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How Technology is Driving the Future of Payments

Our systems of monetary exchange and payment have evolved swiftly in tandem with technical innovation over the last few decades. Businesses must adapt to and accept changing payment technologies in the face of extraordinary technological innovation, new and demanding regulatory frameworks, and changing consumer and corporate needs. What is the reason for the shift in payment methods? Digital technology advancements and changes. Demand from customers. Competitive forces. FinTechs, merchants, and social media behemoths have all launched their own digital payment services. So, how is technology influencing the future of payments, and where are we headed? Here are a few trends and technologies that are influencing how we pay: Mobile Wallets: Mobile payments have a bright future ahead of them. Through convenience, communication, and rewards, mobile payment and online banking apps are increasingly boosting user experience. Biometric Security: Consumer products are increasingly using biometric technology (such as smartphones). Biometrics provides an extra degree of protection to mobile payment systems, removing the need for passwords. As a result, customers can feel more comfortable utilizing online payment methods and have a more consistent user experience. Omnichannel payment processing:Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales. Blockchain: Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases. Artificial Intelligence: Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, are one example in the payment business. Focus on Customer Experience: Customer experience is at the heart of the payment’s revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience. How do you keep up with payment technology? To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run. How can TraQiQ help? TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses. We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

The Gig Economy: Paving the way for a global workforce?

The pandemic-induced lockdown was effective in dispelling doubts about the dependability and long-term viability of a gig workforce. Many organizations are beginning to recognize the benefits of remote working in terms of reduced overhead expenses and stretched liquidity, and many are seriously evaluating their operational strategy. Gig work has proven to be advantageous to both companies and employees. Businesses are discovering that hiring gig workers saves them money on office space and equipment while also providing them with greater recruitment flexibility. Workers, for their part, benefit from flexible hours, a variety of jobs, and the option to supplement their income by working multiple jobs. The Global ‘gig’ workforce: More than 200 million people are now considered part of the global ‘gig’ workforce, thanks to the rise of technology-enabled gig employment platforms. Vast majority of the gig economy grow value comes from transportation-based services (such as Uber) and asset-sharing platforms (such as Airbnb). In terms of gross volume transactions, the gig economy is predicted to reach $455 billion by the end of 2023. We can observe that the global gig economy produced $204 billion USD in 2018 and is anticipated to produce $455 billion USD by 2023. This equates to a remarkable compound annual growth rate of 17.4 percent. In other words, the global gig economy more than doubles in terms of economic production every five years! In the United States: How big is the gig economy in the United States? In the United States, 57.3 million people work as freelancers. It is anticipated that there will be 86.5 million freelancers by 2027. In 2018, freelancers in the United States contributed over $1.28 trillion to the gig economy. The gig economy accounts for 5.7 percent of US GDP. More than half (52%) of the US population is expected to be gig economy employees or have worked independently at some time in their careers by 2023. If the gig economy continues to develop at its current rate, it will employ more than 50% of the US workforce by 2027. According to recent projections, the number of freelancers in the United States would reach 86.5 million by 2027. In India: As the novel coronavirus prompted businesses throughout the world to reconsider their operational strategy, maybe nothing has had as big of an impact as the mainstreaming of India’s formerly marginalized gig economy. The gig workforce has grown steadily in recent years, and this trend appears to be here to stay. At present, India has a pool of 15 million gig workers staffed in projects across IT, HR and designing. In addition, India’s workforce is growing by 4 million people annually. And as most of them are young millennials, they are showing an increasing preference for gig contracts. This trend is expected to significantly impact gig economy in the near future. Gig economy statistics indicate that India has emerged as the fifth largest gig economy market in 2021. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Unlocking the Potential of the Gig Economy in India

The ‘gig’ economy has risen dramatically over the last decade with the introduction of digital platforms such as Ola, Uber, Swiggy, Dunzo, and UrbanCompany, among others. With the rise of technology-enabled gig work platforms, more than 200 million people are now considered part of the global ‘gig’ workforce. In India, ‘gig’ employment is not a novel concept. With its enormous informal economy and casual workers, India has long had the equivalent of gig work in both urban and rural areas, ranging from temporary agricultural workers to daily-wage construction laborers to delivery personnel. What has changed in recent years is the use of technology to match and expand on-demand services. The gig economy helps companies, employees, and the economy as a whole, with benefits that go beyond traditional conceptions of convenience, on-demand availability, and flexibility. This is due to the underlying economic factors that platform-enabled gig work addresses at scale, as well as the collateral advantages it can provide, which can lead to a virtuous expansion cycle. Some of these benefits include: Improving the efficiency of large-scale workers, service discovery, and fulfillment. Aligning economic incentives between employers and workers, resulting in higher incomes for workers while lowering ‘fixed’ costs for firms. Catalyzing economic recovery by offering on-demand workers, even if firms are hesitant to hire full-time employees. Expanding labor participation, particularly for women and students who may only be able to work part-time to augment household income. Obtaining collateral benefits from ‘formalizing’ labor markets, such as financial inclusion and social protection. Improving overall productivity by eliminating idle and unproductive time. The long-term potential of the ‘gig’ economy could comprise: Skilled and semi-skilled jobs (about 35 million) in industrial industries. Shared services roles (about five million), such as facilities management, transportation, and accounting. Household demand for services (around 12 million). Unskilled jobs (about 37 million) in a variety of industries. Construction, manufacturing, retail, transportation, and logistics might account for more than 70 million of the potentially ‘gigable’ positions. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

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Blockchain, AI, and IoT: A Perfect Match?

