Is the automotive industry now creating more jobs than IT in India?

Automotive IndustryWhile everybody looking to make a big career move sought the best opportunities in the IT sector in the past, there has been a paradigm shift in the favor of the automotive industry.

The globe has witnessed a fall in the number of unemployed over the past few years in a number of its regions. This has been in part due to the availability of better media for awareness and urbanization of the remotest areas. But a part of it has also been due to the improvement of the various industries themselves. A better developed, expanded and growing industry has more space for both, skilled labor and raw talent.

However, information technology, that once has the best job categories and prospects, has seen a considerable decline. Massive layoffs across the multi-billion-dollar sector make the future possibilities for employees appear bleak.

Why hasn’t the IT sector been able to create more jobs?

  • The existing redundancy
  • Lack of skilled labor
  • The growth of the West

In the past, a number of foreign companies contracted their work to strong Indian IT firms like the Infosys and Wipro. So, every computer engineer who had the necessary skills had a job in hand. But now, automation has taken over all clerical tasks. The job profiles that are now vacant in the IT sector require in-depth knowledge of technologies like cloud-computing, robotics and a lot more. Since most engineers honed here do not taste this in their years of education, they aren’t job-ready.

So, although the IT sector continues to grow, job prospects for the natives are receiving a plummet. It is noteworthy that although technology is being integrated at a matched pace in the automotive market too, job prospects there are continuing to thrive and are, in fact, on the rise.

How the automotive sector has overcome this

While the IT sector is receiving a boost from the west, India is moving on towards becoming the third largest auto market in the world. All this with the new approach of going completely electric by 2030. This means that the automotive sector is heated up with processes of producing conventional engines and EVs going on in parallel.

A pervasive research highlights the need for a large workforce including both, accomplished individuals and fresh graduates who can be trained. This is because the whole industry is gaining a new face where ideas of the new generation are as welcome as the admin power of the existing luminaries.

Will this contribute to the growth potential of the country?

Considering the BRIC economies, it has been observed that countries other than India, in their developing phase, had a majority of people employed in the fastest growing sectors. This had a majority of the workforce being involved in contributing towards a quick rise in the GDP. But, as a worrying trend, India hasn’t been doing so say the chief economists of our country.

Moreover, market research reports claim that, of the total number of businesses in India, most work with an employee strength below 10. This data can be misleading. In our nation, this category is dominated by individual workers and freelancers. These are not as good a contribution as mid-size businesses actually are to a nation.

With growing opportunities in fields growing apace, a greater proportion of the population trying to leverage them will surely be a boost to the nation’s economy.

 

The Road Ahead for Online Retail in India

Online RetailIndia is a vast country and is also marked to be the most diverse of all. The landscape, people and their cultures, climate and plenty of other factors vary as we traverse through the Indian mainland. The remarkable fact is that each of the aforementioned factors has a potential to directly influence the retail market. Despite this, industry profiles state the market space to be growing constantly. The growth rate has surged to an extent that it has replaced most prominent and promising markets like China in terms of attractiveness. What fuels this progress?
The key insight that analysts have acquired is that the one segment of e-commerce is the driver of this rapid advancement. With the robust development in the technology sector, the number of internet users is on the rise thus offering a boost to online retail in India.
The increasing gross merchandise value of online retail
Technology as an enabler
The breakout in the number of online stores is completely powered by technology. Comparing the current market situation with older times, it has never been as easy to establish an online store before. It can be created profitably using simple steps and not much technical knowledge. Much of the resources can be invested in the innovation of products and services.
Businesses, today, also have a wider audience reach owing to the contributions of the telecom sector. The tech-savvy population count is burgeoning. With faster, secure and more reliable internet connections, most customers are encouraged to buy products online rather than tiring themselves walking through the different aisles browsing for choices.
The rise of artificial intelligence has led to the advent of smarter chatbots that can guide them effectively with personal recommendations from a due consideration of their past shopping preferences. Customer service is thus enhanced.
Technology is also expected to continue evolving thus placing more opportunities on the landscape.
Customers like being pampered
Online retail has evolved to be a customer-centric business. Market research shows that the wide number of choices that online retail provides is what lures the customers. This results from competition. Every firm in the vertical is competing with the other, new and established, to be among the most trusted ones. So, each e-commerce website channels their energy into making products more affordable while not compromising on the quality.
Bettered services like easy refund/cancellation policies, live order tracking and a good consideration to feedbacks and reviews makes online retail more trustable than ever. It also saves time and transport costs that the customer may incur when commuting to physical shops.

