business tools and systems, such as inventory management, accounting software, and customer relationship management (CRM) systems. Additionally, reliable customer support is crucial for resolving issues quickly and ensuring the smooth operation of the platform.
    8. Cost: The cost of the e-commerce platform, including setup fees, transaction fees, and ongoing maintenance costs, should align with the budget and revenue expectations of the business. It’s essential to consider both the upfront investment and long-term expenses associated with the platform.

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    Key Factors in Evaluating E-commerce Platforms

    Choosing the right platform for your e-commerce business is crucial for its success. There are several factors to consider when evaluating e-commerce platforms:

    1. Business Needs: Understand your business requirements and objectives. Consider factors such as the size of your inventory, the type of products you sell (physical goods, digital products, services), your target market, and your scalability needs.
    2. Budget: Determine your budget for the platform, including setup costs, monthly fees, transaction fees, and any additional expenses such as customization or third-party integrations.
    3. Ease of Use: Look for a platform with an intuitive interface that is easy to use for both administrators and customers. Consider factors such as setup process, product management, order processing, and customization options.
    4. Customization: Evaluate the level of customization offered by the platform. Can you easily customize the design and layout of your storefront? Are there options for adding custom features or integrating third-party apps and services?
    5. Scalability: Choose a platform that can grow with your business. Consider factors such as the ability to handle increased traffic and sales volume, as well as options for upgrading to higher-tier plans or migrating to a different platform if needed.
    6. Payment Options: Make sure the platform supports the payment methods preferred by your customers. Look for support for major credit cards, digital wallets, and alternative payment methods such as PayPal or Apple Pay.
    7. Security: Security is critical for e-commerce platforms to protect sensitive customer information and prevent fraud. Look for platforms that comply with industry standards such as PCI DSS and offer features such as SSL encryption and fraud detection.
    8. SEO Features: Consider the platform’s built-in SEO features to help improve your website’s visibility in search engine results. Look for features such as customizable URLs, meta tags, sitemaps, and integration with Google Analytics.
    9. Mobile Responsiveness: With the increasing use of mobile devices for online shopping, it’s essential to choose a platform that offers a mobile-responsive design. Ensure that your website looks and functions well on smartphones and tablets.
    10. Customer Support: Evaluate the level of customer support provided by the platform, including available support channels (phone, email, live chat), response times, and support resources such as documentation, tutorials, and community forums.

    Tips for Assessing and Choosing E-commerce Platforms

    To evaluate e-commerce platforms based on these criteria, you can:

    • Research and compare different platforms based on their features, pricing, and customer reviews.
    • Take advantage of free trials or demos offered by e-commerce platforms to test their functionality and see if they meet your requirements.
    • Reach out to platform providers directly with any specific questions or concerns you may have.
    • Seek advice from other e-commerce merchants or industry experts who have experience with different platforms.

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  • Shipping and Fulfillment Guide for E-commerce Businesses

    This article has been contributed by Ganesh Nair, Director Operations at Mehar.

    In today’s world of e-commerce, the increase in online stores is clearly intensifying the relentless pace of growth. Navigating the complex world of shipping and fulfillment is necessary for one’s business success. This comprehensive guide focuses on three key areas that is developing a strategic shipping plan, deciding between outsourcing and in-house fulfillment, and optimizing shipping costs and delivery times. In an era where customer satisfaction is dependent on timely and cost-effective logistics, e-commerce companies should carefully construct their shipping strategy to ensure long-term success. Ganesh Nair, Director Operations
    at Mehar by Rhysley shares the strategies for lowering shipping costs and delivery times, which are critical for maintaining a competitive edge in the ever-changing e-commerce industry.

    Designing a Shipping Strategy
    Outsourcing vs. In-House Fulfillment
    Optimizing Shipping Costs and Delivery Times

    Designing a Shipping Strategy

    E-commerce fulfillment and shipping encompass the entire process initiated when customers place online orders, distinguishing it from traditional brick-and-mortar or catalog-based transactions. This important process applies to both business-to-business (B2B) and business-to-consumer (B2C) transactions. The range of delivery methods and associated pricing strategies are pivotal in shaping the overall customer experience.

