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Rise and Fall of Byjus: Did they mess with the middle-class dream?
Entrepreneurship
All you need to know about Tokenization in Ecommerce
During festive seasons like Durga Pujo and Diwali in India, shopping offline gets crazy. That’s why e-commerce giants are making our life easier when it comes to shopping.
Estimated reading time: 3 minutes
Now with RBI’s guidelines for making tokenization mandatory by 30th September, you may be wondering what will happen. Don’t worry our favorite online e-commerce stores like Amazon, are ready with tokenization.
You can carry on with seamless transactions while being sure your data is safe.
What exactly is tokenization and why should you care?
Tokenization is as simple as buying a token for your metro rail daily ride. You give money to buy x number of rides from point A to B. All the data is encrypted in the token you get from the metro.
In the digital world, it’s like your online payment data gets transferred or encrypted to a string of random numbers that do not correlate with your actual payment data.
Does Tokenization prevent Data theft?
Most e-commerce platforms pay huge sums to keep their customer data safe. But digital theft is a reality. With tokenization, if the data is compromised somehow, despite best efforts, the stolen data is useless.Even if someone manages to steal data from your digital wallet or e-commerce store account, the data will be a string of random numbers or the token which keeps your money safe. The tokens when they pass through various systems to process the payment act as the agent for your payment details like card number, and expiry date without the payment details being visible. Just like OTP, tokenization is a good initiative to have another additional layer of safety for payment data
Nowadays going digital is not a choice, it’s a mandatory payment option even for retail stores.
When you have e-commerce giants ready with tokenization you can now shop for your loved ones without worry. The best part is that each e-commerce store will generate a different token for the same card information.
What happens if there’s a data breach?
If any data breach occurs, the tokens are automatically canceled without your card data being revealed. That way you don’t have to get a replacement card for a data breach at the retailer’s end.
RBI now makes the banks issuing the cards responsible for keeping card information safe through the tokenization mandate that comes into effect from Oct 1, 2022.
When you pick the ‘pay with a card’ option for any e-commerce platform or wallet, it prompted you to pick a bank. It’s at that time when the card information is inserted, a token is generated which is then used by the merchant to process payment. In this way, the e-commerce site or digital wallet never has your sensitive data stored in their system.
E-commerce platforms like Amazon are ready in time to help you shop safer with tokenization in place. They have embraced tokenization fully, with a majority of their customers tokenized. Tokenization in the industry is good for the transaction ecosystem and the customers as it adds security and safety to every transaction they make online. However, the fact remains that smaller merchants are still not ready completely in terms of infrastructure. More time for readiness across the industry is needed so that there are no disruptions.
This is a sponsored post. Kindly read my full disclosure here.
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Make Money Blogging with Blogchatter in 2022 : Blogging for Beginners
What’s new at Blogchatter?
Plenty. Most importantly if you are writing on your blog, just by being a part of the Blogchatter community, reading and writing will help you earn points and money in the bank too!
The Summary of the events at Blogchatter
The 2022 calendar is packed full of campaigns, challenges, and more. Best of all, it’s gamified and helps you earn while you write, read and share.
When my sister heard this, she asked,
“But isn’t that something you already did?”
Me
“Yes and no. The earning points for writing on CauseAchatter, The Blogchatter Reading Challenge, A to Z, Ebook library are different. Plus the reels challenge, earn while you write for Be storified and Blogchatter.”
“Wait, wait.
Go back, repeat.
You are going too fast.”
Thats when I decided to write down everything I knew about the new stuff at Blogchatter. So don’t worry, just bookmark this post or save it on your phone home screen and read it at leisure. Did I mention I also wrote a book about Blogging Challenges that help? You can find a free excerpt here.
Details of campaigns and Whats New on Blogchatter in 2022
Did you know Monday Mutiny is now on Instagram!
But chai pe charcha is on Twitter at 4.30 pm.
The #Blogchatter Twitter chat new timing 7.30 lm instead of 8.30 pm.
The Fb live on Friday too is at 7 pm instead of 8 pm. That’s all the new timings for you.