Online sales are growing at the expense of traditional channels and a projection would show no pause to this. With a traditional-retail apocalypse predicted by experts, companies must double-down on their efforts to place their business online.

The guide to sustaining your start-up

start-upThe success stories of a number of start-ups make it a very luring concept. But it is important to be informed that a larger number of them do not even come into notice because they weren’t able to establish themselves as a brand in their vertical.

To climb up the ladder of accomplishments, one must have a clear vision of the future of their new entrepreneurial venture. The following are the key points to consider for the mitigation of failure risks.

Conceiving a start-up idea

Ensure that the idea is original and relevant in the current day

If the product that you plan on building is not something that interests the contemporary population, it will fail to thrive. It is crucial that your idea aligns with the needs of the existing market. Your plan must essentially be a solution to the lack of a service/product in the market for it to acquire popularity. You must thus consider the market size and timing before you plot a launch. Any business research service can be exploited for this purpose.

Furthermore, the essence of a start-up is innovation. The reason why most start-ups fail is that they do not have a compelling value proposition. Unless your start-up idea is original and reflects a new perspective to the current problems, it will not be welcome.

Follow your passion

If you are not interested in what you are serving your clientele, you will not be able to take the business ahead. Choose an industry that you are really passionate about working for. This will keep you self-motivated even when hurdles come your way.

The execution: Setting up your business

Meticulously plan your business model

Customer acquisition is purely based on the performance of your business model. It must promise a lower cost for lead generation compared to the lifetime value of the client/customer. This is how profits can be maximized. There has also been a noteworthy shift from a merely data-driven approach to an insight-driven one for strategizing a business model.

Ensure sufficient funding

Inadequate funds could mean a major downfall for a start-up. It is a consequence of a wrong understanding of the revenue flow in a company. When charting out the money requirements, one must consider the cost of making a business lobby in the market rather than just considering its set-up. Rounding off the digits to a higher value will always keep you prepared for any market disaster.

Plan your location

A market research would tell you exactly where you should place your business. It will offer you an in-depth analysis of the global market and the key players along with a good understanding of the location of your target audience. Moreover, it will assist you in knowing the current political and geographical situation of the space where you plan on locating your business to suggest its favourability.

Strategizing the growth and sustenance

New businesses are often seen to lack an organizational structure. Most services like marketing and data management are relayed to them from third-party sources. This makes them highly dependent and unsure of efficient execution. A good management team will be able to tackle these problems effectively. The owner of the business must also plan to expand the business at a slow pace initially so that resources are conserved along with a measurable growth being observed.

One must also explore the potential of today’s technology and do more than just building creative websites. Although the traditional techniques bring your start-up to notice, they do not promise a long-term customer loyalty.

Global Chromatography Reagents Market- What Rising Investments Mean?

Chromatography ReagentsChromatography is the umbrella term for a separate set of methods for mixture separation. In this procedure, the mixture is dissolved in a fluid that is as well known as mobile phase. It performs the mixture through a structure, which holds one more mixture called as stationary phase.  Dissimilar constituents of all these mixtures hasten the procedure of separation of the mixtures. The technique is widely used in laboratories. Continuous innovations in the market in terms of advanced designs and better performing resins and reagents are grasping more attention of the business from across the globe. Rising demand is the major driver for the worldwide chromatography reagents market.

Segmentation and Business Prospects:

Considering the high growth rate in the market, the worldwide industry for CRs has great segmentation. Key segments in the market are identified based on all types of the applications, bed shapes, types, physical state of the mobile phase and separation mechanism. Factors such as end users and geographical location of the end users as well have detailed segments. Each of these segments is more divided into sub-segments based on their special features and differences.

