This article has been contributed by Ms. Shaily Mehrotra, Co-founder, Fixderma.
In today’s skincare market, where new products seem to come out every day, women entrepreneurs face both opportunities and challenges. Creating skincare products and building a brand that stands out while ensuring compliance with regulations can be a daunting task. However, with the right strategies, female entrepreneurs can ensure success and sustainability in this competitive industry.
The skincare industry is vast, catering to a wide range of needs and preferences. From moisturizers to serums to cleansers, there’s no shortage of products available to consumers. As a woman entrepreneur entering this space, it’s important to understand your target audience and their specific skincare concerns. Conducting market research can help identify gaps in the market and opportunities for innovation.
To truly differentiate their skincare products and brands, women entrepreneurs can implement the below-mentioned strategies:
Creating skincare products with unique formulations can be a game-changer. Whether it’s through innovative ingredients, advanced technology, or novel delivery systems, offering something that others don’t have can pique the interest of consumers. People like trying things that are different and effective. For example, using rare plants that are good for the skin or using the newest research to make your own special mixtures can make your brand different from others in the market and attract loyal customers who want something special for their skin.
Targeted Solutions
Knowing what different people need for their skin and customizing products to help with those exact needs can really help. How? By making products that focus on a certain group or solve specific skin issues, like acne, wrinkles, or sensitive skin. By positioning their brands as experts in addressing these issues, they can attract a dedicated customer base seeking targeted solutions. This approach not only meets customer needs more effectively but also builds trust and loyalty, setting the stage for long-term success in the skincare market.
Creating a strong brand story that aligns with value and resonates with consumers can forge a deep connection and loyalty. Women entrepreneurs can use their personal narratives, experiences, or missions to create authentic and relatable brand identities. This authenticity helps differentiate their brands in the marketplace and encourages consumer loyalty.
Focus on Customer Experience
Entrepreneurs should prioritize the customer experience at every touchpoint, from browsing your website to using your products and beyond. Engage with your customers, listen to their feedback, and go above and beyond to exceed their expectations. When customers have a good experience, they’re more likely to stick with your brand and tell others about it. And in today’s world where everything is online, good word-of-mouth from happy customers is really valuable. So, paying attention to your customers and making sure they’re happy can go a long way in helping your business grow.
Skincare products are subject to strict regulations to ensure consumer safety. One of the fundamental aspects of regulatory compliance revolves around ingredient safety and transparency.
Ingredient Safety
Before bringing a skincare product to market, entrepreneurs must carefully evaluate each ingredient’s safety profile and ensure compliance with ingredient labeling requirements. This includes providing accurate ingredient lists on product packaging, avoiding prohibited substances, and adhering to concentration limits for certain ingredients to prevent adverse reactions and protect consumer health.
Manufacturing Practices
Entrepreneurs must establish and adhere to stringent quality control measures to ensure the safety and purity of their skincare formulations. This involves implementing Good Manufacturing Practices (GMP), maintaining clean and sanitized production facilities, and conducting rigorous testing to detect and mitigate potential contaminants or impurities.
Labeling and Marketing
Product labels must accurately convey information such as ingredient lists, usage instructions, and warnings to enable consumers to make informed purchasing decisions. Moreover, entrepreneurs must refrain from making misleading claims or exaggerating the efficacy of their products, as regulatory agencies closely monitor and enforce advertising standards to prevent deceptive marketing practices.
In the end, succeeding in the competitive skincare market requires a combination of creativity, quality, authenticity, and agility. Creating unique products, ensuring they work well, and being genuine in your brand are all crucial. Plus, being able to change and adjust to what customers want is key to staying ahead.
This article has been contributed by Meghna Krishna, Group Chief Revenue Officer, VideoVerse.
As someone who has never favoured the traditional division between genders, I recognize the challenges of navigating a predominantly male-driven professional environment. Through observation, I’ve noted how inherent differences between men and women often shape strategic approaches. Women, often perceived as naturally nurturing, empathetic, and emotional, leverage these traits to grasp diverse perspectives and foster adaptability, essential elements in crafting successful strategies.
Cultivating Success through Cultural Understanding
Having worked across three continents, I firmly attest to the consequential role that cultural understanding plays in formulating successful business strategies. In the global business environment, women strategists, like their counterparts, must grasp the nuances of diverse cultures to build meaningful connections and foster collaboration.
Effective communication and relationship-building require an understanding of diverse cultures. This understanding is key to connecting with diverse audiences. Ana Patricia Botín’s distinct leadership approach at Santander, marked by caution, hardball tactics, international focus, and commitment to diversity, exemplifies a forward-thinking strategy. Initiatives like Alastria, a blockchain-based platform, showcase her innovative and inclusive leadership style.
Adaptability as a Cornerstone of Strategic Agility
Given the ever-changing nature of the business landscape, women entrepreneurs must possess adaptability as a fundamental quality. Inflexible strategies struggle with unforeseen challenges. Embracing flexibility in strategic planning allows women entrepreneurs to pivot when necessary and seize emerging opportunities. Strategic agility in business requires staying agile, open to change, and adjusting approaches based on strengthening circumstances. Divya Gokulnath used her teaching background to create a $22 billion enterprise with BYJU’S. Despite recent challenges, she achieved Forbes Asia’s 25 Most Powerful Women 2020, a LinkedIn Top Voice in Education in India, and led initiatives to address the gender pay gap.
Strategies that Stand the Test of Cultural Diversity
“I want my daughters to grow up in a world where they can dream of being whoever they want to be—and you can’t dream of what you can’t see.” Cristina Junqueira is clear about her aspirations for women in workplaces. On the same note, effective strategies in the globalized landscape go beyond a one-size-fits-all approach, embracing cultural boundaries and individual market nuances, not just women. Adapting strategies to cultural differences fosters trust and credibility, emphasizing the significance of uniting diverse perspectives for success. However, what sets successful women apart is not just seeking advice, but actively listening during strategic planning. The focus shifts from a gender-based competition in intellect to utilising cognitive capacity effectively.
A major learning in the past two decades has been empowering individuals to define success and control their destinies. Being content limits growth. The focus should be continuous growth and success, promoting a mindset that includes employees and support teams. An irrefutable aspect is a comprehension of the financial fundamentals of one’s company. Even during economic downturns, there are opportunities for business success. Investors analyze a company’s response to market trends.
Strategic Decision-Making in a Multicultural Team
I emphasise the importance of cultivating a multicultural mindset within our team of women working across continents. Inclusion from diverse backgrounds enriches strategic discussions and strengthens decision-making. Contrary to the misconception that women can juggle every responsibility, the focus is on gradually balancing work and life. Personally, I advocate delegating tasks to others, using their experience. Additionally, multicultural team members bring unique viewpoints, fostering innovation and market understanding in strategic discussions, highlighting the indispensable value of inclusivity in decision-making for women entrepreneurs.
