Blockchain Relevant In Loyalty Space
If there is an idea that you think will solve a bigger problem or else can be better solved than other players that are trying to solve, then go for it
Photo Credit : Himanshu Kumar
Ashok Reddy, Founder, GrabOn
On the company’s relevance 10 years from now: Ten years is long time in the current age. We look at three years at a time and think about where we should be. We have a vision 2020, which is our business plan for the next three years, we intend to maintain our No. 1 position in this space and get into unicorn club by then.
On the future of the business: Ever since the smartphones have arrived, businesses are changing at a much rapid pace. We have seen some significant changes in the last few years on how people transact online, and how merchants are selling to customers. There are more changes that are bound to come in the next few years and we are equally ready for all the changes that the digital world is going through.
On the importance of AI and blockchain to the business: AI is and should be part and parcel of every business these days. It is a core part of our business and comes in very naturally on using AI as part of our business. We are trying to foray into the loyalty space, and that is where blockchain becomes relevant. But we still think it is few years away from us introducing blockchain in the loyalty space based on how market reacts to it in adopting it as the defacto technology wherever required.
On the possibility of shrinking jobs due to technology intervention in the sector: With the introduction of AI or automation, there is certainly shrinkage in the employment opportunities. That said there are new employment opportunities that are created with these new and emerging technologies – it is just that we need to upgrade our skills to meet the needs of this fast changing digital landscape.
Message to young entrepreneurs and startup founders: If there is an idea that you think will solve a bigger problem or else can be better solved than other players that are trying to solve, then go for it. Also, try to build a company that doesn’t require outside investment until the growth stage.