Realignment; Rearrangement; Recoup?
Globalization hailed the unity of nations. It paved the way for MNCs (be it Western or Eastern) to expand their businesses globally multiplying their customer base and market exposure. Individuals around the world got access to American products, technologies, services and media, European luxury goods, Japanese and German cars, Japanese technology and so forth. MNC’s like Coca Cola brought the world together spreading happiness; Toyota become known for its lean manufacturing and quality standards that intrigued the West , McDonalds introduced the concept of standardization and glocalization, Gen Z are frenetic for K-Pop and K-drama, Social media giants like Facebook, Twitter and LinkedIn connected individuals, Google made searching for information easier. Globalization proposed the premises that nations shall focus on their strengths (designing, technology, innovation) whilst outsource and offshore activities and services that cost them cheaper elsewhere. Migration of individuals and skills promoted economic activity, mélange of cultures and diversity, new ideas and innovation. Rampant consumerism boosted sales and economic activity around the world, symbolic of the epitome of a capitalist way of living. US became the hegemonic superpower having an influence on each and every corner of the world by their product and service offerings, media, science and innovation. However, since the past 2-3 years the world seemed to jostle with multifaceted crisis. The resultant are the words and phrases that are doing rounds in the political and corporate grapevine- self-sufficiency, de- globalization reshoring, the changing world order, hesitancy regarding the dollar as the reserve currency. In order to revive from the coivd-19 woes, numerous nations adopted quantitative easing as a solution to get the economic engines working during the pandemic. However this monetary stimulus burgeoned inflation in the US that was a rare phenomenon until now. Nevertheless, as the world aimed to recalibrate to the post pandemic world, the Russian invasion of Ukraine played a major blow to the world economy, essentially Pax Americana (the period since America became in charge of the world order (post world war II) The war presents unsurmountable challenges for the world in terms of supply chain disruption, dearth of essential resource and commodities, scarcity of food (as Russia and Ukraine were the mega exporters), a challenging year for Europe as it prepares for a winter that will not be powered by Russian gas. The decline of Pax Americana itself is a significant debate doing rounds in news reports, news telecast, economic and business reports. Hence virtually trembling the hegemon of America as the world order that existed since the last 2-3 decades. Individuals from around the world are pouring and proposing their views of plausible solutions or how would the world appear amid this crisis. A world that flourished in the cradle of globalization is standing divided on the solution to this crisis. In fact it is not only Coivd 19 or the current geopolitical situation that pose these challenges but an amalgam of events that irked these ramifications over years such as the trade war between the US and China (decoupling), new protectionist immigration policies in the US and Zero-Covid19 policy by China (massive impact on the functioning of the supply chain). Not to forget the incessant quantitative easing practiced by the US since decades. The resultant a possible wreck to the world economy as different nations are impacted in multifaceted ways. A new form of war between countries ‘the economic war’ as proposed by Zoltan from CreditSussie. Profound questions are being raised with regards to the changing world order, the US dollar as a reserve currency, decoupling of nations, possible new alliances (friend shoring) In the US the pandemic sparked inflation due to excessive quantitative easing , government sending paychecks to individuals despite them being employed or not and a disrupted global supply chain. Though paychecks increased demand, supply plateaued for physical goods due supply chain issues at ports or throughout the whole supply chain journey. The solution to this is the tried and tested formula of quantitate tightening by raising interest rates and inducing a slight recession. However Ray Dalio proposes that the world may encounter a phenomena of a possible stagflation (whether there is economic growth or no, inflation will be inevitable) suggesting that inflation is not going anywhere anytime soon. What worked in the past will not necessarily work in the present as circumstance and situations change. There are two options to curb this economic turbulence in the US, that essentially is having an impact on the global economy Soft landing implies reduction in inflation rates, wait for commodity prices to be corrected organically that is seen in the case of copper and more commodities; sufficient level of monetary tightening followed by brief recession of slight negative economic growth v/s an economic growth collapse. Hard landing works on the premises of surging interest rates beyond limits that would induce negative economic growth. Moreover negative economic growth coupled with new geopolitical surprises or unexpected upsurge in oil prices could lead to inevitable conflict and civil unrest or war – the worst-case scenario. Hence it is imperative for central banks to focus on and induce soft landing to maintain balance in the world economy and bear small consequences than suffer from paying high price due to unexpected ramifications. Zoltan highlights interesting facts about the deflationary period and how the US (Pax Americana period) flourished as globalization thrived, benefiting from cheap goods produced in China, access to cheap labour for service industry via immigration thus wage rates remained constant, Europe thrived on access to cheap Russian gas producing goods and lastly the quantitative easing that has been prevalent in the US. Today inflation comes as a shocker to the US economy as it propels a complete change in the lifestyle for the country. A nation where individuals were not accustomed to high inflation and rising interest rates presents a challenge for the economy and citizens. Today due to the onset of nativism and new immigration rules America is facing colossal consequences of shortage of labour. At the onset
Reset, reboot, cessation of excesses?