The Role of Technology in Facilitating Global Strategies
“I think moms are phenomenal problem solvers.” Laura Boccanfuso said. She is the CEO of Van Robotics and shifted from a stay-at-home mother to a computer science PhD. She created AI-enabled classroom tutors to aid children with special needs. Despite gender bias from venture capitalists, she persisted, and her robot “ABii” is now utilized in US schools and globally benefiting over 100,000 students and teachers.
Technology has significantly facilitated the implementation of global strategies, offering opportunities for growth by breaking down geographical barriers and fostering unity within global teams. The democratised access to information and real-time collaboration through digital platforms has enabled seamless communication and overcome geographical challenges.
Innovative Marketing Solutions for Revenue Growth
Innovation is the heartbeat of business growth. Implementing creative and tailor-made marketing solutions can set businesses apart in competitive markets. From my experiences, I’ve witnessed the transformative power of innovative marketing strategies in capturing the attention of clients and customers.
Everyone should embrace creative marketing solutions to engage their audience and drive revenue. The innovation becomes a key differentiator, positioning businesses for success in dynamic markets. From content marketing to social media strategies, the options for innovative approaches are vast.
Decoding Gender Differences in Decision-Making
Understanding the nuances of decision-making styles, particularly in the B2B landscape, is pivotal for women entrepreneurs. Recognizing gender-related differences empowers them in negotiations and client interactions, fostering effective communication and collaboration. Having this understanding is a strategic asset when navigating diverse markets. Additionally, empathy plays a crucial role in business success, enabling entrepreneurs to connect with clients, investors, and stakeholders on a deeper level. It builds strong relationships, fosters a positive work culture, and enhances teamwork in a nurturing environment, leading to increased employee satisfaction, productivity, and loyalty.
When making decisions, men and women offer different perspectives, similar to the metaphorical dynamics of “Men are from Mars, Women are from Venus.” Acknowledging and embracing these differences enhances collaboration, creating a harmonious fusion of diverse strategies that lead to success in the intricate business world.
We have lived in times where men had the sole decision-making powers, be it regarding the choice of furniture in their house or whether the wife should opt for working a job of her choice. Women have been designated indefinitely to roles such as mothers, wives, and generally someone who you could lean on. This very quality makes a woman the pole center of any support system.
Contrary to popular belief, women are the biggest supporters of their own kind.
Be it a household, or a corporate setting, women are trying hard to survive the winter that tests their social acceptance as someone who is more than just a primary caregiver in the former and someone who can lead in the latter. As we speak to successful woman entrepreneurs, we aim to understand how their support for other women in the industry has made a difference overall.
At BC Web Wise, we are committed to supporting women employees in their journey by implementing a range of initiatives. We understand the importance of flexible timings or working from home, especially during pregnancy and post-maternity leaves, and have accommodated such needs. We also encourage men to support on the home front and provide flexible timings for child care, ensuring a healthy work- life balance. Our performance evaluations take into account these adjustments when needed, ensuring fair treatment.
Furthermore, we have a strict policy against biases in hiring and promotions, ensuring equal opportunities for all. We take immediate action and put measures in place to protect women, creating a safe and healthy workplace environment. Our leadership team sets an example, with equal representation of women, including our CFO and HR head, who have been with us for over two decades, demonstrating our commitment to gender equality. Women are also well-represented in the leadership of our sales operations, creative practice, and strategy practice, etc highlighting our dedication to empowering women in the workplace.
Charu Noheria – Co-Founder & COO of Practically
Charu Noheria – Co-Founder & COO, Practically
In order to empower women in the workplace, I personally believe that, firstly, we need to be educated on women’s issues, secondly, we need to be aware of our role as women and, thirdly, we need to give ourselves a chance to lead. Organizations and coalitions are encouraging more women to work together to create a more inclusive environment for people who identify as female.
In my individual capacity, I try to offer my time and expertise when anyone reaches out to me be it for introductions, job referrals or even professional advice. I believe that we can learn and grow together no matter what we are doing and where we are in our careers. My advice to women is to support and encourage each other. It is important to figure out how to thrive as working women, so you should take the time to invest in yourself while supporting others. Recognize your talents and find out how to share them with other women who may need guidance and inspiration.
I have also been lucky to work with several accomplished women leaders who I look up to. They have shown me that you can be successful and empathetic at the same time. I actively seek out women entrepreneur groups and try to take part in their activities to network with other women entrepreneurs.
Dr. Shikha Baghi Bhandari – CEO & Owner, Timeless Aesthetics
Shikha Baghi Bhandari – CEO & Owner, Timeless Aesthetics
I threw myself into my work right out of university. The work ethic instilled in me by my parents, enabled me to persevere against worldly odds. These qualities are necessary to make it into world. I realize that not all of us are given the same opportunities, which is why it is necessary for people like myself to create opportunities for others.
There is no better way to help someone than to enable them to help themselves. That is one of the main reasons why I took it upon myself to educate and train women to become self-sufficient. These skills can earn them work and they can even start their own businesses.
Timeless Aesthetics is a place where you can find yourself. My entire focus is to make you believe that you’re important, you are perfect and you’re capable. These elements are also part of my trainings.
Our nonprofit initiative “Timeless Promise” helps those less fortunate and acid attack victims. These women are simply ignored by the masses, they not only receive free treatments at my clinic but I also offer them training and employment to which, there are no charges or fees.
Learning a good trade can set you up for life and I firmly believe that. My mother worked her entire life and I am showing it not only to my children the importance of financial independence but also to those who walk through my doors.
I hope to make a difference in someone’s life, I believe I’m doing so in my own way.
Being a woman, I personally respect and admire any woman entrepreneur starting her own business or working with someone. Nowadays it’s good to see almost every young girl wanting to do something. I personally prefer having woman partners, people in space who I work with. I chose to have at least a woman in the team always.
I strongly believe in ‘Women for Women’, which is also the essence of my startup ORCO, an organic condiments, and spices brand. The journey began in 2017 when on a daily basis I witnessed my house help being a victim of domestic violence. Having been associated with social work for a couple of years, I realised domestic violence at home is quite regular in Indian family units, particularly among the low-income communities. That’s when I decided to take a step forward and help these women become financially independent.
I began ORCO Spices with my 25-year-old daughter Adhvika Agarwal, with the mission to empower marginal sector women by setting up a small unit in the backyard of my own house and motivating these women to use the skill they already had, i.e. processing spices. Understanding the changing trends Adhvika, decided on taking the organic route and it was an uphill ride from there.
We started with merely 4 women working part-time in our backyard and now we have been successfully able to employ over 100 women and plan to take the number up to 500 in the next year.
It makes me extremely happy to see that my daughter and I were able to build a brand that has helped several underprivileged women become independent and financially stable.
I have personally been through the phase of a girl in the events industry, which has now shaped me into the Woman I am today.
It is definitely tough, as in most fields which are male-dominated, but more in the events industry you feel the pinch when a woman has to give instructions and demand and be tough on men of different categories from workmen to the office level.
So I do all I can to promote women, teach them the tricks of the trade on how to effectively communicate and not only survive in this world but to thrive.