In February, there’s a whole new challenge called Write a page a day. Where you need to write ten thousand words by February 28th. Write every day and share with the hashtag #WriteAPageADay on Twitter. The word count needs to be updated daily. You can write on your phone, in your diary, .on the blog, or on social media. Just register, write, share word count on Twitter with the hashtag, and complete the ten thousand words in 28 days to complete the challenge. There are points to be earned for this too. The best part is you can write anywhere as long as it’s a page.
Of course, the A to Z writing challenge is possible only in April. That was when I wrote my first book in 2016.
We have the Pitchfest, where you will learn to pitch our manuscript in May, and the Blogchatter ebook carnival in June. This time the A to Z is not clubbed with the Ebook carnival. You will have time to work on your book if you are blogging a book during A to Z.
July and October will see Blogchatter Half Marathons. For the uninitiated, it’s straight fifteen days of daily blogging.
There’s going to be a chance to do 15 days nonstop reels challenge on Instagram in August.
My Friend Alexa is scheduled for September, but with Alexa.com saying goodbye, let’s see what happens.
Throughout this, you can write for CauseAchatter. Three posts every quarter and you earn points too. The Blogchatter Projects in December lets you end your year with a bang.
In The Blogchatter Reading Challenge, just update your reading list. A screenshot or picture of the book, book’s name, and author. That’s it, you are done.
That’s pretty packed.
In 2020 when Blogchatter 2.0 was launched there were several new things. One of them was making money as a new blogger. That my dear friend is the most difficult thing which no one tells you. Everyone promises quick wins but no one gives you a step-by-step plan. Today I will give you a step-by-step plan to earn even as a new blogger.
Make Money Blogging With Blogchatter in 2022
1.Register on Blogchatter.
2. Sign up for the challenges, featured campaigns. You will earn reward points every time you successfully finish challenges. In case you win, then there’s more.
3 . Write for Blogchatter guest post. You have to write to pitchus@theblogchatter.com.When your idea gets approved, write, submit and earn 3000 points(that’s 3000 INR) which you can redeem instantly from your Blogchatter wallet
4 Write for Bestorified Guest post. As far as I know, it’s 2000 Points for five posts in a year. But you can always check the updated terms and conditions on their site.
5. Every month there are featured bloggers who earn points too. How to be a featured blogger? Write regularly, submit your blog posts to the blogroll, share them with your hashtag. Then visit other blog posts on the blog roll. Read, comment, and share posts from the community. Do this regularly and you will be a featured blogger.
6. You also earn when you read books and complete your own reading challenge.
7. Write for CauseAChatter and champion a cause each quarter and earn reward points. You need to write 3 posts per quarter to qualify.
8. Blogchatter Projects in December helps you complete a passion project give it the year-end boost and get rewarded too.
9. Write for Brand campaigns: For these Blogchatter curate bloggers personally, depending on requirements.
10. Register for Book Reviews with Blogchatter.
Besides this, Blogchatter has sudden surprise contests, challenges, surveys, and opportunities to write and earn reward points. One point equals INR 1. Your points are redeemable when you reach 1499 points.
The payment terms and conditions are glitch-free and happen at the press of a button. Life at Blogchatter is good. Come check out the Blogchatter calendar.
Disclaimer: How much you earn will depend on your own effort. It’s a lot of work but this is based on my own experience .
I have been friends with all the Blogchatter peeps since 2016. I made all my writer friends there. I earn with Blogchatter. Yes, I have commercial relationships, but we are friends too.This, by the way, is a friend post.If you asked me why Blogchatter?I will give you five reasons.
5 Reasons Why you need to be a Blogchatter Community member: Best Blogging Community in India
1)They have been running strong since 2015, and together with their growth, they also help you as a blogger grow. It’s the best Bloggers community in India. I have been part of a few, and Blogchatter will help you find the balance between creativity and economics of sustainable creation.
2)They understand the concept of continuous learning and help you learn.
3)Earn while you learn is at the core of the Blogchatter modus operandi, and you earn as even as a newbie.
4. The community supports you throughout.
5. You will have fun while you navigate the online digital maze. That helps sustain your career as a blogger.
You learn by association and observation. It’s not a sprint but a marathon. A creative journey can help you earn too.