Nature with its mystical and cosmic powers is certainly capable to mend imbalances be it in the form of ecological (natural disasters; climate change), geographical (population, pandemics), economic (boom and bust, market re-corrections ) or evidentially plays a critical role in our personal life developments (facing crossroads) Today late Gen Ys and early Gen Zs are dwelling in a time where economic euphoria is bound to loll, perhaps hinting at their very first experience of a probable recession. But first of all what is a recession: it is ubiquitously agreed that recessions are times when the economic activity or GDP of a country or global economy declines for more than 3-4 quarters or beyond. Perhaps a ramification of geopolitical turbulences, war or pandemics. It entirely is also dependent on how the central banks manage the two super important indicators inflation and growth to maintain the economic balance. So how have we reached this stage? Well, so the story commences as follows! Amid the rise of Coivd 19 central banks around the world adopted quantitative easing pumping an influx of liquidity in the economy in the hope that it would be invested in the purchase or creation of productive income generating assets. For instance – expansion of manufacturing capacity by businesses for increased production, leading to enhanced economic activity, inherently generate employment, leading to ascending purchasing power of individuals and subsequent consumption. – purchase of stocks (bolstering businesses by investments so they thrive in the tough times; in the hope of EPS expansion (earning per share), – government spending on infrastructure. Hence all these activities would no doubt multiply employment rates, purchasing power of individuals, enhance standard of living and eventually reconfigure the engines of the reckless economy carving for lubrication to get itself back running. Unfortunately pumping up the economy with printing of money is not always the best solution as it leads to unintended consequences such as inflation, today’s reality! As well as currency depreciation hinting at a weak economy. In simple words the assets we own today will be worth much lower than when we bought them. Alas the economy, businesses and consumers failed to take advantage of this influx of this liquidity as stockholders/traders engaged in reckless speculations and euphoria (basing their decisions on p/e expansion v/s EPS expansion). Actually the valuations were inflated due to the immense money supply and subsequent speculations by traders instead of actual business output in terms of increased sales and profits or eps as was intended. Businesses around the world especially startup’s experienced access to capital like never seen before, quoting insanely absurd valuations and burning money like crazy to expand their businesses. Blowing startup bubbles. Again a ramification of quantitative easing. Listing of startup’s on the stock exchange around the world at insane valuations was bound to be re-corrected and so that did happen as market corrections made entrepreneurs realise their true fair valuations, and the Herculean task they have to compete with the best of the best. Startups are businesses that unfortunately don’t generate cash flows for a very long period of time. They expect their businesses to be funded by external investors, burning cash exorbitantly to achieve exponential growth. They only have cash inflows and outflow, no reserves, hoping to generate cash and profits in the future. At the present they will encounter challenges in the coming months or year to initiate fresh fund raises as investors remain sceptical to invest in startup as returns are unpredictable especially at this moment. Startup’s are expected to survive using their existing cash present in their bank accounts. Plausible layoffs are certain. A heated debate that is wrecking the future of many startups. In addition to the consequences of the first ever wave of covid 19 on the economy further incidents spun the central banks into a frenzy to control high inflation due to supply chain constraints leading to higher commodity prices. Primarily caused by geopolitical reality in Russia and Ukraine and incessant rise of Coivd- 19 in China again propelling lockdowns again. Businesses are grappling to meet demand of customers due to supply chain constraints (reduced supplies) [ inconsistency in supply and demand] thus leading to increasing prices to maintain margins. Fear of unemployment is again a centre of debates in the board-rooms as employees demand for more wages to compensate for their daily expenditure i.e. now jeopardised by inflation. Therefore as businesses aim to maintain margins, consumer spending and sentiment is plummeting. Economic analyst and investors at the moment believe that this situation will bolster the cleaning of the highly inflated share market valuations and startup valuations, leaving only worthy companies to survive this turbulent time, accentuating their fundamental strength. A halcyon time for value investor to spot the worthy investments with long terms spectacular returns. As Warren Buffet has quoted be fearful when others are greedy and greedy when others are fearful. Inflation is not bad and some percentage is healthy, however flaring inflation is making the global economy go berserk as asset prices have been deprecating due to market corrections. Central banks at this moment are contemplating to increase interest rates to bring back economic balance especially to control inflation (result in high cost of capital for businesses and individuals therefore less spending). So the excessive trading and speculation in the heated stock market will reduce, fundraises for a zillion startups will become infrequent hence they will pay attention to the use of each and every single penny they have raised v/s the cash burn strategy and traditional businesses will focus on curbing costs, borrowings and improve business efficiency so they can induce demand for their products or services. So are we at the stage of apparent cessation of the excesses, rejuvenation of the economy, or economical detox? Typically the economy moves in cycles because of basic human nature of individuals and governments to spend more than what they earn resulting in creation of short term and long term debt cycles. The key for better economy
Digital Fashion Shows: Fast Forward Fashion!!
The metaverse is in full swing as individuals around the world try to ascertain the mystical world and what it has in store for us. I had mentioned previously in one of my blogs that the metaverse can be synonymous to Earth 2.0; individuals will have the ability to create their same reality virtually or experiment with their digital twin aka avatar. It is believed the metaverse will bring forth opportunities for the LGBTQI+ or individuals with special needs to sculpt a life they would wish to live or enhance their identity. They are going to represent a huge chunk of a new developing market for businesses to target. One question arises, will stereotypes and prejudices of the real world also translate itself in the virtual world? Seems pretty rare, metaverse may establish itself as a world where individuals may not need to worry about the daily biases one may face. Returning to digital fashion, so yes whilst luxury fashion will remain sought after in the real world, it is on a mission to reign in the virtual realm as well. Innumerable luxury brands have been collaborating with present virtual realms such as Fortnite, Roblox to create a market for themselves, as individuals dabble to purchase digital fashion (digital items include clothing, accessories, bags, sunglasses, caps and so forth) that can add or pep up their virtual avatar. Imagine having two wardrobes (the physical and virtual or meta wardrobe) sounds unbelievable right??!!! And the advent of Digital Fashion Week where exorbitantly glamorous luxe brands present their phenomenal digital products. Digital fashion can be bought if NFTs are attached to them, that provide the buyer with a certification of ownership. Beyond this, there is more than meets the eyes; individuals will purchase property and interior decor items to design and brighten up their virtual homes. Usually one may ponder multiple times before buying a luxury brand in the physical world, however in contrast the consumer buying behaviour in the virtual realm is completely opposite. As mentioned before one can create a digital copy of themselves (eg: Memojis maybe, though in the metaverse it would be a complete head to toe avatar) or represent themselves creatively in a different avatar (as a Popstar or so) or display their inherent thoughts, beliefs and let go of inhibitions. From the business perspective luxe brands will be in for higher margins as cost of creating these digital items will be minimal v/s physical items, eliminate the worries of overstocking (leading to need for sales and discounts) and digital items NFTs can be resold to other digital avatars which will create a revenue stream for brands if royalties are attached to them. Creativity can be taken to the zenith as the metaverse will be home to the most unusual fashion products one may get acquainted with or experience. Digital fashion appears to bolster sustainability (however on the contrary; increasing computing power is actually harmful to the