Speaking at a Panel Discussion on Important Changes in GST effective from 1st January 2021, organized by PHD Chamber today, Mr. Bimal Jain, Chairman, Indirect Taxes Committee felt that the Input Tax Credit, being the soul of GST, has been compromised in implementing the GST Law. He echoed the sentiments of the industry by mentioning that availing ITC is a mammoth task and extremely cumbersome. He observed that the issue of fake invoices and fake credits has increased since GSTR 2A came into effect in 2019. The GST Return system, he felt has been introduced half-heartedly causing difficulties for the genuine taxpayers who want to voluntarily follow the law and pay taxes.
He further added that there are restrictions on claiming ITC pertaining to Invoice/ Debit Notes not uploaded by suppliers or furnished in their GSTR 1 or through IFF, which was initially 20%, subsequently reduced to 10% w.e.f. 1st January 2020 and will now be further reduced to 5% w.e.f. 1st January 2021 in terms of R. 36(4) of the CGST Rules. This is towards the business to KNOW YOUR SUPPLIER. Rule 86A which came to effect w.e.f. 26 December 2019, envisages blocking of credit and circumventing the right to appeal which is not within the four corners of natural justice, he added. Mr. Jain added that the introduction of Rule 86B, w.e.f January 1, 2021, restricting usage of credit in excess of 99% of output tax i.e. 1% need to be paid compulsorily through e-cash ledger are not introduced at the appropriate time and creating an atmosphere of uneasiness for trade & industry and should be withdrawn or postponed by the Government.
Earlier Mr. Sanjay Aggarwal, President, PHD Chamber mentioned that since the implementation of GST there have been many instances of fraud due to fake invoicing. There is a need to improve the system as well as the administration to check the frauds. He felt that the seamless flow of Input Tax Credit forms the backbone of GST, and any form of restriction on the ITC will be a dampener to the spirit of GST. He observed that any form of amendments should promote voluntary tax compliance, reduce tax litigation, and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.
Eminent panelists who also addressed the various important Changes in GST effective from 1st January 2021included Mr. Puneet Bansal, Managing Partner, Nitya Tax Associates; Mr. Tushar Aggarwal, Partner, Tattvam Advisors, and Mr. N K Gupta, Senior Executive Director, S S Kothari Mehta & Co. They deliberated on various GST Provisions of the Finance Act, 2020; New grounds for cancellation of registration under GST; Biometric-based Aadhaar authentication/verification process for GST registration; Validity of e-way bill; Waiver of late fee for delay in furnishing Form GSTR-4; among other issues.
New Delhi: In an effort to spread positivity and cheer for the forthcoming year, schools across the country operated and managed by Ampersand Group celebrated the ‘New Beginnings for 2021. Hubble Adarsh Senior Secondary Schools from Punjab, Balwadis of the Municipal Corporation of Greater Mumbai and Ministry of Women & Child Development-run Anganwadis took part in welcoming the New Year through various activities.
Teachers and students across schools were encouraged to share and post messages online by tagging #NewBeginnings and #MyEducationMyPath to usher the New Year with zeal and to share innovative ideas to compliment blended learning in the coming year.
The students and teachers shared videos, photos, write-ups on #MyWishForTheWorld along with home experiments they learned during lockdown and innovative methods of learning. In addition, students were encouraged to share their thoughts on topics like positives from 2020, benefits on online learning and how it helped in maintaining continuity of education, learnings from Covid-19 and on precautions they would take on the resumption of schools.
At least 10 winning students will be felicitated by Mr. Rustom Kerawalla, Chairman, Ampersand Group and Mr. Vinesh Menon, Chief Executive Officer, Education, Skilling & Consulting Services, Ampersand Group for their innovative ideas for learning. All these schools have been participating in various activities during the COVID-19 pandemic when educational institutions switched to online learning owing to the lockdown across India.
Ampersand Group conducted online activities like celebrating Teacher’s Day and Children’s Day during the pandemic to make learning educational and fun while trained teachers through online mechanisms from Jammu & Kashmir to Tamil Nadu ensuring upskilling during the lockdown.