Below is the information of segmentation:

Chromatography reagents are divided into many basic types, analytical, namely, bioprocess or preparative. Such basic types are divided into many sub-segments as:

Preparative: Buffers, solvents, and solid support

Physical state: Based on physical states of mobile phase CRs is segmented into three main types, such as, liquid, gas, and supercritical fluid

Analytical: Alkylation, Silylation and acylation, esterification, ion-pairing reagents

Bed shape: The two typical types of bed shapes are Column and Planar chromatography reagents. Furthermore, Planar CRs are classified into paper and think layer chromatography reagents

End users: These common laboratory techniques are widely used around the different industrial verticals such as research, pharmaceutical, government academic, hospitals, biotechnology, cosmetics, food and beverages, environment, nutraceutical and such other industries

Separation Mechanism: Based on separate mechanisms used, the market segmented into affinity, ion exchange, absorption, partition, and size exclusive mechanisms

Drivers and Forecasting Results:

Depending upon the geographical locations, the worldwide CRs market is divided into four segments, such as Europe, North America, Asia Pacific, and rest of the world. As per a market research, all the aforementioned segments, the worldwide industry is predicted to witness a steady yet notable growth. Based on the recent findings, the CR market is predicted to grow at an estimated CAGR of 10.6%. The same rate is estimated to continue from 2013-2018. Based on the given figures the market is predicted to reach past $7,609.3 million by the end of 2018. As of 2013, the market is poised at $4,598.0 million.

Increasing investment, high growth in demand and continuous technological developments are drawing the market. Large technological boost and rising industrial applications are driving governments from diverse part of the world to make heavy investments in the market. Considering the forecasting reports, the same trend is predicted to prolong for the next 5-6 years. Therefore, the market is set to make stable progress towards stability and success.

How the IoT is transforming Retail Industry?

Retail IndustryTraditional brick and mortar retailers are facing a tough time competing against digital retailers who have engulfed huge pie of the retail market. Because of declining customer base and dwindling profits, more and more retail stores are closing their shutters. As more and more consumers moved from physical retail stores to digital stores; making purchases with the tap of a finger, the retail game has revolutionized.

Due to the tremendous growth of IoT and alter in shopping trends, the customer experience has become more important than ever. This led to explosive growth of ads from retailers inviting you to try their apps. There is a huge competition in creating the next big thing, which will offer the best shopping experience for the customers in the digital space.

Gratitude towards the internet of things (IoT) and its influence on connecting the digital and physical worlds in ecosystems of devices like computers and smart phones, the world of retail may never be the same again.

With useful insights from IoT devices, brick and mortar retail stores are now in a place to confront the traditional ways of doing business. Physical stores are now offering more personalized experiences by combining digital elements into the shopping journey.

Dawn of a new retail landscape:
Reputable retailers are now using both physical and online stores for a flawless shopping experience, in order to survive the stiff competition in today’s retail industry. From social media to TV advertisements and in-store promotions, IoT has assisted customers to cooperate with their business however and whenever it suits them. Internet of Things allows physical retail stores with the same capability for personalized and data-capture as digital stores.

Internet of technology will gradually modify the way the consumer shops and the way the retail stores do business. In future, shopping malls will be filled with sensors, from smart barcodes that provide customers with product insights to digital ad screens that make use of facial detection technology.

Improved shopping practices for customers:
IoT has offered retail stores with better opportunities to customized in-store shopping experiences for consumers. When Internet of Things is combined with customer’s smart phones, it provides access to helpful product information and can send customized offers for the customers.

For example, users can scan the products to get extra information regarding available sizes or colors. They can as well sign up for SMS notifications of special deals while in-store. Internet of things devices as well helps staffs to offer better customer service. A sensor placed near the cash counter can be programmed to trigger an alert to an employee’s smart phone once a consumer has been positioning there longer than 30 seconds, as per a market research reports.

Internet of things devices assist the retailers to offer faster help to customers thus improving the whole shopping experience.

Smart Manufacturing: The Next Industrial Revolution

Technology is slowly but unquestionably transforming the way we conceptualize and implement things in the manufacturing industry. The manufacturing operations are utilizing smarter advanced equipment however the quantity of silo data collected by linked and other devices are making data collection and interpretation an intimidating task.

IoT, otherwise called Industry 4.0 [ in the context of manufacturing production] is bringing in the much needed active change in the operational fineness and innovations by making a world that integrates connective technology, the big data and the cloud; a realm where better and faster decisions can be made at a moment’s notice.  When you break it down, it means that through Internet of things, smart manufacturing captures and sheds light on all available info, all the way from the plant floor to the other stages of the supply chain, in real-time.