Blockchain technology, the Internet of Things (IoT), and Artificial Intelligence (AI) are now widely acknowledged as disruptive technologies with the ability to enhance current business processes, establish new business models, and disrupt entire sectors. By offering a shared and decentralized distributed ledger, blockchain, for example, can improve trust, transparency, security, and privacy in corporate processes. Purpose of Blockchain, IoT and AI: A Blockchain, or a distributed ledger in general, can store all kinds of assets in the same way that a register can. These data can primarily be linked to money and identities. IoT drives industry automation and user-friendliness of business operations, both of which are critical for the IT industry’s overall readiness. Finally, AI improves business processes by spotting trends and optimizing their consequences. Until now, the interconnectedness of these three advancements has been overlooked, and Blockchain, IoT, and AI have been used in isolation. These advances, on the other hand, may and should be used in tandem, and they will merge in the future. IoT collects and gives data, Blockchain provides infrastructure and establishes engagement rules, and AI optimizes processes and rules, according to one conceivable connection between these technologies. The Convergence of Blockchain, IoT, and AI Blockchain technology was exclusively considered in the context of payments until a few years ago, i.e., Bitcoin and Ether, however, non-financial applications of blockchain technology, such as supply chain management and digital identities, have emerged in recent years. For example: New studies have emerged that highlight the use of Blockchain technology to improve the system infrastructure of various IoT devices. They outline how the architecture of blockchains can be modified such that the resulting infrastructure is better equipped to serve IoT devices, especially with respect to the speed of transactions. Besides focusing on Blockchain in connection with IoT, some studies also focus on the combination of Blockchain and AI. To date, the focus has been on linking Blockchain with one other breakthrough technology, such as IoT or AI, rather than implementing all three technologies at the same time. The actual potential of these new, developing technologies, however, will only be realized if they are merged. Conclusion: Blockchain, IoT, and AI are all technologies that can be used in a variety of ways. We believe that these advancements will converge because the combination of these technologies will boost business models, products, and services. Benefits: Sensors, automobiles, robots, trucks, cameras, and other IoT devices might all gain from such business models. These entities can send and receive money on their own, and make decisions as independent economic agents using AI and data analytics. The growth of such business models, as well as the digital transformation of industrial enterprises, will be fueled by their convergence. Executives must deal with these technologies if they are to achieve significant efficiency benefits. The combination of blockchain technology, IoT, and AI will usher in a new era of digitization. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

How Technology is Driving the Future of Payments

Our systems of monetary exchange and payment have evolved swiftly in tandem with technical innovation over the last few decades. Businesses must adapt to and accept changing payment technologies in the face of extraordinary technological innovation, new and demanding regulatory frameworks, and changing consumer and corporate needs. What is the reason for the shift in payment methods? Digital technology advancements and changes. Demand from customers. Competitive forces. FinTechs, merchants, and social media behemoths have all launched their own digital payment services. So, how is technology influencing the future of payments, and where are we headed? Here are a few trends and technologies that are influencing how we pay: Mobile Wallets: Mobile payments have a bright future ahead of them. Through convenience, communication, and rewards, mobile payment and online banking apps are increasingly boosting user experience. Biometric Security: Consumer products are increasingly using biometric technology (such as smartphones). Biometrics provides an extra degree of protection to mobile payment systems, removing the need for passwords. As a result, customers can feel more comfortable utilizing online payment methods and have a more consistent user experience. Omnichannel payment processing:Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales. Blockchain: Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases. Artificial Intelligence: Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, are one example in the payment business. Focus on Customer Experience: Customer experience is at the heart of the payment’s revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience. How do you keep up with payment technology? To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run. How can TraQiQ help? TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses. We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

The Gig Economy: Paving the way for a global workforce?

