The key is to have a long term goal and solve problems sustainably.Salesforce is known as the # 1 customer relationship management platform used by businesses of all sizes, all over the world. “It is imperative to understand that this market is just opening up, and there will be a lot of players who solve problems and go away. They should focus on getting to know the user’s persona and get in-depth information about a user’s life,” he says, adding: They should start with a single user, and from there, work on ways to solve the problem in the most efficient way. “I advise product builders to focus on a specific segment of a business category in solving a problem. He urges more founders and entrepreneurs to solve for the digital bookkeeping and payments segment. Harsh says this plan is in line with OkCredit’s corporate policy to help the “real India” benefit from digitisation. OkCredit now plans to expand its services and reach out to MSMEs across India that may not be aware of such products and services. Our retention and revival have now grown and surpassed pre-COVID levels,” says Harsh.
“This soon became part of the new normal and promoted contactless transactions. Further, during the lockdown earlier this year, OkCredit observed merchants stopping and selling their goods and services on credit as they experienced a dip in business and revenues.īut, as the lockdown was lifted in stages, the business saw merchants throng WhatsApp to create catalogues and interact with and sell to their customers. The timely payment reminder is especially useful for MSMEs in the current scenario, where creditors may be less willing or are unable to pay. Harsh maintains OkCredit is distinguishing itself through its intuitive and secure platform, and credit-tracking and payment reminder features. Established players such as Tally, Intuit, and Zoho have also been in the game for some time now, and are all vying for an $85 billion overall opportunity for digitising Indian MSMEs.
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Startups such as Vyapar and KhataBook have made significant in-roads in building simple accounting software for small businesses. It is an open secret that the key to acquiring MSME users at scale lies in the simplicity of the product, and OkCredit is not alone in this game. He explains his team is surmounting these challenges by making the digital bookkeeping experience as user-friendly and efficient as possible. “There is also diversity in the user base across categories, and retailers, as well as wholesalers, use OkCredit,” he adds. “There is a low technology literacy rate, which makes it difficult for MSMEs to understand the benefits of such an app, and most of them have not used any such apps for business before,” says Harsh.
Working with MSME customers is an uphill battle, and challenges are prevalent, especially in the digital bookkeeping sector.īusinesses like OkCredit face the task of changing customers’ mindsets from traditional book-keeping habits to adopt technology and digital platforms.
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