Market research results show that 55.0% of discrete manufacturers are piloting, researching, or in the middle of production with IoT initiatives.

Furthermore, survey forecasts that the worldwide IoT market will grow to $3.04 trillion in 2020 from $1.3 trillion in 2013.

The statistics tell the truth that is factual; according to a survey conducted by TATA Consultancy, manufacturers using IoT solutions in 2014 experienced an average increase of 28.55 in revenues in between 2013 to 2014.

In fact, Business Insider market research speculates that global manufacturers will invest approx. $70 billion on IoT solutions in 2020 and the first and foremost motivation for implementation here is the difference to the bottom line.

Making change discernable

The talk around IoT always includes two points of observation – first one, is connectivity and the second one, real-time. In one of GE Durathon battery plants, more than ten thousand sensors collect crucial info like the humidity, air pressure and temperature, all in real time and this allows the enterprise to keep watch on the status of the production of each battery.

Perhaps the best part of the smart manufacturing is that it gets rid of the time gaps in data dissemination to different teams within the company thus leading to a total optimization of production.

From one to many

One of the most noticeable aspects of the smart manufacturing technology is the capacity to take stock of greater than just one factory at a time. Internet of Things increases the conspicuousness of each step in the process making it simpler to control what occursacross diverse factories at different locations.

Improved control

The latest management systems allow the organizations to establish factory operations in diverse areas of the world, all the while allowing for much advanced control of the critical processes.

With smart manufacturing, manufacturers can allocate a digital identity to all of their physical assets that permit them to collect applicable info on location, condition and efficiency of each, at any given time. Fundamentally, this simplifies the procedure of taking manufacturing outside the origin- country but without compromising on quality.

Even though it’s at an initial stage, more manufacturers are going to find more complex applications for IoT, especially in fields like AR and AI.

Blockchain Technology: The new face of the Finance Industry

Blockchain technology ends to redefine not only how the exchange sector operates, however the worldwide financial economy as a whole.

Everybody is talking about blockchain, the new technology in the FinTech industry. The idea of blockchain has energized the financial services industry worldwide and has already brought a distraction in the industry of financial.

What is Blockchain?

A blockchain is a public account of all bitcoin transactions, which have ever been implemented. The ‘present’ part of a blockchain is a block that records some or all of the current transactions, and once finished, goes into the blockchain as long-term database. Every time a block gets finished, a new block is generated.  Blocks are associated to each other (like chain) in systematic lined, sequential order with each block containing a mess of the earlier block.

To utilize traditional banking as an analogy, the blockchain is like a full history of banking transactions. Bitcon transactions are gone through chronologically in a blockchain just the way bank transactions are. For now, blocks are like personal bank statements. The entire copy of the blockchain has records of each Bitcon transactions ever implemented.

IBM Blockchain:

According to a Market research, for example, the concept of IBM Blockchain has fixed the Linux Foundation’s Hyperledger Project to develop and enhance upon previous forms of blockchain. Rather than having a blockchain that is dependent on the exchange of crypto currencies with unidentified users on a public network.

Benefits of Blockchain Technology:

  • Each and every transaction is recorded and validated by blockchain, which makes it secure and reliable, as a public ledger system.
  • Every transactions made is certified by miners that makes the transactions absolute and safeguards it from the threat of hacking.
  • Blockchain technology throw-outs the need of any third-party or central power for peer-to-peer transactions.

Blockchain: The New Innovation for Financial Services

Blockchain has been one of the most overwhelming innovations since the Internet came to be. This technology mostly permits all to hold and create transactions as unfamiliar persons but in a completely transparent way.  There is no mediator in between 2 people making the transaction, and the entire procedure becomes cheaper and easier. The idea can be applied to the whole digital world making any kind off exchange/transactions secure.

What are Blockchain use cases and initiatives taken by Financial service Industry:

Blockchain technology permits all to hold and create transactions as strangers but in a completely transparent way. There is no mediator in between 2 people creating the transaction, and the whole procedure becomes cheaper and easier. The concept can be applied to the whole digital world, creating any kind of exchange transactions/exchange secure.

Interest in Blockchain has been coming in from every part of the world with main ones being banks and technology providers.

Blockchain technology has been recognized as one of the most upsetting advances since the arrival of the internet. The finance & Banking industry has also begun seeking to leverage it to store and transfer its value to other financial and banking instruments.

