Digitization has a growing space in the present and the future world. Lalit Mehta, who envisioned working in digital space in 2009, contributed to this field by delivering various products in Fast-moving consumer goods (FMCG) and Banking, financial services and insurance (BFSI) domain.
We at NewsAurChai got the opportunity to interview Lalit Mehta, co-founder and CEO of Decimal Technologies Pvt. Ltd, who helped us to gain insights into the IT industry in the current situation.
- How Decimal Technologies was founded, and what was the motive behind its foundation?
When I was in college pursuing my MBA from IIM-Ahmedabad, I was quite sure that I want to work in digital space and start something on my own instead of opting for a campus job. In 2009, I started it all alone in Chandigarh, wherein I used my friend’s office as a working premise with no employees for the initial six months. We hired interns for short terms to complete the tasks; we got ITC as our first client, which was a big breakthrough. In 2011 we realized that the company has the potential to grow, and for the same, we needed more employees; that’s when Arvind Nahata joined as CO-Founder.
The broader aspect was to enable corporates with a workforce that works outside the office for tiny things like submitting a report or getting some information about customers. This results in a lousy customer experience, especially in domains like insurance. So the thought was to digitize the entire interaction with customers inside and outside of the office. Initially, we targeted FMCG and Insurance wherein a large workforce is required to take orders or agents are required to sell the policies, respectively. However, by enabling this process through various applications on mobile phones, this changed.
- As we all know, digitization drives Decimal; what do you think is the future of digitization, keeping in mind the present situation?
Digitization initially started as nothing but storing data in digital format instead of pen and paper. We have come a long way from capturing the data to tuning the process, which is optimal for the digital data.
The next level is the automation of data networks and Artificial intelligence. So these networks will help as a moderator or a facilitator for different organizations to come together.
Recently we went live with Video KYC in Kotak, which now enables the customer to complete the entire account opening process from home and optimizes a complicated workflow into a simplified process.
With that said, the data in the form of video and audio will be much more efficient in analyzing a person’s emotions and engagement during the entire process through this; you can identify the genuineness of lead or customer or risks involved.
While this is happening as part of the present, the future is more likely to be a science fiction movie. An account opening process may no longer involve a computer or mobile phone, and advanced artificial intelligence has the power to make it happen.
- Is Decimal working on any solution or product that will transform the user experience in the BFSI domain?
Video KYC is one such product that we have successfully gone live with Kotak and will soon be part of another bank. Another product which is currently in development is a platform called Saarthi. The process uses a network of small businesses that are not digitized and is majorly human dependent.
For example, the process involving lead generators or lead convertors responsible for sourcing accounts and policies is ineffective because of a lack of proper communication, delays, and fraudulent use of documents to process accounts in their interest. This creates a lack of trust between channels and providers. Saarthi will digitize the entire network making it an independent platform, reducing the cost of processing a loan by 30-40 per cent.
- What are the challenges BFSI companies are facing? Is there something state and Centre can do about it?
The major challenge is to move the ways of working. Due to the restrictions of movement of people, transactions are minimized. To help people small businesses, Centre has modified Policies that will enable a larger population to take loans. However, the challenge will be faced by banks in the readiness of their system, process, and technology.
Nonetheless, even after considering these challenges, banks are not going to be majorly impacted since it is the way to revive the economy. Reality stands with the fact that there are many more industries severely effected like travel, manufacturing, retail, apart from IT and bank. So the Center and State Governments must prioritize on MSME, which they are doing already.
- Working in an office environment is totally different from work from home. How are you managing the scattered resources?
Since we are a technology company, it’s a connected world. So we did not face many problems. Yes, we are effectively working from home, and, if required, we can permanently work from home. However, it will be too robotic. The joy of working as a team and human connect is missing.
- How is Decimal handling the social responsibility part? Can you share some details about ROKONA?
The major step is not to contribute negatively. So when we addressed the problems associated with corona, we came up with the app ROKONA, which works as good as AAROGYA SETU. We are also making it available to other corporates at a minimal cost. Our CSR team is doing at most to help the migrant labourers who have suffered the most during this pandemic.
Contributing to reviving the economy by getting smaller banks and organizations ready is a big step from our end.
- You have talked about how Decimal can bring certainty, predictability, and pace is VUCA? Can you please share thoughts on the same?
Uncertainty and volatility will always be present in some form right now COVID-19 brought it. We need to be nimble and agile to cope up with the change. When everything is moving, it leads to chaos. A product that will be stationary and robust is required, which can be enhanced or modified based on every situation.