If you need helps starting a blog or starting an online business check these resources
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Starting a new business online-why it’s easier now with Digital India and push for MSME #EcommerceBuildsEconomy
Are you starting a new business online? Are you a one-person business, or maybe it’s you and your spouse? Whatever it is, creating an information-based business online is much easier than a product-based one. But in the long run, both are as strong as the base they stand on.
For a strong business base, you, as its founder, have a crucial role to play. There are stories of unicorns that larger enterprises acquired and the business owner became a billionaire. You may want to raise funds, maybe even plan an IPO later. Perhaps your eyes are on raising venture capital? Well, if that’s your route, you need a firm base and a full-fledged legal team to guide you. You will also need to register your company correctly. But if you are planning a minimalist business model, that’s possible too.
But with the way the world has changed over the last 5 years and specifically in the last 18 months, e-commerce is the way to reach to larger consumer base. I was thrilled to note that wow shampoo, a brand from India is one of the top 3 shampoo brands in the US market and Indian linens are among the top 2 beach throwaway purchases in the Europe.
Starting a new business online-why it’s easier now with Digital India and push for MSME
The Indian economy is slated to overtake the USA as the second largest e-commerce market in the next decade. Population numbers make sense when you are selling a mass-market product. But as an online business, if you want your products to sell, you need a platform. Sure, you can have your website shop. But you need to have your shop where your customers are. That’s where the e-commerce giants have made it easier for many businesses to sell online.
If it’s a sole proprietorship, you are the Brand. Scary? Yes, but it’s a golden opportunity, and India’s Startup India and Digital India initiatives are giving the right signals. Business loans are easier once you are registered on the MSME portals. You also get a slew of benefits as a business owner.
How can one start a new business?
Focus on who is your customer.
Create a customer avatar and make it as detailed as possible. The more accurate your customer avatar is, the better product-market fit is possible.
What problem are you going to solve?
When you are starting a new business online, you need to know what your ideal customer likes doing, what are her hobbies, what makes her happy and what troubles her. You can conduct a survey to know the pain points. Surveys can be conducted through your social media or your newsletter. But what if you are just starting out? Don’t worry; you can still get your data. Try Facebook (now Meta) groups and forums where your target customer hangs out. Then find out what they are cribbing about. It will take time, but you will get a gold mine of information.
How will you deliver the solution?
This will depend on whether it’s a digital product, service, or a physical product. Are you going to make something easier to do, teach them something, create more value from everyday objects used differently or something else? The delivery of the solution is crucial to making your business profitable.
How to keep it within a budget?
You can leverage your social media or a free platform like the wordpress.com website for a digital product or service. It won’t cost you anything except control. If you have a budget, a custom domain and hosting will help you set up the right way. It also helps in building authority in your niche.
Most e-commerce platforms charge a commission for helping you sell your products. The registration process is simple, and you will also need GST registration in most cases.
Own website or e-commerce site?
Pros of own Website
Having your website is always a good idea when starting a new business online. In the long run, it’s brand building. Getting footfall to your website requires a combination of SEO (search engine optimization) and paid advertisements.
You get paid as soon as you make a sale.
Your terms and conditions change only when you want.
It’s perfect for digital products and online services.
For creating a website, you need your domain name. The domain name should ideally have your business name in it. Avoid too long, wrong spellings and domains which are difficult to spell or have dashes in them.
Then it would be best if you had good hosting, preferably from a reliable company with good back-end support. Since online business requires a robust platform, a fast-loading website is crucial.
When you buy a domain name, go for a dot com. You may keep a few other variations in your kitty until you get your company registered.
You can buy domains for one, two, or five years. Buying for a longer duration ensures a better price and removes the headache of annual renewals. You cannot buy it forever in one go. Check out these resources I used (some free and a few paid) to start my website.
So now you have a website, but how do you collect money? For this, you need a trusted payment gateway: You can choose between Razor pay, Instamojo, or PayPal for accepting online payments on your websites. Alternatively, you can redirect them to an e-commerce site that hosts your products.
Cons of own website
A high learning curve.
Making people buy is a whole different ball game.
The logistics of storing physical products and delivering them can increase your starting cost.