The pandemic-induced lockdown was effective in dispelling doubts about the dependability and long-term viability of a gig workforce. Many organizations are beginning to recognize the benefits of remote working in terms of reduced overhead expenses and stretched liquidity, and many are seriously evaluating their operational strategy. Gig work has proven to be advantageous to both companies and employees. Businesses are discovering that hiring gig workers saves them money on office space and equipment while also providing them with greater recruitment flexibility. Workers, for their part, benefit from flexible hours, a variety of jobs, and the option to supplement their income by working multiple jobs. The Global ‘gig’ workforce: More than 200 million people are now considered part of the global ‘gig’ workforce, thanks to the rise of technology-enabled gig employment platforms. Vast majority of the gig economy grow value comes from transportation-based services (such as Uber) and asset-sharing platforms (such as Airbnb). In terms of gross volume transactions, the gig economy is predicted to reach $455 billion by the end of 2023. We can observe that the global gig economy produced $204 billion USD in 2018 and is anticipated to produce $455 billion USD by 2023. This equates to a remarkable compound annual growth rate of 17.4 percent. In other words, the global gig economy more than doubles in terms of economic production every five years! In the United States: How big is the gig economy in the United States? In the United States, 57.3 million people work as freelancers. It is anticipated that there will be 86.5 million freelancers by 2027. In 2018, freelancers in the United States contributed over $1.28 trillion to the gig economy. The gig economy accounts for 5.7 percent of US GDP. More than half (52%) of the US population is expected to be gig economy employees or have worked independently at some time in their careers by 2023. If the gig economy continues to develop at its current rate, it will employ more than 50% of the US workforce by 2027. According to recent projections, the number of freelancers in the United States would reach 86.5 million by 2027. In India: As the novel coronavirus prompted businesses throughout the world to reconsider their operational strategy, maybe nothing has had as big of an impact as the mainstreaming of India’s formerly marginalized gig economy. The gig workforce has grown steadily in recent years, and this trend appears to be here to stay. At present, India has a pool of 15 million gig workers staffed in projects across IT, HR and designing. In addition, India’s workforce is growing by 4 million people annually. And as most of them are young millennials, they are showing an increasing preference for gig contracts. This trend is expected to significantly impact gig economy in the near future. Gig economy statistics indicate that India has emerged as the fifth largest gig economy market in 2021. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Unlocking the Potential of the Gig Economy in India

The ‘gig’ economy has risen dramatically over the last decade with the introduction of digital platforms such as Ola, Uber, Swiggy, Dunzo, and UrbanCompany, among others. With the rise of technology-enabled gig work platforms, more than 200 million people are now considered part of the global ‘gig’ workforce. In India, ‘gig’ employment is not a novel concept. With its enormous informal economy and casual workers, India has long had the equivalent of gig work in both urban and rural areas, ranging from temporary agricultural workers to daily-wage construction laborers to delivery personnel. What has changed in recent years is the use of technology to match and expand on-demand services. The gig economy helps companies, employees, and the economy as a whole, with benefits that go beyond traditional conceptions of convenience, on-demand availability, and flexibility. This is due to the underlying economic factors that platform-enabled gig work addresses at scale, as well as the collateral advantages it can provide, which can lead to a virtuous expansion cycle. Some of these benefits include: Improving the efficiency of large-scale workers, service discovery, and fulfillment. Aligning economic incentives between employers and workers, resulting in higher incomes for workers while lowering ‘fixed’ costs for firms. Catalyzing economic recovery by offering on-demand workers, even if firms are hesitant to hire full-time employees. Expanding labor participation, particularly for women and students who may only be able to work part-time to augment household income. Obtaining collateral benefits from ‘formalizing’ labor markets, such as financial inclusion and social protection. Improving overall productivity by eliminating idle and unproductive time. The long-term potential of the ‘gig’ economy could comprise: Skilled and semi-skilled jobs (about 35 million) in industrial industries. Shared services roles (about five million), such as facilities management, transportation, and accounting. Household demand for services (around 12 million). Unskilled jobs (about 37 million) in a variety of industries. Construction, manufacturing, retail, transportation, and logistics might account for more than 70 million of the potentially ‘gigable’ positions. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

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Blockchain, AI, and IoT: A Perfect Match?

Blockchain technology, the Internet of Things (IoT), and Artificial Intelligence (AI) are now widely acknowledged as disruptive technologies with the ability to enhance current business processes, establish new business models, and disrupt entire sectors. By offering a shared and decentralized distributed ledger, blockchain, for example, can improve trust, transparency, security, and privacy in corporate processes. Purpose of Blockchain, IoT and AI: A Blockchain, or a distributed ledger in general, can store all kinds of assets in the same way that a register can. These data can primarily be linked to money and identities. IoT drives industry automation and user-friendliness of business operations, both of which are critical for the IT industry’s overall readiness. Finally, AI improves business processes by spotting trends and optimizing their consequences. Until now, the interconnectedness of these three advancements has been overlooked, and Blockchain, IoT, and AI have been used in isolation. These advances, on the other hand, may and should be used in tandem, and they will merge in the future. IoT collects and gives data, Blockchain provides infrastructure and establishes engagement rules, and AI optimizes processes and rules, according to one conceivable connection between these technologies. The Convergence of Blockchain, IoT, and AI Blockchain technology was exclusively considered in the context of payments until a few years ago, i.e., Bitcoin and Ether, however, non-financial applications of blockchain technology, such as supply chain management and digital identities, have emerged in recent years. For example: New studies have emerged that highlight the use of Blockchain technology to improve the system infrastructure of various IoT devices. They outline how the architecture of blockchains can be modified such that the resulting infrastructure is better equipped to serve IoT devices, especially with respect to the speed of transactions. Besides focusing on Blockchain in connection with IoT, some studies also focus on the combination of Blockchain and AI. To date, the focus has been on linking Blockchain with one other breakthrough technology, such as IoT or AI, rather than implementing all three technologies at the same time. The actual potential of these new, developing technologies, however, will only be realized if they are merged. Conclusion: Blockchain, IoT, and AI are all technologies that can be used in a variety of ways. We believe that these advancements will converge because the combination of these technologies will boost business models, products, and services. Benefits: Sensors, automobiles, robots, trucks, cameras, and other IoT devices might all gain from such business models. These entities can send and receive money on their own, and make decisions as independent economic agents using AI and data analytics. The growth of such business models, as well as the digital transformation of industrial enterprises, will be fueled by their convergence. Executives must deal with these technologies if they are to achieve significant efficiency benefits. The combination of blockchain technology, IoT, and AI will usher in a new era of digitization. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