Global market for anti-aging products to reach up to USD 216.52 billion in 2021

anti-aging marketAging is caused by a loop of diverse biochemical processes in our systems that influence it internally and externally. These bio-chemical procedures result in our bodies degenerating over a period of time, thus affecting the physical appearance, health and well being as we age. Anti-aging is prohibiting or stopping that aging process. Nowadays, there has been an incredible rise in the phenomenon of anti-aging.

As per a Health and Beauty market research, the global demand for anti-aging market was valued at USD 140.3 billion in 2015 and is estimated to reach $216.52 billion US dollars in 2021. The market is expected to mushroom swiftly at the CAGR of 7.5% between the years 2016 to 2021.

Reasons for market growth

The anti-aging products market includes medications, procedures and lotions intended for delaying or stopping the aging process. It is the baby boomer’s progressing towards the age of retirement that contributed heavily for making a strong market for anti-aging products manufacturing organizations and cosmetic surgeons. Generation X and Baby boomers are considered to be the most profitable and informed group of customers for the counter-aging products.

The Beauty product market research explains that the improved safety and efficiency are the major driving factors for the counter-aging market. Moreover, the increase in aging population globally has also been a crucial factor for the growth in industry. Stringent regulations have resulted in introduction of safe and efficient counter-aging products and services in the market and are estimated to drive the market in the upcoming years.

Furthermore the rising demand for the anti-aging products and advancement in technology in anti-aging services are the aspects that are furthering the market for anti-age products. However, as per a market research the customers are still cynical about much of the anti-aging products and services, which is the biggest threat to the global growth of the market in the future.

Customer’s inclination towards more natural ingredients

Customers nowadays are more inclined to purchase products that have natural ingredients in them rather than chemicals. Therefore products that contain coconut, almond, marula and argan are some of the most popular ingredient and are highlighted due to customer’s preference for such natural items.

Top five expenditures in Emerging economies

Growth in urbanization has been the driving factor for rise of emerging economies internationally. The quickly spreading urbanization has also bought a spree of diverse buying trends among its consumers over the years. According to a Market research, the customers’ spending in the emerging markets such as China, India and others is expected to increase three times by the year 2020. Consumers of this new era are increasingly demanding new things and seeking services/products that are customized as per their requirements and needs.

Here are the top five goods and services which the emerging economies are spending on –

Consumer goods

Customers are increasingly spending on consumer goods, for example personal care goods, and especially on big capital goods, particularly the air conditioners. As per a market research the greatest increase in beauty and personal market will come from India and Turkey. However, this earlier growth is often disturbed by the demand for cell phone. Some experts opine that the much of the emerging market consumers will give up nutrition for connection. Research studying the Chinese smart phone market explains that the number of users in the market had reached up to USD 700 million by the end of 2013.

Food and Beverage

As the per capita income rises, the most obvious change is the rise in disposable income, which in turn has increased the consumption of more expensive prepared food stuffs, for example, snack food stuffs in Mexico, cooking sauces in china and breakfast cereals in India etc. Comparatively, even the UK, which is a mature market, the rise in snack is visible and is further encouraged by the launch of new products. Consumers are now splurging on calories. As per a Food and Beverage research report   around USD 1,500 of the customer’s annual per capita income is spend to acquire more of these calories.

The food service market is profiting to a great extent as well. Growth is speedier in most emerging economies, especially in India and China, where the expansion of coffee shop chains, and restaurants and business spending has encouraged the demand.

A study on Malaysia illustrates the consumers have started to spend approximately 23% of their income of food and beverages. The only exception this trend is the Mexico, where people prefer to eat at home.

A noticeable never-ending trend in such economies is that as the market matures, there is a strong demand for premium level of alcohols- like Lambanog in Philippines, Ruou in Veitnam, and Baijiu in China. Market research has shown that when people have more disposable income in their hands, they tend to splurge quite a lot on beverages, both on non-alcoholic and alcoholic drinks.

Healthcare

The healthcare segment is another sector in which there has been an outstanding amount investment from the emerging market consumers. Research shows that the newly wealthy people are increasingly spending on better health care options.

Emerging markets like China, Brazil, India and Russia are among the top sixteen emerging markets that will make up almost a one third of the global spending on drug within four years.