    To deal with the complexities of fulfillment and shipping, online businesses can take strategic steps to streamline their operations. Taking advantage of e-commerce shipping integration is essential as it allows seamless collaboration with reputable carriers that include Blue Dart, DTDC, Delhivery, and India Post. These collaborations allow businesses to offer a variety of shipping options and rates by giving customers options that are specific to their preferences. This empowers customers by granting them the flexibility to select their preferred shipping method and allows businesses to capitalize on competitive carrier rates that generate an additional revenue stream.

    One notable improvement to the shipping strategy is the addition of same-day shipping, which addresses the growing demand for quicker order fulfillment. By adding same-day shipping options, businesses can meet the expectations of modern consumers who want quick services. This feature improves the customer experience by making it more convenient and appealing. However, the feasibility of same-day shipping is determined by factors such as product type, geographical location, and operational capability.

    The global e-commerce fulfillment services market is witnessing remarkable growth, with projections estimating its value to reach $113.59 billion by 2027. This growth highlights the growing importance of a well-structured shipping strategy in staying competitive in the ever-changing e-commerce landscape. Businesses that embrace innovative shipping solutions, such as same-day shipping, have a greater opportunity to gain market share and meet rising consumer expectations.


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    Outsourcing vs. In-House Fulfillment

    Once an e-commerce entrepreneur decides on a shipping strategy, the next crucial decision revolves around fulfillment – the process of preparing and shipping orders to customers. The two primary options that exist are, outsourcing fulfillment to a third-party company or managing it in-house.

    Outsourcing fulfillment involves partnering with a third-party logistics (3PL) company and entrusting them with the entire fulfillment process. This option offers scalability, allowing businesses to adjust their operations based on fluctuating order volumes, allowing for flexibility and cost-effectiveness. Additionally, 3PL providers often have established networks, potentially resulting in cost savings and faster delivery times. This is particularly beneficial for businesses experiencing growth or seasonal variations in demand.

    On the other hand, in-house fulfillment provides businesses with more control over the entire process. This approach is suitable for companies with consistent order volumes and specific requirements that do not correspond with traditional 3PL services. Complete control over fulfillment operations enables customization and adaptability to specific company requirements. However, the difficulty is scalability, especially during peak seasons when order numbers increase. To manage rising demand efficiently, in-house fulfillment might need large expenditures in infrastructure, technology, and workforce.

    The decision between outsourcing and in-house fulfillment depends on various factors such as business size, order volume, and the desire for control over the fulfillment process. Business size is important as smaller organizations may find outsourcing less expensive, but larger businesses may choose in-house fulfillment to maintain control. Order volume is another factor to consider; variable quantities promote outsourcing, whereas constant numbers may benefit in-house management. The entrepreneur’s desire for control over the fulfillment process is
    essential, as some organizations prioritize customization and hands-on management while others value the ease and expertise provided by 3PL suppliers.

    Size of the global e-commerce logistics market from 2020 to 2026
    Size of the Global E-commerce Logistics Market from 2020 to 2026

    Optimizing Shipping Costs and Delivery Times

    In the dynamic realm of e-commerce, optimizing shipping costs and delivery times is important for preserving customer satisfaction and maintaining a competitive edge. Balancing these two factors requires a strategic approach. To optimize shipping costs, businesses should negotiate favorable shipping rates with carriers based on their shipping volume. Additionally, leveraging technology, such as shipping calculators and automation tools, can help minimize errors and reduce operational costs.

    Exploring partnerships with fulfillment centers strategically located near target markets can further enhance cost-effectiveness. Reducing delivery times is a multi faceted effort that involves efficient order processing, strategic inventory placement, and choosing the right shipping partners. Employing multiple
    shipping carriers allows businesses to provide expedited shipping options, catering to customers who prioritize swift delivery. Investing in a real-time tracking system enhances transparency and builds trust with customers by providing visibility into the shipping process. This not only improves the customer experience but also allows businesses to address any potential issues promptly.

