Why Tea Brands Are Digitalising Their Products?
Technology in all realms including the Tea industry has enabled more opportunities as compared to the traditional gatekeepers of the industry.
India is the 2nd largest Tea producer globally. Within a short span of time over this past decade, the Indian Tea industry has evolved into becoming more and more technologically sophisticated. The advent of e-commerce and the ongoing coronavirus pandemic have in-fact accelerated the pace of this digital transition within the Tea industry and has ensured faster and greater acceptance amongst all Industry stakeholders. Technology has also brought Tea producers closer to their end consumers!
Digital interventions led to higher revenues
Technological interventions have led to generating more revenues even in the times of crisis. According to a recent report, there were 687.6 million internet users in India in January 2020. The number of internet users in India increased by 128 million (+23%) between 2019 and 2020. With an ever-increasing customer base, beverages along with food, have become a leading product category in E-Commerce in India. Digitization has become the need of the industry. With the advent of IoT and artificial intelligence, smart Tea farming are now finding practical use.
Tea - One of the preferred beverages during pandemic
Benefits of Tea were immense during the times of COVID. This had led to the sudden increase in demand for Tea. The emergence of e-commerce made it possible for the consumers to consume variants of Tea and herbal Tea related blends and strengthen their immunity within the comforts of their homes. E-commerce has spoilt the consumers by giving them various options to select from and ensured that the products get delivered across the country, right to your doorstep. Seeing the trend, many new brands started mushrooming and the existing players started investing in personalized and innovative wellness centric beverages. Since people have become conscious about their health, they are ready to shell out as much as they can on their health expenses and beverages specific to their health needs.
Easier payment options, all thanks to Fintech
Financial technology also known as Fintech is the practice of applying technology to financial services. It has resulted in the rise of the seamless and secure internet systems that further facilitate and improve online payment. It has been a blessing for those consumers too, who don’t have a credit card or bank account for making an online payment. This is where a Fintech company comes up for the assistance of a consumer. They provide alternative payment methods for such customers.
One of such innovations is L3COS. L3COS is the first regulated blockchain platform in the world to offer individual authorities the opportunity to regulate digital economies in a verifiable and legal manner, making fraud, money laundering, or any other black-market financing impossible.
Technology in all realms including the Tea industry has enabled more opportunities as compared to the traditional gatekeepers of the industry. It has enabled many companies to create their own niche and reach markets they likely would not have reached prior. In the tea industry, we are witnessing early days of digitalization with products continuing to become more personalized and customer-centric. As years go by, dependence on technology, specially blockchain will increase incessantly and will eventually become impossible to ignore. Those organizations who are able to understand and appreciate the power of new technology and absorb it in their day-to-day operations will be rewarded handsomely, far beyond their imagination.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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