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The Growing Of New-Age Baniya, Courtesy Digitally-Savvy Millennials (Tech Trend-Part I)

All of them have certain inherent skills in common: unwavering grip over "Hisaab-Kitab" (accounts) and a clear understanding of their "evolved" customers

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Certain habits can make you achieve success. Pixabay

Born with business in their DNA, baniyas have written several success stories when it comes to traditional, brick-and-mortar industry. With the spurt in digital economy, the clan – be it a Bansal, a Goyal, a Gupta or an Agarwal – has now adapted to newer business models with ease, especially in the burgeoning digital space.

Online food delivery platform Zomato has a masterchef in Deepinder Goyal; Ola is riding on Bhavish Aggarwal; Sachin Bansal helped Flipkart deliver millions of packages; 24-year-old Ritesh Agarwal checked into the budget hotel chain OYO Rooms and Peyush Bansal, founder of Lenskart, has firmly set his eyes on becoming the leader in the eyewear segment.

Zomato has grown into a unicorn valued at $2.3 billion and recently raised $600 million in funding. Ola, India’s local rival to Uber and now present in over 125 cities, has seen its valuation jump to nearly $6 billion.

Zomato
Zomato has grown into a unicorn valued at $2.3 billion and recently raised $600 million in funding. Ola, India’s local rival to Uber and now present in over 125 cities, has seen its valuation jump to nearly $6 billion.

After selling his stake in Flipkart for nearly $1 billion following his ouster from the online retailer, Bansal has invested $100 million in Bhavish-owned Ola and is expected to invest more.

All of them have certain inherent skills in common: unwavering grip over “Hisaab-Kitab” (accounts) and a clear understanding of their “evolved” customers — most of whom are millennials and are spending most of their time on smartphones and Internet — from ordering pizzas to calling cabs, booking flights to shopping anywhere, anytime.

Baniyas, an occupational community of merchants, bankers, money-lenders, dealers in grains or spices, who have set up commercial enterprises, have fast reinvented themselves for the changing needs of over 400 million millennials which make up for 46 per cent of the country’s workforce, according to a latest Morgan Stanley report.

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The rise of New-Age baniya, courtesy digitally-savvy millennials (Tech Trend-Part I),Pixabay.

“The Gen-Y of traditional business families have moved onto the e-commerce bandwagon and are successful due to their exposure to developed economies, newer business models and better education,” says Thomas George, Senior Vice President and Head-CyberMedia Research & Services Ltd. (CMR).

With over 400 million smartphone users and more than 500 million broadband users (nearly 97 per cent of them are on wireless connections), the baniya brigade has sensed their biggest-ever opportunity in the e-commerce and online space.

Zomato currently delivers 22 million monthly orders. The company has acquired a desi startup TechEagle Innovations for drone-based food delivery.

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According to Deepinder Goyal, Zomato is currently at the early stage of aerial innovations and are taking baby steps towards building a tomorrow wherein users can expect a drone to deliver the food they ordered online.

“We believe that robots powering the last-mile delivery is an inevitable part of the future and hence is going to be a significant area of investment for us,” he said, reflecting a clear baniya trait, to sense what the new-age customers want.

According to George, the baniya community is now fueled by evolving customer preferences centred around convenience. “Needless to say, the sunshine sectors have offered wider scope and better growth opportunities for them,” George told IANS. (IANS)

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Handy Tips To Quickly Scale Your Business

It may also mean jumping into managing sales and marketing

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It means going through various laws and compliance-related issues. Pixabay

Starting a business is hard, considering all the fund arrangements and the effort that goes into bringing it to life. However, scaling and maintaining optimum growth is, in many ways, even harder. It means going through various laws and compliance-related issues. It may also mean jumping into managing sales and marketing. However, there are ways in which you can grow your business at a faster pace. Here are a few pointers.

1. Build a sales funnel

To automate business and quickly scale it, it is very important to build a sales funnel. While there is a lot of efforts involved, especially on the end of the developers, it can help in streamlining the process and improve sales and thus, revenue. If you do not have a sales funnel, do not wait for too long to create one. Also, before settling on one, analyse the data carefully since each funnel has a different effect on the business. 

2. Use a CMS (Customer Management System)

Tips, Business, Fund
Starting a business is hard, considering all the fund arrangements and the effort that goes into bringing it to life. Pixabay

Once your business takes off, it is hard to maintain a manual record of transactions and then spending a ridiculous amount of time tracking them. Not only is it a tiring process, but it also weighs your business down. Investing in or developing a customer management system can take you a long way in reducing the time and efforts required to crunch the numbers and churn the data. 

3. Competitor Research

You should always research what you are walking into as soon as you start looking to scale your business. There might be some companies already offering something similar to what you have, making it all the more necessary to test the waters before diving. Platforms like SimilarWeb and Adbeat help in gathering information on market competition. Adbeat also helps you understand the marketing and advertising strategy of the said competition. If it is working for them, it most likely will work for you too. 

4. Launch Loyalty Programs 

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Whichever way you look at it, getting new customers to buy from you is expensive. In fact, it is said that it takes thrice the amount of money to acquire a new customer than it takes to sell your products to an existing customer. In some cases, and industries, the numbers can go up to an outrageous 10 times. This is where customer loyalty programs come into the picture as they help you in retaining customers and keep the sales steady. 

5. Build a list of email subscribers

Sending routine emails is a great way of making sure your customers know what is new and how they can benefit from the latest developments. However, this is not be done by spamming, but by making an email list. Once you have your lead magnet in place, all you have to do is place it right. Once prospective customers start subscribing, you will have enough user base to send out routine emails and spread the word out. 

6. Licensing and partnering

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However, scaling and maintaining optimum growth is, in many ways, even harder. Pixabay

If you have the type of product that may be licensed, then it can help your business grow without any hassles. The revenue share that you will receive from licensing deals can help you make it big, especially if larger, well-known brands are involved. This can also be done in the case of the hospitality industry, as suggested by Ryan Hibbert of Riot Hospitality Group.

Even if you do not have a product such as this, you may partner with companies with similar interests or target audience in order to increase your outreach. Spotting and closing such partnerships may be a challenge, but if done right, can reap loads of benefits. 

7. Leverage global platforms

Depending on the type of business you are running, you can capitalize on the popularity of certain other sites to boost your sales. For example, if you are in the eCommerce business, you can use Amazon’s FBA services or use Airbnb if you have a vacation home rental service. Simply, using a saturated platform to boost your business can help you a lot.

Also Read- Inauthentic Posts To Be Limited By Facebook

Scaling a business can certainly take a toll on you. However, instead of getting hassled by short term issues, focus on the long term outcomes of your work. Putting in time into understanding the behind-the-scenes operations can also give you an insight into what out to be done.