The Covid-19 pandemic has undoubtedly brought upon unprecedented social and economic changes for the entire world. It has changed consumer behaviour in unprecedented ways in a short period of time — a lot of knowledge that brands have acquired over time regarding what triggers our buying impulses, how we make our purchase decisions and when we shop might not be relevant anymore.
Tech startups and entrepreneurs are still contemplating the best ways to adapt to the curveballs that Covid-19 has thrown at them even as they deal with short cash runways and broken supply chains. On the other hand, traditional businesses are looking at digitisation as the way forward to cope with the new challenges posed by the pandemic. For the top consumer brands in India, the share of online sales has doubled during the Covid-19 phase, according to a Capgemini report even as traditional brands that have owned the brick and mortar space go online.
Remember the viral Parle-G memes last year when a drop in the company’s sales was connected with the state of the country’s economy? You would be surprised to know that the company that makes the iconic biscuit saw a 100X increase in demand for online purchases amid the pandemic. Now, it’s up to you to decide what this could mean for India’s wider digital economy!
Footwear and fashion accessory manufacturer and retailer Bata listed its entire portfolio on ecommerce marketplaces as well as rolled out WhatsApp shopping. Meanwhile, traditional brands such as Havells, Cornitos and Kiehl’s launched their online stores to keep in touch with their consumer base while they maintain social distancing norms. India is now home to 500+ such brands who are leveraging the technologies and easily available tools and setups to go online and build direct relations with customers.
And that’s what has brought us to the D2C moment for India!
How To Set Up Digital Payments And Counter The Challenges That Follow?
This webinar is part of Inc42’s #GoingD2C webinar series launched last month in association with digital payments giant PayPal and ecommerce software and SaaS provider Shopify.
The series was launched with the aim of guiding SMBs, entrepreneurs, freelancers and others in their D2C journey. While the first webinar delved into the basics of setting up an online store and starting an online business, this session will address all digital payments concerns.
It’s not only new D2C brands that are grappling with the changing dynamics and the regulations but even established D2C brands have to strive to stay updated. The webinar will help D2C brands set up digital payments for online ventures and take you through the laws and regulations that govern digital payments in India.
Inc42 has brought on board the experts from PayPal India which has been supporting SMBs and freelancers in their economic journey and helping them tap the opportunities that online commerce provides.
The webinar will host Mihir Ajit Shah, consultant, advisor and trainer in the field of international business and Nath Parameshwaran, director, corporate affairs, PayPal India who will help the businesses understand how digital payments can enable growth and scale in the digital world we live in today.
Agenda For The Session: What The Experts Will Talk About
- The right payment gateway for your business and some simplified ways of receiving payments
- Global and domestic payments trends in consumer businesses
- Best practices for making payments simpler and more secure for consumers
- Regulation and legal frameworks related to accepting domestic and international digital payments
- Importance of FIRC (Foreign Inward Remittance Certificate), its benefits for the D2C business and how can you easily obtain it
- Threats and challenges associated with online payments and data security, and how to counter them
- Implications of the zero merchant discount rate
- Dealing with the high cost of fulfilling KYC norms
D2C brands such as boutique tea brand Inchmasala and consumer electronics startup BoAT have leveraged Shopify and PayPal integrations to set up their payments systems, enable cross border payments and much more. Not just D2C brands, but Shopify and PayPal have been enabling small and medium businesses and freelancers to grow their business globally through their cross-border capabilities.
So join us for another riveting and insightful session with the experts. To know more about the webinar and the speakers, click here.
We go live at sharp 3 pm, so be ready with your comments and concerns around setting up digital payments and we will try and provide you with solutions around them all.