Mr. Vinesh Menon, Chief Executive Officer – Education, Skilling & Consulting Services, Ampersand Group said, “The journey into the new Year 2021 from 2020 has a special significance especially due to the multitude of challenges that we faced in the year gone by. The young minds of children who are the founding pillars of the nation and ambassadors of the future have been affected the most. We are keen to usher in the spirit of a new beginning in the Year 2021 by applauding our children for being so resilient and cooperating and adapting to the new way of distance learning and readying themselves for digital inclusion. Their spirit and eagerness in maintaining continuity in education has to be hailed as one of the defining moments in Year 2021 and as a tribute to this spirit, a series of creative initiatives have been introduced to help children spread the message of hope and positivity. Sincere appreciation to all teachers and parents who have stood by us during these times and upholding the values that bind us as we step into the New Year with New Beginnings.”
Hyderabad: Havmor, one of India’s favorite ice-cream brands, has launched a new digital video with the beautiful and talented, Yami Gautam, stating that you do not need a reason to enjoy and appreciate the delicious Havmor Ice Cream Cake. The new flavor of ice cream cake is meant for all occasion and can be enjoyed any time.
Havmor Ice Cream Cake brings best of both the worlds, ice cream and cake together in a platter. Yami Gautam, a true foodie, looks for more than just a cake and Havmor’s ice-cream cake is just what she wants. You don’t need an occasion to have these scrumptious ice-cream cakes. Every moment in life is a celebration that can be doubled with these delicacies which is two of the most favorite desserts, ice-cream and cake rolled into one.
Commenting on the digital campaign, Mr. Shekhar Agarwal, Head of Marketing, Havmor Ice-cream said, “Ice-cream cake is the next big category and one of the most favorite amongst the cake lovers. The taste is truly magical as it brings two different treats- cakes and ice-creams, in one. It is the delightful combination of both the desserts that makes the experience divine and unique. We are thrilled to get the famous celebrated actor, Yami Gautam on board to talk about the new ice cream cake which is synonymous to celebration and can be enjoyed any time. I am sure that our consumers will connect with the new digital video and will have similar experience with the Havmor ice cream cake.”
On being associated with the new digital campaign, Yami Gautam said, “I am elated with this collaboration as I am a huge fan of both ice-cream and cakes. I have a sweet tooth and my excitement knew no bound when I came to know about the new flavours of Havmor ice cream cake. For me celebrations need no occasion, and so does Havmor ice cream cake. These cakes make every moment a special one.”
Recently, Havmor Ice Cream has launched four new flavours of ice cream cake. Adhering to the authenticity of two different tastes, The Chocolate Fantasy Ice Cream Cake is crafted to perfection with a generous layer of chocolate ice cream between two perfectly light and fluffy sponges, whereas the Nutty Caramel Ice Cream Cake is created with butterscotch ice cream sandwiched between two perfectly baked vanilla sponges. Topped with freshly whipped cream and mouth-watering chocolate cookies, Cookies & Cream Ice Cream Cake is one of the finest confections in the category. To exemplify the excitement and celebration with your loved ones, additionally the brand has launched one of the most extraordinary and exotic ice-cream cakes known as Heartbeat Ice Cream Cake. With delicious Red Velvet Ice Cream and topped with freshly whipped cream this makes the Ice Cream Cake a love affair that you cannot resist.
The new products start from INR 600 and go up to INR 750. Besides the current four new products, there are eighteen existing ice-cream cakes in different flavors which are available at leading general trade outlets and all Havmor parlors across the country. So, double your celebration with Havmor ice-cream cakes and make the most of it with your loved ones.
PFRDA (Pension Fund Regulatory And Development Authority) offers NPS Subscribers through its intermediaries, a comprehensive and digitally enabled solutions for their diverse needs from on-boarding, servicing, exit and facilitating issuance of annuity from the empaneled Annuity Service Providers (ASPs) as per the choice of the Subscribers.
Under the current process of exit of NPS Subscribers of POPs, the subscribers have to physically approach their POPs to complete their withdrawal request processed and the task is performed offline. The subscribers are required to submit the NPS withdrawal forms along with the other supporting documents for authorization by POP.
Now in addition to the existing offline process as mentioned above, the subscribers shall also have an online option to submit the withdrawal documents and authorizing their withdrawal request by using OTP/e-sign to make the process seamless in a paperless manner.