How Technology is Driving the Future of Payments

Our systems of monetary exchange and payment have evolved swiftly in tandem with technical innovation over the last few decades. Businesses must adapt to and accept changing payment technologies in the face of extraordinary technological innovation, new and demanding regulatory frameworks, and changing consumer and corporate needs. What is the reason for the shift in payment methods? Digital technology advancements and changes. Demand from customers. Competitive forces. FinTechs, merchants, and social media behemoths have all launched their own digital payment services. So, how is technology influencing the future of payments, and where are we headed? Here are a few trends and technologies that are influencing how we pay: Mobile Wallets: Mobile payments have a bright future ahead of them. Through convenience, communication, and rewards, mobile payment and online banking apps are increasingly boosting user experience. Biometric Security: Consumer products are increasingly using biometric technology (such as smartphones). Biometrics provides an extra degree of protection to mobile payment systems, removing the need for passwords. As a result, customers can feel more comfortable utilizing online payment methods and have a more consistent user experience. Omnichannel payment processing:Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales. Blockchain: Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases. Artificial Intelligence: Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, are one example in the payment business. Focus on Customer Experience: Customer experience is at the heart of the payment’s revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience. How do you keep up with payment technology? To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run. How can TraQiQ help? TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses. We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

The Gig Economy: Paving the way for a global workforce?

The pandemic-induced lockdown was effective in dispelling doubts about the dependability and long-term viability of a gig workforce. Many organizations are beginning to recognize the benefits of remote working in terms of reduced overhead expenses and stretched liquidity, and many are seriously evaluating their operational strategy. Gig work has proven to be advantageous to both companies and employees. Businesses are discovering that hiring gig workers saves them money on office space and equipment while also providing them with greater recruitment flexibility. Workers, for their part, benefit from flexible hours, a variety of jobs, and the option to supplement their income by working multiple jobs. The Global ‘gig’ workforce: More than 200 million people are now considered part of the global ‘gig’ workforce, thanks to the rise of technology-enabled gig employment platforms. Vast majority of the gig economy grow value comes from transportation-based services (such as Uber) and asset-sharing platforms (such as Airbnb). In terms of gross volume transactions, the gig economy is predicted to reach $455 billion by the end of 2023. We can observe that the global gig economy produced $204 billion USD in 2018 and is anticipated to produce $455 billion USD by 2023. This equates to a remarkable compound annual growth rate of 17.4 percent. In other words, the global gig economy more than doubles in terms of economic production every five years! In the United States: How big is the gig economy in the United States? In the United States, 57.3 million people work as freelancers. It is anticipated that there will be 86.5 million freelancers by 2027. In 2018, freelancers in the United States contributed over $1.28 trillion to the gig economy. The gig economy accounts for 5.7 percent of US GDP. More than half (52%) of the US population is expected to be gig economy employees or have worked independently at some time in their careers by 2023. If the gig economy continues to develop at its current rate, it will employ more than 50% of the US workforce by 2027. According to recent projections, the number of freelancers in the United States would reach 86.5 million by 2027. In India: As the novel coronavirus prompted businesses throughout the world to reconsider their operational strategy, maybe nothing has had as big of an impact as the mainstreaming of India’s formerly marginalized gig economy. The gig workforce has grown steadily in recent years, and this trend appears to be here to stay. At present, India has a pool of 15 million gig workers staffed in projects across IT, HR and designing. In addition, India’s workforce is growing by 4 million people annually. And as most of them are young millennials, they are showing an increasing preference for gig contracts. This trend is expected to significantly impact gig economy in the near future. Gig economy statistics indicate that India has emerged as the fifth largest gig economy market in 2021. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Unlocking the Potential of the Gig Economy in India

The ‘gig’ economy has risen dramatically over the last decade with the introduction of digital platforms such as Ola, Uber, Swiggy, Dunzo, and UrbanCompany, among others. With the rise of technology-enabled gig work platforms, more than 200 million people are now considered part of the global ‘gig’ workforce. In India, ‘gig’ employment is not a novel concept. With its enormous informal economy and casual workers, India has long had the equivalent of gig work in both urban and rural areas, ranging from temporary agricultural workers to daily-wage construction laborers to delivery personnel. What has changed in recent years is the use of technology to match and expand on-demand services. The gig economy helps companies, employees, and the economy as a whole, with benefits that go beyond traditional conceptions of convenience, on-demand availability, and flexibility. This is due to the underlying economic factors that platform-enabled gig work addresses at scale, as well as the collateral advantages it can provide, which can lead to a virtuous expansion cycle. Some of these benefits include: Improving the efficiency of large-scale workers, service discovery, and fulfillment. Aligning economic incentives between employers and workers, resulting in higher incomes for workers while lowering ‘fixed’ costs for firms. Catalyzing economic recovery by offering on-demand workers, even if firms are hesitant to hire full-time employees. Expanding labor participation, particularly for women and students who may only be able to work part-time to augment household income. Obtaining collateral benefits from ‘formalizing’ labor markets, such as financial inclusion and social protection. Improving overall productivity by eliminating idle and unproductive time. The long-term potential of the ‘gig’ economy could comprise: Skilled and semi-skilled jobs (about 35 million) in industrial industries. Shared services roles (about five million), such as facilities management, transportation, and accounting. Household demand for services (around 12 million). Unskilled jobs (about 37 million) in a variety of industries. Construction, manufacturing, retail, transportation, and logistics might account for more than 70 million of the potentially ‘gigable’ positions. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Technologies that are Shaping the Future of the Pharmaceutical Industry

