Innovation is the key to survival in this age of cut throat competition.
Being stagnant does not help, especially with so many competitions mushrooming in every sector. At the Opportunity Summit2018, session moderator Joel Silverstein started the session with the statement, “Brands which don’t innovate will lose out on market share, profits and eventually die.” Once stopped innovating, it is considered that entrepreneurs have lost interest in their business.
Innovation is Pivotal to sustain:
In terms of real estate, Anmol Aggarwal, Zonal Head-North, RE/MAX India stated, “The real estate in India till date was highly disorganized. But with time, government efforts and technological advancement, this sector has become really easy to organize and has also made it easy for customers to buy properties.” However, being the closest to the customers, a franchisee must advise and communicate the market demands to the franchisor in order to innovate.
With a population of 130 crores, only 45 crore people are smartphone users. So, a huge gap can be seen between the smartphone and non-smartphone users. Sanjeev Arora, Chief Operating Officer, Phonup franchise, in respect to franchising of new ideas said, “The very concept of pre-owned mobiles is a new concept.” According to a study done in the last year, the y-o-y purchase of new phones last year was 3%, while the pre-owned or pre-used category was almost 13%.
India lacks an organized chain that can sell pre-owned mobiles and also offer quality services. “This is the innovation we are starting with. We have already brought in a lot of synergy to people by offering a standard of service. In addition, we are giving the consumers a 12 months guarantee which nobody else is giving. We are trying to make this concept more visible to the consumer.” said Arora.
Role of Technology:
Running an organisation is like a car rally where speed is required. But speed can only be possible if the car is well oiled. Similarly, when it comes to the restaurant, especially the fine dining segment, it’s all about doing things in a technologically well-managed way. Jagjit Singh, Chief Operating Officer, Pind Balluchi, stated, “Until and unless we know the proper way of doing something, nothing can be achieved. We use technology to keep a regular check on consumer feedback and food cost.”
Technology has different ways of operating. In real estate, Aggarwal says, “We use it in two ways where one gets to look at all the listings. And we also have it to make managing database easy to tackle.”
Therefore, it can be concluded that both innovation and technology play a pivotal role in helping a business sustain in the market.