In the online process, Subscribers associated to a POP will initiate the exit request in Central Record Keeping Agency (CRA) system using login credentials and provide the relevant details of exit viz. Corpus allocation for lump sum/annuity, Annuity Service Provider (ASP), Annuity scheme etc. and would upload the withdrawal documents including KYC. The online submission is further authenticated through either OTP or e-sign.
The POP shall identify the bank account number of the subscriber by ‘Instant Bank Account Verification’ through penny drop and also verify the uploaded documents. The detailed online exit process for NPS Subscribers associated to POPs is provided at the Annexure.
The role of POPs while performing the task of processing Withdrawal requests of NPS Subscribers is defined under PFRDA (Point of Presence) Regulations 2018 under Regulation-15 (2) (c) which needs to be complied with.
For successful processing online/offline withdrawal request of NPS subscribers, PoPs shall be incentivized with a fee @ 0.125% of the corpus with minimum amount of Rs.125/- and max. up to Rs. 500/ payable by the Subscribers.
Central Record Keeping Agencies (CRAs) and POPs are advised by PFRDA to develop the required technical functionalities in a time bound manner in the interest of NPS Subscribers.
Annexure
A. Initiation of online Exit request by Subscriber
Subscriber will initiate online exit request by logging to CRA system using his/her credentials.
At the time of initiation of request, the relevant messages about e-Sign/OTP authentication, authorization of request by POP etc. will be displayed to the Subscriber.
Subscriber will earmark the corpus for lump sum/ Annuity , Nomination details etc. as per regulations.
Subscriber will mandatory upload the scanned images of the relevant withdrawal documents along with the KYC.
Subscriber will authenticate the request through OTP wherein OTP will be sent to Subscriber’s registered Mobile Number and Registered e-mail Id. If these details are incomplete/incorrect, Subscriber will have to first update Mobile No/email ID through the associated POP /login before initiating the request.
B. Authorization of Exit request by associated POP
On successful submission of online exit request by the subscribers, the exit request along with scanned documents will be made available to associated POPs in their CRA login.
POPs will be carrying out ‘Instant Bank Acct. verification’ through ‘penny drop’ to verify bank account and match the beneficiary details.
On authorization of request by POP, the request will get executed in the CRA system.
The Withdrawal and KYC documents thus uploaded, will be made available to ASPs online for processing Annuity, if applicable.
India: Xtraliving Pvt Ltd, a leading Health Wellness & Fitness company, is organising a pan India competition in association with Directorate of Sports, Maharashtra. eNERGIZE-National Level Quiz Competition is based on Nutrition, Fitness and Sports. The primary objective is to encourage 4-17 years old students to develop healthy habits around movement, nutrition and recovery. There are 250 million students in 1.5 million schools in India, with the current pandemic, it is needless to say that kids’ health and immunity is of utmost importance to all of us.
The programme will run by engaging the kids in quiz competitions and fitness workshops. Participants will have to register on Xtraliving’s official website (itsxtralliving.com).
The programme objective is to teach students about the tremendous benefits of participation in sports and group fitness activities. It contributes a lot to children’s physical, academic, and emotional health as regular activities are proven to have a direct positive connection to a higher sense of self-esteem, mood, sleep, quality, and lesser a chance of depression and anxiety. So, besides impacting physical health, exercises also affect our mental health.
The competition will be conducted in 4 rounds in which quiz questions will be age-appropriate. The event will start on 2nd Jan 2021, and any school or student can participate in this round provided they enroll latest by 30th December. Based on the results in Round 1, the top 2500 students from each age group will be shortlisted, and in the fourth and final round, Top 50 students from each age group will compete for the final trophy.
The winning school/student from each age group will receive the winning trophy and the certificate with special appreciation from Directorate of Sports, Maharashtra.
Speaking about the competition, Om Prakash Bakoria, Commissioner of Sports Maharashtra says “Children form the backbone of our society, and the growth of a society rests upon its healthy citizens’ shoulders, it is crucial to inculcate healthy habits from a young age”.
Rishikesh Kumar, Founder & CEO of Xtraliving Pvt Ltd says, “Through this programme, we aim to make students aware of the importance of healthy habits of movement and nutrition and its role in future success. We look forward to the all-round development of young minds.”
