Fashion, grocery, and general merchandise is likely to capture two-thirds of the e-commerce market by 2027, as per Phalguni Nayar, the owner of the Naykaa brand. These areas have a huge potential for growth as per Phalguni.
She said while speaking at the Startup Mahakumbh that in today’s phygital (physical plus digital) world- understanding consumer patterns, behaviours and preferences is paramount in order to solve consumer concerns. She even stressed that D2C (direct-to-customer) brands have the advantage of reaching the market quickly and adapt to changing trends also. Of the new D2C brands over the last few years – 44 per cent have emerged in fashion & beauty, she said.She said India is set to become the 3rd largest economy by 2030 and the startups are a vibrant palette, painting the landscape with bold strokes and creativity.
Advising the young startups and aspiring entrepreneurs, she said that one should remember that the success is not measured by that success is not measured solely by profit margins or market share.
“Success is measured by the lives you touch, the communities you uplift, and the legacy you leave behind. Let us embrace the spirit of innovation, collaboration, and inclusivity that defines our nation’s entrepreneurial landscape”.
Fintechs should respect rules & regulations of the country, say Fintech Startup owners
In the context of Reserve Bank of India (RBI) crack down on Paytm Payments Bank for non-compliance of some rules, Wealth management startup Groww’s Chief Operating Office, Harsh Jain said on Tuesday said that Fintech firms should collaborate with regulators, and work together to bring change, rather than bypassing or ignoring regulations.
While speaking at the Startup Mahakumbh, he said one needs to have respect for the rules and regulations around. You can challenge them if you really believe that customer behaviour or experience is going in a different direction.
According to another founder of Fintech startup, 3one4 Capital, Siddarth Pai, said that even if an entrepreneur is passionate and talented but disregards regulations, then failing is “not a possibility; it’s an inevitability”.
He also said that while some of the fintech sector’s problems have arisen because of new regulations, many of them are on account of companies not following existing rules.
Fintechs should realise that they can’t do away with the regulator as any transaction has three parties involved, he said. “If you optimise for a transaction only between two, the third one will eventually catch up and will end up hobbling your business,” he said, adding: “When you’re dealing with people’s finances, with people’s capital, that’s a very sacred obligation you take.” Comments by Jain and Pai follow a series of regulatory measures taken by the Reserve Bank of India impacting fintech companies. RBI actions have led investors, founders and product managers to think differently, especially after the central bank’s order for Paytm Payments Bank to halt all banking services, as reported in the first issue of Business Samvada.
