56 posts tagged with "business"

During shopping for shifting houses, I had an unfortunate encounter with Wooden Street, specifically with the store located in Golf Course Road, Gurgaon. With their upfront payment policy and promised delivery within 2 to 6 weeks, I was hopping to furnish my home with their stylish bed side tables and crisper chairs. However, my experience quickly turned sour when I faced consistent ghosting from their sales team and encountered frustrating customer support and archaic refund policies.

Ghosting by the Sales Team​

Upon placing my order, I expected some level of communication from Wooden Street to keep me informed about the progress of my purchase. Unfortunately, this was not the case. The sales team seemed to disappear completely after they had made the sale. Phone calls and emails went unanswered, and the promises of timely updates were broken. This lack of communication and transparency left me feeling frustrated and neglected as a customer. It is essential for any business to maintain consistent and open communication with their customers to build trust and ensure customer satisfaction.

Poor Customer Support​

When I finally managed to get in touch with Wooden Street's customer support team, I encountered further disappointment. The representatives appeared untrained and ill-equipped to handle customer queries effectively. They seemed unaware of the status of my order and failed to provide any concrete information. It was disheartening to realize that even after spending money, I was left to navigate through a maze of inefficient customer support. A prompt and knowledgeable customer support team is crucial in resolving customer issues and providing a positive shopping experience.

Refund Policies​

In addition to the lack of communication and poor customer support, Wooden Street's refund policies left much to be desired. Despite the delayed delivery of my items, the company was reluctant to provide a refund or any form of compensation for the inconvenience caused. This rigid approach to refunds is not customer-centric and fails to acknowledge the impact of their poor service on the customers. A more flexible and empathetic refund policy would go a long way in resolving customer grievances and maintaining a positive brand image.

My shopping experience at Wooden Street Golf Course Road Gurgaon was a disappointing one, marred by ghosting from the sales team, poor customer support, and unsatisfactory refund policies. As a customer, I believe that it is essential for businesses to prioritize effective communication, prompt support, and flexible refund policies. These factors play a significant role in building customer trust and loyalty.

I would really not like to buy anything from Wooden Street again due to this poor experience.​

B2B business with SMBs​

In the complex world of B2B business in India, there are several challenges that companies face, one of them being ghosting and difficulties in collections. Ghosting refers to the sudden disappearance or unresponsiveness of customers, leaving businesses in a state of uncertainty. This phenomenon can significantly impact cash flow and hinder business growth. Moreover, the collection process from small and medium-sized businesses (SMBs) comes with its own set of challenges, making it crucial for companies to navigate these issues effectively.

Ghosting in B2B​

Ghosting can be a frustrating and all-too-common occurrence in the B2B landscape. It often happens when a customer abruptly ceases communication, leaving businesses unsure of the status of a deal or pending payment. This behavior can be attributed to various reasons, such as financial troubles, internal issues, or even communication breakdowns. Regardless of the cause, ghosting can have a detrimental effect on a company's financial health and overall operations.

Collections from SMBs​

Dealing with SMB collections can be particularly challenging due to a variety of factors.

Lack of Financial Resources​

Many SMBs operate on tight budgets and may struggle to pay their invoices promptly. Limited financial resources and cash flow issues can result in delayed or missed payments.

Inefficient Payment Processes​

SMBs often lack well-established accounting systems and standardized payment procedures. This can lead to delays, errors, and confusion in the collection process, making it harder for businesses to track and receive payments on time.

Communication Barriers​

Effective communication is crucial for successful collections, but language barriers and miscommunication can hinder the process when dealing with SMBs. Cultural differences and varying business practices also play a role, further complicating the collection efforts.

Today, I realized that we got ghosted by one of the long term customers of Exambazaar (Director of Trishul Defence Academy). He was communicating with us but kept on lying about the financial troubles, health issues in family and finally went cold. Obviously it doesn't feel great to waste time, energy and resources.

