We are three months into completing two whole years trapped in our houses due to this global pandemic. Looking back now, it seems like a time capsule. From the emails, we got to start working from home, and exams getting canceled. From thriving on dalgona coffee and Maggi in the start to being able to cook multiple cuisines, the covid-19 has shocked us all. In the difficulty where everything was locked and no shops were open, we faced a major humanitarian crisis of survival in homes. It took a toll on supplies available in markets, mental health, and also the income of every single business. The business did not operate for months and it became more about survival than growth. Yet some companies made out of it like champions and got such commendable viral that it deserves the attention for its business model and product/service offerings. Read the article further to know more.
One of the biggest revolutions the pandemic has brought is the digitization of every aspect of our lives. From online health consultation to online schooling and food delivery, there is nothing you cannot find online now. The surge in online small businesses is extremely huge. Along with it, the surge and creativity different brands have shown in digital marketing is impeccable and it has made marketing of products even more personalized and extremely cheap. The years were full of Zoom burnout, virtual dates, virtual classes, and never-ending g-meet meetings. Due to increased time spending with family, even the elderly have learned to use the tech and operate zoom meetings. Virtual Satsangs are just as common as virtual nurseries. However odd this may sound, this has become our reality. Most of our companies were either company providing digital products/services or were of essential services like food delivery and package delivery.
- Razorpay
Payments solution provider Razorpay became India's sixth unicorn this year after it raised $100 million (about Rs 731 crore) in a funding round. It currently powers payments for over 5 million businesses including Airtel, BookMyShow, Facebook, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others. We all have come across this payment portal and with digital payment becoming more and more natural and a replacement for cash, this business is most likely to grow exponentially in the coming future.
- iD Fresh Food
iD Fresh Food is delivering its products directly to customers. It works on the trust the customer model and it has updated this model to cater to customers in Mumbai, especially in the Covid-19 hit areas, by delivering id products to homes and trusting the customer to make an e-payment in 24-48hrs. There are no sales personnel or CCTV cameras to hold one accountable and absolutely zero verification on who has taken the products! The company had first launched the Trust Shop model, in 2016, wherein customers could take products from iD chillers unmanned by sales personnel and with no CCTV cameras installed at 37 apartments across Bengaluru, Mumbai, Chennai, and Hyderabad. The company trusted customers to drop off the money in a cash box attached to the chiller. The response was phenomenal then with 90-95 percent returns in some of the stores and it’s no different now.
- Shiprocket
The covid-19 saw a surge in small businesses that could be run from home. Like catering services, home bakeries, gift hampers decoration, jewelry making, thrift shops, and what not! Shiprocket is one of those delivery services that will pick up the product from the producer’s doorstep and deliver it to the customer’s doorstep. Its unique low-cost business model has made it so much easy for small businesses to expand and for the company to penetrate the market.
For more articles on food Marketing, agrotech, and technology related to the Indian food industry, check out FMTmagazine. FMT Magazine is an edition of the German publication. It is a comprehensive food and beverage magazine that connects the buyers and the sellers through content that is of international quality. The magazine over the entire spectrum of the food industry including content on policies. FMT Magazine stands for Food Marketing & Technology Magazine. The magazine carries articles on ingredients, processing, packaging, food safety, and marketing, along with interviews with top personalities in the Indian food industry.