And of course, if all else fails – the last trick is to get angry and everyone shuts up.
Srijana Bagaria, Co-founder, Pee Safe
Srijana Bagaria, Co-founder, Pee Safe
Ensuringaccess to good hygiene and sanitation practices is one of the sustainable development goals. However, when it comes to women and their access to these amenities for better health, there is not much to talk about in our country.
This is despite numerous campaigns and other initiatives both by the government and private sector entities. The pandemic brought out this gap further with many women left without access to basic and affordable things like a sanitary pad.
Pee Safe went a step ahead during this time and even before COVID-19 struck, we launched our sister concern Raho Safe, a brand that provides access to affordable personal hygiene and wellness products. At Pee Safe, we even launched our own range of female condoms called Domina, something that is yet to be popularly accepted in India. Pee Safe was a brand that started to address the need for hygienic solutions for women at the outset and diversified to other products later.
As women, we are often challenged by limited opportunities, a lack of products that suit our needs, among other things. On Women’s Day, it is important to bust the myth that these challenges are roadblocks. On the contrary, these are an opportunity in disguise. We must quit trying to prove ourselves but rather focus on growing and acknowledging our potential to succeed. We have been changemakers always and will continue to remain so for the times to come.
My startup United We Care sprung out of an essential need in January 2020 when the pandemic was in its full course. Mental health issues are a huge problem in India primarily due to a lack of awareness and the stigma surrounding them. This came to the fore during the pandemic when the lockdown, etc. led to many people suffering from stress, anxiety, and related issues.
For women and members of the LGBTQ community, it was an additional blow. At United We Care, we wanted to give people access to counsellors, therapists, and even lawyers without the fear of stigma or judgement.
We have been able to reach out to a number of people through our platform and integrated campaigns around mental health during this challenging time. As a woman, I challenged two stereotypes: the stigma around mental health issues and the fact that women cannot lead from the front.
I was able to make a difference and believe every woman can do so in her capacity. We have the inherent ability to multitask and think laterally. On this Women’s Day, let us make use of this ability to forge ahead in what we are passionate about and move forward with conviction.
Vanya Chandel – Founder, Forfurs
Vanya Chandel – Founder, Forfurs
We are presented with so many opportunities, that we can rise with others and not over. We are taught to fight for a certain spot to be successful when in reality we can just make space for others like us. Raising each other, co-existing, and collaborating is truly how we bring change in our work environment.
I run a business where we require artisans in our workshop. I try to do my bit by employing and training untrained woman artisans in my workshop. This is good not only for business as we can train them according to our requirement but also for the women as they now have financial independence and a steady income. I believe the easiest way to support someone is to give them a chance.
Some of these “untrained” women have turned into great assets to the company and it makes me proud when I see them excel in their work. If you are in a position where you can help or support someone, you should just do it. I see so many capable women around me that just require a chance to prove themselves and I am so grateful that I am in a position where I can support other women. There are so many women that are coming up with their businesses and doing great in their respective fields, I think it’s time we support, encourage, and empower each other.
Having come from a home where the education and independence of women were held in high regard, I never knew of a challenge that I couldn’t solve. Today, women are being rightly recognized for their contributions at their workplace.
For instance, at my company, one of the most important job profiles is held by a woman and that says a lot about how far we’ve come, with respect to the education and career opportunities that are available for women today.
Not much of an advice, but to all the women out there, ‘Why should boys have all the fun?’
Chahat Aggarwal- Founder and CEO of Impact Study Biz
Chahat Aggarwal- Founder and CEO of Impact Study Biz
Being a woman who has faced her fair share of struggles I do want the path to be easier for those who would follow. And to do so I decided to question and look into all organizational policies ranging from talent management to compensation for any overt or covert gender bias. We offer flexible timings and work-from-home options to men and women alike. And it isn’t just due to the pandemic. We shall continue on the path once things go back to normal as well. We believe this step to be of great help to new moms. We try to be very intentional on our part that we promote gender parity and discourage gender stereotypes. As a result, today we have female talent throughout the organization.
On a personal level too, I try to be as resourceful to women who are contemplating quitting their jobs and thinking of dipping their toes in the entrepreneurial pool and am very open to sharing all my learnings to women who aspire for a career in branding but don’t yet know the path to get started. And I am a cheerleader for life, in life overall to all women who are out there trying to make it happen irrespective of their field. Cheering each other on can do wonders for someone you know.
I strongly feel the best way to inspire fellow women is by showing them the way we practice to lead our professional careers and enhance the skills. Let’s practice before we preach, Real Inspiration must be a lesson, not just an advice.
I look forward to encouraging every woman to speak up and showcase their complete core competencies in their professional arena in whatever industry they are part of.
Naina Aggarwal Ahuja – Founder & COO, Talking Point Communications
Naina Aggarwal Ahuja – Founder & COO, Talking Point Communications
Over the years I have mentored many exceptional women who wanted to understand how PR, reputation management, and digital communications works.
PR is to a large extent a women-dominated profession and often people don’t understand the work and commitment it entails.
I always make it a point to walk newcomers through the same and also constantly encourage colleagues to learn and evolve. I feel it’s crucial to keep growing both personally and professionally.
Debasri Rakshit – Director of Operations & Strategy, Spark.Live
Debasri Rakshit – Director of Operations & Strategy, Spark.Live
It is encouraging to see more and more women diversifying their portfolios and capabilities today. There are also new avenues to showcase their creativity and abilities now more than ever before. Horizontal marketplaces such as Spark.Live are not only helping them learn new skills but also enabling them to teach what they know to others.
During the lockdown, even as traditional jobs went askew, women began honing their inherent talents and skills in more ways than one thanks to platforms like Spark.Live. Women are leading from the front in everything they do – be it running a tech-based business or becoming an entrepreneur in their own right while ensuring that they have a healthy work-life balance. Gone are the days when being a woman was a hindrance to one’s professional success.
Conviction in what we do is everything – and, I believe, it is true for everyone, whether you are a man or a woman. It is, therefore, important that women give their best to anything they do – while supporting and encouraging each other in their endeavors and turning every adversity into an opportunity to achieve their goals. On a larger level, we hope to get more support from the government and corporates to bring in actionable, conducive policies and avenues to help us forge ahead.
I have been fortunate to work with women entrepreneurs who have been always available to offer the right advice when I’ve been in need of advice and guidance on a particular matter. I believe this is the simplest but most impactful way to support anyone. I try to reciprocate all the support that I receive.
Being available to share unique perspectives, approaches on how one can tackle a particular situation, or just being a good listener – sometimes all we need is a good sounding board.
I also believe it’s important to share positive and also not-so-pleasant experiences as ultimately, we’re all facing similar challenges and opportunities. Sharing experiences can not only help someone but could also provide oneself a solution to one’s own challenges.
Fortunately, there are several forums and platforms that are emerging that allow women to support one another, which is not only encouraging but also instils confidence in one’s ability to continue working despite numerous challenges. These forums act as a safety net that allows women to learn of new developments, know what are the challenges that others are facing, and solutions adopted to overcome these challenges.