    Furthermore, businesses can implement order cut-off times and same-day shipping initiatives to meet customer expectations for speedy deliveries. Successful e-commerce shipping and fulfillment strategies are multifaceted by requiring careful consideration of shipping options, fulfillment models, and optimization techniques. With the e-commerce landscape continually evolving, staying attuned to market trends and embracing innovative solutions will position entrepreneurs for sustained success in the competitive world of online retail.

    Developing a strong shipping plan for e-commerce requires careful consideration of outsourcing benefits, in-house management, and ongoing optimization of costs and delivery times. By understanding and effectively focusing on these aspects, e-commerce entrepreneurs position themselves to meet customer expectations, stay competitive, and flourish in the world of online retail.


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  • Resources and Training Opportunities to Help Women Entrepreneurs to Run Successful Social Enterprises

    This article has been contributed by Ms Prachi Kaushik, Founder & Director of VYOMINI Social Enterprise.

    One significant driver of economic growth that has been acknowledged is women’s entrepreneurship. They not only give society new jobs for themselves and others, but they also offer alternative approaches to organization and management. Due to their positive effects on women’s empowerment, poverty alleviation, and the financial stability of families and communities, women entrepreneurs will always play a crucial role in the advancement of the economy.

    Social enterprises—businesses that combine financial sustainability with social impact—are a growing vehicle for positive social change, with women at the forefront of this movement. Several tools and training opportunities can provide these changemakers with the capacity and skills they need to be empowered. The environment supporting female social entrepreneurs is expanding, providing a range of tools and chances for training to set them up for success.

    One of the main instruments of international labor organization is the Women’s Entrepreneurship Development Programme, which is the Gender and Entrepreneurship Together (GET) Ahead training program. By enhancing the business management abilities and critical soft skills of Women, GET Ahead seeks to close the gender gap and address some of the obstacles that women encounter when beginning and operating a business. It is different from traditional business training materials in that it emphasizes gender-based entrepreneurial skills, includes coaching and mentoring, and is specifically designed to meet the needs of low-literate women.

    Training and Support for Entrepreneurship (ENTERPRISES)
    Networking Events and Conferences
    Governmental Initiatives and Programs
    Local Small Business Development Centers
    Online Tools and Resources
    Startup India

    Training and Support for Entrepreneurship (ENTERPRISES)

    The ILO provides focused programs and networks of support to give female entrepreneurs the tools they need to overcome obstacles and succeed. Their initiatives are centered around empowerment and capacity building, with the goal of improving both individual and corporate performance.

    For women who have big dreams but little money, Bharathiya Mahila Bank was founded. It offers loans to female entrepreneurs wishing to start manufacturing businesses up to INR 20 crores. If the amount of the loan you are requesting is less than one crore, collateral is not needed. The loan program that was introduced in 2017 remains in place despite the Bharatiya Mahila Bank’s merger with the State Bank of India. A lot of organizations pair up would-be business owners with seasoned mentors who can share their knowledge, give priceless counsel, and encourage them along the way. This individualized coaching can be very helpful in overcoming obstacles and achieving success.

    The ILO-WED Program Creates Comprehensive Interventions To Support Women Entrepreneurs In Three Crucial Domains

    1. Creating an Environment That Encourages Women to Start Their Own Businesses: By identifying and fostering the conditions that facilitate women entrepreneurs’ enhanced access to opportunities and resources, ILO-WED aims to alleviate some of the systemic barriers that they face.

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    1. Financial and Business Development Services: ILO-WED supports service providers in adopting more sustainable business models while working to make service provisions for entrepreneurs more relevant, accessible, and gender-sensitive for women clients.
    2. Assistance for Women Entrepreneurs Following Training: ILO-WED makes it easier to provide specialized training and post-training programs that enhance women’s financial, interpersonal, and business management abilities. Over the years, ILO has developed and tested these trainings, tailoring them to the unique circumstances of each country while establishing and sustaining a network of devoted trainers.

    Networking Events and Conferences

    Learning from successful businesswomen, establishing contacts, and drawing inspiration can all be obtained by attending networking events and conferences geared toward women in business. There are networking and educational opportunities at events like Women’s Entrepreneurship Day.