Adopting cutting-edge technologies can play a critical part in the pharmaceutical industry’s digital revolution. Capturing this opportunity, however, necessitates the identification of the appropriate initiatives. Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and Blockchain are among the innovations that are beginning to transform the pharmaceutical industry in the same way that they have transformed other industries such as media, retail, banking, telecommunications, education, and so on. Here are a few emerging technologies that are already reshaping the pharmaceutical sector: 1) Artificial Intelligence (AI) and Machine Learning (ML): Artificial intelligence and machine learning are without a doubt the pharmaceutical industry’s next big thing. In the healthcare industry, AI is already being utilized to perform repetitive jobs such as data entry, lab test analysis, data management, and so on. ML is also utilized in disease identification and diagnosis, radiography and radiation planning, clinical trial research, personalized medicine, rare disease identification, and new medication development, among other applications. AI and ML are likely to be integrated into the majority, if not all, pharmaceutical R&D processes. As a result, drug development success rates should improve and streamline R&D efforts. 2) IoT Integration: IoT has tremendous potential to benefit the pharmaceutical business. By identifying difficulties and making adjustments before they pose a problem, a network of connected devices with monitoring sensors can reduce the risk of machinery malfunctions and ensure precision output. IoT integration can help the pharmaceutical industry’s manufacturing sector, for material tracking and management, and even in the manufacturing process of medications. Furthermore, IoT-enabled data-gathering devices can find at shipping and receiving stations, collect information from RFID tags and barcodes, and correlate data from numerous places to ensure consistency. 3) Blockchain: The research and commercialization of a new medicine is a lengthy, complex, and costly process fraught with danger. By securing intellectual property information, Blockchain has the potential to reduce these expenses while also increasing transparency and confidence for all parties in this process. A digital identity enabled by Blockchain allows for traceability each time a patient’s identity is verified and would improve data quality by tracking patient data linked to a specific medication trial while preserving the highest level of information security. 4) Organs-On-Chips: Drug testing on humans or animals in the context of costly and time-consuming clinical trials is a thing of the past; the “Organs on Chips” notion is the new craze. Consider that the properties of biological beings may be so precisely simulated that a clinical trial can be completed in less time, with less money, and still with fantastic results. This is known as a “silico trial.” It is essentially a customized computer simulation that is used in the development or regulatory review of medicine, technology, or intervention. While simulated clinical trials are not yet achievable with present technology and biological understanding, their development would be predicted to have significant advantages over existing clinical trials. To survive and grow in this environment, it is more important than ever for industry organizations to research and invest in cutting-edge technology and ideas. Are you interested in harnessing some of these top-notch technologies to move your business forward? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

The Future of Insurance: How to prepare for the technological shift in this industry

Rapid technological advancements in the coming decade will result in disruptive developments in the insurance business. Carriers that employ new technology to build novel solutions, harness cognitive learning insights from new data sources, streamline processes and cut costs, and meet customer expectations for individualization and dynamic adaptation will be the victors in tech-based insurance. While most organizations did not likely invest extensively in disruptive technologies during the pandemic, the increasing emphasis on digital technology and a stronger openness to embracing change will place them in a better position to integrate tech into their operations. How insurers can prepare for accelerating changes: The industry’s rapid transformation will be powered by the widespread use and integration of automation, deep learning, and external data ecosystems. While no one can foresee what insurance will look like in the future, carriers may start preparing for the change now. 1) Learn about AI-related technologies and developments. Although the industry’s seismic shifts will be technological, resolving them is not the responsibility of the IT team. Instead, board members and customer-experience teams should devote time and resources to developing a thorough grasp of these AI-related technologies. Insurers, for example, are unlikely to gain much information from small-scale IoT pilot projects in separate segments of the organization. Instead, they must move with intent and a clear knowledge of how their company can engage in the IoT ecosystem at scale. 2) Create the necessary talent and technological infrastructure. The next generation of successful frontline insurance workers will be in high demand, and they will need to be a unique blend of technologically adept, creative, and willing to work at something that will not be a static process, but rather a mix of semiautomated and machine-supported tasks that will constantly evolve. To keep up, an aggressive plan for attracting, cultivating, and retaining a diverse workforce with vital skill sets will be required. Data engineers, data scientists, technologists, cloud computing professionals, and experienced designers will be needed among those employed. 3) Create and begin implementing a well-thought-out strategic plan. Carriers must select how to employ technology to support their business plan based on the insights gained from AI explorations. Some carriers are already experimenting with novel techniques, such as establishing their venture capital arms, purchasing potential insurtech startups, and forming alliances with top academic institutions. Insurers should create a perspective on the areas in which they want to invest to match or beat the market, as well as which strategic approach—for example, founding a new business or building in-house strategic capabilities—is best suited for their organization. 4) Develop and implement a thorough data strategy. Data is quickly becoming one of, if not the, most significant assets for any firm. The insurance sector is no exception: how carriers identify, assess, place, and manage risk is all dependent on the volume and quality of data they collect throughout the life cycle of a policy. Carriers should be prepared to implement a comprehensive procurement approach that may include direct acquisition of data assets and providers, licensing of data sources, usage of data APIs, and collaboration with data brokers. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

