Innovation’ is the fuel that keeps the modern world running. There is no sector in the economy which can flourish if it doesn’t keep itself abreast on the latest developments. If it fails to do so it is only a matter of time till it is driven to the point of extinction by its competitors. Despite the concerns expressed by some regarding the development of AI, it will be embraced by everyone as it must. In a world which is inexorably marching toward automation it has become a matter of survival for small businesses to cut costs in every possible way. If they stand any chance in their competition against the corporate behemoths of the world it is only in their ability to evolve and adapt and embrace the ever-changing digital landscape.
This is where Marg Books resuscitates MSME’s gasping for air in a post-pandemic economy. Thakur Anup Singh, CMD of Marg Group, has averred that Corona will not be allowed to become an obstacle for businesses to prosper and Marg is willing to shoulder the responsibility in ensuring that this happens. The research team at Marg has been working tirelessly since the onslaught of the Covid-19 pandemic to create software which can be easily operated online and would simplify accounting, inventories, digital payments in addition to providing delivery services and calculating the tax returns owed by business.
What separated Marg from other competitors in the market is its unique ability to customize software according to the needs of the businesses, especially small business that are technically deficient. Features have been developed in Marg Books to help a wide range of businesses- retailers, pharmacists, restaurant owners, grocery stores etc. The revolution lies in the fact that it can be operated online and from any device (computer, laptop, tablet and mobiles) providing the option of work-from-home to its users.
The Covid-19 induced pandemic has unleashed catastrophic consequences on the global economy. According to estimates by the IMF, the global economy shrunk by 4.4% in 2020. Some economists have compared the recent recession with the Great Depression of the 1930s. India had been witnessing a slump in its growth rate pre-Covid but the pandemic had at one stage bitten off a-fourth of India’s GDP as the supply chain was hit leading to high inflationary pressures. The sectors that are hit the worst are tourism, aviation, hospitality and trade while other sectors would end up being collateral damage. The virus outbreaks has resulted in one of the worst economic downturns globally that are considered once-in-a-century-event. In an increasingly connected world the economic effects cannot remain isolated or be sequestered a cascading effects of an economic disaster are invariably felt in every part of the world notwithstanding the original location of the problem.
Marg Books is an outlier as it has truly understood the pulse of the market and customized itself to serve the needs of its customers by discarding a standardized accounting format and tailored itself to the particularities of the business for which it will be used. It will bring down logistics costs, minimize if not altogether remove human error, plug monetary leakages that take place either due to corruption or inefficiency invariably reducing the infrastructure and time costs.
Its bank-to-bank payment system which connects customers with around 140 banks where payments can be accepted or sent without the hassle of logging into the bank portal provides luxuries its users which are other-worldly. With the use of Marg Books the process of bank reconciliation is reduced from being an excruciatingly painful and time-consuming process to a simple task.
Its customization features enables users to create descriptive categories according to their business profiles. For example, a garment retailer can add categories like size, colour, type and price while a pharmacist can have categories of batch no. and expiry date. Further it provides users with cloud-based access which removes the compulsion of having an office space and using only select devices.
Their penchant for continuous evolution is reflected in the products that they have launched over the years. MargPay will make its mark as the largest payment solution once bank-to-bank logistics clear the way for digital transactions. In a period of 5 months it has clocked over 1.8 lakh transactions worth Rs. 225 crores. ShipOnClick pushes the horizon further of the delivery system which has acquired greater significance in the light of the ongoing pandemic and will continue to gain ground. The online revolution is not without its victims. Small retailers in India have struggled to keep up with the range of discounts that their online counterparts provide and hence have lost their customers. Marg ERP’s PassKiDukan gives these retailers a fighting chance to revive themselves where it will act as an online platform for over 70,000 chemists. Marg PayBack is another inventive scheme wherein customers will be rewarded with cash-back offers and gifts for the consistency with which they use the platform. Finally, the most important weapon in their arsenal is Marg Mart which will act as the equivalent of powerful search engines for retailers and put their businesses on the online map. In addition to these products Marg has also launched eBusiness Mobile Apps which has been providing online ordering & payments services to over 25,000 distributors in conjunction with its e-Retail app which helps around 1.25 lakh retailers to do a business of around Rs. 2,500 crores.
Marg is at present providing its services to more than 10 lakh retailers and distributors. Its distributors help more than 60 lakh retailers who generate around 7 lakh crores bills amounting to Rs. 2000 crores. Marg has already succeeded in capturing a lion’s share of the market (around 45%). With the launch of Marg Books it has aimed at occupying atleast 30% of the market. The founders of Marg are confident of achieving this target as their 850 partners, thousands of employees and over a thousand members are relentless pursuing this goal.
Marg ERP with all its products is akin to a modern day Prometheus who spreads the light of technology from the grip of its corporate overlords to their retail counterparts. The ball is in the court of young entrepreneurs. It is up to them to adopt this fire and alleviate the suffering caused in a world of a ‘new normal’.