Hence, I have kept a principle of saying no very quickly to all sales and business development teams. With that clarity, any further efforts from them are purely their choice and investment of time & resources.

Moving to a new city is an adventure that often entails furnishing a new living space. Seeking convenience and flexibility, I opted for the Furlenco Unlmtd plan upon shifting to Gurgaon in 2021. Today, I am sharing my experience with Furlenco's customer support, their unfair refund practices, and the persistent technological challenges that plagued their app and website. As an early adopter of the Furlenco Unlmtd plan, my hopes were dashed as I encountered numerous obstacles along the way.

The Promise of Furlenco Unlmtd​

When I first subscribed to the Furlenco Unlmtd plan, I was enticed by its unlimited furniture rental option, providing the flexibility to change and upgrade my furniture as needed. The convenience of hassle-free renting, combined with a curated selection of furniture, seemed like the perfect solution for my furnishing needs.

Technological Mishaps​

Furlenco's technological infrastructure proved to be unreliable. Their app and website frequently encountered glitches and errors, making it a cumbersome experience to manage my subscription, schedule deliveries, or even browse through their furniture catalog. The persistent issues with their technology undermined the convenience they promised and left me feeling helpless in my attempts to resolve any issues.

Customer support woes​

Perhaps the most exasperating aspect of my experience was dealing with Furlenco's customer support. Upon reaching out for assistance, I encountered long wait times, unresponsive representatives, and a lack of empathy towards my concerns. The inability of their customer support team to effectively address my grievances only added to my growing frustration.

My experience with Furlenco's Unlmtd plan, customer support, and technological mishaps has been a challenging one. From encountering unfair refund practices upon cancellation to grappling with persistent glitches in their app and website, my hopes for a seamless and convenient furniture rental experience were shattered. As an early adopter, I expected better treatment and a smoother journey. Through this ordeal, I urge others to approach such services with caution, conducting thorough research and weighing all aspects before making a commitment. Transparency, fairness, and robust technological infrastructure are vital components of a reliable and customer-centric service, and sadly, Furlenco fell short in these areas.

Frankfinn Institute of Air Hostess Training​

Today, I met the business team of Frankfinn Institute of Air Hostess Training and enjoyed the conversation with them. Frankfinn is the World's No. 1 Air Hostess Training Institute and offers courses in the field of Aviation, Hospitality, Travel and Customer Service. You might have seen Alia Bhatt in one of Frankfinn ads.

At its core, Frankfinn offers a comprehensive range of certificates courses to students aspiring for a career in the Aviation, Hospitality, Travel and Customer Service sectors. They offer placement assistance but do not guarantee placements.

Scale of business​

Some of the stats shared were mind boggling and are worth double-clicking. I am enumerating them below:

• Frankfinn has an in-house student counselling team of 1000 callers
• Online to offline flow of student leads is: unqualified lead -> 3 connects within 24 hours -> 5 connects within 48 hours -> Appointment for Center Visit
• They have appetite to consume 6 Lakh leads a month. Let's pause for a minute and think about the magnitude of that.
• They get around 4500-6000 admissions a month i.e. a conversation rate of 0.75%.
• The courses vary between Rs 1,20,000 to Rs 1,65,000
• Estimated annual revenue is ~ Rs 800 crore

Monopoly player​

Frankfinn does not face a lot of competition in the market. It is one of the few players who operate in this niche. Being founded in 1990s, Frankfinn bring 30 years of experience in the domain with network connections. But such profit pools are tough to defend. Especially with the disruption in Edtech, I will try to deepdive about it in another post.

Residential retail broker model​

The residential brokers (individual or brokerage firms) act as intermediaries between tenants and owners in the residential real estate market. These brokers facilitate the entire home renting process, starting from property search and evaluation to negotiations, documentation, and closure of the deal. They provide personalized assistance, guidance, and expertise to buyers, helping them make informed decisions based on their preferences, budget, and market trends.

