Startup
Demystifying composability: A roadmap for Indian retailers
Today’s Indian consumer is demanding, tech-savvy, and expects a seamless shopping experience across all channels. To meet these expectations, retailers must rethink their approach to technology. Composable commerce, headless architecture, and microservices offer a solution that prioritises flexibility, agility, and the ability to deliver personalised experiences at scale.
In essence, composability is a strategic approach that empowers businesses to adapt, innovate, and thrive in ever-changing market dynamics. By leveraging the power of headless technologies and microservices, retailers can create a flexible and agile architecture that enables them to deliver exceptional customer experiences, optimise operations, and stay ahead of the competition.
However, the path to composability doesn’t have to be daunting. Enter pragmatic composability—a measured and effective approach that allows retailers to gradually integrate the benefits of composability into their existing systems without the need for a complete platform overhaul.
Understanding building blocks of composability
As businesses look to break free from the constraints of monolithic architectures, the search for a more adaptable and scalable solution has intensified. The limitations of relying on a single, inflexible system that proves costly to upgrade and extend have become increasingly apparent.
Composability offers a compelling alternative, enabling organisations to construct their ideal architecture by combining various software solutions. This modular approach allows businesses to tailor their technology stack to meet current and future needs, ensuring they can respond quickly to changing market demands.
Power of composability for Indian retailers
In today’s fast-paced digital landscape, Indian retailers must remain nimble and responsive to stay relevant. Composability equips businesses with the tools to adapt, grow, and succeed in the face of change.
- Simplified maintenance and updates
Maintaining and upgrading monolithic legacy systems often places a significant burden on IT teams. Composable architectures, built on cloud-native technologies, offer automatic updates, reducing the need for manual interventions. Adopting microservices and headless technologies streamlines the integration of new components, enabling seamless enhancements and improvements.
- Flexibility to experiment and innovate
Composability encourages retailers to adopt a “build less, test more” mindset. New features and capabilities can be quickly implemented and rolled back if the desired outcomes are not achieved. This flexibility minimises vendor lock-in and reduces overall architecture and business operations risks.
The ability to experiment and iterate rapidly is crucial in today’s competitive landscape. The rise of generative AI serves as a prime example: since the launch of ChatGPT by OpenAI in November 2022, numerous companies have incorporated AI-powered chatbots, personalisation, and other innovative features to gain a competitive edge.
In the fast-paced world of commerce, businesses must respond swiftly to evolving customer preferences and tackle supply chain disruptions. Composability empowers organisations to address market dynamics in real-time, enabling them to capitalise on opportunities and mitigate challenges promptly.
Leading Indian companies, such as Tata CLiQ, Nykaa, and Flipkart have already embraced composable approaches, witnessing conversion rates, geographic expansion, and customer service improvements.
Pragmatic path to composability
While the benefits of composability are evident, the prospect of a complete system overhaul may seem daunting. However, pragmatic composability offers a measured approach that allows businesses to integrate the benefits of composability into their existing architecture through a gradual migration process.
One such case in point is Pashmina.com, renowned for its exquisite Kashmiri pashminas, which embarked on a transformative journey by migrating to a composable commerce platform. Previously on Adobe Commerce, Pashmina.com sought enhanced scalability and flexibility to support its global customer base to uphold Kashmiri craftsmanship.
An implementation of cloud-native architecture unlocked the brand’s ability to optimise operations and expand its global reach without the complexity of managing infrastructure. This partnership not only enhanced digital storefronts but also empowered Pashmina.com to introduce multilingual support in localised currency options, essential for seamless global transactions.
As we can see from the above example, retailers can minimise disruptions and maximise time-to-value by focusing on solutions designed to integrate seamlessly with current systems. This pragmatic approach avoids the pitfalls of a complete platform migration while harnessing the power of new technologies.
When selecting technologies, retailers must consider their current setup and the short-term value they aim to achieve. Businesses should opt for technologies that can add immediate value rather than getting swayed by promises of solutions that may not align with their existing configuration.
Composability extends beyond a mere technology approach; it represents a fundamental shift in mindset. Pragmatic composability fosters collaboration between IT and business teams, empowering the entire organisation to deliver customer-centric solutions.
Indian retailers need not embark on a costly and time-consuming system overhaul to embrace the composable future. By adopting a pragmatic approach to composability, businesses can position themselves for sustainable growth and continuous evolution in the ever-changing retail landscape.
(Prakash Gurumoorthy is the General Manager of VTEX Europe and APAC.)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
Startup
Swiggy IPO gets oversubscribed led by QIB bids
Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.
Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.
According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.
The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.
On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.
Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.
The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.
Startup
OpenAI spent $10 million on this domain: Here’s why!