By Mr. R.K Jain, Sr. Vice President – Commercial at Jindal Aluminium Limited
As large-scale concerted efforts to reduce global warming gather pace, a rise in demand for environment-friendly metals is due in the coming years. As the world looks towards a low carbon economy; graphite, lithium, and cobalt find a mention along with aluminium, which is however by far the winning metal as it fits in perfectly as the most circular metal. Manufacturers of consumer goods, the food and packaging industry, healthcare, transportation, power, and housing are among sectors that are reducing carbon footprint through the usage of aluminium over plastic – a product that worked wonders in a linear economy but finds no place in the current scheme of things.
By its virtue of being a 100 per cent recyclable metal without any quality degradation, aluminium presents itself as a much sought-after ingredient in a low carbon economy. As we approach the 2030 deadline for the Sustainable Development Goals of the United Nations, aluminium presents the option of being the metal that will help the industry deliver on low carbon footprints. Leading international automobile manufacturers have already set themselves deadlines of 2040-50 to turn fully carbon-neutral. These efforts are inclusive of the usage of aluminium whose significance can be gauged from the fact that – for every 2.2 pounds used in the manufacturing of a car, an equal amount of overall weight of the vehicle is reduced. Similar commitments have also been seen in the packaging industry – an important user of aluminium.
The Indian industry has recently come together for a common charter that is being looked at as a significant step to adopt self-decarbonisation methods. This development shows that the Indian industry is working in sync to make themselves ready for a zero-carbon future by 2040 and also committed to producing products that support a circular economy. The possibility of a low carbon economy through aluminium is connected to the 3 B’s – Build Back Better. As we rebuild, we must adopt sustainable aluminium practices to ensure a green recovery from COVID-19, while also not losing focus on tackling the dangers of climate change. In the post-COVID world, as governments narrow down their focus, clean energy is only getting cost-effective and reliable. It offers the aluminium industry a purposeful opportunity as the demand for a low-carbon variant of metal will grow.
The COVID-19 pandemic has presented us with an opportunity that permits the aluminium industry to adopt a new outlook, where a circular approach and low-carbon footprints are the future. The road to a low carbon economy begins with using renewable or clean energy to produce aluminium moving away from fossil fuels that have a cost impacting the environment. The fact that 75 per cent of all aluminium ever produced is still in use lets it score over other metals in a circular economy. Offering a tensile strength that ranges from 40 MPa to 700 MPa (Mega-Pascal) and being highly resistant to corrosion, aluminium is better received over other metals and makes it a cornerstone for various industries.
Though a herculean task to achieve; aluminium’s recyclability facilitates in building a circular economy as its properties are not lost when recycled. A plus point of recycling is also that it takes just 5 per cent of the energy required in electrolysis than producing aluminium from Bauxite, thus, reducing energy usage by 95 per cent. Besides savings on energy, recycling also brings down CO2 emissions on a large scale. By some studies, this saving is around 95 per cent on greenhouse gas emissions for recycling if compared to the production process of aluminium.
It is here that it becomes pertinent that the industry moves towards a low carbon future with aluminium. A projected 8 per cent growth over five years should put India among countries that offer the possibility of a low carbon economy through aluminium as increased sectoral emissions call for immediate measures to enable a low carbon economy through the metal’s usage.
Mumbai/Thane: EuroSchool has once again proved its commitment to humanity. This time as a part of community service EuroSchool Thane in collaboration with The Light of Life Trust on the eve of Christmas and New Year, has taken up a noble humanitarian step for the unprivileged students of Vidarbha and Marathwada. To cater to their educational needs students of Grade 5-10 of EuroSchool Thane have collected funds of Rs 4 Lakh through an online crowdfunding campaign. This amount will be utilized in providing tabs and smartphones for the virtual education of underprivileged students.
The prime objective of this crowdfunding campaign is to help under-privileged students whose studies are severely disrupted due to lockdown and virtual education as they could not afford the electronic gadget for their virtual education. Upon realizing the seriousness of the situation, EuroSchool Thane has decided to fulfil the basic necessities of these kids by funding them for their education to bring smiles on their face this Christmas.