    Governmental Initiatives and Programs

    Many governments have initiatives and programs designed especially to help women who start their own businesses. These initiatives could include mentorship programs, training courses, and funding opportunities. Online Communities and Forums: Accessing helpful resources, guidance, and support for female entrepreneurs can be gained by participating in online programs.

    Local Small Business Development Centers

    Small Business Development Centers (SBDCs) are located in many communities and provide resources, counseling, and training for entrepreneurs at no cost or at cheaper rates. These organizations frequently host seminars and workshops designed especially for female business owners.

    Online Tools and Resources

    Women entrepreneurs can find a wealth of online tools and resources to assist them in starting and expanding their businesses in a variety of ways. These consist of marketing manuals, financial calculators, and templates for business plans.

    Startup India

    This government program gives women entrepreneurs in India a forum and essential assistance in areas like funding, mentoring, and skill development. It also offers workshops and other resources.

    Number of Reported Jobs within Startup India Initiative from 2016 to 2022
    Number of Reported Jobs within Startup India Initiative from 2016 to 2022

    For women entrepreneurs, training opportunities and resources are essential. Men have traditionally had more access to networks and resources, which has led to an unequal playing field in the business sector. By giving women business owners the instruments and information required to compete successfully, resources and training aid in closing this gap. A broad range of skills is necessary for launching and operating a successful business.

    Training programs can boost the chances of success for female entrepreneurs by providing them with essential skills in areas like financial management, marketing, business planning, and leadership. women entrepreneurs frequently encounter distinct obstacles, including managing familial responsibilities, obtaining capital, and surmounting gender prejudice. Resources and training can help women overcome these obstacles by offering them specialized support, advocacy, and coping mechanisms.

    All things considered, training programs and resources are vital to the empowerment of female entrepreneurs because they create equal opportunities, give them the tools they need to succeed, boost their self-esteem, help them make significant connections, and solve particular problems they may encounter. Consequently, this fosters an environment in a

    business that is more equitable and inclusive, enabling women to flourish and share their ideas and talents with the world.


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  • Operating Virtual Offices in India: A Guide for Businesses on Rules, Regulations, and Utilization

    This Article has been contributed by Harsh Kumra and Sanjana Kumar, Associates with Spice Route Legal’s Corporate Practice Group.

    In recent times, the boom in the startup industry has given rise to another parallel ecosystem that shares a symbiotic relationship with early-stage startups — this ecosystem being the ecosystem of ‘virtual office spaces’.

    What is a “Virtual Office”?
    Legal Considerations
    How to Obtain a Virtual Office Space in India?

    What is a “Virtual Office”?

    A “Virtual Office” is a cost-effective solution that offers a non-exclusive and non-dedicated office address to entrepreneurs, for the purposes of managing communication and legalities (such as business registration, goods and service tax (“GST”) registration and maintenance of records). Virtual office allows entrepreneurs to have a professional presence, without having to physically work out of such a premise.

    Indian law does not prohibit the usage of virtual offices by entrepreneurs and establishments. In the limited cases where the judiciary has gotten involved in assessing the viability and legality of virtual offices, the stance taken by the authority has been in favour of virtual offices. Below are some of the legal considerations involved in setting up and operating virtual offices in India:

    A. Requirements Under the Companies Act, 2013 (“Companies Act”):

    The Companies Act requires all companies to have a registered office that is capable of receiving and acknowledging all communications and notices that may be addressed to them. The Companies Act does not create a distinction between physical offices and virtual offices. Section 12 of the Companies Act prescribes the conditions that must be fulfilled by a company for the purposes of its registered office, and some of these conditions are set out below:

    (1). Companies are required to furnish to the Registrar of Companies (“ROC”) verification of its registered office within a period of 30 (Thirty) days of their incorporation in Form INC 22 (Notice of situation or change of situation of registered office) with supporting documents such as (i) the registered document of the title of the premises of the registered office in the name of the company, (ii) the notarized copy of the lease or rent agreement in the name of the company along with a copy of rent paid receipt, (iii) the authorisation from the owner or authorised occupant of the premises along with proof of ownership or occupancy authorisation, to use the premises by the company as its registered office, and (iv) proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner, which is not older than 2 (Two) months.