Nobroker doesn't work​

Nobroker came up with a novel concept of connecting the tenants and owners with the use of technology. Unfortunately, it is failing in delivering the said value. The primary reason is that it operates on a very thin value proposition of no-brokerage.

Consider a rental scenario in Gurgaon as below:

Apartment: 2 BHK Rent per month: Rs 50,000 Brokerage per party: Rs 25,000

The challenge is the number of visits involved and mutual agreement. Following observations hold true:

• The owners are usually affluent, occupied in work and less interested in showing the apartment to the tenants. Owners prefer outsourcing.
• Owners talk to each other on Whatsapp Groups and mutually decide the minimal rental and resale value of the apartment. This sets a floor on apartment rental and resale value and is inefficient.
• The tenants also optimize for travel time, cost, lifestyle and shift date of tenancy. Tenants look at annualized cost.
• Brokers bring in convenience and primarily convince the tenant to accept the rental offer. They usually have no bargaining power with the owners.

Efficiencies in rental market​

As a tenant, it is at times a nightmare to find an apartment. The following tips might help:

1. Optimize for your needs and do not forget your needs in the process of reviewing flats.
2. Make your broker work: find a good broker who understands your need and works out a set of options for you.
3. Save time by clubbing the viewings in a day or half day. Act fast if something fits your needs.
4. Keep a price band of rent in mind instead of only a budget. Work on both sides, for eg if your society does not have a good club, go for a Cult Fit membership instead.
5. If you like a society, find a way to get access to the MyGate/Apna Complex app feed of the society. Many a times owners and brokers post them in the group.

Despite challenges posed by digital platforms, traditional brokers have adapted and remain relevant by leveraging technology and focusing on fleet on street. As the real estate market evolves, residential retail brokers continue to be a crucial link between buyers and sellers, empowering individuals and families in their quest for a dream home.

Audible usage stats​

I have been a member of Audible Premium Plus since March 2019 i.e. 1500+ days or a bit over 51 months. Except a few months, Jan-Feb 2021 and Oct-Dec 2021, I have continued the membership.

I have listened to a total of 29 audio books i.e. only 65% of the credits. I have listed them below monthwise.

Audible membership model​

Subscriptions are the only business model that is entirely based on the happiness of your customers. Think about it—when your customers are happy, then they’re using more of your service, and telling their friends, and you’re growing.

Most membership models are structure that the light-users subsidize the power-users. Be it your gym, club of the society or cult fit membership. Audible is no different and structures it via its policies.

Reading through the Audible India Service Conditions of Use, you will realize that:

• Credit Rollover Limit: Customers can roll over a maximum of 5 credits i.e. next month's credits = max (previous month's credits + 1 - credits used, 6)
• Any unused credits remaining on your account at the time of cancelation, or when your prepaid period ends, will be lost. We recommend using them first, as any audiobooks you purchase are yours to keep.

My Audible habits​

I have observed the following about my usage of Audible:

• Listening to a book is best done along with a long walk. I can walk for an hour and listen to a book and retain most of it.
• In Nov 2022, Apple introduced fee on in-app purchases. Post that, you cannot buy books from the Audible iPhone app. It is really painful and annoying.
• I only use the Audible App on my iPhone and have not tried it out on the TV, Windows (I use the Spotify Desktop app a lot).

Listening to a book is not only just as good as reading it. Sometimes, perhaps even often, it’s better.​

Whatsapp is the new SMS​

Whatsapp has deteriorated significantly in the last few years. From a default secure chat, it has become an avenue for businesses to push for more products and services. There's nothing wrong in it, but add to it the almost infinite number of groups, it is better to not be on Whatsapp. I am thinking if now is the time. I keep my Whatsapp notifications on mute nevertheless.

In other words, I open my SMS application only to look for OTPs. I am thinking of doing the same with Whatsapp.