Commenting on the initiative Jyotsna Mayadas, principal, EuroSchool Thane, said, “Whether its emotionally or financially, this pandemic has brought about a profound aversive state of stress among the large sections of our society especially underprivileged children who have been deprived of the basic educational needs in their journey of education. The school unanimously believes that the benefits of education should reach out to every section of the society. The work that Light of the Life Trust has done with our students in this direction is exemplary. We are very proud of our students and their parents; who have encouraged them. I would like to express my gratitude to the NGO and wish all students for their bright future who have wholeheartedly participated and contributed in this campaign”, she added.
Light of The Life Trust is an NGO that works for the upliftment of orphan children from remote rural places. Having been founded in 2005 it has the vision of transforming the lives of underprivileged sections living in rural India and emancipating the lives of single mothers in making them self-reliant with its various skill development programs. It works with a mission of breaking generational cycle of poverty, one at a time.
“2020 has been a challenging year for businesses and customers alike. Earlier this year, customer experience (CX) teams across the globe had to rapidly adapt amid ticket spikes, customer cancellations, market volatility, and increased uncertainty. However, as the world moved forward, one week at a time, the global service requests eventually stabilized and new expectations and trends began to set in.
Customers now expect businesses to be more digital, accessible and empathetic. More than ever, they want and expect to connect with businesses the way they do with friends and family – effortlessly, especially over popular messaging apps like WhatsApp, Instagram or Facebook. Businesses are working on merging values from a pre-COVID era with the ever-changing demands of a post-COVID world. While this may seem to be an overwhelming task, the pandemic has highlighted the importance of the basics, such as keeping your customers and their needs at the center of everything that you do. Businesses are, therefore, re-emphasising the need for a people-first approach and working hard to retain a human connection.
People around the globe are eagerly awaiting 2021 and the many promises that it brings. Looking ahead, we anticipate that CX will continue to remain a catalyst to business success as businesses reorganise their priorities to incorporate a seamless CX journey for customers. On the other hand, digital transformation will definitely take precedence in the coming year to accommodate more omnichannel services, better IT security, agile technology and collaborative tools. Businesses will also take steps to be more people-centric, not just toward their customers, but also toward their employees. Employee experience and engagement will be a major area where we will see a change as businesses rethink their digital workplace.
As the year comes to an end, there is a sense of hope and excitement in the air of what the new year holds and businesses will look to strengthen their customer experience as the year unfolds.”
Shiv Sundar, Co-Founder and COO, Esper
Shiv Sundar, Co-Founder and COO, Esper,
“2020 has proven to be a challenging year. However, it was also a year of new opportunities and avenues for us. One particular trend that we witnessed was the acceleration of digital transformation with traditional companies. Incorporating customer interactivity into their solution became a priority and the execution ranged from standing up self-service kiosks to augmenting the customer experience with innovative digital solutions. Android based devices, in particular, have been deployed at a large scale to meet these demands. This has underscored how important a product like Esper is to fill the large gap to enable enterprises – small and large alike, to deploy devices at scale and have rigorous control over how their applications are deployed and monitored on their devices.
Looking ahead, we realize that the pandemic has ushered in a new era that will be more digital and virtual, even in remote locations. Industries like education, fitness, restaurants and healthcare will see a flurry of Android based devices and Android will become a dominant choice of OS for Touch based IoT devices. At Esper, we are moving ahead with a sustained hyper focus on our customer service. We have an amazing slate of features in the pipeline that will help our customers deploy and scale their device fleet. We are looking forward to a great new year for our customers, partners and our amazing set of employees.”
Gaurav Burman, APAC President, 75F
Gaurav Burman, APAC President, 75F
“2020 has been a watershed year for most sectors forcing them to transform themselves and adapt while going into the next year. In contrast, the building management and automation sector witnessed considerable traction despite the slowdown. This could be attributed to its potential in helping commercial buildings manage COVID 19 by controlling the spread of the virus through airborne particles. As a result the sector saw new products and services being launched supported by guidelines released by organisations such as WHO, CDC, ASHRAE etc to prevent the transmission of air-borne diseases.