environment as it is reliant on power to function) and the loopholes of traceability and transparency in supply chains (main concerns that are talk of the town; issues that can tarnish a brand’s image) Some previous examples of digital fashion that validate its not new; it has evolved over time! Ironically digital fashion is not a new term. Prominent brands like CK, Armani and Adidas were associated with Second Life. In addition Diesel sold its products and furniture on the Sims. So let’s go through the various tie ups of luxury brands the the virtual worlds post Covid 19. Balanciaga launched a clothing collection for Fortnite users so they could experiment with their skin/ avatar/ outfits. Individuals could try out different outfits and relive the shopping experience virtually. In addition individuals got access to the digital version of a physical product they bought from the Balanciaga store. The launch of Gucci Garden pop up shop on Roblox. Gucci brought to life its virtual products as individuals experimented with numerous digital fashion items. They sold a handbag worth $4000 in real money- mind boggling isn’t it; wouldn’t one rather purchase the product in the physical world?? Gucci has been at the forefront of digital fashion based on its collaborations with Tennis Clash, Pokémon Go and The Sims, eventually introducing its own game Gucci Grip. The associations with gaming giants will help these brands to keep expanding their legacy by appealing to the Gen Z’s and Alpha’s. Digital fashion does not only have presence in the gaming world. Utilising augmented reality (AR) individuals can join online meetings wearing digital apparels though in reality they maybe wearing a simple t-shirt. Designers can create quick prototypes of the product and consumers can try on the clothes using AR before the merchandise is sent for production. In fact the need for physical fashion shows may decline as virtual/digital fashion shows can portray the collection virtually without the need of producing the items physically for the models to wear. It can be rendered on their avatar. WANNA a tech firms allows brands to use its two apps called Wanna Kicks and Wanna Watches that allow shoppers to virtually try shoes and watched via AR. Dior’s tie up with Snapchat offers the similar services and fashion enthusiasts can buy the products directly on Snapchat. (hmm…social commerce on the rise + digital fashion = disruptions on the way) Digital stores are becoming a reality thanks to Obsess with multiple brands in its bandwagon like Dior and Tommy Hilfiger. Believe it or not even models may lose their jobs as it is predicted many jobs will become obsolete as tech develops. A firm call HUM.AI.N creates digital models on whom the digital clothes can be put on!! Brands like Nike have invested or acquired startups that are experts in virtual fashion. Digital fashion provides amateurs with a golden opportunity and empowers them to launch their own collections at an affordable cost. Several digital fashion marketplaces have come to the mainstream like DreamX and Replicant. These clothes can rendered on a high
Technology: an irony
Recall those days and the hype around the of consumption of plastics bottles v/s the papers cups at schools, colleges, offices, cinemas and so on! Environmental enthusiasts permeated the notion of eradicating the use of paper cups every time you wished to quench your thirst. Refilling your plastic or glass bottles were preferable alternatives. At least the late Gen Y’s and the Gen Z’s can relate to this, back in the days when they were younger or growing old! There would be protests around schools or cafeterias promoting the ideology of ‘saving paper’, ‘saving trees’ and rather ‘planting tress’. Similarly posters ( all in vibrant colours, origami pasted here and there) would be spotted around schools or class rooms stating the same message. ‘Stop the use of paper cups’, ‘stop printing study material’, ‘save paper’, ‘save trees’, ‘save the Amazon rainforest and their communities’ ‘save the planet’ and ‘save the human race’ were the mottos that left an imprint on every child’s mind. (The budding entrepreneurs of clean tech startups, biotech based startups, deep technology enthusiasts and artists). So coming back: So okay we got rid of paper cups and essentially printouts that were ultimately substituted by emails and student-teacher portals/ dashboards. E-books replaced printed books, handouts were replaced by pdf files, notes were collected and articulated on tablets or laptops aged on cloud. In fact the student- parent- teacher meeting portfolios (the time we proudly presented our fav pieces of work to our parents ) too were transferred online. We were going digital! What about the outer real world, they were catching up faster than schools around the world. So probably around that time supercomputers were in full gear with technological advancements revolutionising the world everyday. Changing the technical landscape of the workspace as they adapted to new tech, CRM, SAP, Oracle and many more databases and portals to keep records intact and maintain connections with their immediate stakeholders (suppliers, employees). Hmmm so increasing use of energy to power these software! A thought to ponder upon, isn’t it? Plastic pollution was in headlines, as it covered oceans around the world with plastic residue due to it’s non degradable nature. So then glass bottled (claimed the cleanest way to store drinking water) were adopted for storing water and water consumption. Fines and penalties were introduced for those who polluted beaches with plastic waste! Firms were encouraged to use paper based packaging (what? Weren’t we saving paper actually) The premises of using recycled paper or reusing old plastic or cloth bags gained relevance! Furthermore innovations took centre stage such as creating plastics in lab that were biodegradable! And again schools were swamped with posters of eliminating plastic use and follow the 3Rs (Reuse, Refuse and Recycle- those days! And the segregation of wastes so they could be treated separately). Remember the school trips to the beach that encouraged us to clean the beach wearing gloves! Food packaging too become regulated as governments realised the impact of consumerism on the environment. Burning of waste and although more Herculean amounts of e-waste emitted dangerous greenhouse gasses. Individuals who dealt with e-waste contracted fatal skin infections or diseases. Harmful chemicals from the e-waste flowed into rivers that ultimately led to spread of diseases such as cancer, or the burning of the e-waste led to respiratory diseases amongst people who lived near these sites or landfill sites. Manufacturing factories around the world were condemned for causing pollution such as emission of green house gasses, from their production activities. Not only air pollution but polluting nearby water ways, endangering marine life and nearby inhabitants ( leading to rise in cases of cancer) . All these activities led to unintended consequences such as an increase natural disasters around the world as well as loss of biodiversity. Multiple summits and protocols were organised around the world to manage the environmental crisis such a Kyoto Protocol, MDGs now SDGs and now COP26, to reduce the negative impacts of man made products and processes. Technology was deemed as the sole solution to these problems, as harnessing it could reduce the amount of pollution created during process, that is absolutely true to a great extent. Today we live in the world where e-vehicles are in demand and promoted by the governments around the world as well. The venture of creating smart cities attracted government budget allocations around the world. In order to reduce the instances of pollution, ensure efficient use of resources such as electricity, waste management, traffic signals (via sensors, IoT, AI/ML, deep learning and much more), functioning of smart homes. Gen Z’s and Gen Alpha’s are highly active in driving protests against governments to urge them to save the environment! Here is the irony! Today notice the use of social media, cloud computing, SAAS products or the establishment of data centres and the accelerating power of computing power- don’t these too led to excessive use of energy on the planet! An astounding fact that cannot be ignored: data centres consume 90 billion kilowatt hours of electricity annually, that is similar to the output of 34 coal powered power plants. Whhhaaatt? Though they try to use renewable sources such as solar power to power data centres as an alternative, this figure above brings to light the bitter truth. So there has been news about how blockchain is bad for the environment (a possible solution: Ethereum’s evolvement from proof of work to proof of stake) or now carbon neutral NFTs are being explored! So as Quantum computing will start to manifest in reality, it too would suck humongous amounts of power that probably renewable sources of energy may not be able to accommodate! And then the metaverse in the making! Wow that is a lot of energy consumption! So would the world start to rely on coal again due to it’s efficiency for energy generation or new inventions will take place???? According to Intel metaverse will consume 1000 times more power v/s todays collective computer capacity. A stat suggests the
Social Commerce: Buying together!