Recent trends show that the OTC drug market where consumers can get drugs or any medicines without prescription is increasing in value and volume in the emerging economies.

The emerging markets are estimated to continue the growth of healthcare consumer goods as a direct result of expansion in the middle class.

Transportation

Other than consumer goods, health and food & Beverage, consumers look to spend on better and more comfortable transportation, however progress in this aspect is not as one would expect. For example, in India it isn’t unusual to see a family of four ride a motorbike, even though the general expectation for them would be to get a car, which they might purchase- unless there are too many buying cars, in which case people would opt for a two-wheel vehicle in order to get around in traffic, where a car is most likely to get stuck.

Luxury goods

As the budget on expenditure increases, a growth in demand for the luxury products is being witnessed in the emerging markets. Until recent years, the world of luxury goods was only exclusive to the wealthiest of customer market like Western Europe, Japan and America. However, consumers from Asia, Latin America, Middle East and Russia are increasingly participating in the international luxury goods market, as they continue to purchase luxury goods like iconic watches, cars, jewelry, wines, fragrances and leather goods.

Analyzing Population Data to Strategize your Business Potential

Keeping a watch on demographic trends is important to build a business plan for any consumer services and goods, as shifts on population size does impact the market potential. Changes in population profile such as ageing and diversity will oversee a change in new opportunities or demands for certain product and item. For example, health statistics can be observed to know the wellbeing of labor force and target pharmaceuticals accordingly. As per market research some of the mega-trends in demographics are:

  • Ageing
  • Lower fertility rates
  • Urbanization
  • Migration to or in other countries

With patterns in population shifting overtime, it is necessary to adapt strategies, which can help succeed on long run.  One must draw a detailed consumer profile by segmentation, age, diversity for supporting marketing opportunities. Other helpful tips are analyzing health of the audience, their size, composition for projecting future plans, and reshaping existing ones when needed.

Advantages of Understanding Demographics

  • It is easier to identify demographic markets in relation to existing territories, which helps in assisting markets to adapt their services and goods as per requirements.
  • There is a scope to improvise on business services after studying population data, for example, which regions show an increase in demand, where are the products making most profit, and more.
  • A fine strategy for promising an attainable goal for the company can be met with observing demographics, and the upgrades in the same.

Segmenting and Sizing of Market

Population is divided upon gender as well, so a shift in male, female or others in numbers or any aspect is sure to influence sale of relevant service or product. Sometimes the growth in population can slow or quicken, and one needs to arrange the resources to keep up with the target market needs and behavior, or response to it.

For knowing the feedback from existing audience, it is vital to read their opinions in time, so that long-term strategies can be constructed. But, these plans must be flexible in case these need to be changed. A demographic model can talk in terms to region, and perceptions or features of the audience and consumers.

Exploring Diversity Graph

Some regions are constructed with different types of audience, which may differ as per interest, ethnicity, religion, family size etc. Noting each of their demands and interests are important to draw a plan of progress. Exploring data of population diversity will project ideas for how a single business can cater to all type of consumers in the market, or how a certain segment can be encouraged to develop a positive perception for the brand etc.

Judging Progress of Products or Services

Given demographic statistics of a region, it is possible to determine forecasted demand and adjust supply as per expectations. A shift in health trends can signify new opportunities or turning existing ones to fulfill population needs, shall emerge. How the current product or service is working in the market? What are the pitfalls, chances, regulations, policies, challenges, strengths, weaknesses to the item in question? Who are no more interested in it, or who are showing a growing interest in the same can be noted.

Tactics for Expanding Consumer Base

Where depopulation is uncommon, it is happening so in few parts of the world due to lower life expectancy, ageing, fertility rate decline, and emigration to other countries. A prominent example of depopulation is Eastern Europe, Croatia, ETC. But, urbanization brings new prospects where the population expands again. So not only a marketer must consider how the population size increases or decreases, he/she must also observe what factors can help them target an expansion for customer base.

Projecting Forecasts for Better Marketing

While each of the demographic features discussed above as individually important, these must be considered together at every point of time to consider how a business or marketing plan must be created or re-worked on. A consensus and analysis on population data will throw up accurate details to aid know possible trends, forecast, and other promotional strategies. It is normative to understand every element of the market before getting into a new venture or extending a product or service line to greater audience, or a customer base.