Reflecting on 2023: Industry Leaders Share Insights, Challenges, and Hopes for the Future
As we approach the conclusion of 2023, leaders across various industries open a window into their worlds, revealing insights, challenges faced, and their aspirations for what lies ahead. The discourse encompasses the revolutionary impact of blockchain and web3 technologies, the dynamic changes within agriculture and agritech, and extends into sectors like retail, fintech, and financial services. These reflections collectively paint a vivid picture of the diverse and evolving landscape that has defined the year, offering a glimpse into the trends and aspirations that may shape the trajectory of these industries in the coming year.
Blockchain:
Srikant Bhalerao, Founder & CEO, Seracle, a full-stack Web3 development platform, says,
I firmly believe in blockchain and web3 technologies as we move toward a decentralized future. I view blockchain as a force for good, not just a technology, and I approach it with a people-first philosophy. The secret is a tokenized, decentralized node infrastructure that gives developers, businesses, and ecosystem operators more power. There’s a real sense of optimism about blockchain’s potential to revolutionize as we look to India. This sentiment is reflected in the MENA markets, which offer a supportive atmosphere for web3 expansion. We’re not only seeing a technological revolution in this age of decentralized possibilities, but also a social one, as trust, cooperation, and innovation come together to create a better future.
Agriculture/ Agritech:
Shashank Singh,Co-Founder – Poshn, a wholesale processed commodity distribution and financing platform says,
Agriculture contributes to over 18.3% of total GVA (Gross Value Added) of the country. The country’s agricultural exports touched all-time highs of $50.2 Bn in the year 2021-20 and $53.2 in 2022-23. It is also the largest employment providing sector.The current global economic crises have emphasised the significance of agriculture. Governments and investors worldwide are turning their attention to the sector, recognizing its potential to drive economic recovery. As much as the space is a hotbed of opportunities it also is marred with numerous challenges.India has seen a steep hike in the number of startups emerging in the sector in an attempt to solve the numerous challenges that plague it . Supply-chain solutions, tech and innovation, lending etc. are some sub-sectors for these startups. These startups experienced unparalleled amounts of investments pouring in between the years 2021-23. This reflects a strategic shift in priorities. As the world seeks to enhance food security and mitigate the impacts of economic downturns, the agriculture sector becomes a focal point for sustainable growth. With south asia as the food bowl for the world, we can continue to see these investments in the region growing in the decade.With farmers embracing technological innovations such as IoT, AI, Robotics, Big data & analytics, Agri biotech , the industry is being transformed. These innovations will help us solve age old problems like erratic weather patterns, sudden shifts in climate. By maintaining a good balance between traditional expertise and latest innovations, the sector will definitely navigate through challenges and play a pivotal role in leading the economic revival that we are to experience in 2024.
Agriculture/ Agritech:
Sudhanshu Rai, Co-founder, Fyllo-Empowering Farmers with IoT and AI, says,
The investment trend, the focus has reduced from downstream( market linkages) and increased towards upstream (growing side, climate tech) and it will continue to do so. Downstream businesses bring huge GMV in a shorter period but are a very low margin business and face huge competition from local players that makes it difficult to scale sustainably. Companies that have raised funds are either pivoting or going down.
Focus on upstream will increase as the climate change is impacting agriculture a lot, for that matter the cotton production has reduced this year in North India due to untimely attack of Pink ball worm. Similarly the variety which has been resulting in better yield are now prone to diseases and pests and fetching poor yield and quality. So a large amount of innovation is the need of time and hence the investment will flow here. Also these are good margin businesses and can go global easily, while the distribution network for Agri-input products in India being strong will help scaling faster.
Focus areas will be the companies focusing on increasing production or bringing certainty to farm income like climate resilient or precision agriculture. BioTech companies building a better variety of seeds and bio-fertilizers. Aggregators who are bringing better variety in fruits with focus/partnership on upstream will be the differentiator. FPOs are going to be in focus as companies will target them to test their ‘The whole product’ model. Sustainable packaging companies who are using agriculture waste as input.
Retail:
Chirag Taneja, Co-Founder & CEO at GoKwik a data & technology-led enabler, says
“2023 has been a year that showed e-retail is here to play a long term game. With digital first brands like Mamaearth making it all the way to IPO, e-retail continues to cement its standing in the Indian audience’s hearts.
As we look ahead to 2024, the e-retail industry is poised for remarkable transformations. Customer experience will undoubtedly remain at the heart of this evolution, as eCommerce brands strive provide a unique shopping experience that is fast, personalised, and secure.
60% of the shoppers across the globe are now preferring online to in store shopping.
As a result, another trend that we will see next year is the shift towards an omnichannel approach. Digital-first will brands expand their presence beyond the online realm, integrating offline touchpoints to create seamless shopping experiences.
Simultaneously, physical retail outlets will embark on a digital transformation journey, recognizing the importance of establishing a robust online presence.
By harnessing the power of technology and AI, eCommerce brands will be empowered to provide tailored experiences, optimise checkout and ensure profit margins continue to grow without being affected with risks of Return to Origin (order returned to the warehouse before delivery). This will specially be unique to the cash driven Indian landscape, where majority of the orders are still being placed in cash on delivery mode of payment.
This will also extend to the ensuring enhanced last mile delivery success. Brands will continue to focus on leveraging technology to increase last mile deliverability and save reverse logistics costs due to RTO.
WhatsApp will also play a key role in nurturing customer experience. Brands will be committed to offering two way personalised communication, targeted marketing campaigns, and completely headless checkout on WhatsApp. The year ahead looks promising for the e-retail landscape and we look forward to growing with this ever evolving ecosystem”
Fintech/ Financial Services:
Akshar Shah, Founder & CEO, Fixed – an online platform specialising in fixed income investments, says,
As the India growth story continues, we see a large potential in adoption of technology for banking and investments that new India is warming up to.
This in 2024 is bound to accelerate with more focus on paperless banking and paperless investments across asset classes.
We are also seeing a huge trend and shift towards marketplace models in banking and BFSI. Customers want to evaluate different banks before making their choices and this is set to be one of the prominent themes for digital adoption in 2024.
Education:
Giridhar L V, CEO and Co-founder, at Nuvepro Technologies, says,
As we approach 2024, the education sector is on the brink of a profound transformation, and the role of technology in upskilling is more crucial than ever. We should envision a future where technology seamlessly integrates into hands-on learning journeys, empowering individuals to thrive in a rapidly evolving digital landscape. For 2024, I foresee a paradigm shift in the way we approach education for the needs of skilling. In the coming year, personalised and adaptive learning experiences, driven by artificial intelligence and immersive technologies, will take center stage. The goal would be to deliver dynamic, industry-relevant curricula that not only address current skill gaps but also anticipate future workforce demands. The demand for upskilling programs is set to soar in 2024, bridging the divide between traditional education and the dynamic needs of industries. Our focus at Nuvepro is on leveraging cutting-edge technologies to create a learning ecosystem that equips the workforce in getting jobs and projects ready. Collaboration with businesses, educational institutions, and skilling providers will be key as we strive to lead the way in shaping a workforce that not only meets industry standards but sets new benchmarks for excellence in the digital age by being project and job ready from day one.”
Source: PR Agency