How technology trends are shaping and disrupting the Insurance industry

Have you ever attempted to verify the status of an insurance claim? Obtaining claim status information frequently necessitates multiple phone calls, emails, or even a visit to an agent. Customer satisfaction suffers because of a lack of web presence. Today, approximately 61% of clients want to track the status of their applications using digital technologies. Digital technologies bring several disruptive trends to the insurance business such as personalization, the shift to a platform economy, automation, and real-time based estimates. AI, IoT, Blockchain, API, wearables, and Telematics are emerging technologies that have shaped tech trends and should be embraced to stay ahead of the competition as it enables insurance companies to provide a better customer experience while also increasing operational efficiency. So, which features will have the greatest impact? Wearables and telematics monitor client behavior, allow for risk prevention and pave the way for new business models. AI insurance solutions enable businesses to provide customized quotes to clients, integrate Robo-advisors, and improve fraud detection. Blockchain technology aids in workflow governance and ensures transparency. Insurance APIs facilitate information exchange, increase product distribution through internet channels, and eventually allow insurers to recommend more versatile products. One of the biggest challenges when dealing with technology is accountability, which is why Tech must be explainable, and more importantly, Data use must be accountable. Insurers, for example, cannot keep customers in the dark about how artificial intelligence (AI) algorithms make decisions that influence their life, such as premium pricing, claim rejections, or job applications. And, as businesses collect data via multiple monitoring apps and digital channels, they must also consider and shield people’s privacy and security concerns. Making the move to digital business models and customer experiences will be difficult unless insurers can gain the trust of customers, employees, and intermediaries that digital technology is being used in a way that benefits them. As many technological models hit their breaking point, they presage a larger transition that organizations must be aware of- people will no longer be spectators in the face of technology. The ability of insurance firms to improve the human experience by providing individuals agency in their interactions with technology will be critical to the success of the next generation of products and services. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

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Blockchain, AI, and IoT: A Perfect Match?

Blockchain technology, the Internet of Things (IoT), and Artificial Intelligence (AI) are now widely acknowledged as disruptive technologies with the ability to enhance current business processes, establish new business models, and disrupt entire sectors. By offering a shared and decentralized distributed ledger, blockchain, for example, can improve trust, transparency, security, and privacy in corporate processes. Purpose of Blockchain, IoT and AI: A Blockchain, or a distributed ledger in general, can store all kinds of assets in the same way that a register can. These data can primarily be linked to money and identities. IoT drives industry automation and user-friendliness of business operations, both of which are critical for the IT industry’s overall readiness. Finally, AI improves business processes by spotting trends and optimizing their consequences. Until now, the interconnectedness of these three advancements has been overlooked, and Blockchain, IoT, and AI have been used in isolation. These advances, on the other hand, may and should be used in tandem, and they will merge in the future. IoT collects and gives data, Blockchain provides infrastructure and establishes engagement rules, and AI optimizes processes and rules, according to one conceivable connection between these technologies. The Convergence of Blockchain, IoT, and AI Blockchain technology was exclusively considered in the context of payments until a few years ago, i.e., Bitcoin and Ether, however, non-financial applications of blockchain technology, such as supply chain management and digital identities, have emerged in recent years. For example: New studies have emerged that highlight the use of Blockchain technology to improve the system infrastructure of various IoT devices. They outline how the architecture of blockchains can be modified such that the resulting infrastructure is better equipped to serve IoT devices, especially with respect to the speed of transactions. Besides focusing on Blockchain in connection with IoT, some studies also focus on the combination of Blockchain and AI. To date, the focus has been on linking Blockchain with one other breakthrough technology, such as IoT or AI, rather than implementing all three technologies at the same time. The actual potential of these new, developing technologies, however, will only be realized if they are merged. Conclusion: Blockchain, IoT, and AI are all technologies that can be used in a variety of ways. We believe that these advancements will converge because the combination of these technologies will boost business models, products, and services. Benefits: Sensors, automobiles, robots, trucks, cameras, and other IoT devices might all gain from such business models. These entities can send and receive money on their own, and make decisions as independent economic agents using AI and data analytics. The growth of such business models, as well as the digital transformation of industrial enterprises, will be fueled by their convergence. Executives must deal with these technologies if they are to achieve significant efficiency benefits. The combination of blockchain technology, IoT, and AI will usher in a new era of digitization. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