Several business leaders have also leveraged the period of the lockdown and the work from home trend to scale up their commercial offices and workspaces with better technology in preparation for the return to normalcy. This has led to digital transformation in the workplace in creating smart, digitally connected spaces that use less energy, meet sustainability and safety goals, and boost workplace collaboration and productivity. There is also a trend towards optimising work spaces with an eye on long term sustainability. Our offerings in the space that have been popular include 75F’s preset systems to digitally monitor, analyze and control an environment and visibility to customized data analytics at all times from any remote location. As occupant comfort and environmental sustainability are increasingly being given priority in commercial spaces, the potential for smart buildings has grown considerably in 2020. While the commercial and retail sectors are already moving towards building automation, we expect the hospitality and health sector to follow suit in 2021.”
Paddy Viswanathan – Founder and CEO, C3M
Paddy Viswanathan – Founder and CEO, C3M
“COVID-19 has pushed businesses to adopt the public cloud and take a cloud first strategy. With critical workloads deployed in the cloud there is also an immediate need for secure and stable cloud infrastructure. Some of the largest companies in e-commerce, retail, internet and media, and consulting have started using our cloud security platform between May 2020 and today.
Apart from this, remote working has also been working well for us. Our team members are getting to spend quality time with their families, while being just as productive at work. In fact, we are contemplating making working from the office optional once the pandemic eases out. All in all, the year 2020 has been a blessing in disguise for us.”
Abhishek Patil – Co-Founder and CEO, Oliveboard
Abhishek Patil – Co-Founder and CEO, Oliveboard
“This year the ed-tech industry attracted students from schools, universities, businesses and individuals as classroom training was at a standstill due to the virus outbreak. At Oliveboard we saw a steady increase in online test preparation registrations as well. In addition, with both government and banking examinations in the pipeline, the online test preparation industry is about to experience its busiest season in the coming months.
Learning Analytics and Gamification will play inevitable roles in the online test preparation industry, as it will allow educators to assess and report student learning only on the web and will further assist them to better understand and optimize learning. For example, teachers will be able to see what kind of knowledge students most enjoy and use it accordingly (text, photos, infographics, or videos). They will be able to note which portions have not been delivered successfully and strengthen them next time. Besides, learning analytics can also help educators classify learners who may have academic or behavioural problems. Teachers could then build a way to help students achieve their full potential.”
Sharan Sai, Chief Business Relations & Public Relations, Hocomoco
Sharan Sai, Chief Business Relations & Public Relations, Hocomoco
“Despite the effects of the lockdown, India is one of the countries, that has been able to recover faster in terms of businesses being conducted. The construction activity saw a steep decrease immediately after the lockdown was imposed, however, by late May, the activities were back on track. India is witnessing a rapid growth of infrastructure across all the smart cities and metropolitans. With an average commercial space absorption square feet standing at 42 million, India stands tall among world nations. The pandemic has also worked out many realizations for many customers, like, people are now looking forward to independent housing and banks are boosting this through friendly loans for residential purposes. Overall, the construction industry in value terms is estimated at a CAGR of 15.7% and is expected to reach $ 738.5 bn by 2022, which is an immense growth. Fueling this growing market, the technology which is developed for construction is helping in making efficient transactions. Technologies such as blockchain usage for construction workflow is making it more secure and seamless in terms of carrying out the operations. We are confident that 2021 will definitely be the beginning of a new dawn in the construction segment.”
Prem Kumar, Founder & CEO, Snapbizz
Prem Kumar, Founder & CEO, Snapbizz
“The consumer retail segment has witnessed rapid growth in terms of digitization of MSMEs in 2020. This was fuelled by the current covid era which brought in new opportunities in the retail sector specially for Kiranas. As a result, over a million Kiranas have gone digital in recent months and their stores have gone online by accepting online payments, ordering supplies online, managing inventory, etc. The technology cover now enables them to leverage their strengths like proximity, personal touch, and flexibility further to acquire new customers effortlessly.
This year our SnapBizz team has succesfully helped neighborhood Kiranas gear up efficiently to compete against the larger ecommerce players in this industry. Kiranas have always been facing intense competition from major e-commerce grocery players who are aggressive in their campaigns to capture market share. The entrance of big players in the FMCG sector has been another cause for concern among them. However as it was evident, it was the Kiranas who provided a lifeline to the country when the lockdown struck with the Pandemic. This renewed trust in the neighbourhood kirana by people also prompted them to lembrace digitization to further enhance their relationship with customers. We see this as a positive trend and will only see wider adoption of technology by kiranas at the grass root level in 2021.”