We have been conversant with the engaging worlds of e-commerce and social media…however imagine if they co-exist with each other? Imagine if brands or SME’s or MSME’s or micro entrepreneurs could use these two weapons to get the best of both worlds. Social commerce is the name, harnessing social media as a medium to sell products. Social commerce eradicates the hassle of shopping via a brands website. This is usually a lengthy process, your consumer journey starts with pressing ‘buy’ on an ad appearing on social media, then you would be directed to the brands website, where you add the desired product to the cart and then complete the payment method, finally purchasing the products. That’s usually the process you would follow when you would form a basis of buying products based on the personalised adverts you see on your social handles. Social media followed by e-commerce or D2C sales via their website. (Social commerce! D2C brands need to give this a think!) So let’s revise the mechanism of social media and e-commerce in the shopping journey….in the past?…. Social media has been celebrated as an asset to connect with friends and loved ones. Social media companies later discovered a method to monetise their platforms, by selling ad space to third party companies handing over access to analytical data (likes, shares, comments, reviews) on consumer behaviour. This strategy fostered brands to leverage this data to create personalised ads for social media users, with the aim to influence them to buy their desired products. However at the end they were directed to their brand website, followed by the never-ending lengthy process. In fact brands would use social media to spur conversations with customers to seek their views and recommendations about their products or act upon any customer grievances. All the more they would even connect with their fellow competitors resulting in hilarious chats for the public to relish and share, which ultimately resulted in publicity for both the brands! Coming back to social commerce! Social commerce allows social media users to cherish their social media activities whilst also shop products at the same time. Thus streamlining the shopping process and attracting the customer attention span (which is relatively extremely short!) Social commerce saves a significant amount of time for the shopper and increases the scope of transaction and monetisation for the brand. Using the most apt and convenient platform with adequate calls to action or glamours influencers are just the winning success formula. Social commerce has been dominant and prevalent in the Far East like China, Korea and so forth. China, utilising its lionised superapp WeChat sold products and services that were approximately worth $250 billion. Surely a validation of its success in the Asian markets. However it has been penetrating into Western markets like USA, accelerated by Coivd 19 and the worldwide lockdowns . Facebook via Facebook Shops, Instagram via Instagram shops, Tik Tok Shopping, Pinterest all are platforms renowned to propagate social commerce, as sellers use these platforms to successfully sell their products. Be it cute iPhone covers to vibrant beauty products, home decor, grocery or radical apparels and so forth. One can enjoy the offerings of social media and concurrently purchase products. Social commerce takes advantage of impulse buying as consumers surf through social media. Today is the age of instant gratification that is reasonably common amongst the Gen Y and Z, therefore greater chances of monetisation for the brand. Buyers can make informed decisions based on accessible data such as likes, shares, recommendations and reviews of previous shoppers or their friends recommendations. Other aspects of social commerce include the creation of a community of buyers. SME’s, MSME’s or new smaller entrepreneurs can benefit from social commerce as they get access to a colossal target audience at remarkably low costs/ low cost of customer acquisition and avoid the complexities of selling via e-commerce or retail stores, thus streamlining the whole process for themselves. Entrepreneurs can make use of catalogues and other inherent social media tools on their respective platform and videos to build trust amongst potential customers or leverage resellers to create leads. They get access to accelerating leads, create brand awareness, cement longer customer relationships, brand loyalty and trust! They can virtually connect with their clients as well via chat bots or AI chat bots that answer the FAQ’s. SME’s and MSMEs have been presented with the golden opportunity to use these platforms to join the organised sector and survive the pandemic. They play a major role in the thriving economy and global trade. As brands get access to massive amounts of data about each customer, brands can customise or personalise or curate products for their clients. Social commerce in developing countries provides low income and price sensitive customers access to reasonably priced and quality products. In India social commerce has the sovereignty to empower 40 million SME’s and small entrepreneurs (Bain and company, 2020). It has been spreading like fire in Tier 2 and 3 cities. Small business in India are deriving 35% of sales via social commerce.The customers feel part of a community. In fact the concept of resellers ( stimulated by Meesho) is gaining prevalence in countries like India where they can sell products of different merchants via their social media handles to family, friends and wider networks, earning up to 5000 to 10,000 rupees a month. Encouraging women to become first time entrepreneurs and earners of the family. The concept of resellers helps brands to strengthen the trust factor and credibility of their products. In addition get access to a wider audience. Group buying has emerged as a solution for individuals belonging to the low income strata so they can purchase items in bulk at low prices. Selling of products can take place during livestream events (famously called live commerce) common in Asia. Buyers can purchase products in real time as they appear in the video and connect with the KOL (Key opinion leaders) or influencers. Around 60% of Chinese are ready
A mystical part of life
Shopping induces the feeling of achievement, ecstasy, admiration and a sense of solace for individuals. Like floating in paradise or being present on cloud 9. Shopping is an experience, expression of emotions and feelings. Retail therapy as we know it, is a key mantra for individuals as they seek excitement in the products they buy or services they seek. Individuals are gaga over collecting apparels, accessories, footwear, timepieces, gems, jewels, candies, chocolates or whatever gives them happiness. One can envisage happiness from any brand that they are loyal to, be it a mass or luxury brand. When one buys a box of chocolates or let’s say go grocery shopping or just running errands, that too evokes feelings of joy, we spend time at different aisles searching for our favourite ketchup brand, the Oreo cookies we devour during our cheat days, the lil stationary items we’d like to collect like pens, sketch pens, stickie notes and more. At the mall or departmental store one may observe shoppers baffled as they ponder whether they are buying something merely based on their impulse or do they really need it. Sometimes they end up making a rationale or scenarios in their mind that whatever they are buying will not go in vain/ wasted. Some can fight their impulsive behaviour whilst some may give in and purchase items that would be found dumped in their wardrobes for years!!! unused !!! In fact window-shopping, online shopping or merely window online shopping enamours individuals as they are consumed by the aura of the brands. It makes one feel relaxed after a full day of hard work and commuting. In addition they can stay in touch with the latest fashion trends, gourmet trends, gaming trends and so forth. Shopping is a dreamy experience, however