How Technology is Driving the Future of Payments

Our systems of monetary exchange and payment have evolved swiftly in tandem with technical innovation over the last few decades. Businesses must adapt to and accept changing payment technologies in the face of extraordinary technological innovation, new and demanding regulatory frameworks, and changing consumer and corporate needs. What is the reason for the shift in payment methods? Digital technology advancements and changes. Demand from customers. Competitive forces. FinTechs, merchants, and social media behemoths have all launched their own digital payment services. So, how is technology influencing the future of payments, and where are we headed? Here are a few trends and technologies that are influencing how we pay: Mobile Wallets: Mobile payments have a bright future ahead of them. Through convenience, communication, and rewards, mobile payment and online banking apps are increasingly boosting user experience. Biometric Security: Consumer products are increasingly using biometric technology (such as smartphones). Biometrics provides an extra degree of protection to mobile payment systems, removing the need for passwords. As a result, customers can feel more comfortable utilizing online payment methods and have a more consistent user experience. Omnichannel payment processing:Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales. Blockchain: Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases. Artificial Intelligence: Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, are one example in the payment business. Focus on Customer Experience: Customer experience is at the heart of the payment’s revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience. How do you keep up with payment technology? To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run. How can TraQiQ help? TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses. We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

The Gig Economy: Paving the way for a global workforce?

The pandemic-induced lockdown was effective in dispelling doubts about the dependability and long-term viability of a gig workforce. Many organizations are beginning to recognize the benefits of remote working in terms of reduced overhead expenses and stretched liquidity, and many are seriously evaluating their operational strategy. Gig work has proven to be advantageous to both companies and employees. Businesses are discovering that hiring gig workers saves them money on office space and equipment while also providing them with greater recruitment flexibility. Workers, for their part, benefit from flexible hours, a variety of jobs, and the option to supplement their income by working multiple jobs. The Global ‘gig’ workforce: More than 200 million people are now considered part of the global ‘gig’ workforce, thanks to the rise of technology-enabled gig employment platforms. Vast majority of the gig economy grow value comes from transportation-based services (such as Uber) and asset-sharing platforms (such as Airbnb). In terms of gross volume transactions, the gig economy is predicted to reach $455 billion by the end of 2023. We can observe that the global gig economy produced $204 billion USD in 2018 and is anticipated to produce $455 billion USD by 2023. This equates to a remarkable compound annual growth rate of 17.4 percent. In other words, the global gig economy more than doubles in terms of economic production every five years! In the United States: How big is the gig economy in the United States? In the United States, 57.3 million people work as freelancers. It is anticipated that there will be 86.5 million freelancers by 2027. In 2018, freelancers in the United States contributed over $1.28 trillion to the gig economy. The gig economy accounts for 5.7 percent of US GDP. More than half (52%) of the US population is expected to be gig economy employees or have worked independently at some time in their careers by 2023. If the gig economy continues to develop at its current rate, it will employ more than 50% of the US workforce by 2027. According to recent projections, the number of freelancers in the United States would reach 86.5 million by 2027. In India: As the novel coronavirus prompted businesses throughout the world to reconsider their operational strategy, maybe nothing has had as big of an impact as the mainstreaming of India’s formerly marginalized gig economy. The gig workforce has grown steadily in recent years, and this trend appears to be here to stay. At present, India has a pool of 15 million gig workers staffed in projects across IT, HR and designing. In addition, India’s workforce is growing by 4 million people annually. And as most of them are young millennials, they are showing an increasing preference for gig contracts. This trend is expected to significantly impact gig economy in the near future. Gig economy statistics indicate that India has emerged as the fifth largest gig economy market in 2021. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Unlocking the Potential of the Gig Economy in India

The ‘gig’ economy has risen dramatically over the last decade with the introduction of digital platforms such as Ola, Uber, Swiggy, Dunzo, and UrbanCompany, among others. With the rise of technology-enabled gig work platforms, more than 200 million people are now considered part of the global ‘gig’ workforce. In India, ‘gig’ employment is not a novel concept. With its enormous informal economy and casual workers, India has long had the equivalent of gig work in both urban and rural areas, ranging from temporary agricultural workers to daily-wage construction laborers to delivery personnel. What has changed in recent years is the use of technology to match and expand on-demand services. The gig economy helps companies, employees, and the economy as a whole, with benefits that go beyond traditional conceptions of convenience, on-demand availability, and flexibility. This is due to the underlying economic factors that platform-enabled gig work addresses at scale, as well as the collateral advantages it can provide, which can lead to a virtuous expansion cycle. Some of these benefits include: Improving the efficiency of large-scale workers, service discovery, and fulfillment. Aligning economic incentives between employers and workers, resulting in higher incomes for workers while lowering ‘fixed’ costs for firms. Catalyzing economic recovery by offering on-demand workers, even if firms are hesitant to hire full-time employees. Expanding labor participation, particularly for women and students who may only be able to work part-time to augment household income. Obtaining collateral benefits from ‘formalizing’ labor markets, such as financial inclusion and social protection. Improving overall productivity by eliminating idle and unproductive time. The long-term potential of the ‘gig’ economy could comprise: Skilled and semi-skilled jobs (about 35 million) in industrial industries. Shared services roles (about five million), such as facilities management, transportation, and accounting. Household demand for services (around 12 million). Unskilled jobs (about 37 million) in a variety of industries. Construction, manufacturing, retail, transportation, and logistics might account for more than 70 million of the potentially ‘gigable’ positions. TraQiQ: Powering the ‘gig’ economy in India TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates. MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas. Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration. For more information regarding our services please contact us at https://www.traqiq.com/#contact