Pros of e-commerce site
E-commerce platforms have a high footfall for products and a great recall from the consumers. The chances of discoverability are higher on e-commerce site by working out right keywords and product categorization. Having a broader presence in e-commerce sites is crucial when just starting.
E-commerce sites have targeted traffic. Plus, the traffic already has a transactional intent or intent to buy. That makes closing sales easier on an e-commerce site.
An e-commerce site takes away the headache of storing, packing, delivery, and other logistics for physical products.
It’s great for physical products.
Starting a new business online gets easier and hassle-free if you choose to sell through an e-commerce platform.
Cons of E-commerce site
You are at the mercy of e-commerce platforms.
Terms you should know while planning expansion
Contracts: Why you need them
Even when you work with friends in your first online business, making and signing a contract keeps everyone on the right side of safety. You want to clearly define responsibility, liability, profit-sharing (if any), shares, assets, and exit strategy for each party. Keeping all this neat and clean before you make money prevents many issues when you make money, and when there’s trouble.
If you plan to grow your company with multiple directors, shareholders, a contract is even more critical. Your business partners’ ethical and moral characters will affect your company, and directors have a fiduciary role towards the shareholders. Their decisions about loans, mergers, expansions will affect the minority stakeholders. This is where the founder(s) vision is necessary.
As a founder, you must remember the sanctity of contracts. It’s better to think before signing on the dotted lines. It’s essential to do business with companies with fair trade practices.
The Amazon and Future group’s tussle are a case in point. Reliance is a domestic biggie, and the third wheel in the problem is hardly coming off smelling of roses. Suppose you don’t like a clause in the contract. In that case, it’s okay to say no, talk about it, change the conditions, or have a mutually agreed exit condition for both parties. But losing trust is not acceptable. That’s why contracts are crucial.
About intellectual property
Intellectual property, in simple terms, is something you made yourself using your intellect. It can be inventions, artistic work, literature, design, names, nomenclature, concepts created using your brain, and has commercial value.
We are constantly overwhelmed by ads; when your inspiration duplicates another’s hard work, intellectual property protection is in the twilight zone. Starting an online business is easy today. Doing it properly ensures your intellectual property rights to some extent.
As an online business owner, you need to know a few legal terms and safeguard your intellectual property and digital assets right from the start.
But what exactly is this intellectual property?
Online intellectual property protection can get tricky if you haven’t registered your company. It’s a good idea to register your business name and any other assets you plan to display online publicly. Showing a copyright notice at the footer and disabling right click and copy helps deter many.
It’s difficult to enforce laws about intellectual property in India. It’s still very early days. Suppose you sell digital products like I sell eBooks through Kindle Direct Publishing. In that case, you need a robust method of safeguarding intellectual property. Watermarking your work, properly enabling metadata on your PDFs, having a canonical URL, preventing right click on websites can protect digital content to some extent.
India being a signatory of the international arbitration gives peace of mind to foreign entities doing business in India. If as a small business owner, you want to collaborate with a foreign entity, it might be easier due to high trust in the legal processes.
Except for ‘fly in the ointment’ issues like that between Future and Amazon where the CCI has stepped in and passed an order revoking a 2019 contract between Future Coupons and Amazon, the legal redressal mechanism is strong in India.
The only thing is, for a business to grow, it needs trust and stability on both sides.
Types of Registration for your online business
Sole proprietor? Partnership? Company or LLC? This depends on your requirements. For sole proprietorship, liability is unlimited, but it’s easier to get started. If you are an MSME (Micro, Small, and Medium Enterprises), you can register here in India. It’s voluntary and free to get started with. Read about the different registrations available to Indian companies here.
GST registration
It is needed if your business has more than forty lakh annual turnover and more than 10 lakhs in the northeast. In addition, all e-commerce and specific other categories may need GST registration.
Disclosures:
Suppose you have affiliate links on your website or blog post. In that case, an upfront disclosure is needed, telling your readers about that fact. You can read all about what content creators must follow in more detail here.
Disclaimers:
Very important if you are sharing information content, which should not be considered professional advice. Much needed in Health and Financial websites and any site where expertise, authority, and trust are part of the relationship with the website visitor.