    (2). Every Company has to:
    1.
    Paint or affix its name and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is carried on;

    2. have the address of its registered office printed in all its business letters, billheads, letter papers and in all its notices and other official publications; and

    3. publish the address of its registered office on the landing/home page of its website.

    If the ROC has reasonable cause to believe that a company is not carrying on any business or operations, then the ROC is entitled to cause a physical verification of the registered office of the company, and if any default is found to be made in complying with the requirements, the ROC may initiate action for the removal of the name of the company from the register of companies.

    (3). The Companies Act requires companies to maintain certain records and registers at their offices. These requirements would also extend to the companies operating through a virtual office. Some of these requirements include maintenance of copies of all incorporation documents (including the memorandum of association and articles of association), copies of annual returns filed by companies, and statutory registers (such as register of members (Form MGT-1), register of debenture holders or any other security holders (Form MGT 2), register of directors and key managerial personnel, register of charges (Form CHG-7), register of sweat equity shares (Form SH-3), register of employee stock options (Form SH-6) and register of loans, guarantee, security and acquisition made by the company (Form MBP-2)).


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    B. Goods and Services Tax Act, 2017 (“GST Act”)

    Under the GST Act, all companies that are over the threshold limit as mentioned therein are required to obtain a 15-digit GST identification number and a certificate of registration for each place of business. However, the GST Act does not make a distinction between virtual offices and physical offices. Virtual offices are subject to the same registration requirements under the GST Act as physical offices.

    M/s. Spacelance Office Solutions Private Limited, in an application filed with the Kerela Authority For Advance Ruling Goods and Services Tax Department Tax Tower, Thiruvananthapuram (“Authority”), 1 while highlighting that leasing and maintaining full-fledged independent offices in big cities are unaffordable and unfeasible to most of the startup companies due to high rentals and related charges, raised the question as to whether GST registration is allowed for multiple companies from the same address, provided they follow all GST rules related to “principal place of business”.

    While answering the question in affirmative, the Authority highlighted that there is no prohibition under the GST law for obtaining GST registration for a shared office space or virtual office, if the landlord permits such sub-leasing as per the agreement. The Authority further recognised that these offices are of greater benefit to travelling freelancers, small businesses, startups and even to the businesses that are operated from remote areas. Additionally, the Authority also stated that companies operating in virtual offices should provide to the relevant authorities, the rental agreement executed between the lessor and lessee, and in the event, there is any sub-lease arrangement, then the rental agreement between lessee and sub-lessee.

    In addition to this, the companies should also provide a copy of the “monthly utility bill” in connection with payment towards electricity charges, water charges or other common services availed by the respective suit or desk number occupied by the company operating in the virtual office.

    C. Shops and Establishments Framework

    Compliance with the shops and establishments framework varies from state to state, given that each state has its separate shops and establishments legislation which contains different applicability thresholds, i.e., the minimum number of employees that should be employed by a company in an establishment for the legislation to be applicable to a company. For instance, while the minimum number of employees in the state of Maharashtra has been designated as 10 (ten) for the Maharashtra Shops and Establishment (Regulation of Employment Condition of Service) Act, 2017 to be applicable to a shop and/or an establishment in the state of Maharashtra, there is no qualifying threshold under the Karnataka Shops and Commercial Establishments Act,

    Advance Ruling Number KER/55/2019 dated July 15, 2019

    1961, resulting in the act to apply to every shop and establishment in the state of Karnataka.

    The definition of “shop” and “establishment” includes any premises where any trade or business is carried on or where services are rendered to customers. The shops and commercial establishments framework applies to every office and shop where commercial activities are carried on. The license for a shop or an establishment is a license that gives an entity a legal identity in terms of carrying on trade or business. The Shops and Establishment legislation does not distinguish physical and virtual offices — accordingly, a view could be taken that even virtual offices would be covered under the ambit of Shops and Establishments legislation.