it can become a nightmare if one gets addicted for the purpose of seeking instant gratification (a homogenous trait amongst the younger generation like millennials, Gen Z) . One may possess inherent traits of a shopaholic ending up creating huge debt or bad debt for themselves just like the protagonist in the movie Confessions of a Shopaholic. Shopping has usually had an inherent feminine connotation. It is certainly true as women have a demanding wardrobe to adorably construct v/s a man. Their wardrobe starts of by jostling apparels (shirts, trousers, skirts, jeans, jackets, coats, dresses, occasion wear, formal wear, causal wear, lounge wear and so forth) in shops swamped up by alike shoppers, followed by identifying matching footwear (sandals, heels, boots, sneakers, trainers…)accessories (lockets, earrings, rings, hair accessories), jewels or gems, handbags, timepieces, sunglasses, make up (duh) how can one miss that. It really is a Herculean task to construct a female wardrobe v/s a man’s wardrobe, no doubt. Men who are Shopaholics were usually seen under the lens as possessing feminine habits however this is not true in today’s age and time. All individuals have the right to dress up and groom themselves that elevates their self confidence in today’s fast paced changing world. No such stereotype exists today in the modern day consumerism. The notion that shopping was a medium through which social class was exhibited, too seems bleak in the present time. As even luxury brands aim to entice millennials into purchasing their products. Or have introduced a spectrum of products that can meet their budgets and lead to sales for the company. They can’t just rely on a certain set of customers as they did in the olden days. It is evidently true as one is surrounded by individuals carrying LV, Gucci YSL or Prada bags etc, wearing LV shoes, or high end branded jackets, timepieces and so forth everyday. Shopping is just not about buying the products but something much beyond that. Experiencing the brand and its flagship stores! Getting lost into their existence, the stories behind their creation, living their journey from the past to present day. Admiring the colossal flagship stores with every floor dedicated to different target audience, the architecture, structure, the plush interiors, rich velvet, sparking chandeliers, the fragrance of the brands remarkable perfumes, leather products, the beauty of the puffy fur items, the glittering and gleaming handbags, sparkling footwear like they have just arrived to the shop from the factory, the super generous service, the smiles on the face of customers as they make their purchases and the smiling faces of the staff who live the brand everyday. In fact, shopping and the creation of departmental stores has played a significant role in history for liberating women, from the general engrained stereotypes of staying at home and performing the role of a wife and mother. Consumerism’s birth was followed by the radical industrial revolution in the early 1900s. Department stores were a symbol of sovereignty for women in those days. The advent of shopping uplifted them as they stepped out to leave their homes and abandoning chores, getting acquainted to the outside world. Women were encouraged to shop for themselves and their family, socialise with friends and familiarise with leisure based activities at small tea rooms (at departmental stores ) : an experience to cherish mindfully. Department stores saw women as the biggest untapped consumers contributing to the success of businesses and the economy. Advertisements targeted and propagated the idea of a ideal fashionable women, meeting hygiene etiquette, dressing etiquette, make up etiquette, appearance grooming and so forth unravelling their inner beauty, strength and independence. Furthermore departmental stores opened doors of employment for women. In fact to one’s surprise…the launch of stores such as the illustrious Selfridges led to a rise in cases of kleptomania amongst well to do women as they reportedly shoplifted napkins, handkerchiefs and similar items. This highlights the extent to which consumerism led to an influx of temptations amongst consumers to meet their pleasures and desires. Women claimed that department stores were temples of temptation as they created a desire amongst consumers to purchase their shimmering and glittering products. Departmental stores were apt locations for Suffragettes to conduct meeting during
Very merry all the way!
Jingle bells, jingle bells, jingle all the way… Rudolf the red nose reindeer… Silent night!… Start buzzing in our minds as December approaches. I am sure most of us travel back in time, to our childhood memories, reminiscing the good old days when we would sing these glorious heavenly melodies as a part of our school choirs! Some of us would have been a part of the meticulous instrumental group whilst some would be given the responsibility to sing (divided in groups based on our voice- soprano, tenor, bass, baritone, Alto, Mezze Soprano)- it would feel like a sense of achievement, being part of any of the groups- discovering our inherent talents. Wasn’t it so magical? singing along would give one shivers and goosebumps, evoking a peculiar sense, like being part of a grand celebration. Being part of the grand choir, on a colossal stage that was decorated with varied coloured tinsel, intricate snowflakes decor, charismatic angels and a majestically decorated Christmas tree with immaculate vibrant Christmas ornaments, oh not to miss Mr Santa Clause!!!. Later bidding adieu to our classmates as we were dispersed to celebrate the seasons greeting, entering the magical winter wonderland! December is a month everybody waits for as it is a month to reflect on the progress we have made throughout the year. To celebrate successes, good health, time spent with loved ones and to formulate resolutions for the next year, to evolve professionally and personally! This time of the year unites the world together to bring in the new year eliminating the bygones, difficulties, obstacles and sorrows of the previous year. Happiness for most is an oblivion as they fail to encounter it in their surroundings. Whilst it is ever present be it in the lovely and alluring baskets with multicoloured (blues, pinks, purples, yellows) flowers hanging on the lampposts, a toddlers innocent smile and laughter, relishing cup of soothing aromatic freshly brewed coffee topped up with a moist chocolate fudge, chocolate chip brownie, celebrating a job promotion, flipping through the pages of the family album along with our family, feeling blessed to have an active and healthy life and family or watching the traditional classic ‘Home Alone’ series with family during the Christmas vacay! All these moments require to be lived and admired at that particular moment so it remains embedded in our memories for eternity. According to the little book of hygge: the Danish secrets to happy living too propagates the idea of finding happiness in small things despite the gloomy weather outside. Spot happiness in the candle lights, dim lights, the cosy warm setting of one’s home, watching movies with family and friends, the winter clothes one adorns. Therefore ranking as one the happiest nations, who are content with their lives and aim to seek happiness in the smallest and simplest things and surrounding! Seems like an ideology worth discovering in today’s fast paced world. So winter and Christmas always go hand and hand for majority of the world! Though the weather is gloomy and sad but happiness is prevalent in the air. Gloominess acts as a paradox that mysteriously blends with the beauty of electric mix of vibrant lights and light bulbs adorned throughout the city. As one walks under them or drives through the street it stimulates a sensation of blessings being bestowed upon by God, Nature or The Universe. Likewise the flying hanging angels on the London streets makes one believe that angels are welcoming them or rather becoming as