- Do you have any personal story or philosophy that keeps you going every day?
When people try to use all their efforts at multiple things at one point, it eventually burns them out. So whatever you do at a time, give your 100 per cent. Focus on something you are doing at a time, keeping away all the distractions. Celebrate all the small success you get in your way, which motivates you to achieve the next step or goal you would like to meet.
Curly Charmy: Mantra To Happy Curls
Charmi Vichhivora, a young entrepreneur, and a photographer by passion started “Curly Charmy” in 2020. Curly Charmy is a small-scale business that deals with hair care accessories especially with products that take care of curly hair. In an interview with News Aur Chai, Charmi shares her journey of starting a small business.
On asking about the idea of starting a small business, Charmi said, “It was the lockdown period and the photography business was shut. So I decided I should at least take care of my hair since I faced a lot of challenges with maintaining my hair, like excessive hair fall, frizzy and dry hair, and was unable to maintain my curls. As I didn’t know how to take care of it, I looked it up on the internet to find products that would help me. Eventually, I came across the curly girl method but the hair care accessories were expensive and I couldn’t afford them. So I decided to make it on my own. I purchased the fabric and made the product at home. I was so proud of what I had made. I was determined to help every person who struggled with maintaining curly hair. I put up a story on my private account asking my followers if they would be interested in buying the hair care product and the response was crazy. I was not serious about it initially. As I started receiving orders even on my private account, I decided to make use of this opportunity and open a business. My main goal was that it should be affordable, as I was not able to afford it. Now I’m always working on Curly Charmy. That is all I can think of. It has helped my hair.” said she.
“The curly community is super great, they have always been very supportive,” she added.
When asked if the pandemic affected the business, she said,” The pandemic did affect my business especially during the lockdown period as the courier services were shut. The sales were not great, and I was demotivated as I had invested money into it.”
Charmi’s family helps her with the packaging of products and buying fabrics. She has appointed a tailor whom she could help by giving her work. She is the one who makes the products as there are many orders every day.
The available products are Scrunchies, Bonnet, Headband, Pineapple Protector, Scarf, Pillowcase, and Detangler all customized, available in different sizes, and most importantly cost-effective! All the products are made of satin, as it helps to keep your hair intact.
“In India, curly hair care is underrated and I would like to reach as many people as I can to promote that curly hair is beautiful too. Curly hair is not a trend, it’s a lifestyle!” she added.
Fully Baked: Taste the Professionalism of Baking!
“I started my business during the pandemic. What better time to start a baking venture than during a time when all shops are closed down and people need to alleviate their COVID-19 anxiety?”, says Ananya Ganesh Shandilya, a passionate chef who is also a finance professional. ‘Fully Baked’ was started in February 2020 as a ‘two birds, one material’ way to transform her creative thoughts and build a business that she was passionate about. In an interview with News Aur Chai’s Feba M. Abraham, Ananya shares about her personal venture that reflects her simple, fun and an absolute foodie personality!
Ananya grew up eating decadent desserts and pastries and found immense joy in watching cakes being baked on television. She recollects her hilarious ‘maiden baking experiment turned disaster’ after receiving a baking oven as a gift 5 years ago. However, that did not hold her back. She was determined to learn the chemistry behind baking and improving her skill set.
“A dissatisfied customer is an entrepreneur’s worst nightmare! I know the rage a person can feel when they order a cake and bite into a stale, dense mess that is neither delectable nor alleviates your dessert guilt”, said Ananya. When it comes to planning, she creates her baking workflow the day prior to delivery in order to avoid any mishaps and to account for logistical delays. Being an early bird, all desserts are freshly baked to be delivered on the same day as the order date. She usually puts up the various bake sales along with the dessert choices of the day, on the official Instagram page. The desserts are normally ready to go out by 9 A.M., but on busy days, the desserts will be out latest by noon. Once her baking hustles for the day are over, she then sits down for studying with her CA books. She never fails to take breaks wherein she plays chess.
When asked about the creation of the recipes, Ananya describes her journey as a learning curve of tweaking internet recipes and experimenting with several flavors till she found the ones that met her expectations. She gives importance to her customers’ preferences and be aware of health related issues. She records customer feedback and then improves upon the taste by adding possible new elements. She goes on to add, “This has been the most indispensable tool for improvement and I find myself putting two contrasting ingredients only to hear that they created an exotic burst of flavors in my customers’ mouths!”
