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Tag: digital age

How Data Can Transform Your Business Overnight!

Posted on by prathod

Today’s data-driven world is changing in the blink of an eye. Boundaries blur, expectations evolve, and innovation knows no limits. In Mastering the Data Paradox by Nitin Seth, understand the convergence of data and AI, and explore how organizations leverage these forces to redefine industries and exceed customer expectations.

 

Mastering the Data Paradox
Mastering the Data Paradox || Nitin Seth

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Blurring of boundaries and expectations. 

As a result of continuously evolving customer expectations as well as the business and competitor landscape, organizations are now becoming more fluid, and are moving towards becoming a one-stop solution to customer requirements. Using data and technologies, they can stretch beyond their own area of expertise to integrate multiple solutions under one hood. Today a mobile service provider is not just providing connectivity solutions, but are also providing payments, shopping, gaming, entertainment and many other solutions as well.

 

The Amazonification of services and Netflixization of experiences has not only affected their own respective industries but has transformed cross-industry expectations. Today, personalized experiences have gone beyond the purview of the retail industry. Equipped with access to data, B2B customers are also expecting a similar kind of personalization from chemical manufacturers. For example, the ‘Lab Assistant’ at BASF, is a web-based application that provides full access to data on complete product data and exclusive formulations that enable customers to find the right raw material and formulation ideas to create customized product formulations. Similarly, omnichannel experiences are not just expected from entertainment providers today but also from insurance providers. Now insurance is available to be bought online, over phone or in-store. Customers not only expect the convenience of buying online, but also similar levels of efficiency and convenience as top tier e-commerce sites. And since insurance purchases are highly personal and have many considerations, customers prefer multiple touchpoints before finalizing a purchase.

 

In addition to that, we have increasingly come to expect one-stop shop solutions stemming from Amazon-like business models that we have got used to. So, we expect even our financial services provider to provide us with an array of services under one roof. Today, in a world where customers have a wide range of options to choose from, they are ready to pay a premium for ease of use or access. They would prefer interacting with a single service provider who can cater to
different customer requirements, like savings, investment, insurance, bill payments, loans or even shopping, and deliver desired customer experience. We have come to expect our financial partner to provide connected seamless services across all these offerings, available at our disposal through a single app or website, accessible through least number of clicks, with minimal documentation and shortest lead time. Today, a car loan or a home loan, is available pre-approved by
your financial service provider, can be availed via the bank website or mobile app with just a few clicks and the money is transferred within a few hours or a day or two.

 

That is the amazing feat that data has enabled individuals and organizations to achieve. And like I said, this is just the beginning. It’s just the tip of the iceberg. Can you imagine what we can accomplish if we are able to go deeper and unleash the full potential of data?

 

Key takeaways
• Data fuels digital technologies, enabling unprecedented applications. Digital technologies, in return, spawn more data, adding to the data explosion, further enabling widespread AI use. And AI is enhancing digital experiences and data itself. This recursive relation between digital, data and AI is one of the most powerful transformative forces in the world today.

 

• The omnipresence of data has catalysed a comprehensive transformation across every aspect of our life, so much so that we now find ourselves unable to envision life without digital technologies fuelled by data.

 

• The evolving lifestyles are opening massive opportunities for businesses across all industries. Abundance of customer data has enabled firms to deliver Amazon-like services and Netflix-like experiences. Organizations are now able to extract untapped value and innovate like never before.

 

• The interplay between individuals and industries is redefining industry landscapes, blurring industry boundaries and transforming cross-industry expectations.

 

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Get your copy of Mastering the Data Paradox by Nitin Seth wherever books are sold

Is Consumer India on the Brink of a Lifestyle Revolution?

Posted on by prathod

Discover the intricate world of consumer India in Lilliput Land by Rama Bijapurkar. Explore the aspirations and attitudes towards credit that shape consumer India’s behavior and learn through the many valuable insights for businesses navigating this dynamic market amidst India’s digital revolution.

Let the Mega Consumption story begin!

 

 

Lilliput Land
Lilliput Land || Rama Bijapurkar

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A lot has been written about this in media stories and books, and ‘the changing Indian consumer’ is a favourite conference topic. However, given the structure story of the many Indias, all these anecdotes and observations of how different parts of the elephant behave need to be distilled into a holistic view of the nature of the beast. This chapter looks at key shapers of behaviour—aspiration, dignity, Indian identity, brand orientation, the phenomenon of monster consumers, how to understand and navigate heterogeneity of the market for strategy development, and how to read change in the confusing way in which Consumer India changes. Shapers of Consumer India’s Consumption Behaviour A macro-consumer view of the people of India Consumer India, as the previous chapter on structure has demonstrated, is a fragmented and complex hydra-headed monster, based on just its economy, demographics and living conditions. Add to that a layer of different social and cultural factors aff ecting diff erent parts of Consumer India (including community, region, politics and language), and diff erent levels of exposure to diff erent worlds outside, it gets even more complex. Requests asking me to speak on the topic of ‘Indian Consumer Behaviour’ or ‘Changing Consumer Behaviour in India’ terrify me. How does one capture the enormity of behaviour variations in Consumer India? No matter what one could say, the opposite would also be true in some audience members’ recent experience! Therefore, for reasons of both prudence and competence, this chapter will not attempt the near-impossible task of chronicling diff erent kinds of consumer behaviour and diff erent patterns of consumption.

