Business Innovations – Winning Strategies
Published on 19 Oct, 2022
Today, the new brands entering the market are not only designing innovative products but also devising enticing ways to market them. Business innovation involves implementing new ideas and thoughts to help a company achieve its objectives and boost its bottom line. A series of new startups has adopted this concept and are making their mark in the industry.
Innovation has the power to disrupt the environment and help create new ways of doing things. Though the term innovation is usually associated with technology, it is not limited to it. Many startups and small businesses that have entered the market are utilizing innovative methods of operating business that have helped them become cost-effective and successful. In short, they have adopted business innovation, i.e., a business model incorporating new ideas, methodologies, workflows, and processes.
These companies have an understanding of what new-age consumers expect and ensure their product designing, marketing, packaging, and distribution are carried out with the aim of fulfilling such expectation. Customers nowadays are more inclined toward products having the following characteristics:
- Environment-friendly
- Plastic-free
- Vegan
- Organic
- Health benefits
- Technologically advanced
- Toxin- and chemical-free
- Digitally available across country
- Subscription-based benefits
Consumers are willing to pay a premium for brands that meet the above criteria.
Startups are cognizant of these consumer preferences and are creating innovative business models that can satisfy customer needs. Some of these companies are mentioned below:
| Sr. No. | Company | Segment | Differentiator |
|---|---|---|---|
| 1 | Mamaearth | Personal care | Chemical- and toxin-free Social media marketing |
| 2 | Nykaa | Cosmetic and fashion | Digitally available Social media marketing |
| 3 | WOW Skin Science | Personal care | Chemical-free Digitally available Social media marketing |
| 4 | mCaffeine | Personal care | Vegan Digitally available Social media marketing |
| 5 | Beardo | Personal care for men | Technically advanced Digitally available Social media marketing |
| 6 | Fresh to Home | Fresh food delivery | Chemical free Unadulterated Digitally available Social media marketing Subscription-based model |
| 7 | Licious | Fresh food delivery | Fresh food Never frozen Digitally available Social media marketing Subscription-based model |
These startups are a threat to established players that had so far been enjoying monopoly and customer loyalty.
The Evolution
Majority of today’s population consists of digital natives who value convenience and ease the most. Modern startups understand the temperament of such customers and have therefore designed not only their products but also their entire marketing and distribution process to cater to the needs of these customers. Online platforms are expected to gain more prominence and be the key retail market for all products and services in the near future.
Naresh Trimukhe
