Saturday, Apr 17 2021 | Time 05:36 Hrs(IST)
image
  • Ready to meet N Korea's leader Kim Jong Un, says Japanese Prime Minister
  • Argentina registers record 29,472 new COVID-19 cases over past 24 hours: Health Ministry
  • US, Japan committed to meeting zero net carbon emissions by 2050: Biden
  • US, Japan both recognize importance of Taiwan straits: Suga
  • Ontario extends stay-at-home order by 2 weeks, introduces checkpoints at borders
  • NASA planning for 'regularly recurring' human moon missions: Senior Executive
  • SpaceX wins contract to build human mission lander for US return to moon: NASA
  • WTO to hold 12th Ministerial Conference in Geneva from Nov 30 to Dec 3
  • Canada's Ontario could see over 30,000 daily cases by early June: Modeling Data
  • Greek Foreign Minister to Meet With Libyan Presidential Council Head on Saturday
  • Pentagon does not rule out possibility of deploying more capabilities for Afghan pullout
  • Civil war likely if intl forces pull back: Afghan Presidential advisor
  • Raul Castro Resigns as Head of Cuban Communist Party - Official Newspaper
  • EU to dedicate $36Bln to Green Energy Transition in Africa – Official
Business Economy


E-commerce buying to see an uptick from Tier 2 & 3 cities; UPI to dominate digital payments: Instamojo e-commerce outlook 2021 report

Kolkata, Jan 07 (UNI) The year 2020 witnessed interesting business developments, with the pandemic changing the way businesses operate and interact with their end users.
In a country where more than 17% of the population is at an average age of 28 years, digital solutions and technology will define the year ahead. Instamojo, a full-stack solutions provider for MSMEs, conducted a study across its platform to understand the trends and developments in the e-commerce space.
As part of the study, the company launched a report on the e-commerce Outlook for 2021 which draws the experiences of more than a million small businesses across the country including Instamojo’s merchants like LegalWiz, Syrow, Profitbooks, and MSMEx.
The outlook for online businesses is looking sharp. Today’s digital entrepreneur is more aware than they have ever been and with the right kind of tools and support from the Govt. and private sector, India is set to record massive business growth. The Indian e-commerce outlook for 2021 is as follows:

1. New “tech-powered” entrepreneurs emerge from Tier II and Tier III cities –
· Entrepreneurs today understand the power of online presence and digital operations. There has been a 3X growth in unique businesses creating online stores
· Businesses will come prepared with lean and flexible models that operate in an online-offline mix. The focus will be on selling directly to the consumer in 2021.
· Patna, Guwahati, Imphal were some of the many cities that topped the charts.

Speaking on the findings of the report, Akash Gehani COO & Co-founder, Instamojo said, “Small businesses in India are today evolving themselves as per the consumer and industry requirements. They are hungry for growth and much more resilient than we could’ve imagined. Merchants have come to understand the diverse nature of consumers and that innovation is the key differentiator. In fact, at Instamojo, we on-boarded 200,000+ small businesses from tier II and tier III cities during the lockdown period and more than 70% of these entrepreneurs had no prior online presence. Small businesses owners are making necessary changes to their brands, to the way they operate, and also the way they deal with their customers online in order to survive in the growing e-commerce space.”

2. Upskilling becomes a priority for business in 2021
Digitization will make small business owners invest in digital skilling programs
· Across 2020, MojoVersity, Instamojo’s e-learning platform for entrepreneurs saw a 9x growth in enrollments and a 11x growth in the number of merchants getting digitally certified
· Raniganj, Ratnagiri, and Kondotty all tier III cities - among the top 10 cities in terms of traffic on mojoVersity
3. Businesses to become funding ready with Govt. initiatives and positive investor outlook
As more entrepreneurs emerge from smaller towns and cities in India, accelerators and incubators are also expanding their services into markets to help nurture the upcoming businesses. Industry reports indicate that 40% of investors will come from Tier II and Tier III cities.

4. Omnichannel automation to take priority
· Online invoicing and single platform automation becomes mandatory for businesses
· Online accounting, invoicing, and inventory management will emerge as the first preference for the new age entrepreneur.
5. Customer support becomes hyperpersonalised
· For Tier II and Tier III cities, localised customer support in regional languages and dialects will help businesses and brands to gain competitive edge.
· Customer support will be tech driven with automated ticketing, live chatbots, advanced CRM and omnichannel support
6. Instagram becomes a major branding and acquisition channel for businesses
As a large number of businesses went online in 2020, they also recognised the importance of a wide social media presence. The number of businesses updating their social media handles on their Instamojo online store went up an average of 30% Quarter over Quarter.

7. Buyer patterns 2021
· Buying to increase from Tier II and Tier III cities
· UPI will dominate the payments space. On Instamojo, there was a 135% year over year growth
· More affluent buyers will purchase from local businesses


UNI XC-AND
More News

CIMCON partners with UST to market smart lighting controls, city platforms

16 Apr 2021 | 11:12 PM

Thiruvananthapuram, Apr 16 (UNI) CIMCON Lighting Inc (CIMCON), the leading global provider of smart city technologies, has announced a strategic partnership with UST, a leading digital transformation solutions company, to build and accelerate the time to market of CIMCON’s best-in-class smart lighting controls and smart city platforms, in an effort to help cities and utilities more rapidly realize the benefits of smart city applications.

see more..

ESAF Bank raises Rs 162 crore through preferential allotment

16 Apr 2021 | 10:04 PM

Kochi, Apr 16 (UNI) ESAF Small Finance Bank has raised Rs 162 crore as equity through preferential allotment of shares.

see more..

Shatplus, a ray of hope for healthy body and improved immunity

16 Apr 2021 | 8:23 PM

Pune, Apr 16 (UNI) Bharat Vikas Group (BVG), Life Sciences Limited, a next generation health and wellness company, aims to develop eco-friendly Sat innovative evidence based herbals and phytopharmaceuticals for better healthcare, a release said on Friday.

see more..

India-France tech programme to support startups launched

16 Apr 2021 | 8:01 PM

New Delhi, Apr 16 (UNI) The MeitY Startup Hub (MSH) and La French Tech Bangalore-India have launched the Indo-French Tech Programme to support startup collaboration, facilitate a rapid convergence of the French and Indian start-up ecosystems, and establish linkages between Indian and French incubators and startups.

see more..

Employment generation on priority for CII, advocates digitization of key services

16 Apr 2021 | 7:51 PM

Chandigarh, Apr 16 (UNI) Employment generation will be on highest priority for Confederation of Indian Industry (CII) in Northern Region (NR) with a strategic move to bring more investment and human intensive industry to the region.

see more..
image