    Global Virtual Office Market Size
    Global Virtual Office Market Size

    How to Obtain a Virtual Office Space in India?

    There are several service providers in India, such as Awfis, Spring House, IndiQube, The Playce and Cofynd, that provide virtual office spaces to entrepreneurs and startups, and other allied services in relation thereto. The services provided by such service providers include allowing the companies to use the premise as its registered office address, assistance with government-compliant documentation, GST registration, and handling of mail, documents and written communications.

    Conclusion

    In recent years, to adapt to today’s evolving technological landscape, many businesses have opted for a virtual office solution. One of the main advantages of a virtual office is that they are much more cost-effective than a traditional physical office. This enables entrepreneurs to keep business expenses low as on account of reduced costs of commuting and transportation, office equipment, office maintenance and utilities and other such associated costs of a physical office.

    While virtual offices are ideal for new-age entrepreneurs and small-scale companies, this model might not be suitable for medium to large-scale companies, given that such companies would have increased legal compliance burden (in terms of maintaining documents and records, and facilitating statutory inspections); would require a larger workforce; and would have to place reliance on, on account of increased operations, physical meeting rooms and offices.


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    FAQs

    What is a virtual office?

    A virtual office is a cost-effective solution providing a non-exclusive and non-dedicated office address for entrepreneurs.

    Yes, virtual offices are legal in India. The Companies Act, 2013, and Goods and Services Tax Act, 2017, do not distinguish between physical and virtual offices.

    Which virtual office service providers are available in India?

    Some of the best virtual office service providers in India are:

    • Awfis
    • Spring House
    • IndiQube
    • The Playce
    • Cofynd
  • How to Source Products and Manage Inventory for an E-commerce Business?

    This article has been contributed by Dr. Somdutta Singh, Founder & CEO Assiduus Global Inc, LP Angel Investor, Author and Ex-Member Niti Aayog.

    • E-commerce sales are expected to surpass $8.1 trillion by 2026.
    • 95% of all shopping will be done online by 2040.
    • 205 million people worldwide turn to online shopping daily.
    • 95% of global purchases are expected to be through E-commerce businesses by 2040.

    Why do you think I started writing an article with staggering numbers? Perspective. To give you a viewpoint of how monumental the E-commerce landscape is.

    As cliche as it sounds, the online shopping landscape is booming, offering businesses and individuals the exciting opportunity to connect with a global audience from the comfort of their living rooms.

    But, with great opportunities come challenges. And that’s what I am here to talk about.

    The Current State of E-commerce
    How To Find The Right Supplier?
    Inventory Management
    How to Balance Supply and Demand?

    The Current State of E-commerce

    The global E-commerce market boasts a current valuation of USD 6.9 trillion, representing nearly 20% of all sales worldwide. Projected 10% growth by the end of 2024 also underscores its vast potential.

    Adaptability to shifting trends and consumer behavior will be key for businesses looking to succeed in the evolving E-commerce landscape.

    The need for E-commerce in today’s landscape is more apparent than ever.

    How To Find The Right Supplier?

    Finding suppliers may not seem very hard when everything is online. However, every supplier might not be the right choice for you.

    Understanding Different Sourcing Methods

    When it comes to sourcing products for your store, there are a few different methods to consider. Understanding the options, you have will make it easier for you to find suppliers in the long run. Here are the common methods for sourcing products:

    • Wholesalers: Wholesalers allow you to purchase products in bulk at discounted prices to resell with a markup. Finding wholesalers might not be too difficult. You can use online directories (eg. Flipkart Wholesale or IndiaMart) or attend industry trade shows. However, in such a case, the wholesaler will ship to you and you are responsible for distributing the products to your customers. This is great for general goods, such as groceries, or as an intermediate step for finding raw materials for handmade or DIY products in your store. Making use of wholesalers would also require you to have a warehouse.
    • Dropshipping: Dropshipping has become extremely popular in recent years and is an alternative to wholesale distributors. In this method, the business owner partners with suppliers who handle inventory and ship directly to your customers. Compared to the wholesale models, you don’t have to worry too much about inventory management and have much lower upfront costs.
    • Manufacturers: It is also possible to bypass distributors completely and work directly with manufacturers to create or source your products. This allows for customization and potentially lower costs. However, this method may require larger order quantities.

