Zoho Corporation, a global leader in SaaS-based business solutions, has announced an impressive 31% growth in India for 2023 at its flagship event, Zoholics India 2024.
The event, which took place in Chennai, also featured the launch of two groundbreaking products: Vikra, a seller app designed for the Open Network for Digital Commerce (ONDC), and Zoho IoT, a low-code platform aimed at simplifying Internet of Things (IoT) solutions for businesses.
These innovations are expected to have a transformative impact on India’s MSME sector, further bolstering Zoho’s market position in the country.
“Zoho’s growth in India is a testament to our commitment to empowering businesses with affordable, effective software solutions.
With Vikra and Zoho IoT, we aim to simplify the adoption of digital technologies, making them accessible to all businesses, especially MSMEs, said Sridhar Vembu, CEO of Zoho Corporation, during his keynote speech.
Zoho’s 31% Growth in India: A Closer Look
Zoho has seen an incredible 31% year-over-year customer growth in India in 2023.
This growth can be attributed to the company’s diverse product suite that caters to the needs of businesses across industries, from IT to retail and financial services.
Zoho’s suite of applications including Zoho CRM, Zoho Books, Zoho One and Zoho People has become the backbone for many Indian businesses looking for integrated, cost-effective software solutions.
Growth in Key Sectors
- IT and Tech Services: Zoho’s products have found particular success in the IT sector, where Zoho CRM and Zoho People are used extensively for project management and human resources operations.
- Financial Services: With the adoption of Zoho Books and other financial tools, the company has been instrumental in helping financial service providers streamline their operations and ensure regulatory compliance.
- Retail: The retail sector has also benefited from Zoho’s suite, with tools like Zoho Inventory and Zoho Commerce playing a crucial role in supply chain and e-commerce management.
India’s focus on becoming a digital economy, coupled with the government’s push for the Atmanirbhar Bharat initiative, has played a significant role in Zoho’s expansion.
MSMEs, in particular, have been a major driving force behind this growth, with Zoho offering tailored solutions to meet their unique needs.
Vikra: Empowering MSMEs through ONDC
At Zoholics India 2024, Zoho unveiled Vikra, a revolutionary seller app built for the Open Network for Digital Commerce (ONDC).
Vikra is designed to simplify e-commerce for India’s MSMEs, allowing them to create digital catalogs and connect seamlessly with platforms like Paytm, Ola and Snapdeal.
Vikra provides a streamlined way for sellers to manage their online presence, removing the complexities and high fees typically associated with online marketplaces.
T. Koshy, Managing Director of ONDC, spoke about the importance of democratizing digital commerce in India: “The launch of Vikra is a milestone in making e-commerce accessible to MSMEs across India. By removing the traditional marketplace barriers, Vikra empowers small businesses to thrive in the digital age.”
Real-World Impact of Vikra
One early adopter, a small handicraft business from Jaipur, saw a 40% increase in sales after using Vikra to manage its product catalog and sales channels.
The app’s seamless integration with popular platforms allowed the business to reach a wider customer base without having to navigate the complexities of multiple marketplaces.
- Easy Product Management: Vikra allows MSMEs to create and manage product catalogs with ease.
- Lower Marketplace Fees: By connecting directly with e-commerce platforms, businesses can reduce the costs of listing and selling their products.
Zoho IoT: Simplifying Custom IoT Solutions for Businesses
Another major product launched at Zoholics India was Zoho IoT, a low-code platform designed to help businesses develop custom Internet of Things (IoT) solutions.
Zoho IoT provides a comprehensive platform where businesses can monitor devices, collect real-time data and automate processes.
The platform is particularly useful for industries like Smart Buildings, Energy Management, and Industrial IoT, where the ability to control and analyze data from various devices is crucial.
With Zoho IoT, businesses can easily integrate third-party hardware, customize their IoT solutions, and access real-time insights to improve efficiency and reduce downtime.
Use Cases for Zoho IoT
- Smart Buildings: Facility managers can monitor energy consumption, control heating and cooling systems, and reduce energy waste.
- Industrial IoT: Manufacturers can track machine performance and predict system failures before they occur, ensuring smooth operations.