Conclusion
It’s time women change this narrative of being pitted against each other. We need more women leaders and that’s why the support of each other becomes ever so essential. The stereotype has been shoved down our throats so deep that we are reluctant in believing that women can be world leaders. It’s just about the time that we prove them wrong.
This article has been contributed by Lakshmi Prasanna, Co-Founder, of Leadership Mavericks.
After having worked in a corporate environment for some of the biggest names in executive hiring, there was so much that I was uncertain about when I decided to start off on my own. I was confident of my tradecraft and my network but I was fairly unsure about how to run a business. My partner and I were in complete agreement that we needed to be mentored but we struggled to find opportunities for formal mentorship.
Entrepreneurship more than any other profession really benefits from mentorship because there’s no formula for success. An entrepreneur succeeds after taking several calculated risks, making mistakes, failing and innovating to move forward. Their success rate can really improve if they have the guidance of a mentor.
For women entrepreneurs, this search is even harder. Why does gender matter, one may wonder? It comes down to a number of factors, our social conditioning, the power equations at play in any working environment, the circles we move in or we don’t belong to, the opportunities we hear of and our access to resources. It also comes down to how we, as entrepreneurs, perceive mentorship and how mentors perceive their own role in this entire equation. Are we scared of being told that our ideas are terrible? On the flipside, Is it fair for a mentor to brutally criticize someone’s hard work in the hope that it will motivate them to try harder?
The challenges faced by a woman entrepreneur are different. They aren’t bigger or lesser than the challenges before all entrepreneurs but understanding how they are different can help make mentoring women more contextual and impactful. Here are some of the ways that women can take charge of their own entrepreneurship journey.
Not every entrepreneur is going to take the same approach to mentorship. While some may opt for a more structured mentorship, comprising a formal mentoring and self-learning relationship, others seek their mentors from industries outside their ambit of work. Even a friend or a relative with a successful sales career could be a potential mentor. Every entrepreneur has different needs and a one-size-fits-all approach will not work. The mentor you need may not be the mentor you have set your heart on. If the search for a perfect mentor is holding you back then maybe you should look closer to home and you may find what you are looking for.
After we struggled to find the perfect mentor (with a fair amount of disappointment and heartbreak), we realised that each of us has strengths that we can share with the team. We took our first steps by mentoring each other. The most important aspect of this equation is that we were receptive to the knowledge being shared. We wanted to learn from each other. This is where women entrepreneurs can really thrive and it is something that is happening organically in a lot of organizations we know. Instead of looking outside for a formal mentor, we come together to form a collective of sorts where we are all equal partners and we share and receive our knowledge with a lot of respect for where each of us is coming from.
That said, we made mistakes. We picked ourselves up and kept going. Today we have a formal mentor and the difference they have made to the way we work is exceptional. The bottom line is that when a mentor is hard to find, don’t let it stop your work.
Reaching Out for Help
As women, we find it hard to admit that we cannot make something work. We try twice as hard to find solutions because we have something to prove. This is ingrained into us from when we start our careers. As an entrepreneur, reaching out for help is very important and this may be where we differ from the men, we do not ask for mentorship enough. We don’t reach out to mentors out of fear. A report published by MicroSave Consulting for the Women Entrepreneurship Platform (WEP) found that 18 % of the women they surveyed were afraid of how they would be perceived when they reached out to a mentor. We are worried about how we will be judged. We worry if we will be able to communicate what we want to do so we are taken seriously. We worry if we will lose ownership of our own ideas and if we will be coerced into doing something we don’t want to. While these fears are valid, they need to be thought of as a right of passage. Overcoming them is important if you really want to succeed. You may really like the person you become at the end of all this.
When Monika and I started Leadership Mavericks we decided that we would be the support we needed. We keep asking ourselves if we were giving our team what we would have wanted and more importantly, what they needed? We want to create a supportive environment. Of course, none of this would have been possible if we did not know what we wanted in the first place. As a woman entrepreneur, I don’t hesitate to admit that I don’t know what I don’t know. Figuring out what I don’t know is important to me. It makes me think about what I should do to make myself more aware. And we may have started a successful Executive Search firm but our journey hasn’t ended. Each of us has achieved varying degrees of success in all the things we are talking about in this article. We haven’t done it all. We always need to ask ourselves, “Where am I on my journey?” I don’t need an outsider to tell me what I am doing but I do need to invest in me. When we get caught in the flow of our day-to-day work we sometimes forget to pause and ask ourselves this question.
This article has been contributed by Deval Delivala, Co-founder, of GetSetUp.
India’s demographic landscape is rapidly evolving, with a significant increase projected in the aging population in the coming years, indicating a rising demand for products and services tailored to older consumers. Recognizing and addressing the unique needs and social determinants of health among aging consumers is a business opportunity and a societal imperative.
Social determinants of health shape our well-being by influencing the environments where we grow, live, and interact. These include our financial status, education, the neighborhoods we reside in, our jobs, the support we receive from friends and family, and our access to healthcare. When businesses understand these factors, it helps them create products and services for older adults that improve their quality of life in the later years, promote healthy aging, and enhance their mental and emotional well-being.
The top areas of interest for the well-being of aging populations, as highlighted by the UNFPA & HelpAge International report, are:
Ensuring income security is paramount for older adults to maintain a decent standard of living and meet their basic needs. Providing access to job opportunities and educational programs that update or teach new skills can significantly enhance older adults’ financial stability, self-worth, and independence. This approach aids in their adaptation to the changing job market. It also offers them avenues to start new ventures, fostering a sense of purpose and fulfillment as they age.
Healthcare Access and Affordability
Access to affordable and comprehensive healthcare services is critical for promoting health and well-being in old age. This includes medical care and treatments and essential medicines, assistive devices, and health education. Older adults should be able to access these services without experiencing financial hardship, ensuring they can maintain their health and quality of life as they age. Teaching digital tools that help with telephonic or video consultations is a key part. Many products also help with fall prevention, early detection of diseases, and daily monitoring of vitals.
Creating environments conducive to aging well is essential for older adults to thrive. This involves designing communities that are safe, secure, and accessible, with infrastructure that supports mobility and independence. By focusing on inclusivity and accessibility in digital and physical spaces, businesses can empower older adults to participate actively in their communities. Technology makes it easy for them to stay socially connected with friends and family. Providing opportunities for lifelong learning, social engagement, and recreation can build a sense of belonging and purpose.
Participation and Contribution
Older adults have the knowledge, skills, and experiences to contribute to their communities. Recognizing and valuing their contributions can enhance their self-worth and social connectedness, promoting positive aging outcomes. Encouraging older adults to participate in community activities, volunteerism, and intergenerational exchanges can enrich their lives and society. This can help renew a sense of purpose and belonging.