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Digital Transformation: Moving the entire company’s operations to the cloud

One of the main pillars of achieving digital transformation has been undoubtedly through ‘The Cloud’. With emerging technologies set to take over business operations around the world, Cloud tech is at the forefront of this transformation. Nowadays, enterprises depend heavily on the effective use of technology to facilitate their business operations. Digital transformation cannot happen overnight but requires concerted efforts over a period andthe aim is to identify business opportunities, increase operational efficiency and make company product and services easily accessible to the customer through technology. Cloud services are key to achieving auser-friendly interface for all customers. It has laid the foundation for design of business frameworks and for expediting company operations.A cloud-based digital transformation strategy can be beneficial in the following ways: Reduced cost. High scalability. Provides faster execution options and enable informed decision making. Offers replacement for redundant and heavy back-office applications. Flexible to changes as per business needs. The ability to handle large volumes of data. Using cloud to incorporate emerging tech like AI, IoT etc. Provide winning digital customer experiences. The cloud has much to offer but transitioning to cloudtech must be meticulously planned and well executed. If not, it could cause major disruptions in company operations and its day-to-day activity. Executives should focus on how they can derive maximum benefit from this tech to help facilitate progress for their business. Digital transformation is for the future of business, and hence a business-driven strategy should be given priority rather than IT-centric concerns. The company should focus on how transformation to cloud will drive success for its business and how they can use their strategy as a formula for success. A well planned and executed transition to cloud-based solutions can help provide a significant competitive advantage. With tools like TraQiQ’s document digitization platform (TraQData), innovative AI solutions etc., TraQiQ can help you create an effective strategy for your organization’s migration to cloud-based services and solutions.

Will online ordering replace home cooking?

With the coronavirus lockdown keeping restaurants closed and would-be diners at home, takeaway food options are booming in India, and there are signs that the shift toward home-delivered food is here to stay. However, do not fire your cook yet? We all need a job during these crisis-driven times! Ordering food online has become so popular and inexpensive that it may soon edge out cooking at home as the preferred way to get a meal on the table. When time is factored in, a meal ordered online could close in or beat the cost of home-cooked food. Four factors that point in this direction are mentioned below: Increased ease of delivery: Apps like Uber Eats, Zomato, etc. are making online food delivery affordable, convenient, and efficient. More personalization offered in ordering food online: Consumers can decide on cuisines that they would prefer on any given day-the options are limitless. An influx of virtual restaurants:Cloud kitchens or commercial cooking facilities that have no physical dining space and cater only to deliver orders placed online are projected to become a $2 billion industry in India by 2024-that is up from $400 million in 2019. Improved data usage by eateries:Improved data analytics are helping restaurants to analyze and convert data points into meaningful insights, which can help improve menus, staff training, restaurant policies, and even marketing campaigns. As lives get busier, one of the first daily tasks that tend to take a hit is making home-cooked meals from scratch.Online ordering is growing rapidly as apps like Uber Eats make it possible to order from restaurants that previously did not offer delivery. Calling online food delivery, a “megatrend” is an understatement,as it can be an important part of our subsistence and sustenance. TraQiQ offers a Last mile delivery (software) product called TraQSuite which enables a complete distribution engine. It is architected to manage thousands of task workers across multiple geographies to deliver products and services to the users.The mobile apps enable data sharing, validation and measure customer satisfaction.

Work from Home initiatives take centre stage during COVID-19

With most organizations grappling with harsh COVID-19 lockdowns, the work from home option is playing a major role in ensuring that services continue uninterrupted. With rapid advancements in connectivity over the past 5 years, technology has ensured that ordinary workflow is not obstructed. With lockdown restrictions gradually being eased, most employees are looking forward to getting back to their offices, however, many multinational corporations like Google, Facebook etc. still have their finger on the safety button allowing employees to work from home for most of 2021. Even mid-capped and smaller companies are enjoying this flexibility and keeping their operational options open. Many online platforms like Zoom, Webex and Microsoft Teams have gained prominence, and even old-age applications like Skype have seen a resurgence during these times. These applications have made communication easier, more secure, and easily available to employees. Work from Home is widely considered to be a containment option to prevent the spread of COVID-19. Although the virus caught most companies off-guard,they responded with tact and speed and the WFH initiative has proven to be highly productive and resulted in lower operational costs. It has also given much insight into the world of remote working and how technology can be used to leverage smooth functioning of multinationals during crisis. Organizations have seen a major boost in morale with employees enjoying flexible schedules, custom working environments etc.Productivity has increased with less office distractions and increased focus on the job at hand.Time and money saved on commuteis another reason for employees to rejoice. Staying indoors also means more time with loved ones or simply getting some quiet time for yourself. One could always argue that the grass is always greener on the other side, but with cases rising every day, 2021 may not see companies rushing to return to pre-COVID work models. During these uncertain times, TraQiQ offers premier AI-powered solutions for the world’s top e-commerce retailers which identifies digital transformation strategies needed by companies to serve their customers better, and trends which could have an impact on their business.

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