So, what exactly makes ‘Fully Baked’ unique and distinct from the others? Here, all the desserts are 100 per cent eggless. She also makes sugarless desserts as she strongly believes everyone should get to taste her delicious treats. Without compromising on the quality, she tries to cut costs and also maintain rigorous accounts for her business. She reinvests all her profits back into the business, like the small businesses.
Out of all the desserts introduced so far, the customers’ all-time favorites have been the chocolate ganache cupcakes and tarts. The coffee and mango cupcakes also started give a strong competition to the chocolate ganache delicacies recently.
Ananya’s parents have greatly supported her in this venture. Her mother has been involved in every step of the process and her father has instilled in her a strong work ethic and a special kinda love for spreadsheets for better organizing. “I certainly would not be where I am today, without their emotional support along the way.”, said Ananya. Right from childhood, Ananya has been huge fan of the reality TV shows, ‘Cupcake Wars’ and ‘Masterchef USA’. “Florian Bellanger and his unparalleled skills as a pastry chef awoke my inner Nigella Lawson. His fortitude to experiment with and create new twists on classic French pastries like macaroons and éclairs inspired me to venture outside my comfort zone as well—becoming a baker.”, said Ananya.
When it comes to the advertising segment, the following are the main means that contribute to the growth of the business:-
- Word of mouth and valuable customer feedbacks;
- The official Instagram page, @ananya_shandz, showcase all the colorful and eye-catching desserts;
- Once sales started taking shape, she listed the entire host of desserts along with the corresponding prices on the website, www.fullybaked.in .
- The customers are also free to contact the business’ number (+91 78670 04000) to place the orders.
She takes precautions, such as the personal protective equipments, to carefully bake the desserts. Both pick-up and home delivery are available, according to the convenience of the customers. Also, her couriers practice social distancing while delivering. Her utmost priority is to ease the customers of their doubts of having to order food during the pandemic. She says, “I try to proactively communicate with them and reassure them that all requisite precautions have been taken.”
In the course of pursuing Ananya’s passion for baking, her patience and ability to improvise have certainly improved. She has personally understood the importance of active listening and paying attention to detail.
When asked about the future of the business, she went on to say, “I want Fully Baked to be inclusive of people with a myriad of health ailments, dietary preferences and restrictions. I am planning to develop an entire host of vegan and gluten free desserts. I am also planning to branch out into savories, particularly the Italian food, especially the preparation of pizza and garlic bread from scratch. Also, I currently deliver only in Chennai. I hope to expand the delivery boundaries soon.”
As mentioned initially, Ananya is a dual professional handling finance on one hand and baking on the other. When questioned whether home baking is a better option than any corporate job, she replied that the answer to this questions depends on what you want from life and who you are as a person. She strongly believes that “if you do what you love, you will never work a day in your life.” By doing so, she gets to be her own boss, set her own business hours and work hard till she drops doing something she loves. She then concluded saying, “However, it is important to acknowledge that not everyone has the liberty and privilege to pursue their passion. To each their own!”. Let us not forget the main tagline of this blooming business, “Have your cake, and eat it!”
I am pretty sure that after reading the above article, you must be really hungry. What are you waiting for then? Head over to Fully Baked’s official Instagram, @ananya_shandz, and order away!
Introducing Khojdeal : Bringing Visibility to Hyperlocal MSMEs With Affiliate Marketing
In tandem to the Make in India and Atma Nirbhar Bharat initiative, Khojdeal offers it’s platform to local vendors to showcase their products offering to the Indian audience. Being Vocal for Local has been a part of the organization’s ethos since it’s conception in 2016. A spectrum of players from the Indian startup ecosystem are offered visibility and a platform to share their story with our audience in addition to cash-deals. A growing brand in the performance/affiliate marketing space, Khojdeal offers cashback to our users for every purchase by customers. They provide product reviews and comparisons which enables them to take informed decisions. Khojdeal focuses on delivering more value to customers through technology innovation in the online shopping space and wanted to offer Indian customers a go-to portal for the best deals and coupons online.
Q1. What inspired you to start this venture? What gap in the existing ecosystem are you trying to bridge?
After shutting down my first startup in 2012 and working in the corporate sector for 3 years, I never imagined I would be back on the startup bandwagon so soon. However, at that point in time, the digital revolution in India had already started. With the internet penetration increasing, people were turning to the online ecosystem for various things including shopping.
People in metros were already comfortable shopping online for almost all major categories and those in tier 2 and 3 cities had also started buying fashion apparels and accessories and home accessories online.