As the Indian government works on addressing the aging population’s needs, there’s a growing recognition of the importance of industry partnerships. A significant proportion of India’s elderly population faces financial dependency and social isolation. Many are unaware of government resources available to them, while others struggle with loneliness. Businesses, particularly startups in social and community support, healthcare, and assisted living, have a vital role in this endeavor.
By leveraging technology and innovation, these startups can develop solutions that provide financial security, access to social support programs, and meaningful community engagement opportunities. Rather than designing with an “old people” label, startups should view the older adult market with a lens of opportunity, recognizing them as engaged, inquisitive individuals keen on learning and empowerment rather than viewing them through a problem-solving prism. The goal should be to enhance the lives of older adults and the future aging population by enabling them to live a healthier, more active, and interconnected lifestyle. Here are some ways in which businesses can meet the needs of aging consumers:
Aging in Place
These startups focus on leveraging technology to enable seniors to age in place comfortably and independently. From smart home devices to telehealth solutions, innovative products can improve the quality of life for aging individuals while promoting autonomy and safety. Technology can also be leveraged to combat social isolation among seniors by creating virtual platforms for social interaction and connection. This innovative approach can help older adults stay connected with loved ones and participate in enriching social activities, nurturing a feeling of community and inclusion.
Health and Wellness
Develop products that support healthy aging by promoting physical activity, nutrition, and mental well-being. This could involve creating wearable devices for monitoring health metrics, smart home technologies for medication management, and online social engagement and cognitive stimulation platforms.
Caregiving Services
As the demand for caregiving services grows, businesses can innovate in this space by offering comprehensive support, from nursing care to assistance with daily tasks. By providing personalized and compassionate care, these services can enhance the quality of life for older adults and their families.
As we look towards the future, a collaboration between governments, businesses, and civil society will be essential in creating a culture where aging individuals can thrive with security, independence, and purpose. The journey towards catering to the aging market is not without challenges. Yet, it is filled with opportunities for growth, learning, and making a meaningful impact on the lives of millions.
This article has been contributed by Aditi Bhosale Walunj, founder of Repos Energy.
Global warming poses an unprecedented threat to our planet, driven by the relentless emission of greenhouse gases resulting from fossil fuel consumption, deforestation, and limited access to clean energy. This crisis demands urgent action from all sectors of society to mitigate its far-reaching consequences. The continued reliance on fossil fuels exacerbates climate change, threatening ecosystems, economies, and livelihoods worldwide.
In recent years, there has been a growing recognition of the need to revolutionize fuel distribution worldwide, making clean energy readily accessible to consumers and facilitating a transition away from fossil fuels. Through innovative technology and products like doorstep fuel delivery services and advanced fuel distribution systems, initiatives are underway to pioneer a path towards a carbon-neutral future.
Doorstep Fuel Delivery
One promising innovation gaining momentum is doorstep fuel delivery. Enabled by technology, consumers can now order fuel with ease, reducing carbon emissions through efficient distribution while addressing inefficiencies such as dead mileage and fuel spillage. This not only enhances convenience but also contributes significantly to reducing the carbon footprint associated with traditional fuel distribution methods. By streamlining the delivery process, doorstep fuel delivery minimizes environmental impact and enhances energy accessibility for consumers.
Central to reshaping our energy infrastructure is the promotion of cleaner fuels. From renewable sources like solar and wind to alternative fuels such as hydrogen and biofuels, diversifying our energy mix is crucial. Investing in research, incentivizing adoption, and fostering innovation are essential steps in this direction. Moreover, increasing accessibility to cleaner fuels, especially in underserved regions, can have profound positive impacts on both the environment and public health. By transitioning away from fossil fuels and embracing cleaner alternatives, we can reduce greenhouse gas emissions and mitigate the adverse effects of climate change.
Towards a Sustainable Future
The transition to a sustainable energy future is not without challenges. Overcoming entrenched reliance on fossil fuels requires comprehensive policy reforms and strategic partnerships. Moreover, the high initial costs associated with renewable energy infrastructure pose significant barriers to adoption, particularly in developing countries. However, the momentum towards sustainability offers unprecedented opportunities for transformative change. Governments, businesses, and civil society must work together to create an enabling environment for renewable energy investment, innovation, and adoption. By prioritizing sustainability and investing in clean energy solutions, we can build a more resilient and prosperous future for all.
Opportunities for Innovation
Despite challenges, there are vast opportunities for innovation and collaboration. Rapid advancements in renewable energy technologies, coupled with growing global momentum towards sustainability, provide a fertile ground for transformative solutions. By harnessing innovation, entrepreneurship, and collective action, we can navigate towards a more resilient and sustainable future. Moreover, integrating renewable energy into existing infrastructure, such as transportation networks and urban planning, can further accelerate the transition towards a low-carbon economy. By leveraging technology and fostering collaboration, we can unlock the full potential of clean energy and drive positive change on a global scale.
Reshaping our energy infrastructure is an urgent imperative requiring collective action and unwavering commitment. By embracing innovative solutions, promoting cleaner fuels, and fostering collaboration across sectors, we can accelerate the transition towards a sustainable energy future.
In addition to these efforts, raising public awareness and education about the importance of sustainable energy practices is crucial. Empowering individuals with knowledge about renewable energy sources, energy conservation, and the impacts of their energy consumption can inspire behavioral changes that contribute to a more sustainable future. Educational programs, outreach initiatives, and community engagement efforts play a vital role in promoting widespread understanding and adoption of sustainable energy practices.
Moreover, supporting and incentivizing renewable energy research and development is essential for driving innovation and technological advancements in the clean energy sector. Investments in research institutions, academic partnerships, and private-sector collaborations can yield breakthroughs in renewable energy technologies, energy storage solutions, and energy efficiency measures. By fostering a culture of innovation and providing resources for cutting-edge research, we can accelerate the pace of clean energy development and deployment, leading to more sustainable and resilient energy systems.
Installed Energy Capacity in India as of February 2023, by Region
Clean Energy For All
Another critical aspect of the transition to a sustainable energy future is ensuring equitable access to clean energy solutions for all communities, including those marginalized or underserved. In many parts of the world, access to reliable and affordable energy services remains a significant challenge, limiting economic opportunities, hindering social development, and exacerbating energy poverty. Addressing energy access gaps requires targeted interventions, investments in infrastructure, and inclusive policies that prioritize the needs of vulnerable populations. By prioritizing equity and social inclusion in energy planning and decision-making processes, we can ensure that no one is left behind in the transition to clean energy.
In conclusion, the transition to a sustainable energy future is both an urgent imperative and a tremendous opportunity for positive change. By embracing innovative solutions, promoting cleaner fuels, fostering collaboration, raising public awareness, supporting international cooperation, investing in research and development, and ensuring equitable access to clean energy, we can accelerate progress towards a more sustainable, resilient, and prosperous world for present and future generations. The time for action is now, and together, we can build a brighter and more sustainable future for all.
The article has been contributed by Dhruv Kohli, Founder, Boba Bhai.