 

The focus of this chapter will instead be on understanding the lives, mind spaces and attitudes that shape the behaviour of the people who comprise Consumer India. This is useful because consumption and brands do not live in the narrow confines of a market space but exist as a part of the larger canvas of  people’s lives. Serving a consumer base without understanding what makes it tick does not make for winning businesses, sound market strategies or creating brands that deeply resonate with consumers.

 

This chapter has three sections:
1. Shapers of Consumer India’s consumption behaviour: A few important themes that are common and relevant to all income groups.
2. Structure and drivers of heterogeneity in Consumer India and how to think about consumer segmentation.
3. How India changes and reading change in Consumer India.

 

As everywhere in this book, this chapter will also examine many of the commonly held hypotheses and theories about Consumer India to test their validity and change, nuance or caveat them as the case may require.

 

Section I:

Shapers of Consumer India’s Consumption Behaviour This section identifies and explores a few important themes that are common across all of Consumer India and shape the consumption behaviour of all income groups. A Tectonic Shift from Acceptance to Aspiration, Facilitated by Credit.

 

Aspirational India is a tectonic shift from the pre-liberalization days when we would often hear consumers of lower-income groups tell us in focus groups, ‘This is not for me, this is for the badey log (big people).’ Now, there is a strong statement of, ‘I want to have something like that, be it products or experiences.’ A car is obviously not affordable, but a bike and a taxi for special family outings is. Now, having what celebrities have has become easy with social media. Copies of actress Alia Bhatt’s mehendi pattern and cheap knock-offs of her wedding dress are available. Influencers and beauticians of every social class tell you how to use make-up like celebrities do and style yourself at a price point that you can afford. As ad man Santosh Desai puts it, the big shift is that ‘life is not a condition to be endured but a product to be experienced’. Aspiration-led living is the opposite of the way it used to be. The attitude and mindset shift is from ‘this is what I have and how do I manage best within it’ to ‘this is what I want, so how do I manage to get it’. We see this resulting in choices which can best be described as ‘stretch for more, do not settle for less’. Borrow and buy the higher category car or two-wheeler or buy a second-hand one rather than settle for the easily affordable small car, even if it means waiting a bit, buying a pre-owned vehicle or taking a loan.

 

Credit or borrowing for consumption once considered a very dangerous thing, is now acceptable and ‘normal’ to Consumer India. Amazon and consumer durables stores and travel sites helpfully ask you, at the time of checking out, if you want to pay by EMI, that is, equated monthly instalments of credit. Credit is also morally purified. Its cultural label has changed from indebtedness, which can lead to ruin, to being the working capital for life and the helping hand that everybody needs to reach their goals. Financial services companies have been exploiting this attitude shift leading to the regulators and the courts coming down hard and framing laws to curb irresponsible lending that leads to imprudent borrowing, and strong-arm tactics for recovery that lead to customer stress and even suicides. An example of this is what happened to the microfinance industry in 2010 leading to a new law in 2011 that banned MFIs from approaching the doorstep of their customers, lengthened the loan collection cycles and told lenders that they had to get government approval to give a second loan to the same lender. The Reserve Bank of India, India’s banking regulator has issued a charter of customer rights for banks and non-banking financial services companies (NBFC) that includes the ‘right to suitability’, where ‘only products and services that are appropriate to the understanding and financial conditions of the customers may be offered to them.’ It is a caveat venditor (let the seller beware) as far as enforcing this right is concerned.

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Get your copy of Lilliput Land by Rama Bijapurkar wherever books are sold.

The Internet’s Effect on Deep Thinking: Insights from iParent

Posted on by prathod

Parenting in today’s digital age is undeniably challenging. With technology, the internet, and social media dominating our lives, it’s easy to feel overwhelmed by the constant stream of notifications and updates. So how do we guide our children through the digital world’s maze without a map? Neha J Hiranandani‘s iParent is a friendly companion for parents navigating the complexities of raising kids in a digital age. Packed with practical advice and a dash of humor, it’s the go-to resource for fostering cyber-savvy kids without the stress.