Mangesh Panditrao, CEO & Co-founder, Shoptimize
Mangesh Panditrao, CEO & Co-founder, Shoptimize
“In the past years, online stores typically saw a rush only close to the festival days of Dussehra and Diwali. This year saw a longer shopping period as shoppers started buying earlier. With COVID putting a dampener on travel and socializing plans, shoppers probably anticipated going online to shop and decided to avoid the last-minute rush. Stores also started showcasing their festive offers early on to increase sales and conversions. The 30 day Diwali sales period saw a 484% increase in the online store visitors and sessions. While sales hit their peak on 23 October 2020, the entire three months of September to November saw heightened activity and sales.
At Shoptimize, for our clients, D2C eCommerce has become a critical channel, growing from 10% (previous FY) of overall eCommerce to 40% (current FY). There has been a GMV growth of 250% from festive season sales alone this year. In general, our clients have seen a GMV growth of 400% post covid. The various categories which witnessed this massive growth post-covid are fashion & apparel which saw a GMV growth of 150%, food & beverages a growth of 500%; and appliances & electricals a growth of 400%.”
Shabna Salam, Founder & Director, Maneraa
Shabna Salam, Founder & Director, Maneraa
“Covid-19 has brought about a dramatic and permanent shift in consumer shopping behavior in e-Commerce. The consumer today has become more cost-conscious and is investing increasingly in affordable fashion. We have also observed that customers from tier 2 and tier 3 cities who were previously reluctant to do online shopping now enjoy the perks of digital retail. On Maneraa’s website this year, we have seen consumers opt for pocket-friendly fashion with a willingness to experiment with new and relatively unknown brands. Though we are amongst the new players in the space, the customer response this season has given us great confidence especially with the spike in demand from tier 2 and 3 cities. It’s very likely that these trends are here to stay even after COVID as these are new customers who have joined the fray and they will only increase their usage as per industry norms. Looking ahead into 2021, we expect E-commerce retail to rise to 7% as opposed to the previous 1.6% thanks to the newfound demand and transforming consumer behavior.”
Sandeep Sankhla, Founder & Managing Partner, Glocal Mind
Sandeep Sankhla, Founder & Managing Partner, Glocal Mind
“The COVID-19 outbreak has severely impacted the entire healthcare industry and changed the working structure of its ecosystem. With the pandemic being the biggest healthcare crisis ever faced by man in this generation, the medical community has been working feverishly across the world to identify a vaccine and to understand the short term and long term impact of this on the world. And now with news trickling in that there could be sufficient doses available for more than one-third of the world’s population by the end of 2021, countries are busy working closely with the healthcare community to make sure that the purchase, distribution and storage of the vaccine can be carried out efficiently as per local market demands. Add to this many new trends such as Tele-Health, Electronic Medical Records, a focus on preventive healthcare and continued partnerships between the public and private sector can be seen gaining prominence in the healthcare research space. To understand these emerging trends across geographies, GLocalMind has conducted multiple market research studies including studying the Impact on healthcare practices, Impact on hospital operations, Adoption of tele-medicine, pricing perceptions for Covid Vaccine, healthcare innovation and transformation, etc.
With these changing market dynamics expected in 2021, we are working towards becoming an independent healthcare research facilitator to a larger aggregator model and therein creating a larger ecosystem for healthcare research studies globally.”
The fourth wave of the Industry revolution is about being digitally empowered and driving new technologies and IT services across edge and cloud assets to drive productivity. These technologies include everything from advanced analytics, industrial IoT platforms, artificial intelligence, and digital twins and serve the manufacturing sector’s core needs. In the last few years, it has been observed that the Internet of Things has boomed. According to industry research, there will be 35 billion IoT devices installed globally by 2021 and 75.44 billion by 2025. Essentially, as a tech-driven network of connected devices, the Internet of Things has the potential to enable data sharing within the system better. Its ability to let machines and equipment to communicate will impact industries.
