Indian StartUps ecosystem is the third-largest startup hub in the world after the USA and China. Many sectors are now benefiting by the startups technology and it created huge opportunities. Sectors like Financial, eCommerce, healthcare, education, Business platforms, power distribution, real estate, are now updated with startup technology.
Direct retail customer-centric StartUps with innovative technology and business models come up in the market.
Five main areas influencing startups activities in India:
- Trend change in Marketing
- P2P lending services
- Workplace management
- Easy Communication by Voice search
- Disruption in technology
Trend change in Marketing
1. Personalized marketing
The new trend in marketing, the personalization of marketing. Very specific and audience targeting marketing is very successful for startups. We know that each startup has different types of customer groups and marketers planning a target audience influencing marketing.
The marketer is now targeting the groups and individuals via a specific plan and get personalized reviews and experience. Search the target audience and reach them by the personalized marketing plan.
2. Integration in business
Most of the businesses are making integration with another business partner to share each their platforms and providing basic support to each other. Anew type of business ecosystem created in each sector.
Indian Fintech StartUps are now tied up with Insurance companies, NBFC, and banks to support them and also get business for them. Most integration we see in the FinTech and Insurtech StartUps with other enterprises.
Most eCommerce, sales, trading, and financial enterprises, integrate with related Indian StartUps in their sectors. It builds an easy ecosystem for the customer to get all basic co-related services at a platform because of the integration of os services at a platform.
The customers compare prices at a platform and after the comparison, the best option directs them to the main site where they buy a product. The eCommerce site will provide customers another option of payment selection type, and more options to get easy credit and pay.
The eCommerce platforms, product search and comparison startups, credit selection startups, payment gateways, and credit providers all these services are integrated. Be a successful startup fintech must integrate with this ecosystem.
3. Online stores going offline
Purchasing is not just a requirement fulfillment process, but in India people purchase with family and friends. Try products, ask questions and after satisfaction they purchase. This whole process is our traditional purchasing mindset. Now, most companies following this system and selling online become offline, and sell their products from retails outlets also.
P2P lending services:
4. More personalized
P2P lending is a new business model that is now implemented successfully in India. Loan to small and mid-size businesses is much easier than earlier. With less paperwork or with the help of a professional service provider by P2P model loan procedure is now easier and handy. Many startups integrate business credit score online and provide the best option to get loans with low-interest rates.
By the use of cloud-based services and high-level technology, now many P2P lending services providers offering a personalized loan amount and easy payment option and schedule payment based on borrower’s earnings and past transactions.
5. Traditional players are now online lender
The traditional lenders now use innovative technology to evaluate the borrower’s credit limitation and provide loans by online applications. This will make easy availability of loans to Indian startups businesses, and more money available for the businesses. The loans from banks are more complicated due to the documentation procedure and time-consuming. So, this concept of loan successfully implemented after the success of NBFS in the financial sector.
The online lender provides a very easy process of application and provide loans with minimum documents and take a decision within a short period of time.
6. Visibility of payments
Now cloud-based FinTech startups in the field of payment and they make payment visibility very easy and simple. Businesses can track payments by email, SMS, etc. Merchants can share payment links via these routes and track easily. These startups also support all traditional payment systems like net banking, credit cards, NEFT/RTGS, wallets, etc.
These fintech startups offer simple and easy to use services to small and mid-size companies to make communication with the customer easily and with a more customer-friendly approach.
7. Happy workplace environment
This is one of the most important developments that psychologically motivate the employee, to work hard and be loyal to the company.
To succeed in the high attrition rates, businesses are now attempting to retain the employee by giving them a happy workplace environment.
In house training, participation in the decision-making process, and provide basic facilities to all without any discrimination of post or grade, etc.
Most of the companies now arrange seminars and conferences to make their employees more happy and productive.
8. Change in type of workplace
Many startups provide an option for the employee to work from their best suitable locations like home, cafe, Co-working place, in the office, etc. Also not make them time-bound but give them work on the project base. This concept saves time and decreases the hurdles of traffics. Companies are now providing the option of work-from-home to their employees.
Easy Communication by Voice search:
9. Voice Search
Now, you can talk to anyone in your mother language by using innovative technology. Your mobile voice search option will translate your mother language to English, and you can buy or sell any products without barriers of language.
More people are practicing mobile apps, and the use of the internet also increased. This online customer base is increasing at a high rate.
More and more companies are now using voice search in product search, and customer care chatbot. Voice assistants are well equipped with AI technology to give an easy and customer-friendly option to make communication easy and simple.
Disruption in technology:
10. Use of innovative technology
Now startups are growing with new ideas and disruptive technologies. Companies are solving Customer problems and fulfilling the requirement by use of Artificial intelligence, machine learning, deep learning, Natural language processing (NLP).
Now companies using the latest technologies and computers to process and analyze large amounts of natural language data and make them usable.
Voice search, Speech Recognition, Machine Translation, and Chatbots are innovative tools to satisfy consumers and give business insight to the businesses.