Read this exclusive excerpt to know more!

iParent
iParent || Neha J Hiranandani

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I remember reading about the Flynn effect in college. Buried neck-deep in books and classes, it was heartening to read that improved access to nutrition and better schools had made humans smarter in the twentieth century. Perfect grades seemed more achievable—after all, we had all become collectively smarter! That buoyancy, however, lasted just a few short decades. As things stand, the world is experiencing a reversal of the Flynn effect, and global IQ scores have dropped precipitously by six points. The truth is, we’re all turning a bit doltish. As one expert puts it, ‘People are getting dumber. That’s not a judgment; it’s a global fact.’

 

Most of us experience this doltishness every day. It’s getting harder to remember the names of colleagues, words stay permanently suspended on the tips of our tongues, and really, who can remember anyone’s birthday anymore? The Internet has fundamentally altered the way we process information, and as a result, we’re all struggling to focus. Every time we go online, our brains get subtly rewired. And since we are online so much, our brains are constantly adapting to accommodate the Internet’s deluge of small, shallow fragments of information.

 

Nicholas Carr, one of the most influential thinkers of our times, Is the author of The Shallows: What the Internet Is Doing to Our Brains, which went on to become a Pulitzer Prize finalist. ‘I’m not thinking the way I used to think,’ says Carr. The Internet, he says, ‘is chipping away [the] capacity for concentration and contemplation.’ Online activity, especially when we’re restlessly ping ponging from one activity to another makes us lose focus. Jumping from text to email, opening one tab and then quickly clicking on another, switching frantically back and forth between news and notifications—all of this destroys the calm brain and creates a new kind of mind, one that becomes comfortable processing information in quick, fragmented bursts. The faster, the better.

 

As Carr’s book title implies, over time our brains lose the ability to go deep. We start living in the shallows. ‘Once I was a scuba diver in the sea of words. Now, I zip along the surface like a guy on a jetski,’ he says. Admittedly, living life on a jetski sounds like great fun but you are likely to encounter a few problems. With all that wind in your hair, salt in your eyes and the world whizzing by, it’s difficult to make thoughtful decisions. It’s tough to stop and deeply appreciate beauty on a jetski or to meaningfully engage with an intractable problem. Given that our circuitry is so malleable, the more we stay online, the more we train our brains to be distracted. We can rapidly process snippets of information, but sustained attention becomes massively challenging. The longer we are on the jetski, the more challenging it is to get off it.

 

It’s not just Carr; scores of experts agree that the human brain simply wasn’t built for the endless game of ping-pong tantalizingly offered by our phones. The consequences seem especially disturbing for iGen which is growing up with easy and immediate access to information which ultimately has an effect on how the kids function, both emotionally and otherwise. Experts suggest that this generation will have ‘a thirst for instant gratification and quick fixes, a loss of patience and a lack of deep-thinking ability.’ Screenagers’ are not the only ones affected. Nine and ten-year-olds indulging in over two hours of screen time per day scored lower on thinking and language tests. Some kids saw a premature thinning of the cerebral cortex as they spent time on screens—their grey matter was disappearing.

 

Disappearing grey matter or not, it’s hard to stop! Regardless of which generation we belong to, none of us can stop pinging. Every notification, every distraction is a little dopamine nugget in disguise and it’s challenging to focus on something when you’re used to getting a reward hit every few seconds. Drunk on dopamine, we start liking the distractions. We seek them out. The more we seek them, the more we click and the more we click— bullseye!—the more accurately the algorithm can place irresistible links directly in our fields of vision. Think about the last time that you went to a shopping mall. You likely had a salesperson come up and ask you to try a product. It’s usually not a big deal because you’re likely to only encounter a couple of pushy salespeople per mall visit. But when you’re online, the push and pulls come at you from all directions!

 

‘Have you tried this new recipe?’ Potatoes, green onions and a touch of mustard.’

‘Are you looking to lose ten kilos in twenty days?’

‘Have you checked out the season’s hottest filter?’

‘Become a millionaire overnight. Join our mailing list for just Rs 199’

‘Join our community to always feel happy.’

‘Free shipping on this summer’s hottest perfume that will make you smell like Italian lemons.’

‘Are you bored? Lonely? Depressed?’ Here are fourteen essential oils that you need right now.’

‘Looking for love? There’s a big surprise waiting for you.’

‘Get discounted Diwali hampers when you order in March.’

 

The sales push doesn’t end because whether it’s essential oils or real estate, the algorithm knows what we want better than anyone else. So, we click on these irresistible links, breaking our attention, disrupting our concentration and creating an avalanche of lost focus, which in turn, overtaxes our brains. And wouldn’t you know it, an overtaxed brain finds distractions more distracting, and there it is: a self-perpetuating dependence loop. We click and lose focus, which makes us want to click all the more. Clickety-click we go all day, tappity tap we go all night, leaking data and losing focus all the while.

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Get your copy of iParent by Neha J Hiranandani wherever books are sold.

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