part of them as one drives through the streets. Christmas lights accentuate the sparkle of crystal white snow surrounded in the corner of the streets in cities or towns or their countryside. The winter chill hurts ones eyes creating an even more gleaming or rather say a dreamy image of the surroundings, the glare of the lights, car lights, hotel lights, mall lights and so forth. The chill in the air creates a craving for hot tea/coffee/ hot chocolate and delightful bakery items and Christmas favourites! One can savour the aroma of cinnamon based bakery, ginger bread cookies and a plethora of rainbow coloured Christmas delights from cafes scattered around shopping zones and arenas. The sight of the charming, colourful and classic gingerbread man would always navigate a place for itself in one’s plate or take away delivery box! Sitting at the lovely lit (with candles, glass lights, lanterns, hanging snowman or tinsel and Christmas tress) cafes, one devours their favourite chocolate chip cookies, ginger bread cookies with a piping hot coffee made all the more special when enjoying with their friends and family, admiring the snow embellished landscape from the cafe windows. Humongous glittering Christmas trees are placed around the city or in malls, hotels and shops across the city. Decorated with the most exquisite and quintessential red, golden and green bauble /ball ornaments, shimmering glass ball ornaments, mini snowman, mini snowflake ornaments, divine angels, the majestic tree topper star, mini Santa clause, mini stockings, lots of tinsel, garlands and electrifying lights to top it up all! All these essential ornaments are placed on shelves of shops waiting for buyers to buy these elegant and fragile pieces for their own personal Christmas trees. They look so enticing that one may buy plenty for the next Christmas’s to come! One is smitten by the variety of Christmas tree decorations placed omnipresently. In fact the classic trees have evolved into innovative designs such as a wired ribbon like material that is swirled around in such a manner that it replicates a Christmas tree. It reminds one of a magic wand that is swirling to create magic. A world with abundant peace! Small ball ornamentals are structured in such a way on top of each other forming the glorious Christmas tree perhaps similar to the pyramid of Giza (maybe just think!). Christmas trees and their ornaments forms a special significant part of one’s memory from childhood. In fact individuals inherit special ornaments from their great great grandparents and so
NFTs- Novel Financial Toolkit of Specialty
Technology’s ubiquitousness plays a paramount role in our lives, society, environment, economy, industries, sectors and businesses. • From creating smart homes to residing in smart cities to driving hybrid or eclectic cars to one day travelling in self driving cars. • From using AI analysis and predications to drive business decisions to its role in the supply chain, logistics or efficient management of an entire business. • From efficient farming practices employing deep tech such as AI, IoT, Robotics, Drones, Satellite Imaging to production of 3-D printed organs or medication. Or even 3-D printed satellites for space excursions. • From consuming plant-based meat and dairy products produced in labs to immersing ourselves into the mystical virtual land of gaming and entertainment. • From super-fast payments to trading platforms that emphasis game of skill to selling and owning art online! And this transaction does not take place on e-bay but the blockchain. But how does this work? This is where NFTs or non-fungible tokens come into picture. It is anticipated that NFT’s have and will revolutionize the art, gaming, real estate markets, supply chains of businesses and beyond. It is the monetization of digital assets and IPR (i.e. JPG, drawings, music, tweets, memes, MP3, GIFs, autographed concert tickets, posters, poetry etc.) and commodification of digital assets so it can be traded in the NFT marketplace. To be precise it is a certificate of ownership that can be bought and sold using cryptocurrency in booming the NFT marketplace. In fact, its nature is different to cryptocurrency eg: bitcoin, as each NFT will always hold different value. Generally, it is perplexing to identify the real validity of any piece of art work, as replicas of the art and replicas of its certificate of authenticity are available online in abundance. Hence NFTs endows artists and owners of a particular art(physical or digital) to claim authenticity of their work that is etched in the blockchain forever (attached to their art work!). Artists seek the pleasure of connecting with their fans or purchasers like never before, unlike the days when art dealers took majority of the profits leaving artists with an unfair piece of the pie. NFTs eliminate financial exclusion and gender exclusions that are predominant in society, by impelling artists of any race (BIPOC), gender (male, female or LGBTQ) or religion to expose their art on the NFT marketplace and earn a living from their phenomenal art. Furthermore NFT collective platforms seeks to promote and empower neurodiverse (Autistic, ADHD and more) artists as well. Impeccable initiatives by the platforms! NFT is like a gift bestowed on individuals, propelling metamorphosis in societal norms by activating diversity and inclusion! These NFT collectives furnish a sense of belonging for artists who had been neglected in the past. Some NFT collectives include Boss Beauties, ARTXV, TheBlkChain! In addition, interactions with the collectors and investors boost confidence creating a sense of achievement and belonging. The fame and appreciation achieved in the NFT marketplace can help artists obtain employment as well. The proceeds from NFTs are also being invested in social causes adorning a philanthropic streak to the NFT marketplace. Soon every painting or any object be it digital or physical will have NFTs attached to them. This will sound absurd but Nike is creating NFT verification for its shoes!!! Twitter is incorporating NFTs in its platform!! (Jack Dorsey (CEO of twitter) sold his first tweet for approx. $3 million!!!) Warner Bros. is contemplating on announcing NFTs for music. Gucci, Jimmy Choo, Burberry, Clinique, Coca cola, Disney, Mattel, Taco Bell, McD all have launched NFTs till date. Trevor Andrew created a Gucci Ghost that sold for $3600. Sounds ridiculous. Applications of NFT’s Art collectors can buy and resell NFTs and the creator/ original artist can earn a royalty every time it is resold in the NFT market place. An upside for the artist as they lacked this right when selling their art in art auctions. These are terms and perks that can be merged with the NFTs. In the spectacle of gaming, in-game purchases (add-ons to their gaming avatars) will now, not be owned by the gaming company but the gamer who purchases it, thanks to NFTs! They can later sell it on the gaming platforms as well. These will remain eternal even if the gaming company or game unfortunately fails to survive in the future (as the validity is stored on block chain!). Real Estate fraud will be mitigated as the contracts will be created as NFTs and remain protected in the blockchain. NFTs have found a place for themselves in the supply chain to meet the rising demand of customers regarding product traceability. NFTs can be used as a collateral for loans! In fact, who knows NFTs may be adopted by the pharma industry, that would be superior to the present-day copyrights or trademarks (of course the legal and tax systems around NFTs will need to be constructed along with T&C to ensure fairness). Pharma companies can trade their copyrights with competitors (in this case NFTs) or probably the notion of copyrights may not exist! Perhaps NFTs would act like a permanent copyright that doesn’t have a termination date! NFTs may play a role in M&A between companies from any industries, where one company may purchase the other companies NFT! WHO KNOWS RIGHT? NFT’s