Various studies indicated that this boom in e-commerce was not a temporary thing. In fact, with time it was expected to increase at an even more accelerated pace. We felt that as more and more people start shopping online, they are also going to look for deals and offers to save on their online purchases.
With this sentiment in mind, we started working on Khojdeal in 2015 and took it live in March 2016.
Over the past 5 years, from a coupon and cashback website, we’ve evolved into an online deal discovery platform that’s not only helping customers in finding the best deals and offers but also assisting them in making informed buying decisions through well researched articles.
Q2. Tell us about your journey before starting your entrepreneurial venture?
I am an engineer and a business graduate by education. Before being bitten by the entrepreneurial bug, I have worked with companies like Mindtree and Cognizant as a Digital Marketing Consultant. From consulting Fortune 500 companies on digital transformation to launching a startup, I have seen how digital strategies impact organizations at various stages.
Q3. How does your platform work?
Khojdeal works on an affiliate marketing model which is a performance-based marketing tactic. We have partnered various leading affiliate networks who provide us with the best deals and offers from a plethora of domestic and international stores. Our experts handpick the best ones and curate them on the website. When a user shops online through Khojdeal, we earn a commission from the store in question. A certain percentage of this commission is passed on to the user in the form of cashback.
Q4. How many vendors/partnerships do you have?
We currently have 1500+ domestic and international online stores on our platform. Deals across various categories like fashion, food, travel, electronics, movie and entertainment, hosting and domain, et al are handpicked everyday and curated on Khojdeal.
In tandem with the Make in India and Atma Nirbhar Bharat initiative, Khojdeal offers a platform for local vendors to showcase discounts on their products online. Being Vocal for Local has been a part of the organization’s ethos since it’s inception and a spectrum of players from the Indian startup ecosystem are offered a voice and visibility on our platform.
Q5. What are your future plans?
As a company, we focus on providing maximum value to our customers. We provide them with detailed information about products and bargaining the best cashback for them is our growth strategy.
We are also constantly striving to improve the user experience. According to Amazon Web Services study, 88% of online shoppers say they wouldn’t return to a website after having a bad user experience. People not only remember bad online experiences, but they talk about them with their friends. According to Neil Patel’s infographic, 44% of shoppers will tell their friends about a bad online experience. These statistics clearly indicate how important user experience is. A robust and agile customer service team is, therefore, the need of the hour.
We also aim to engage in inbound knowledge monetization and leverage the power of social to build new customer acquisition funnels.
Q6. How has the pandemic affected your business and how have you innovated to overcome the same?
Covid-19 has caused an inflection in e-commerce penetration globally driven by consumers’ need for safety and convenience and even in India, online is gaining prominence. Self-imposed social distancing to avoid contagion, together with the strict confinement measures implemented in India in March, April, May and June encouraged a majority of people to shop online. A Bain and Company-PRICE survey of 3000 households across income groups and geographies, conducted between April and June, revealed approx. 40% of respondents were buying more online.
Initially, as people were trying to process the uncertainty of the pandemic and lockdown, traffic on Khojdeal decreased. Logistics were affected and a majority of e-commerce stores had to pause deliveries. Many affiliate campaigns were paused and this had a direct impact on us.
Gradually, as the government stepped up to streamline e-com deliveries and formulated various SOPs for the safe and timely distributions of the same, things were back on track. We saw an increase in categories like groceries, home improvement products, books and entertainment, artistic supplies, home appliances, large appliances and DIY tools. However, we also saw a devastating crash in categories related to travel like flights and hotel bookings.
Now that things have settled a bit, we are witnessing a slow, yet steady growth.
About Vaibhav Lall
An engineer by education and an entrepreneur by choice, Vaibhav Lall is the founder of India’s largest online deal discovery platform – Khojdeal. Prior to jumping on the entrepreneurial bandwagon, Vaibhav has experience working with corporate giants like Mindtree and Cognizant as a Digital Marketing Consultant. From consulting Fortune 500 companies on digital transformation to launching a startup, he has deployed astute digital strategies that can impact an organization’s growth curve in various stages.
Owing to his sharp business acumen, the majority of his time is invested in navigating creative solutions for problems in his niche. Being a keen follower of the works of Simon Sinek, Subroto Bagchi and Ben Horowitz, he imbibes the learnings both in his professional as well as personal life. Motivated with the zeal and deeply seated desire to change the world, he joined the startup universe as his first job. Soon to become a serial entrepreneur, Vaibhav launched his first startup which develops web apps and helps brands get on to social media.
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