Have you checked out X (formerly Twitter) lately? If you have, you might have come across an intriguing post by Sam Altman featuring a mysterious URL called “Chat.com”, with no caption. Curious? When you click on it, you’re taken straight to OpenAI’s groundbreaking tool, ChatGPT.
OpenAI has made headlines recently with a jaw-dropping move: they reportedly shelled out over $10 million for this domain! At first glance, this looks like a steep price tag in an era where many brands are trimming their budgets to stay lean.
So, what’s the story behind this hefty domain purchase? Let’s take a closer look at this!
Why OpenAI spent millions of dollars on a domain
This strategic move is driven by OpenAI’s mission to establish itself as a dominant force in the realm of AI-powered tools, particularly through its flagship product, ChatGPT.
In the tech world where innovation reigns supreme, securing a domain that perfectly aligns with the branding and functionality of its most popular service is a given. Today, ChatGPT has rapidly become a go-to AI tool used by millions for generating images, answering questions and offering assistance with content creation and even programming.
So, OpenAI’s purchase of chat.com is not just about owning a cool web address—it’s a calculated move to enhance its digital identity and ensure that the ChatGPT experience remains tied to its brand as it expands its offerings.
The bigger picture: OpenAI and HubSpot
In a surprising turn of events, the tech world is buzzing over OpenAI’s recent million-dollar domain acquisition, leaving many to wonder about its intriguing backstory. The domain in question, chat.com, has quite the history—it was initially registered way back in September 1996.
Fast forward to 2023, and it found a new owner in Dharmesh Shah, the co-founder and CTO of the widely popular CRM platform HubSpot, who purchased it for a staggering $15.5 million! But the plot thickens!
Just a few months later, in March, Dharmesh dropped a bombshell: he sold chat.com to an anonymous buyer for an undisclosed sum, which has now been confirmed to be OpenAI. While Sam Altman has remained tight-lipped about the specifics of the acquisition, reports from The Verge suggest that Dharmesh may have pocketed more than $15 million from the sale.
This hefty investment in chat.com is more than just a flashy purchase; it’s part of OpenAI’s strategic vision. Owning a domain that’s not only memorable but also inspires trust is crucial for establishing credibility and attracting customers in this competitive landscape.
Chat.com is now ChatGPT’s new destination
Spending more than $10 million on a domain might seem extravagant, but for OpenAI, this investment is a strategic move aimed at building a more unified, and recognisable brand. With chat.com, the company positions itself at the centre of the rapidly growing AI-powered market. As OpenAI continues to innovate, this domain acquisition will likely prove to be one of the company’s most crucial investments in securing its place at the top of the AI industry.
Startup
Trent Q2 profit grows 47% to Rs 335 Cr; sales jumps 39.3%
Tata Group retail firm Trent on Thursday reported a 46.9% growth in its consolidated net profit to Rs 335.06 crore for the second quarter ended September 2024.
The company had posted a consolidated net profit of Rs 228.06 crore a year ago, according to a regulatory filing from Trent, which operates retail stores under brands like Westside, Zudio, and Star.
Its consolidated revenue from operations increased 39.37% to Rs 4,156.67 crore during the quarter under review. It was Rs 2,982.42 crore in the year-ago period, it added.
Trent’s total expenses rose 48.49% to Rs 3,743.61 crore in the September quarter.
As of September 30, Trent was operating 226 Westside, 577 Zudio and 28 stores across other lifestyle concepts, the company said in an earning statement.
“During the quarter, we opened 7 Westside and 34 Zudio stores (including 1 in Dubai) across 27 cities. We also consolidated 9 Westside and 16 Zudio stores,” it added.
Its Chairman Noel N Tata said: “Consumer sentiment has remained relatively muted. This coupled with seasonality has meant that retail businesses have faced headwinds. In the foregoing context, the team has delivered strong results across brands, concepts, categories and channels in Q2”.
Shares of Trent Ltd on Thursday settled at Rs 6,498.45 on BSE, down 6.54% from the previous close.
-
Startup Stories1 year ago
Why Millennials, GenZs Are Riding The Investment Tech Wave In India
-
Startup Stories1 year ago
Startups That Caught Our Eyes In September 2023
-
Startup Stories1 year ago
How Raaho Is Using Tech To Transform India’s Fragmented Commercial Trucking
-
Startup Stories1 year ago
Meet The 10 Indian Startup Gems In The Indian Jewellery Industry’s Crown
-
Crptocurrency8 months ago
Lither is Making Crypto Safe, Fun, and Profitable for Everyone!
-
Startup Stories1 year ago
How Volt Money Is Unlocking The Value Of Mutual Funds With Secured Lending
-
Startup Stories1 year ago
Why Moscow-Based Kladana Considers Indian SME Sector As The Next Big Market For Cloud Computing
-
E-commerce1 year ago
Top Online Couponing Trends To Watch Out For In 2016