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Showing posts with label Yourstory. Show all posts
Showing posts with label Yourstory. Show all posts

Wednesday, 14 October 2015

Continuous evolution leads to a revolution

Amazon changed the way we buy things, Uber changed the way we go from one place to another and iPhone changed the way we use our mobile phones. These seem like revolutionary changes in consumer behaviour and as an entrepreneur, these stories inspire me to create my own revolution. Create a product that will change the way people live a core part of their lives. And by doing so, change the world. Sounds revolutionary? Here’s a little secret. If you create a consumer experience that is so revolutionary that it is nothing like anything users currently have, it will fail. For it to succeed, consumers must be able to relate it to a familiar experience in their life and then find your product better than that. The road to a revolution goes through several steps in evolution.
yourstory-continuous-evolution-leads-to-a-revolution
Before there was online shopping in the US, mail order shopping was a multi-billion dollar business. Consumers would receive catalogues in the mail, select the items they wanted to purchase, pay for shipping, mail a check or credit card information, and then wait for the products to be delivered at home. They would see the product for the first time a few weeks after the payment. Often times, popular products would run out before the order was received. If items did not meet expectations, they could be returned. Amazon made mail-ordering better: inventory was real-time, payments were online, paying for shipping was the norm and returns were entertained.
None of this existed in India. What we had was the concept of calling the local store and asking them to send stuff home – ghar bhijwa do. When the items showed up, consumers paid cash for what they kept and returned what they did not like. The purchasing decision was made at the doorstep after seeing the product. There was no question of charging for delivery. Online shopping needed free cash on delivery to survive. One of the earliest e-commerce websites of India during the late 90s was firstandsecond.com which used to offer cash on delivery. It was a necessary evil. Online shopping was an evolved way of saying ghar bhijwa do. It was okay to ask the delivery boy to come back if it was inconvenient. It was okay to send items back if you changed your mind. The consumer could not care less where the items came from.
Let’s take a look at another example – getting a limo in the US. Users would call the limo agency, provide the address and time, and the limo would show up. The driver knew that it was impolite to call and interrupt your privacy. Calling the user was the last resort. Users expected the driver to be there on the dot and they would. There were curbsides, driveways and demarcated places for limos to stop so the user knew where to look. Limo agencies kept credit cards on file and it was usual to put the ride on the card. It was either a fixed rate to airports or the user signed off on the metered charge. Uber let you do that through the app and then track the cab with an ETA to further improve the predictability that users had come to value. Of my hundreds of Uber rides in San Francisco, I do not remember ever talking to the driver on the phone before she arrived.
By contrast, calling a private taxi in India was a different experience. Users would call the agency and mention a time. There was no guarantee that the taxi would show up at that time. Users were advised to always have a backup plan. The way you would know that the taxi is going to arrive is when you would get a message with the phone number of the driver. You were expected to answer the phone call or call them proactively to give them last-mile directions. Addresses are harder to find in India and calling for directions is the norm. Culturally, interrupting conversations with countless phone calls is fair game too. Ordering an Ola was a better version of that experience. Drivers called the user as soon as they confirmed the ride, first to confirm that they were coming and second to get directions. First-time users used to call two cabs from different services and take the one that got there faster. In the early days, drivers would ask the user for their destination and then ask them to cancel the ride if they were not willing to go. Just as the user could reject a ride after it showed up, the driver could too. Users had a default expectation to pay by cash like their past behaviour with private taxis.
As I created and consumed early products in India and US, it was always interesting how the success of a product experience depended on its ability to map the existing consumer behaviour and then improve the key moments in the experience. Every time we took a blue sky or clean slate approach to conjecture how things should be, consumers rejected the solution. During testing, the uninitiated customers would say “oh, so this is like this” or “this is like that”. Consumers had a need to relate the new experience with something old and familiar. If the product makers did not pick the existing behaviour for consumers to relate to, consumers did it on their behalf while product makers were left shooting in the dark wondering who they were competing with.
Entrepreneurs trying to create a revolution should obsessively get consumers through a step in evolution, and then another step, and so on before they find themselves in a place that the world looks back at and finds revolutionary.
Courtesy : Yourstory.com