GDPR (General Data Protection Regulation) compliance:
Do Indian companies need to be GDPR compliant?
The Indian companies must comply with the GDPR for conducting transactions with the European Union. India does not have a national regulatory authority to protect personal data. The customer privacy policy is still a good practice if you open a business online.
Cookie policy:
How you use your cookies to track website visitors. How long you keep your cookies is essential and helps build trust online.
COPPA: Children’s Online Privacy Protection Act
COPPA is child safety adherence. This law applies to US businesses mainly. But any foreign companies collecting personal information from children under 13 who live in the US can fall under this act.I interviewed Noor about children’s online rights in India with rampant social media exposure, and her answer surprised me.
Cyber insurance policy:
In India, cyber insurance is nascent, and the Bajaj Alliance is one of the first. They protect against loss due to phishing, malware, and identity theft. You can check for insurance to suit your business.
International Arbitration:
If you enter a business deal with a foreign entity, you will have to know the international arbitration mechanism. In brief, this is how disputes between domestic corporates and foreign companies are resolved. India is a member of the New York Convention, keeping you safe as a player, even in international markets.
Conclusion:
The Indian Government now has several initiatives; there are also enablers like eCommerce platforms to help make an online business profitable and sustainable. Upholding the sanctity of contracts will help strengthen the entire ecosystem.
Resources/References:
https://www.legalserviceindia.com/article/l406-Does-India-have-a-Data-Protection-law.html
Additionally,
https://ipindiaonline.gov.in/epatentfiling/goForLogin/doLogin
https://www.firstpost.com/business/supreme-court-defers-hearing-in-amazon-future-group-case-to-8-december-over-bulky-documents-10158171.html
https://m.economictimes.com/wealth/insure/irdais-new-norms-on-cyber-insurance-for-individuals-cover-online-theft-of-funds-identity-social-media/articleshow/86067769.cms
I am not an expert on financial asset management. This is an opinion piece. I am not a qualified Financial Advisor and this is not to be taken as professional financial advice. Mutual funds are subject to market risk, read all scheme-related documents carefully. All investments should be done after consultation with a financial suitable expert, according to own financial risk appetite.
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How do Artists Earn in this Digital age: Thea Ong Artist Interview (Podcast) #VoiceofAnchor Episode 3
Can you make money as an Artist?
Should you even try to make money as an artist? Are you sure you are that good?
If these are questions that are always on your mind, then let me introduce you to my friend, artist, Teacher Thea Ong.
We met online through an app called Tangi(now in Google dead app repository),a place for creative artists to learn and share their work online and earn too. It wasn’t only a helpful place but also a digital space that made me happy. It wasn’t competitive, but nurturing and encouraging.
I digress. On today’s podcast, I introduce you to my first digital art teacher, Thea Ong. Her art is beautiful, and she is a wonderful teacher.
Thea is a mom of two. She graduated from De La Salle University Manila with a degree on Computer Science. Thea worked as a web developer and SAP consultant with Hewlett-Packard before becoming a full-time mom. She started her art journey around 2016 doing calligraphy, then in 2017 with watercolors. 2017 was also when she started hosting workshops and since then she has been juggling art and motherhood. Since the pandemic, Thea started offering online workshops to adults but mostly to kids. Her first international workshop was last 2018 at Bali Indonesia. Thea’s first virtual international workshop was with Tangi with users attending from US, India and Asia. She is currently one of Tombow Philippines Brand Ambassadors and has worked with a lot of brands like MAC Cosmetics, Fitflop Philippines, Charles and Keith, Tokyo Finds, Sharpie Philippines, Titus Philippines, Vivivacolors and PulpandPigment to name a few.
Thea is an advocate of art as a form of therapy and consistently looks for innovative ways to improve my craft and share these through my workshops.
Questions Thea Answers
Tell our listeners who you are what you do?
How did you train yourself to become an artist?
What are your top tips for young people who want to be an artist?
What do you wish you knew when you started off as an artist?
What about mental health and creativity? What comes first?
What are the different ways artists can make a comfortable living in this digital age?
How can someone learn from you, take classes, buy your work? Tell us how they can find you online?