Zoho IoT’s low-code platform allows businesses to develop custom applications without requiring extensive technical expertise, democratizing the use of IoT technology across industries.
Artificial Intelligence Integration: Elevating Zoho’s Product Offerings
Zoho has been investing heavily in Artificial Intelligence (AI), incorporating AI-powered features across its product suite.
Zoho’s AI engine, known as Zia, is integrated into products like Zoho CRM, where it helps businesses automate workflows, predict customer behavior, and enhance customer experiences.
“AI is no longer a luxury; it’s a necessity for businesses looking to stay competitive.
We are committed to bringing advanced AI features to all our products, ensuring that even small businesses can benefit from automation and data-driven decision-making,” said Sridhar Vembu.
- Enhanced Customer Experience: Zoho CRM uses AI to recommend the best actions for sales teams, improving lead conversion rates.
- Privacy-Focused AI: Zoho remains committed to ensuring user data privacy, employing robust measures to protect customer information while delivering AI-driven solutions.
The Role of Vikra and Zoho IoT in Addressing MSME Challenges
MSMEs in India face several challenges, including limited access to digital tools and high operational costs. Zoho’s new products, Vikra and Zoho IoT, provide comprehensive solutions to these challenges.
How Vikra Helps MSMEs:
- Simplified E-Commerce: Vikra simplifies the process of going digital, allowing MSMEs to sell their products online without the need for technical expertise.
- Cost Savings: By connecting directly with e-commerce platforms, businesses can save on marketplace fees, reducing the overall cost of digital commerce.
How Zoho IoT Helps MSMEs:
- Real-Time Insights: Zoho IoT allows small manufacturers to monitor their equipment in real time, improving operational efficiency and reducing downtime.
- Affordable Solutions: The low-code platform makes IoT technology accessible to businesses that may not have the resources to develop custom solutions from scratch.
These innovations are aligned with India’s Atmanirbhar Bharat vision, empowering MSMEs to participate more fully in the digital economy.
Sectoral Impact: Zoho’s Contribution to Various Industries
Zoho’s product launches will have a far-reaching impact on several industries, from retail to manufacturing and financial services.
Zoho’s comprehensive solutions are designed to cater to the needs of both large enterprises and MSMEs, making it a versatile choice for businesses of all sizes.
- Retail: Zoho’s e-commerce solutions like Vikra and Zoho Commerce make it easier for retailers to manage inventory and sell online.
- Manufacturing: Zoho IoT offers manufacturers a way to monitor their equipment and improve operational efficiency.
- Financial Services: Zoho’s finance tools, including Zoho Books and Zoho Expense, help financial service providers streamline their operations.
As Zoho continues to expand its presence in India and beyond, its innovative solutions will drive growth across these key sectors.
Growth Through Innovation: What’s Next for Zoho?
Zoho’s continuous investment in research and development ensures that the company remains at the forefront of technological innovation.
At Zoholics India 2024, Sridhar Vembu hinted at several upcoming product developments, including more AI-powered features and further integrations with government-led initiatives like ONDC.
With privacy and security as its core principles, Zoho is committed to creating products that empower businesses without compromising on data protection.
As the company continues to innovate, businesses can expect more tools designed to enhance productivity, streamline operations, and drive growth.
Conclusion: A New Era of Growth and Innovation for Zoho
Zoho’s 31% growth in India is a testament to the company’s ability to innovate and provide businesses with the tools they need to succeed in an increasingly digital world.
The launch of Vikra and Zoho IoT marks a new chapter for Zoho, with these products set to transform industries and empower MSMEs.
For businesses looking to stay ahead of the competition, exploring Zoho’s latest offerings is a must.
Whether it’s simplifying e-commerce with Vikra or leveraging IoT with Zoho IoT, Zoho’s innovative solutions are set to drive the future of digital business in India and beyond.
Disclaimer
The opinions expressed in this article are those of the author alone and do not necessarily reflect the views of Entrepreneur Villa, its creators or staff. Entrepreneur Villa is not responsible for the accuracy or reliability of any information presented in this content.