Test your company’s creativity with edition 7 of our quiz!
This weekly quiz of Your story tests your domain knowledge, business acumen and lateral thinking skills (see last week’s quiz here). In this seventh edition of the quiz, we present five issues addressed by real-life entrepreneurs in their startup journey.
What would you do if you were in their shoes? At the end of the quiz, you will find out what the entrepreneurs themselves have actually done. Would you do things differently?
Q1: E-commerce success
UX, UI, and service design are effective approaches to improving the e-commerce experience. Much attention has been paid to the quality of products on sale, ratings and reviews, and even video experiences to improve product rating. Addressing an additional process can increase ecommerce volumes, but is often overlooked – what is that process?
Q2: Durable packaging
Waste from packaging materials is a serious cause of pollution and damage to health. Several alternative approaches have been proposed, such as paper or biodegradable plastic. But there is another solution, which is a nice example of circular packaging, it can be recycled endlessly. What is this material?
Q3: Rural trade
E-commerce has been an effective channel for a wide range of products, especially during the pandemic period. However, for categories such as consumer electronics, rural areas do not have large electronics stores and e-commerce delivery can take up to a week. What’s the best way to sell electronics in rural India?
Q4: Core technologies
The convergence of analytics, AI, ML and IoT is fundamental for many industries. It offers a wide range of capabilities in operational efficiency, personalization and customer experience. There is another cross-cutting technology that is slowly but surely emerging – what is it?
Q5: The challenge of success
It is commonly said that “Nothing succeeds like success, ” and large companies are well positioned to succeed in the future through their accumulation of best practices. However, being successful also comes with its own challenges, as evidenced by the demise of previously dominant companies and products. What is the problem with success, and how can it be overcome?
Congratulations on making it this far! But there’s more to come – answers to these five questions (below), as well as links to articles with more details on entrepreneurs’ solutions. Good reading, Good learning, and good creation!
A1: E-commerce success
“As many as 95% of customers tend to buy from the brand again if their return process is easier,” advises Gaurav Gupta, Co-founder of Shipway. “Provide your customers with the self-service portal, a simpler and more efficient way to return their orders,” he adds. Read more here.
In fact, consideration of returns due to dissatisfied customers should be done from the start of e-commerce and D2C activities. “Sellers must build a certain percentage of returns into the cost structure,” suggests Sugam Jain, Founder and CEO, Shyplite. Find more tips here.
A2: Sustainable packaging
“Aluminum beverage cans are the perfect example of a circular packaging solution because they can be recycled endlessly without any loss in quality,” observes Amit Lahoti, Vice President and General Manager, Ball Beverage Packaging, India. “A great proof of this is the fact that approximately 75% of all aluminum ever produced in the world is still used today,” he adds. In such “true recycling”, materials retain their economic value and function. To learn more, click here.
A3: Rural trade
The practice of ‘shops on wheels’ has been around for some time, but has been adopted into the consumer electronics space in rural India by KS Bhatia, Founder of the aptly named Figgital (“phygital”). It uses a combination of stores in small towns and vans to bring the retail experience to the doorsteps of consumers in rural areas. Read more here.
A4: Basic technologies
Augmented Reality (AR) finds a wide range of applications in organizational L&D and product visualization. “India is witnessing disruptive possibilities in using AR for industries ranging from real estate to automobiles, healthcare to education and more,” observes Vaideeswaran Sethuraman, Founder, Divum Services aux entreprises. The Indian XR market has been estimated by TechSci Research at $ 1.83 billion for fiscal 2020. Read more here.
A5: The challenge of success
“One of the negative consequences of success is arrogance”, warns Nitin Seth, CEO of Incedo and author of Winning in the Digital Age: The Seven Building Blocks of a Successful Digital Transformation (see my book review here).
A major learning challenge is pride, over-reliance on past knowledge, he cautions. Humility, strong circles and ethics can be corrective factors.
YourStory also published the paperback “Proverbs and quotes for entrepreneurs: a world of inspiration for startups” as a creative and motivating guide for innovators (downloadable as apps here: Apple, Android).