“Digitization is all about affording convenience to customers”
The 4th Panel of BW TechTors had Nishanth Chandran- the Founder & CEO of TenderCuts, Abhishek Sinha- the Founder of NotJustLex, and Saurabh Arora the Founder & CEO of University Living discuss the way forward on optimizing business strategy through digital means. In a country that is habituated to in-person buying and houses many small-level physical vendors, the option to shift online to satisfy one’s retail needs is an evolving idea.
Speaking on the topic and the growing need for Omni-channels, Nishanth Chandran whose company supplies raw meat to customers through the TenderCuts app explained, “We are a land of Shopkeepers and there are millions of them and they will continue to exist. And COVID-19 changed that by driving digital adoption. Looking at it from a customer's point of view, they would want to touch and feel certain products they buy. Traditionally, they come to a store, look at multiple options, and purchase. Soon they start re-buying and this is where e-commerce can help. Omni-channels models will flourish as customers will come to store and see how it’s done and after 4-5 times they will order online.”
He goes on to explain that digitization can cater to rebuying needs and make any company global as multiple geographical locations are more accessible through the use of technology. Picking up on connecting multiple geographical locations, Saurabh Arora whose company helps students find accommodation online added, “We are a digital-first company and through digitization booking and discovery (of properties) can happen online in a much easier, efficient and viable manner.” University Living boasts a 360-degree view of properties, a feature on their platform that helps students, especially those who are looking for accommodation during a global pandemic when travel is frowned upon.
Sectors making gains from the pandemic includes Edtech and Abhishek who runs an Edtech platform for law students and young lawyers, adds how the market is now crowded. “COVID served as a trigger point for the mushrooming of many Edtechs. But the critical challenge is making learning effective. The internet today has 1000s of Edtechs, but the defining factor is how effective and how quality conscious they are. The challenge isn’t about the use of tech anymore but the degree of usage and the demand for the service provided.”
Speaking on data privacy and online platforms that are data-hungry, Abhishek offered that companies should avoid sensitive information and if they cannot they should prioritize a strong data privacy policy. The panel concurred that digitization, though a hot topic now, will sizzle down in the next 3-5 years, the key to remaining afloat then would be on adopting technology into business strategy and finding a way to afford convenience to customers. The panel ended with an optimistic note about how the digital infrastructure of the country is strong and India can truly compete if not outperform many European countries if we adopt technology into our business models and strategic planning and look towards using technology not just in product but also process and internal operations.