The startup ecosystem is emerging as a global powerhouse, and India specifically has witnessed unprecedented growth within the ecosystem. However, startups, in contrast to established corporations, encounter various difficulties and prospects that require a different approach to leadership. Launching a new business is like setting out on an exciting but risky journey. Within this ever-changing realm, leadership assumes a crucial role in determining the fate of startups.
The daily existence of a leader in a startup is characterised by a constant state of uncertainty regarding funding, market suitability, and expansion plans. To thrive within this environment, leaders must embrace the concept of ambiguity and display a willingness to undertake carefully calculated risks. Here are a few strategies aimed at overcoming challenges in the startup ecosystem.
In the fiercely competitive landscape of e-commerce, fintech, healthcare, and education, startups face formidable challenges in securing funding, acquiring top-tier talent, and captivating the attention of discerning customers. In this dynamic environment, merely possessing survival skills is insufficient; startups must employ intelligent and strategic approaches to thrive. A key fact of this strategy involves a deliberate focus on specific markets rather than adopting a one-size-fits-all approach. By tailoring their products or services to meet the unique needs of targeted markets, startups can carve out a distinctive niche and create a more profound impact.
In addition, exceptional service delivery is a linchpin for startups aiming to distinguish themselves amidst tough competition. Beyond just meeting basic expectations, providing outstanding service fosters customer satisfaction and loyalty. In an era where choices abound, positive customer experiences become a significant differentiator. Moreover, innovation plays a pivotal role in setting startups apart. By consistently introducing fresh ideas, pioneering technologies, or disruptive approaches, startups can not only address evolving market needs but also position themselves as industry leaders. Standing out goes beyond having a Unique Selling Point (USP); it necessitates effective communication to ensure that the uniqueness resonates with the target audience, fostering brand recognition and sustained success.
Encourage an Open System of Communication
Maintaining open lines of communication with team leaders is not just a leadership best practice; it’s a strategic imperative. Even when dealing with high-performing individuals, transparency and genuine connection remain paramount. By articulating the organizational vision with authentic passion, leaders create a shared sense of purpose that reverberates throughout the entire team. This genuine enthusiasm serves as a catalyst, not only deepening the bond between leaders and their teams but also fostering a warm and inclusive atmosphere that permeates the entire organization. As communication flows seamlessly from top to bottom, it forms the backbone of a cohesive and collaborative work environment where every team member feels valued and connected to the broader mission.
Team leaders, as the front-line representatives of the organization, play a pivotal role in shaping client relationships. Analogous to a mega-funnel, effective communication at the leadership level ensures a clear and consistent message cascades down to the frontline, resulting in enhanced customer satisfaction. This well-established communication channel acts as the secret recipe for not only strengthening existing client relationships but also fortifying them against the challenges of time. By empowering team leaders with a comprehensive understanding of the organizational vision and values, leaders cultivate a customer-centric culture that resonates at every touchpoint, solidifying the foundation for enduring client partnerships.
Soft Skills that Every Leader Should Have
Ensure Team Leaders Find Fulfilment in Their Roles
Ensuring that team leaders find fulfillment in their roles goes beyond merely meeting organizational objectives; it’s about fostering a work environment where each leader can harness their strengths and experience personal and professional satisfaction. Leaders should proactively engage in open conversations with their team, encouraging an ongoing dialogue about job satisfaction and potential areas for improvement or realignment. By creating a culture that values individual growth and fulfillment, leaders can uncover hidden talents and aptitudes within their teams that might be underutilized in their current roles.
Recognizing that individuals may have strengths extending beyond their designated responsibilities, leaders can empower team members to explore diverse skill sets and roles. In doing so, leaders not only contribute to the personal and professional development of their team but also create a more versatile and adaptable workforce. For example, identifying a tech expert with strong client service skills may open up opportunities for cross-functional collaboration or role adjustments, enhancing overall team dynamics. This proactive approach not only mitigates potential dissatisfaction but also transforms challenges into opportunities for growth, reinforcing the ethos of continuous improvement within the organization.
Setting the Tone: Founder’s Impact on Startup Culture
In the startup ecosystem, the founder’s impact on the company’s culture is pivotal, as leaders shoulder a level of responsibility that surpasses that in well-established organizations. Founders are not just figureheads; they are the architects of the startup’s cultural framework and ethical standards. Leading by example isn’t merely an optional leadership style; it is an indispensable requirement. The values and work ethic embodied by a founder serve as the cornerstone, setting the tone that reverberates across the entire organization. This emphasis on cultural leadership ensures that the startup’s ethos aligns with the founder’s vision, fostering a cohesive and inspiring workplace.
The startup leader assumes a multifaceted role that transcends traditional managerial responsibilities. Beyond being the captain steering the ship through uncharted waters, they serve as the chief navigator, diplomat, motivator, and problem solver. In this dynamic environment where uncertainty is the norm, the startup leader plays a crucial role in orchestrating the diverse talents within the team. The potential for innovation and impact is unparalleled, making the journey more than just about building a business; it becomes an opportunity to shape the future. Embracing the exhilarating roller coaster ride of startup leadership, with its unique blend of challenges and opportunities, requires an unwavering passion and drive to bring about transformative change in the entrepreneurial landscape.
The article has been contributed by Nehal Mota, Co-Founder & CEO, Finnovate.
Talk of exemplary women entrepreneurs in India, and the names that come to mind are Kiran Mazumdar Shaw, Falguni Nayyar, and a few others. Today, the landscape for women entrepreneurs has vastly changed. Several young women entrepreneurs are emerging; who prefer the challenges of striking out on their own, over the security of a full-time job. However, the more things change, the more they remain the same.
What has not changed is that women must look at their finances more carefully and closely. It is not enough to have an insurance cover and a bank balance. You need to defend your financial turf and ensure that your wealth grows. The challenge is a lot more pronounced for women entrepreneurs. They do not have a secured income in business and while costs are front-ended, revenues and profits tend to be back-ended. Secondly, women need to look at multiple asset-class exposures to combine security, steady income, and capital growth. While there is no royal route, here is a Financial Fitness Planning model that women can explore.
Start off with a Financial Fitness Plan
The word Financial Fitness Plan sounds esoteric. However, a women entrepreneur living amidst uncertainty on the flows side deserves greater certainty of the future. While you cannot predict outcomes, you can plan for it. The Financial Fitness Plan must be predicated on the troika of asset allocation, regular investing, and the power of compounding. This ARC model lies at the core of what women entrepreneurs should follow. Asset allocation is the mix of equity, debt, and other assets. We will look at this point in greater detail later. Regular investing is about syncing investment outlays with your inflows via SIPs and syncing SIPs with goals. Lastly, compounding is the discipline and persistence of staying invested for the long term, since it is time and not timing that generates wealth in the long run.
First Building Block – Pay Yourself Adequately
Being a women entrepreneur calls for a high level of financial discipline. It essentially means that you cannot afford to splurge money on conspicuous consumption. However, there are basic necessities you have to take care of. Also, you have just one life to live, so as well make the best you can on a budget. One way to set the discipline is to allocate about 10-15% of your income flows to yourself. Here the focus should be on prioritizing. Put your needs first, since they are not negotiable. Once you are done with the needs, see how much of your wants and limited indulgences you can manage to address. Remember, the allocation of 10-15% here is the outer limit, so don’t exceed that limit.