The year 2020 has seen rapid growth of digital transformation, and with increased connectivity, 5G, and improvements in AI and machine learning, IoT extended their roots in people’s lives and industries. Looking ahead to 2021 and beyond, the technology is set to be at the heart of every organization. IoT is a technology of hope, and in 2021 few of the trends will come to the forefront, fuelling its importance, right from data-intensive experiences that use IoT devices to basic health-and-safety needs.
Connected device makers will invest in healthcare
The pandemic has significantly enhanced telemedicine resources, and 43.5% of people utilized telehealth facilities in April 2020. One of telemedicine’s significant benefits is that it reduces contact between patients, healthcare workers, and other patients. IoT devices help medical workers to have real-time information on patient data while they remain at home. In coming years there will be a greater need to use connected healthcare solutions to manage illnesses and monitor health. Telemedicine is expected to continue even after the pandemic is over. According to industry experts, there will also be greater interest in digital health devices among consumers due to convivence and more affordable prices, and the technology will grow $185.6 billion by 2026.
The Internet of Things will become universal in manufacturing
Due to the pandemic manufacturing industry and other environments with costly machinery have experienced the virtues of remote monitoring first-hand. Remote tracking of machinery has undergone a trial in the post-pandemic era, and many organizations have now embraced these capabilities. With the help of IoT driven technology, manufacturers and pharmaceutical businesses were able to connect industrial assets this year to remote operations, ensuring business as usual during the pandemic period. The benefits and positive impact promise significant investments flowing in IoT in 2021, according to industry reports. Basis industry experts, particularly field service firms and industrial OEMs will increasingly use this technology, making connected machines continue to gain momentum in 2021.
The Internet of Behaviour is expected to grow
IoB captures the “digital information” of people’s lives from various sources, and public or private entities can use that information to influence behaviour. The COVID-19 changed the way many organizations think. Work-from-home and social distancing are the new normal for everyone and staying healthy is one of the topmost concerns. So, we expect to see more IoT technologies in the field that monitors behaviour in various ways to enforce health and safety guidelines. Organizations are taking advantage of technology to monitor consumer and customer behaviours. Some of the useful technological tools here include location tracking, big data, and facial recognition. The Internet of Behaviours (IoB) can be perceived as a people-centric approach to the IoT. This trend highlights the importance of keeping the customers at the center of each organizational strategy to succeed in the long term.
Smart building technology will drive employee transformation
The lockdown has been lifted, but the pandemic continues. Businesses have resumed a partial number of employees with critical roles, working while most of the employees still work from home until the coming year. According to an industry report in 2021, smart building technology will be focused on IoT applications for intelligent office initiatives. These initiatives will include smart lighting, energy and environmental monitoring, and sensor-enabled space utilization and activity monitoring.
New Delhi – Jaipuria School of Business (JSB), Ghaziabad was adjudged as the ‘Best Management College in India’ for Industry Interface 2020 Award at the ‘13th Rashtriya Shiksha Gaurav Puraskars’. The Centre for Education Growth and Research (CEGR), the leading education think tank of India with over 10,000 academicians, corporate and researchers announced and felicitated the winners of its “13th Rashtriya Shiksha Gaurav Puraskars” in various categories in a virtual ceremony on 29th December 2020. Prof. R Hariharan, Director Approvals, AICTE New Delhi graced the event as the Chief Guest.
The nominations for these awards across the categories were invited from the higher education institutions in the month of October and the nominations were evaluated by the CEGR jury committee to decide the winners.
Speaking on the occasion, Dr. Jitendra Kumar Mishra, Director – Jaipuria School of Business said, “We are humbled on receiving this award and take this opportunity to express our sincere thanks and gratitude to all our industry partners for their support. We also reiterate our commitment to further deepen our relationship with the industry. We also thank the jury members of CEGR for considering JSB for the award.”
He added, “While the pandemic has disrupted normalcy, Jaipuria School of Business has been managing the processes and has ensured learning continuity remarkably well. The award is recognition of JSB’s vision to be a globally-renowned academic institution fostering excellence in management, innovation and entrepreneurship and is a testimony of the deep and wide relationship of Jaipuria School of Business with the industry.”
