Mr. Punit Gupta, Founder & CEO, EasyEcom
“The pandemic has proved to be a source of immense learning for every business, especially for the ecommerce space. The year 2021 witnessed the emergence of digital as a preferred medium for businesses that led to increased adoption of digital for reaching out to customers. The e-commerce industry due to its highly volatile nature has been one of the earliest to recognize the urgency of adopting the ‘new normal.’ The necessity of employing omni-channel for ensuring sales across channels has paved the way of employing an e-commerce enabler that streamlines all processes such as stock management, warehousing, payment reconciliation and order management. The year ahead will see digital transformation being recognized as an indispensable element in the ecommerce industry to drive operations, fulfil customer demands and ensure customer retention. Many support functions that drive ecommerce operations will come to the forefront too.”
Dynamic Pricing
Ms. Vijeta Soni, Co- Founder & CEO, Sciative
“2021 has been a year of learning as it exposed businesses to unexpected situations with global markets opening, shutting and then re-opening again. What emerged as the only tool to cope up is – Technology. Businesses have fast adopted the use of technology from their production units to supply-chain systems, from marketing to customer loyalty systems. In midst of all this, smart businesses have also accepted the importance of RIGHT PRICE! Technology has also played a key role in price determination of products and services across sectors at massive scales and high velocities. As pricing majorly contributes towards the growth and success of any company, technologies such as Artificial Intelligence and Machine Learning are starting to effectively decide the pricing of products and services. With the advent of speculations around the new Covid variant, technology is bound to be at the forefront in 2022 too. Reliability on intelligent technologies for decisions related to sensitive areas like pricing will increase because manual errors or any incorrect pricing decisions shall prove to be fatal for businesses in the tech-enabled consumer world. Keeping the current situation in view, companies across retail, travel, entertainment and many more are further going to adopt and evolve technologies that can help in real-time pricing acknowledging the dynamic market conditions and consumer sentiments.”
Rana Biswas Vice President-insurance & Wealth Solutions | APAC & ANZ Equisoft
While insurance portals have become a popular way to acquire customers and provide digital touch points, much of the sales process is still mired in old school processes: it is tedious, paper-based, and frustrating enough that clients abandon the process before completion. As the industry has invested heavily in digital transformation, streamlining sales and improving consumer experience requires advisors and agents to be available during the digital sales process.
Indeed, hybrid digital and advisor sales processes can reduce frustration and dramatically increase policy application completion rates. To make that happen, mining books of business, enabling more client needs to be met and increasing engagement is the answer. Automating routine client service tasks can free up advisor time for more profitable activities, like relationship management and cross-selling. Because cultivating existing relationships is key: while advisors have a 15% chance of selling a product to a new prospect, that probability more than triples with existing clients, climbing to 50%.
That’s where modern digital tools make a difference, with the likes of e-Applications and client portals enabling all industry stakeholders to stay connected. Customers will receive the accelerated, highly personal care they desire. Advisors will be able to meet with prospects and clients either in person or at a distance. These integrated systems will go a long way towards a seamless customer experience and also enhancing the efficiency and productivity of the frontline sales team.
While allowing advisors and agents to help. Answer questions. Build trust. And have a relationship.
Ecommerce & Logistics
Mr. Harsh Vaidya, Founder & Ceo, WareIQ.
“COVID 19 has accelerated numerous traditional retail businesses to shift towards online operations in a grand manner. Since eCommerce force chains are erected to be further tech-ferocious to offer speed than the traditional retail force chains, the companies have been proactive for the shift. The rapid-fire pace of digital metamorphosis is being reconsidered in Indian logistics. Robotization, artificial intelligence, machine literacy, data analytics, and the Internet of Effects (IoT) are significantly contributing to adding functional effectiveness.
Volumes will surge online, and they will come from various channels – Traditional marketplaces, D2C, Vertical marketplaces, Live/Social & Q-commerce. This will be an exciting year for modern brands to build scale as barriers to entry & scale are lower than it’s even been. Digital-first brands will expand offline, and offline majors will go online, and omnichannel commerce will see a big push. As a supply-chain enabler to this modern commerce, WareIQ is excited to seize the opportunity”