Second Building Block – Get Adequate Insurance
Some insurances are optional but some are mandatory. Health coverage is mandatory since you don’t want to imperil your finances by paying medical bills. Start off with an adequate family floater health cover of Rs. 10-15 lakhs at the bare minimum. To save money on larger covers, go for a base plan plus a super top-up, so the deductible makes the plan economical. Do you really need life cover? If you have dependents, then life cover is mandatory for financial security for your family. In case you have a home loan or other liabilities, it makes sense to add term covers to cover such liabilities also. Insurance not only saves you the shock of sudden outflows but also protects the integrity of your assets and your Financial Fitness Plan.
Women and Tax Saving Investments
Third Building Block – Set Aside an Emergency Fund
If you suddenly need cash to attend to a family emergency or need to travel or take care of an ailing relative; you do need an emergency fund to fall back upon. How much of an emergency fund to create? Ideally, don’t create an emergency fund that is more than 6-12 months of your expenses. Set this aside in a liquid mutual fund so that it continues to earn some returns even as the fund remains idle and liquid. However, this should be the base level of emergency fund to always maintain and this money cannot be used for any other purposes. More importantly, if you draw down your emergency fund for a family exigency, make it a point to immediately replenish it. You can also fall back on this fund if business flows go into a temporary downcycle.
Fourth Building Block – Time to Plan a Roof over Your Head
One of the core building blocks to long-term security, apart from insurance, is your own home. With your own home, you don’t worry about changing residence or wondering what to do if you cannot afford to pay the rent. The quality of life matters a lot and hence you cannot compromise on that. The own home ensures that you have an asset to fall back upon, even at a later stage in your life. For that, you need to start planning early so that you have the resources to pay the upfront payments and the monthly EMIs. Start this quest when you are still in your late twenties, so your EMIs are completed early. About 30-35% of your total income can be set aside for paying for the home.
Last Building Block – Take Calculating Risks in Investing
You cannot go too far by investing in gold and bank FDs. They offer portfolio hedge and asset security, at best. Women entrepreneurs must leverage the power of equities. As an entrepreneur, you perfectly know that returns and risk are correlated and you need to extend that business argument to your investment strategy too. As we said earlier, use the equity mutual funds route to get a diversified package and adopt a SIP approach. That is less risky, more disciplined, and more fruitful in the long run.
There is one more suggestion. In a career spent chasing your business goals, you often overlook your personal goals like travelling, social work, arts, etc. It is never too late to undertake such activities and see if you can set aside about 10% for financial freedom, so you can pursue such ideas in the future! That is a positive way to end the thought process.
This Article has been contributed by Mr. Antony Alex, Founder & CEO, Rainmaker.
In the face of economic challenges, the imperative of investing in culture and compliance training remains paramount. Beyond legal obligations, this investment safeguards against long-term risks, including legal repercussions and reputational harm. Prioritizing these training initiatives is a strategic measure to foster a positive work environment, mitigate risks, and ensure a well-informed and compliant workforce. Ultimately, culture and compliance training act as a strategic safeguard, reinforcing integrity and resilience in the organization’s fabric during economic uncertainties. Challenges of training budgets in times of economic pressures faced by IT organisations may include but are not restricted to budget constraints, uncertain returns on investments, competing priorities and the perception of training as a cost rather than an investment.
During economic downturns or periods of financial pressure, organizations may need to tighten their budgets, and training programs are often among the first areas to be impacted. Limited resources can make it challenging to allocate funds for training initiatives. There may be concerns about the immediate return on investment (ROI) for training programs, especially during financially challenging times. Decision-makers may be hesitant to invest in training when the outcomes and benefits are not necessarily tangible or may take time to materialize. Organizations may prioritize cost-cutting measures or focus on immediate operational needs over long-term employee development. This can result in reduced funding and attention for training initiatives. Some decision-makers may view training primarily as an expense rather than a strategic investment in human capital. This perception can lead to reduced support and funding for training programs.
Striking a balance between financial constraints and the imperative to meet legal requirements, while fostering a positive work environment, becomes a delicate task. In this environment, training programs addressing issues like prevention of sexual harassment, anti-bribery and anti-corruption emerge as crucial components, not only to comply with legal mandates but also to fortify the ethical fabric of the organization. This necessitates a proactive and strategic approach to overcome the associated challenges. Moreover, embracing a culture of compliance through workshops creates an atmosphere of transparency and accountability.
Overcoming resistance is crucial for instilling a culture of compliance, diversity and inclusion within an organization. In addressing both financial constraints and potential employee hesitancy, IT companies need a comprehensive strategy that not only meets legal obligations but also cultivates an environment where employees actively engage in and embrace these crucial training programs. This holistic approach ensures not only regulatory compliance, but also the development of a workforce that is aligned with ethical principles and diverse values, and one that eventually contributes to profitability. Here are some key strategies for organizations to overcome these hurdles:
In the pursuit of strategic alignment, IT companies are advised to accurately align training initiatives with specific business needs and compliance mandates. This strategic approach involves directing resources toward critical areas by prioritizing compliance topics based on legal requirements and potential risks.
Data Analytics Utilization
IT companies are encouraged to leverage data analytics tools for the measurement of training effectiveness to combat hesitancy in investing in such programs. By analyzing metrics such as engagement, completion rates and performance improvements, informed decisions can be made to optimize training programs and maximize impact, all within the confines of budget constraints.
Mentorship Programs
In the domain of Mentorship Programs, IT companies are advised to implement initiatives focused on guiding employees through compliance standards. These mentorship programs aim to foster a supportive learning environment by providing personalized guidance on cultural expectations and enhancing overall employee development.
IT companies are recommended to utilize diverse e-learning platforms, ensuring scalable and cost-effective training solutions. Additionally, the implementation of microlearning modules, which break down content into digestible segments, caters to shorter attention spans. Furthermore, fostering internal knowledge sharing is encouraged to create a collaborative learning environment within the organization.
Inclusive Workshops
Designing inclusive workshops that resonate with diverse roles within the workforce is highly recommended. Striking a balance between financial limitations and the imperative for comprehensive training on legal and cultural topics is crucial. Tailoring programs addressing the prevention of sexual harassment and anti-corruption measures ensure impact and engagement, fostering a workplace environment committed to inclusivity and compliance.
Ethical Culture Cultivation
In the pursuit of Ethical Culture Cultivation, IT companies are urged to prioritize compliance and culture workshops as essential for fostering transparency, accountability and ethical behaviour. Proactively investing in these programs is viewed as a strategic approach for risk mitigation and enhancing the company’s reputation. Such initiatives contribute significantly to the development of a resilient and compliant organizational culture, ultimately promoting employee well-being and satisfaction, and therefore, profitability.