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    Evaluating Potential Suppliers 

    Once you’ve understood the different sourcing methods you have, you are still left with evaluating the right suppliers. Consider the following when evaluating suppliers:

    • Perform quality checks: Request product samples, read online reviews, and research their reputation to ensure product quality aligns with your standards.
    • Reliability and communication: Seek suppliers with quick response times, consistent pricing, clear communication, and efficient order processing.
    • Pricing and payment terms: Understand all costs involved, including shipping and possible import fees. Negotiate favorable payment terms.
    • Location: Consider the supplier’s location, as it impacts shipping costs, lead times, and ease of communication.

    Inventory Management

    Effective inventory management is a crucial pillar for not only maintaining a sustainable business but also ensures scalability down the line. There are different strategies when it comes to inventory management as well.

    • ABC analysis: In this technique, products are categorized into three groups (or class) based on their annual value demand. In this division, high-value or high-demand products are categorized as A, medium-value products are categorized as B, and low-value products are categorized as C. This type of division helps allocate resources more effectively, allowing tighter control of the inventory depending on product demand.
    • Just in time (JIT) inventory management: JIT inventory management is a method that is ideal for businesses that don’t require a huge inventory, and where demand is predictable and consistent. In this type of inventory management, the owner stocks the inventory as and when needed, depending on the number of orders. This type of inventory management can minimize storage costs and works well with reliable suppliers and predictable sales patterns.
    • First in, first out (FIFO) method: If you’re selling goods that have an expiration date, or are perishable or seasonal items, then consider this method. In this, the older stock is sold first to prevent products from expiring or becoming obsolete.
    • Safety stock: A very popular inventory management method is to maintain a buffer inventory level, aka a safety stock, to handle unexpected demand surges or delays in shipments. It is commonly used to plan for unexpected risks and maintain a steady output.

    How to Balance Supply and Demand?

    Finding suppliers and effective inventory management is only one part of running a business. Without balancing supply and demand, businesses risk either running out of stock, leading to missed sales opportunities and dissatisfied customers, or being stuck with excess inventory, tying up valuable capital and increasing storage costs.

    Balancing supply and demand is essential for maintaining a healthy cash flow, optimizing inventory turnover, and ensuring customer satisfaction.

    • Accurate demand forecasting: Make full use of data to accurately forecast product demands. Analyze past sales data to identify trends, seasonality, and patterns in customer behavior. This helps predict future demand fluctuations and anticipate peaks and troughs in sales. It also helps if you can adapt to changes in market dynamics and anticipate shifts in customer demand. To do that, you need to stay informed about industry trends, emerging products, and competitor activity.
    • Maintaining optimal inventory levels: Maintaining optimal inventory levels involves several key strategies. Firstly, setting reorder points is crucial. Establish a minimum stock level at which you need to reorder to avoid stockouts. It’s also important to factor in lead times to ensure timely replenishment. Secondly, monitoring stock levels regularly, either manually or using inventory management software, helps you stay aware of inventory levels and make informed decisions. Lastly, and I cannot stress this enough, make full use of data. Using data-driven approaches for order quantities, based on historical sales data, forecasting models, and current demand trends, you can avoid overstocking and maximize profitability by ordering just the right amount.

    Concluding Thoughts

    Effectively overseeing an E-commerce business demands a strategic mindset and a commitment to continual learning and adjustment. It’s crucial to consistently evaluate and improve your strategies to keep your E-commerce venture competitive and responsive to customer needs in the dynamic online market.


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  • Practical Strategies for Women to Take Control of Their Finances

    This article has been contributed by Rinku Suchanti, Co-founder, FIKAA.