How do you approach a project /commissioned work sponsorship?
Essential points you keep in mind?
How can a young artist become a creative entrepreneur?
Tell our listeners a little about Tgf Creators on Instagram.
You can find Thea on Instagram.
This is part of the Voice of Anchor program and this is Mission 3.
VOA challenged us to interview a guest and Thea was my first guest on VOA.
Sharing is good Karma!
Sustainable Small Businesses I love #Ecommerceinnovation
The best way to help yourself is to buy close to home and eat close to home. But even then, small businesses can have a global presence with the help of eCommerce stores. That’s the beauty of staying small and thinking big. You and I can do our part to support these businesses. Micro-economy affects individuals.
How can small businesses become sustainable?
- They can reduce waste. Use Reuse recycle repurpose wisely and extensively.
- Prevent polluting
- Planting trees as a part of CSR
- Maintaining community kitchens
- Using clean energy as far as possible
- Making their products, packing, and business as green as possible.
- Having more online meeting than offline.
- Less travel or travel using eco-friendly transport .
- Sourcing local
- Investing in eco-friendly supply chain.
- Supporting local green initiatives.
- Providing employment to local youth.
When it comes to Sustainable small businesses I love, I am listing a few of my favorites.
Local Kirana store:
Number one is the neighborhood Kirana store or the multipurpose store where we get all our household needs. The shop owner lives just next door to the shop. During the Pandemic, when shops were closed, he helped by providing us with rations and staples from behind closed doors. That kind of helped maintain community trust and support.
If I can get it in my neighborhood uncle’s shop, I am being eco-friendly by not buying online. But for cold-pressed Sesame oil or best quality ghee, I buy from the best online. The shop I buy from is also a small business, just in a different state.
The e-commerce stores helped me buy exactly what I needed and couldn’t buy here like Puer’s range of home care products.. I have the best of both worlds.
Personal Care product :
I strictly buy online from a trusted small business, like Mother Sparsh through eCommerce stores. I can’t find the brands I love in my local shops, and there’s no way I am using anything else. If not for online shopping, I would be in dire straits. I would probably buy stuff, not use them, throw them away, and create many waste products!
Book stores:
I love books. In the pandemic, I read many ebooks, but I also bought many paperbacks which I wanted my daughter to read when she grows up. Guess where I got the paperbacks from? At my local bookstore. When I couldn’t find it here, that was when I went online.
Garden supplies and Nursery:I tried buying garden supplies for plants and plant food online, but I prefer a hundred percent local small business. I have used several online nurseries, but they don’t fit the bill.
Organic farms:
Locally produced, farm-fresh fruits and vegetables are always in my kitchen. When organic, it’s even better for your health and the planet.
Local restaurants and coffee shops are my favorite places to haunt. I avoid franchises and multinational chain restaurants. The more money which stays local, the more buying power you have locally. They also provide employment opportunities to many. These restaurants also help support local farm produce and cut down on unhealthy processed fast food.It’s a win-win for all.
Local Gift shops, sweet shops and bakeries when it comes to seasonal gift-giving.Indians love their sweets. You will find a wide range of deliciousness which are protein-rich like moong dal halwa,to the rosogolla, (made with chana/chena/cottage cheese), and sandesh).Packaged Chocolates and sweets just can’t compete with these.Just be careful to share the sweets around and not binge.
Classes for music,dance, art: I try to find locally teachers who will teach my child. The art schools being registered as small business and local are much more affordable, flexible, and teachers after all need to be supported. Sometimes I do attend online workshops but that again is cheaper than traveling to another city to attend workshops in person. But all these are economically sustainable unlike the flashy app-based education platforms, which are creating an unsustainable vicious circle of expectations .
Healthwealthbridge is an Indian content hub for health, wellness, education, and entrepreneurship. It’s written focused at the modern Indian mother, who wants to stay healthy, look after the family while earning online. Is that even possible?Yes, it’s possible and I have written about the many ways small business can grow digitally.
So which one of these, do you like most? Are you a small business? Let me know in the comments below.
Read about Starting a new business online
Written as part of Blogchatter’s campaign #Ecommerceinnovation . Read more posts in the campaign here.