APPLICATIONS ARE BOUND TO RISE! The grapevine implying the metaverse, makes it evident that NFTs will play a substantial role in the metaverse. Whatever we buy or invest in, be it, real estate, or fashion for our virtual avatars all will have NFTs attached. You can listen to NFT music, watch NFT art or NFT movies. Its application is a matter of exploration. In hindsight, multiple glitches and challenges have been discovered as NFTs as a concept has grabbed attention of individuals around the world: To a layman NFTs sound as a complicated process and therefore it is imperative to produce processes that are easy to use so more and more individuals adopt the technology(financial inclusion for individuals). Ultimately it will have its relevance in the metaverse. Individuals need to be comfortable with the technology. In the near future NFTs are required to be compatible with different applications and potential different virtual worlds so they can be accessed from anywhere. Compression of big audio/video files is a challenge being worked on so it finds a place for itself on the blockchain. An NFT without the digital asset on the blockchain can jeopardize the rights of the owner in case the file gets lost or inactive. The cost of creating or minting aNFT (new technical jargon!) costs a hefty amount or a gas fee! However, what about the glitz and glamour of the art auctions and exhibitions? The coivd- 19 outbreak was immensely responsible for the cancellations of these events. As gaming became a new mantra of life for many, art enthusiasts discovered a method to buy and sell art online,
Foodology—Foodovation— Foodotech- secret trails
Food is an ideology, food has undergone implausible innovations and its production or creation involves a bountiful technicality in terms of science (eg: bio tech) and technology!!!! Apparently, the fruits and vegetables consumed by individuals isn’t actually ‘natural’- found in nature’ but a byproduct of mutations over centuries (Farrimond, Science Focus, 2019). Interesting facts not to miss: aubergines where synonymous to an egg in appearance (awkward!), carrots were white in colour and peaches looked like cherries and very salty in taste! (Farrimond, Science Focus, 2019). Produce tends to lose it’s nutritious value due to utilization of fertilizers and pesticides. Hence it is believed that food will be infused with the lost mineral and vitamins thanks to DNA editing technique CRISPR-Cas9. A byproduct—- availability of allergy free peanuts soon!! Nobody (at least a lay man) could seldom imagine the intricacies of science and technology involved in the arena of food production. Cafes and restaurants offer plentiful combinations of smoothies, yoghurts, ice creams and so forth by using almond or soy milk as their base ingredients. However, an interesting revelation to note is, it takes excessive amount of water to produce almond milk! Hence other plant-based alternative of dairy products (milk, cheese, ice creams, yoghurts) are being explored in labs. This sound incredible! Interesting fact: Experiments are underway to extend the time it takes for ice cream and chocolate to melt. Junk food maybe be reengineered to reduce calories for junk food enthusiasts, a healthy alternative. Well SCIENCE and TECHNOLOGY played an integral role in the production of food and will continue to do so in the coming centuries. Just a symbol of social class? Food is the essence of life, a means of survival, a stimulus to work tirelessly 365 days in order to feed ourselves and loved ones. Unfortunately, food is ascribed a monetary value leaving millions famished around the globe. Food acts as a status symbol for individuals in society as the saying goes ‘You are what you eat’. Be it from christening themselves vegans, vegetarians or flexitarians to consuming organic and locale produce. (Sometimes considered fads or a topic of controversy (ethics)). Individuals devour international delicacies (fruits, vegetables, herbs, spices, poultry items and so forth) from around the world that have travelled immeasurable air miles unaware of its dire consequences on the environment. Individuals who consumed organic items were espoused high class and advocates of the environment. However, a prerequisite for organic farming demands a large area of land for cultivating and is a culprit of greenhouse gas emissions. Whilst food is celebrated for its innate gifts of nutrients, vitamins and minerals its production is energy/resource intensive and exploitative, resulting in environmental degradation and leaving billions malnourished. One’s food other’s starvation Air travel as a means of transportation of fresh food emits a vast amount of CO2 in the atmosphere v/s its transport counterparts. The unprecedented demand for food has led to environmental degradation (soil erosion and loss of soil fertility) of large areas of land due to excessive utilization of fertilizers and pesticides. These fertilizers and pesticides flow into the nearby rivers leading to growth of algal blooms that trap oxygen, hence threatening marine life. Animals at poultry farms are gruesomely illtreated and slaughtered for the satiation of one’s taste buds around the world. Leading to imbalance in biodiversity and food chain. Human beings are exploited across the agricultural and fishery value chains in the form of slave trade or mere negligence. ‘So learning from these realities of life, individuals around the world are racing with time to identify new ways of food production to save our environment and create a sustainable future for generations to come” Social class replaced by responsible citizens? Consumption of meat was once a symbol of luxury or opulence across history in all cultures. Over times we witnessed changes in the consumer eating habits in the West spreading across the globe. It showcases a sense of revelation as individuals switch to a vegans, vegetarians or flexitarians. Haling the belief that bolstering these causes would help to save the environment for future generations and meet the accelerating demand for food in the future. The adoption of alternative meats offered by the likes of Beyond Meat and Impossible Foods has gained immense traction in the West, diminishing the need of animal slaughter. Plant based meat production requires 15 times less water consumption than normal production. In addition there is a massive reduction in the emission of methane gases in the atmosphere. Food technologists/ technicians/ scientists seek to understand the composition of animal meat under the lens and replace them with equally nutritious plants (eg: Beyond meat is a mélange of peas and soybean + a few more added natural ingredients). The owner of Impossible Foods baptizes this new wave of alterative meat as a ‘tech product’ that is produced in the labs. An incredible statement. And a milestone for the food industry! In 2013 a Dutch prof named Mark Post cultivated a hamburger in the lab via the process of cultured or cell-based meat at the Maastricht University. Once again, a procedure that inhibits the need of animal slaughter. According to a study by the University of Amesterdam and Oxford in 2011 it was anticipated that the emission of greenhouse gasses would taper by 96% by the consumption of cultured meat. There are innumerable incredible innovative startups and companies working on this concept, as it lays a foundation for the food of the future. Not only eating habits but crop production is evolving with time! Vertical farming seldom requires huge acres of land, soil and extensive labour whilst multiplying crop yield. The secret lies in the way vertical farms are structured i.e. the produce is grown on top of each other (in the form of shelves) within the shield of a controlled environment where variables such as light, temperature, water usage and humidity can be manipulated for efficient yield. These farms can be created anywhere, from exteriors of residential building to office spaces
Reinvention, Regeneration, Reiteration= Survival of the Fittest!