Get funded while improving your carbon footprint at TiEcon Delhi 2015

YourStory is associated with TiEcon Delhi 2015 as Media Partner
The Indian startup scene has been on an upswing this year. The number of startups that have received funding in the first half of 2015 has been higher than the total number of deals in 2014, which was a record year in itself. Funding has also been in the news for the sheer size of the amounts as well as the number of deals. One of the reasons behind most of the unicorn startups being able to make it big has been meeting the right Venture Capitalist and getting their funding at the right time.
A panel discussion at TiEcon Delhi 2014
A panel discussion at TiEcon Delhi 2014
TiEcon Delhi 2015 is being organised on the 16th and 17th of October with the objective of bringing together and connecting entrepreneurs with a variety of investors. TiE (The Indus Entrepreneurs) is a non-profit organization dedicated to fostering entrepreneurship and was formed in 1992 at a lunch meeting of Silicon Valley entrepreneurs and professionals. Globally, TiEcon has been bringing together startups and investors for more than two decades now.
TiEcon 2014 had focussed on disruptive technologies that impact businesses. The interesting highlight of TiEconDelhi 2015 is that the event is being planned as a green initiative and will be completely paperless. Hard copies of brochures are being avoided and tablets and pen drives will be replacing them.
TiEcon will also host a two-day hackathon in association with HackerEarth at their Taj Palace venue. The Hackathon will be a marathon of learning and creativity, aiming to reinvent business processes, operational efficiencies and customer service innovations across different categories.
“In the last few years, entrepreneurship has entered the mainstream, defining career ambitions for a new generation of young Indians. While aspirations and dreams are at the core of entrepreneurial ambitions, it is extremely important to hire the right skill-sets, and identify opportune platforms to engage with investors. Unlike the India of even a decade ago, entrepreneurs today have the opportunity to interact with and learn from industry veterans and young guns who have made it big.  TiEcon Delhi 2015 will enable entrepreneurs to develop an understanding of what it takes to build an enterprise,” says Deep Kalra, Group CEO MakeMyTrip and President, TiE Delhi NCR.
Entrepreneurs will be able to meet investors in planned sessions like the below.
The Den: Investor Lounge – Dedicated setups where entrepreneurs find opportunity to have one-on-one chats with investors.
Meet the League of Incredible Investors – Sessions will be taken by a range of high profile investors. They will talk in depth about their investment philosophy and thought processes.
Quality time with investors will also be possible through the ‘Mentoring in Motion’ initiative. Speed Networking will also be on the agenda to help forge connections in 120 seconds.
A section of the high-profile audience at last year's event
A section of the high-profile audience at last year’s event
TiEcon Delhi 2015 will also showcase the exclusive story of Ritesh Agarwal, who has inspired a whole generation of young entrepreneurs with the phenomenal success story of OYORooms. He was the winner of TiELumis Entrepreneurial Excellence Award 2014, who, a year later is the toast of startup India.
TiE the Knot
The fourth edition of TiE the Knot, a unique TV reality show style segment, will witness some of the top startups, pitched live to a renowned panel of angel investors for on-spot investment commitments. In its last edition held in May 2015, four out of the five participating companies receive on-spot investment commitments with an exciting wild card round which saw two startups from the audience raise funds too.
Networking Lunch
Another inspiring personality that founders will be able to meet is Farzana Haque, Business Director with TCS East USA. She has the distinction of being nominated to the World Economic Forum as a Young Global Leader. Entrepreneurs will be able to have an informal session with her over networking lunch.
You can find more information on TiEcon 2015 here.
Courtesy : Yourstory.com

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