Presently, India has retained its position as the third-largest market for budding start-ups. The number of technology-based start-ups in India is currently around 4,700 as per data from NASSCOM.
With the rapid shift in the trend of technology and the digitalization, the number of startups and online business has increased speedily, as government is too promoting the startups with various schemes launched all over the country.
This growth of such businesses indicates two crucial factors that are becoming increasingly influential –
- Firstly, numerous pro-business initiatives from the government have pushed the growth of commerce in India. From capital finance to other funding options and even tax savings, multiple government initiatives have pushed for such expansion.
- Secondly, with numerous technology-based start-ups booming in India, it can also be deduced that technological advancement is increasingly influencing business models.
With numerous financial institutions offering different types of business loans to cater to the various needs of an entrepreneurial venture, integrating these technologies is quite convenient even if the finances required are not available at hand. There is no such hassle or rush these days, to look for financial aids, so many NBFCs have come up to provide the services with ease and at a minimal rate of interest.
While the underneath discusses the most sought-after of technological trends, businessmen should also choose the right upgrade as well as their right business funding option –
Automation and management
Integration of an eCommerce automation system improves control and management of the entire business. Additionally, the need for manual process handling is eliminated. Automation of repetitive but necessary tasks improves accuracy and consistency while reducing errors and paperwork.
Additionally, options like that of cloud computing offer increased access to detailed customer data. Furthermore, it also saves money for their businesses since while its integration is costly; it also reduces the burden of numerous employees and consequently reduces expenditure.
One of the latest technological trends in terms of marketing for e-commerce is programmatic advertising. This technology automatically buys and sells online advertising.
It is a more efficient mode of marketing, which eliminates the involvement of human interactions.
Programmatic advertising is also beneficial in generating campaigns that target even more specific audiences.
This type of advertising has been a key player in global marketing theatre in recent years. Several businesses are opting for capital finance to implement this technology. Firms can opt for small business finance to avail funding for the same.
Chatbots for customer support
Customer support is necessary for any business venture, especially if they are service-oriented. Integration of technology, especially in the case of online businesses, offers the additional perk of customer support at any time of the day.
In this regard, chatbots are playing a crucial role. These chat services with artificial intelligence can not only address general customer queries but can also solve issues that require human involvement.
Chatbots are becoming exceptionally important since prompt and adequate customer service betters a brand value with the growth of this reputation. They are also one of the ways to run a successful service business.
Enabling customers to see what a product can look physically is augmented reality. Several eCommerce companies have implemented this technology to provide consumers with a real-life experience of their products, virtually.
For example, a prominent spectacle and sunglass company lets customers see how a product looks on their face via their mobile app.
Multi-layered security system
As the name suggests, a multi-layered security system employs several levels of components to protect business operations of multiple layers. Availing capital finance to enhance the security of the respective servers and domains, where the business functions, is critical for an eCommerce firm.
Bajaj Finserv is an NBFC that offers such financial products that specifically suit business owners and entrepreneurs.
Bajaj Finserv also presents pre-approved offers that make availing business loans quick and helps applicants save time. Pre-approved offers are available on numerous financial products like business loans, home loans, personal loans, etc.
Before opting, they should also learn of the various business loan interest rates offered by different financial institutions. Rates of interest provided, along with the different features on loan products, are cursory in choosing their financing option.
Finally, it also vital for entrepreneurs to concentrate on how to organise their business finances so as to maximise their profits while clearing the financing debts at the earliest.