Reinvention+ Regeneration+ Reiteration = Survival of the Fittest is a statement that is absolutely relevant in the present-day digital age. The old belief system of aspiring professionals was to complete their higher studies with a postgraduate degree or PhD’s or beyond in their respective fields. Once they attained their degree’s they were self-assured of a permanent job and a seamless life. In fact it was only obvious for doctors, engineers and specialists in these fields to reskill themselves constantly as new studies were discovered and published forming the basis of their practice. Alas the educational system seldom targeted vocational training or on the job training to imbibe real life working skills. Over time education curriculums reinvented themselves to incorporate placement years or requirement of internshipsto complete their degree programs. Just have a good thought over this anecdote: “Today even graduates from the class of 2019 or 2020 may seem to have become obsolete considering the revamped education curriculums incorporating STEM education and technology focused subjects” After all being knowledgeable in these subjects is going to form a strong backbone for the upcoming job markets. This doesn’t mean our degrees will become insignificant but etching the habit of absorbing knowledge will arm us the power to revive ourselves. Thus, being knowledgeable (via reskilling and upskilling) in future focused subjects will certainly help individuals to swim in the deep waters of the new emerging job market. HR was generally considered the most mundane operations of businesses. Generally firms paid less attention to training programs in order to negate expenses. In fact firms resorted to forms of employment such as outsourcing or offshoring to taper off expenses. Furthermore, with the advent of technology related businesses or the new age business models such as Uber, Deliveroo and more, the gig economy emerged. Firms adopted the concept of part time workers, freelancers, zero-hour contracts and temporary employees and engraved this idea as a means of further diminishing their costs. (While there has been a lot of debate about these forms of employment from the ethical perspective this is not the topic of discussion in their article). Moreover, they failed to foresee megatrends or transformations that were hinting at colossal changes in the job market, precisely on the necessity of reskilling and upskilling of their workforce. Considering from the outlook of the management they are baffled on how to espouse reskilling programs. They face the dilemma of differentiating between their core workforce v/s secondary and tertiary workforce as they were comfortable with the concept of outsourcing or employing part time employees. They are pressured to distinguish business activities that are the basis of their core essence, and probably are reliant on part time workers, freelancers and so forth. For instance an IT focused organization may have outsourced their core activities abroad to save costs. So, does this mean they need to inshore these activities back in the organization and consequently organize reskilling and upskilling training sessions? Won’t they also be considered core employees of the organization, having the authority to be included in the payroll? This is just a matter to dwell on, there is no black or white. As firms have become conscious of this trend post the Coivd19 pandemic hit, remote working has become a part and parcel of life for employees. Furthermore, the introduction of AI and automation has had a paradoxical impact in the employment market as its leads to redundancies but also creates a plethora of job opportunities. Businesses all around the world are enforced to permeate the digitization culture throughout their organization in order to thrive in the vulnerable times. This requires instant reskilling of primary/ core employees/teams so the business can operate in a seamless manner. Whilst getting acquainted with the latest modes of virtual commination is an obvious option, firms are required to train, skill, reskill and upskill their labourforce in order to survive in the coming decades- a reiterative process. In fact the concept of outskilling also gained connotation implying on the notion of skilling employees who were being made redundant in order for them to explore and find new jobs. There are various platforms such as Accredibleor Credly offering services for the offboarding processes for employees so they can upskill themselves for their prospective jobs Firstly, identifying your core members is quintessential to progressing with reskilling programs followed up by carrying out a skill gap analysis which will highlight the discrepancies between job description and competencies required today (that also align with the organizations business goals and strategies). Another Catch-22 situation springs up, should we hire skilled employees or reskill existing employees? A matter of delusion for managements, they believe that by hiring skilled employees external to the organization would save costs of training the in- house staff. This is not true as it may take as much as the same time and costs for the new recruit to onboard and get comfortable with the culture of the new organization v/s reskilling and upskilling existing staff. Laying off staff brings with it redundancy costs, severance costs and administrative costs. Hence it may seem economical for the organization to upskill their existing staff and create their own talent pipeline. New skilling targets areas such as coding eg: python, data analysis, SEO, big data analysis, data science upskilling, skilling for software engineers, cloud computing, social media marketing analytics and so forth. According to studies skilling programs aid in saving costs for the organization as productivity skyrockets. After all technology makes lifeeasier, performing tasks at an indispensable rate. It increases employee satisfaction, motivation and moral, retention rates and reduces staff turnover. It is critical to create a digital first culture and lifelong learning culture in the organization propelling employees to imbibe skilling activities and inculcate them for efficient decision making for the organization and their personal lives. “Technology waits for nobody and hence it’s not only the management’s responsibility but also the employee’s obligation to reskill themselves with the emerging job roles of the future”. This is possible via the self-learning edtech and reskilling platforms such as Cousera, Instructure, Pearson and so forth. Firms have united with various platforms to usher reskilling programs for their employees. For instance Guilds education platform directs individuals to earn degrees or credentials debt free (a part of Walmart’s Live BetterUinitiative for all its employees). A fantastic initiative! Mursion’s immersive learning technology is a platform used by T-mobile to enhance employee’s interpersonal skills. Numerous startups around the world are focusing on providing these services to train youth to join the workforce. Microsoft enables the accessibility to reskilling and upskilling programs for the unemployed and underemployed. India’s Skill India Mission program initiated by the government intends to skill its booming youth population. In Rwanda, the government had collaborated with Coursera making endless courses available to employed and unemployed Rwandans. Amazon’ Tech Academy focuses on reskilling of their internal staff open to all members of the organization across the company hierarchy. Thus furnishing an opportunity for individuals