    Women are equal and better than men could be a highly debatable topic. But there is one arena where even the most egalitarian-minded woman is likely to admit defeat and that is “finance”. Particularly managing one’s own finances. Personal Finance is like a nine-headed monster; the very name elicits shivers in the bravest heart. To emerge victorious, you have to be fully equipped with the right arsenal to conquer it. There are, of course, qualified money managers and the like who can guide you for a hefty fee. However, women do not necessarily need expensive wealth managers to handle their finances. They can follow a well-proven step-by-step strategy to successfully manage their money in a well-informed manner, and come out a winner!

    1. Add All Incomes

    One accrues income from various different sources during the month. It could be a salary, rental income, dividend payout, or even a side hustle. Anything that adds to your bank balance can be considered earnings for the period.

    2. Arrive At Your Net Income

    Net income is how much money you actually have after taxes and other mandatory deductions. You have to be aware that gross income is not what is available to you to spend. If that has been taken as your expendable income, you will soon be saddled with debt.

    3. Track Your Expenses

    This is done in two parts. Daily expenses, however small, like groceries and entertainment, should be added diligently every day. All monthly recurring costs, like rent and subscriptions, should also be considered. Combine all of them, and it will give a clear picture of your actual spending.

    4. Make a Budget

    This means allocating 50% of your net income to needs – like rent and food, 30% to wants – like dining out and impulse purchases, and 20% to savings and investments. Only by making a realistic budget will you be able to adhere to it and accumulate any savings. A budget is like the track of a train on your journey towards better financial management.

    5. Set Short-Term and Long-Term Goals

    If we are to have significant control over our finances, we must have some goals too. We need goals to keep us motivated to save and stay within our budget. As the name suggests, short-term goals are to be achieved in 1–3 years. These can be for a vacation or for starting an emergency fund. Long-term goals are those we target to invest for over 5–10 years. Planning for your child’s education or your own retirement could be examples of long-term goals.

    6. Plan For These Goals

    Once the goals are set, we need to allocate part of the savings to short-term goals and part to long-term goals. Short-term investments require regular monitoring and adjustments to keep them directed to meet these goals. For long-term goals, one has to assess their risk tolerance and then invest in diversified asset classes for the best results. Again, these investments need to be reviewed periodically to keep them on track.

    Growth of Women Investors in India
    Growth of Women Investors in India

    7. Create an Emergency Fund

    It is ideal to put aside six times your income if you are under 30 years old, and 12 times your income if you are over 30 years old. Keep this emergency fund separate from your main current account, possibly in a separate savings account where you can easily access it in times of need. This is one saving where we do not emphasize on the returns but on the ease of availability of the money when required for medical reasons or loss of employment.

    8. Plan to Be Debt-Free

    A large part of sound financial health is contributed by being debt-free. Debts can be in the form of loans, unpaid bills, or credit card bills. If you have any debts, make a list with the exact amounts, rate of interest, and a repayment schedule. Calculate how much you can afford to repay each month. Different methods of prioritizing the repayment could be according to a higher rate of interest or urgency.

    9. Research Investment Options

    When you have control over all aspects of your finances, it is time to figure out which type of investment works for you. There are a few factors to consider before we decide – returns expected from the investment, risk tolerance and whether we are investing for the long term or the short term. Once we have a clarity on that, there are a multitude of asset classes to choose from – shares, mutual funds, bonds, property, commodities like gold and silver, etc. Each has its pros and cons. Suitability is an extremely personal choice as per individual circumstances and preferences. Perhaps the best thing to do is diversify and allocate your savings to a mix of assets according to your inclination.

    Choose the Platform to Invest

    With so many different modes of investing available these days, one can choose a combination of brokerage outfits, property agents, and investment apps available. Sometimes it becomes difficult to decide who to trust. For this, one can rely on an investment platform that provides data-driven recommendations of Mutual Funds based on age and risk profile. AI-enabled platforms can help you choose the best options by going through lakhs of permutations! What’s more, one can invest in Digital Gold starting as low as INR 100.

    If you have been reading carefully, now you know exactly how to be in charge of your Personal Finances. These are very practical and simple steps to implement in your financial journey, by which a better grip can be achieved on money matters. Only when you put all this into practice can you know how it works? Then, assuredly, you are on your way to becoming financially independent. Effective control over one’s money liberates in a way nothing else does.


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