Emphasize the Value of Upskilling and Reskilling
In times of economic pressure, the need for upskilling and reskilling becomes even more critical. Showcase how training can enhance employees’ skills, increase their adaptability, and enable them to contribute effectively to the organization’s evolving needs.
How did Upskilling Help Indians?
Focus on Cost-Effective Training Approaches
Explore cost-effective training solutions such as e-learning platforms, webinars and virtual classrooms, or leverage internal expertise for in-house training. These alternatives can be more budget-friendly while still delivering valuable learning experiences.
Seek External Funding Opportunities
Explore external funding sources, such as government grants, industry-specific training programs or partnerships with educational institutions. These opportunities can help supplement the training budget and provide additional resources.
Prioritize Essential Training Needs
Prioritize training initiatives that directly address critical skill gaps or compliance requirements. Focus on high-priority areas that have a significant impact on business operations and outcomes.
Foster a Learning Culture
Promote a culture of continuous learning and development within the organization. Encourage employees to take ownership of their learning and provide resources for self-directed learning, knowledge sharing and peer-to-peer training.
Communicate the Long-Term Benefits of Training
Communicate the long-term benefits of training to decision-makers. Emphasize how investing in employee development can lead to improved employee engagement, retention, talent attraction, and a more skilled and adaptable workforce.
Explore Partnerships and Collaborations
Consider collaborating with external training providers, industry associations, or other organizations to share resources and costs. Pooling resources and expertise can help overcome budget limitations and provide access to a broader range of training opportunities.
Measure and Optimize Training Effectiveness
Continuously evaluate the impact of training programs and make data-driven adjustments. By demonstrating the effectiveness and continuous improvement of training initiatives, you can build a stronger case for ongoing investment.
Overall, overcoming training budget challenges requires a strategic and proactive approach. By aligning training with organizational goals, emphasizing the value of employee development, exploring cost-effective solutions and showcasing the impact of training programs, you can navigate economic pressures and secure support for training initiatives.
This article has been contributed by Aman Mohunta, Co-Founder, Aminu Wellness.
Sustainability has become a crucial factor for the long-term survival and value creation of any brand, regardless of trends or profitability. Sustainability has emerged as a pivotal factor in influencing the long-term survival and value creation of brands. Today, not only is it strategically imperative but also commercially viable. In my opinion, two major factors have made sustainability a crucial business strategy – the increasing level of consumer consciousness and the constantly developing regulatory shifts.
Here are the reasons leading to the rise of conscious consumers:
Increasing Consumer Consciousness
Modern consumers are increasingly aware of the environmental impact of their lifestyle choices, and this consciousness extends to their consumption behaviour including beauty and skincare routines. The demand for transparency in product sourcing and manufacturing processes has led consumers to scrutinize labels and opt for brands that share their commitment to sustainability. As a living example, we have seen that brand values & practice of sustainability foster loyalty and trust among consumers, leading to repeat business and positive word-of-mouth marketing. Brands like Aminu have managed to differentiate themselves in this saturated industry with eco-friendly packaging, cruelty-free practices, and responsibly sourced ingredients.
Premium for Commitment to Stability
In a market saturated with skincare options, establishing a brand as a champion of sustainability has proven to be a powerful differentiator for brands like Aminu. Sustainable skincare products, characterized by eco-friendly packaging, cruelty-free practices, no use of micro-plastics and responsibly sourced ingredients, are gaining traction even in p markets such as India. Consumers today understand the importance of adopting more sustainable consumption choices and are increasingly willing to pay a premium for products that demonstrate a commitment to sustainability. This willingness signifies a tangible manifestation of this endorsement.
Loyalty and Positive Word of Mouth
Investing in eco-friendly practices can position a skincare brand as a conscientious choice, attracting consumers who prioritize ethical considerations in their purchasing decisions. What was once considered a niche market has soon become a thriving segment and businesses including Aminu skincare are finding that sustainability in skincare not only helps build a stronger relationship with the consumers and benefits the planet but also contributes to their bottom line. Investing in eco-friendly practices attracts consumers who prioritize ethical considerations in their purchases.
Consumer Education
This rise of consumer consciousness is intrinsically linked to increased education on environmental issues. If not learnt in school, consumer consciousness is built as and when people become more independent and start purchasing their products. As consumers become more informed about the consequences of their choices, they actively seek out brands that align with their values. Brands that invest in this consumer education as well as practicing what they preach, not only contribute to a more informed audience and potential customer base but also position themselves as frontrunners in the dynamic future of sustainability. Engaging with consumers on matters of sustainable improvement is integral, and incorporating their feedback is crucial. Open communication channels between a brand and its audience can build a sense of community as well as give the brand valuable insights for future sustainability strategies.
As global awareness of environmental issues grows, governments and regulatory bodies especially in North America & Europe are tightening standards and implementing stricter regulations. Skincare brands that proactively adopt sustainable practices position themselves for compliance with near-future regulations. This proactive approach not only mitigates the risk of becoming obsolete in these markets but also signals to consumers that the brand is committed to responsible and ethical business practices. While one might argue that such regulations are still decades away in India, I would disagree. Today India seeks a seat at the table of global superpowers and to do that it will have to show leadership in several spheres including leading the way in adopting sustainable practices sooner rather than later.
Leadership in Sustainable Practices
Future-proofing the business by embracing sustainability is not just about compliance; it’s about staying ahead of the curve. Brands that invest in sustainable practices today are better equipped to navigate future changes in regulations and consumer expectations, ensuring long-term viability in an evolving market.
Supply Chain Sustainability
Beyond end-product sustainability, every step of the production process should also reflect that same eco-friendly attitude. The sustainability of the entire supply chain is gaining prominence, with brands realising the importance of every step from production to distribution should adhere to sustainable practices. Not only would this ideally align with regulatory expectations but also serve as a comprehensive approach to sustainability.
Technological Innovations
While sustainable practices are constantly evolving, a lot of it is driven by technological advancements. Brands that invest in research and development to incorporate cutting-edge technologies and ingredients into their products and processes not only future-proof their operations but also contribute to overall sustainability in the industry. For example, curbing water & energy usage & wastage during the production process and the use of biodegradable or reusable materials in packaging reduces the carbon footprint of the company and of the industry as a whole if these methods are adopted by all.
Revenue of the Skin Care Market Worldwide From 2015 to 2028
Conclusion: A Sustainable Future for Skincare
In conclusion, the intersection of sustainability and skincare is proving to be a profitable venture for businesses willing to embrace responsible practices. From meeting consumer demand and building a positive brand reputation to market differentiation and cost efficiency, the benefits of sustainability in the skincare industry are multifaceted.
As the beauty and skincare landscape continues to evolve, brands that prioritize sustainability position themselves not only as contributors to a healthier planet but also as leaders in an industry undergoing a transformative shift and becoming future-proof. The profitable pursuit of sustainability in skincare is not just a trend; it’s a strategic choice that can lead to long-term success in an environmentally aware market.
Ashwini