Whatsapp Spam Blast​

I have received the following business promotional messages in the last 24 hours - HDFC Bank, Jupiter, bbdaily, Prepladder, Clove Dental, 99 acres, Jumbaya.

I understand the businesses seeking the same as Whatsapp provides a great curated audience for push sales. I wonder, how much are the Whatsapp users enjoying the same.

Standardization of products​

The life of middle class India has transformed in the last 15 years. The standardization of products have compressed costs massively. Add to it, the growth in income, more people are able to afford a lot more products.

I tend to 'splurge' for convenience. I'll pay a lot to not waste time.

Standardization of services​

With Uber & Ola, we have standardized cab experience. With Urban Company, we have standardized AC and home cleaning experience. While they are great services, I share my sentiment about Finding a Taxi by Kunal Kamra.

How many of us love the experience of Blu over Uber due to the quality of cars?

With the convenience & goodness of an app comes the stagnation of average quality. Local experts who provide high quality & nuanced services stand out.

The standardization of service can sometimes lead to a reduction in quality. When businesses strive for consistency and efficiency by implementing standardized processes and procedures, it can inadvertently result in a decline in the quality of the service provided. Standardization often focuses on streamlining operations, minimizing variations, and increasing productivity, which can overlook the individual needs and preferences of customers. This can lead to a lack of personalization and a diminished customer experience. Additionally, standardized services may prioritize speed and cost-effectiveness over delivering exceptional quality, leading to a compromise in the overall value provided to customers. It is crucial for businesses to strike a balance between standardization and maintaining a high level of quality to ensure customer satisfaction and loyalty.

I recently got AC servicing done via Urban Company and found the experience average at best. Of course they have standardized the experience and compress costs, but by design, Experts would not stick around on the platform or marketplace. They will command a premium for their additional efforts and skill.

Bharat vs India​

Bharat and India are two distinct facets of the country, differing significantly in various aspects. Firstly, in terms of population density, India is densely populated, with bustling cities and towns teeming with people, while Bharat has a comparatively lower population density, with vast open spaces and scattered villages. Secondly, infrastructure and amenities vary greatly. India boasts of modern infrastructure, well-developed transportation networks, and access to healthcare and educational facilities. In contrast, Bharat often faces infrastructure challenges, limited access to basic amenities, and inadequate healthcare and educational resources. Another crucial difference lies in the lifestyle and occupations. India tends to have a more cosmopolitan and fast-paced lifestyle, with diverse professional opportunities in industries, services, and technology. Bharat, on the other hand, follows a predominantly agrarian lifestyle, with farming and agriculture as the primary occupations. Additionally, cultural practices and traditions may also differ significantly between rural and India. However, it's essential to note that both rural and India contribute to the country's social, economic, and cultural fabric, each offering unique strengths and challenges.

Digital access of Bharat vs India​

Bharat has grown leaps and bounds vs India in data consumption. Triggered by Reliance Jio’s entry in 2014, India’s data consumption has exploded with all other operators also offering cheap data tariffs. Mobile data traffic is growing as more Indians spend time streaming live videos, which is expected to account for 75% of overall mobile traffic by 2024. Read more.

Digital transactions in India​

The table below rehashes the, Digital Transactions in India report. Digital Payment modes considered are: BHIM-UPI, IMPS, NACH, AePS, NETC, debit cards, credit cards, NEFT, RTGS, PPI and others.

BHIM UPI has emerged as the preferred payment mode of the citizens and has recorded 803.6 crore digital payment transactions with the value of ₹ 12.98 lakh crore in January 2023 => Average transaction value on UPI in Jan 2023 was Rs 1615.

