“MSMEs have traditionally struggled to find technology tools that are designed for their needs” – By, Mr. Logesh Velusamy, CEO of Effitrac Solutions

1. How is Effitrac helping startups in their GTM market strategy with technology and API. 

In the early days of a startup, time and resources are critical and it is essential that startups get a viable product ready for market in as short a time as possible and while spending the least amount of money and other resources. Many startups are focused on the consumer facing part of their product and then realise they need a number of other tech tools, especially that work in the backend, for the solutions to work. These are the business process tools, like ERP, CRM, HR and Payroll and Finance solutions. These startups do not have the expertise, nor the resources to create all these solutions. This is where Effitrac’s APIs come in.

Our APIs allow a startup to use any or all of our modules as their base or foundation on which they can build their products. Imagine if a startup wants to build an e-commerce product. They need multiple tech tools, like inventory management, payment gateways, supply chain management, order management and many other such tools. It would take them months to build all these elements, test them, fix bugs and then eventually get to the market. Instead, by using Effitrac API the startup gets a readymade tech platform on top of which they need to just build the end consumer facing product. This significantly cuts down the time taken to get to the market and reduces the cost too. We have seen Effitrac’s API cuts down development cost to one-third of what it would take by using open-source solutions. Further, time taken is also cut down by half compared to closest open-source or even enterprise solutions.

2. How startups can compete with large players for a significant marketplace through their right API model.

Today, startups have access to a number of tech APIs that allow them to quickly build their products and at relatively low cost. Cutting down time taken to get to market and cutting costs is the biggest advantage of using APIs when they have to compete with larger players who have greater access to resources.

3. Rising expectations among startups, customers and SaaS providers on fast-changing digital ecosystem.

The digital ecosystem has rapidly transformed in the last decade. The Covid-19 pandemic has sped up this trend and more Indians today are comfortable communicating and transacting online. Similarly, the pandemic has ensured more organisations have strong digital presence and strategy, not just to interact with consumers but also to run their businesses.

Expectations have also gone up. For example, customers earlier expected companies to respond to complaints within days or even weeks, but now expect complaint redressal to happen in hours, if not in minutes. Mobile apps, machine learning, RPA tools are allowing customers to discover what they want and get it with an ease that was unimaginable even a few years ago. They have social media platforms at their disposal through which they can communicate directly to organisations in full public view. The modern buyer is connected, app native and aware of what they can do or get with technology.

Startups & SaaS providers had to upgrade their customer experience by adopting such latest technologies. Similarly, startups and SaaS companies have new and powerful technologies at their disposal. They can not only create delight for their customers, they can also use technology to make running a business easier for them. So there is increased expectations and ambitions among startups and SaaS providers as well.

4. Share information on Effitrac’s products and their USPs (finance, products, operational and manufacturing tools.)

MSMEs have traditionally struggled to find technology tools that are designed for their needs. They had to go with simple tools that solve only part of their business challenges or invest in CAPEX and OPEX intensive Enterprise solutions (like those offered by SAP) that have long installation time and need a certain amount of technology expertise. Effitrac’s solution solves both these issues. It is an end-to-end solution so MSMEs do not have to find and invest in different tech tools from different providers. It is also a low OPEX and no CAPEX solution, so it is cost effective for MSMEs and they do not have to worry about installation time or tech knowledge.

Also, if a company is small in size (under Rs 2 crore turnover), they can choose the entry level package and as they scale they can activate new features that are already ready-to-go on the Effitrac platform. So Effitrac’s technology scales up along with the MSME. It is, in short, a technology growth partner of MSMEs.

Some of the salient features of Effitrac’s solution that sets it apart from competition:  

• Tailor made packages that start from Rs 160 per month, billed annually. Zero CAPEX and minimal OPEX requirements
• Intelligent toolsthat cover all aspects of business, from Books to CRM to ERP.
• Industry Specific Packages – Pre packaged solutions that you can choose depending on the size of your operations and your requirements.
• Covers every aspect of business from invoicing and inventory management to payroll and taxation.
• Lay person can do all data entry and the solution automatically captures it in the necessary business and regulatory format. For instance, a person who does not know whether a specific financial data goes under ‘Credit’ or ‘Debit’ heads can enter the data and the solution captures it under the right head. Users can customise the application on their own without any technical knowledge as the platform is Rule Engine driven
• Control revenue leakagewith the platform
• Accessible through mobile appanywhere anytime
• Tailor Made Dashboardsoffer complete and real time view of every aspect of the business
• Inbuilt Analytical Engine – gives businesses insights on BusinessUnits
• Automationand cross functional validation
• Statutory Complianceat a button click
• Pay as you use

5. Why is it important for Indian SMBs to setup their own digital storefront?

Online shopping is the new go-to for any consumer. Even in a non-metro city, customers choose to depend on online shopping methods. Consumers have faith in them and are depended on them. Owing to the lockdown, online and digital supported shopping was the only solution to buy goods.

For retail businesses and even for B2B businesses, the reality of low-physical contact meant connecting with customers will increasingly happen online. Digital storefront is no longer just an option, it has become rather a necessity.  Effitrac offers SMB clients tools and solutions to easily and painlessly add on e-commerce sales channel and integrate their backend and inventory across multiple channels. The benefits gained by companies who quickly moved online during the first wave has been tremendous. We have seen increased interest from others after the second wave as well. Those who adapted to digital have not only survived but have even thrived their businesses.