Digital transactions learnings​

The following are important learnings from the above data:

1. UPI has massively increased the number of transactions, average transaction per person and reduce the average value of transaction i.e. introduced micro transactions.
2. CAGR of Count per person i.e. number of transaction per person in India is 27% i.e. doubling every 3 years.
3. It is shocking to see that the total value of Digital Transactions has a CAGR of 0%. The total transactions grew and peaked during Covid and shrank again.
4. The average number of transactions per person in a year are only 65 i.e. 5.4 transactions per person or one transaction every 2 months. I wonder how the stats will look if you take away the power users i.e. the top 1% of population.

Bharat and Financial Digital Services​

I met Neha Singh Rana who is the Chief Business Officer of Pay Point. Paypoint delivers financial services to the last mile i.e. they are GIG + Financial Services where they empower the dealers (independent contractors) to educate & enable transaction for their neighborhood. The services include - Kiosk Banking, M-ATM / AEPS, Instant Money Transfer, Pre-Paid Reloadable Cards, Bill payment & Recharges, Amazon Retail Store, PAN Card, Insurance, IRCTC & Travel Booking, Gift Vouchers & OTT. PayPoint claims to have a retail network of 64,000 shops and is one of the forefront players to do offline to online transformation for Bharat.

They are similar to e-Mitra in Rajasthan. Do you remember the days when we used to visit a shop for recharging the mobile phones in the early 2000s? If you step out a few kilometers outside the city and you will find people seeking help to perform transactions. I wonder how much of this digital literacy be disrupted by YouTube and similar platforms whereby Bharat will feel confident in performing financial digital transactions. They are very confident in browsing videos and navigating content in a very short span of time!

Your role as a boss​

The role of a boss in leading a team is crucial to the success of the venture. A boss is responsible for setting the tone and direction of the team and ensuring that everyone is working towards common goals. They need to be able to communicate effectively, inspire their team, and provide guidance and support as needed. A good boss also needs to be able to identify each team member's strengths and weaknesses and assign tasks accordingly, while providing opportunities for growth and development. Additionally, a boss must foster a culture of trust, collaboration, and respect within the team, and address any conflicts or issues that arise. Overall, the role of a boss in leading a team is to provide direction, support, and mentorship to ensure the team is working efficiently towards achieving their objectives.

No one can whistle a symphony. It takes a whole orchestra to play it.​

Your role as a leader​

The role of a leader in inspiring a team goes beyond just managing day-to-day operations. A leader sets the tone for the team, creates a vision, and inspires others to work towards that vision. Leaders inspire their team by empowering them, encouraging them to think creatively, and providing opportunities for growth and development. They also communicate effectively, actively listening to feedback and addressing concerns. Unlike a boss, who often focuses on delegation and control, a leader leads by example and earns the respect of their team through their actions. They prioritize collaboration, build relationships, and foster a culture of innovation and continuous improvement. A leader recognizes and values the unique strengths and talents of each team member and creates an environment that allows everyone to contribute and grow. In summary, while a boss focuses on managing tasks and delegating responsibilities, a leader inspires their team, encourages creativity and innovation, and fosters a collaborative culture that enables individuals to thrive and reach their full potential.

If you want to lift yourself up, lift up someone else.​

Showing confidence in your team​

Showing confidence in your team is crucial to building a successful and productive team. When you demonstrate confidence in your team members, you are empowering them to take ownership of their work and make decisions that can positively impact the team's success. This also shows that you trust and respect their abilities and are willing to support them in achieving their goals. When team members feel confident in their abilities, they are more likely to take risks, share their ideas, and work collaboratively to solve problems. As a leader, it's essential to provide feedback and recognition for a job well done, which can boost team members' confidence and motivate them to continue performing at a high level. When you show confidence in your team, it creates a positive work environment and can lead to increased productivity, higher job satisfaction, and overall team success.

Today was one such day, where I entrusted my team to rise from within and break the barriers. A lot of times, communicating the ask to your team depicts your confidence in them. I hope that my team breaks through and kicks ass soon!

Many ideas grow better when transplanted into another mind than the one where they sprang up.​