CXOToday has engaged in an exclusive interview with Mr. Hari Mishra, Co – founder, Nona lifestyle
- Tell us about the inception of the company and the journey so far.
Nona Lifestyle is the first organized B2B-managed marketplace offering customized corporate merchandise and soft furnishing, from design to doorstep delivery. The firm specializes in customized uniforms, safety wear, and accessories (corporate merchandise) also catering to white labeling and bed and bath linens (soft furnishing).
Established in 2016, the brand is known for best-in-class operations and a unified tech platform. Mr. Ankit Rajput and Mr. Hari Mishra conceptualized Nona Lifestyle with the vision to consolidate the fragmented and highly unorganized B2B segment of customized products in textile merchandise. Their concerted efforts, vast industry experience, and innovative approach led to the firm being recognized as the end-to-end complete tech solution for corporate merchandise sourcing.
- Please elaborate on the developments in India’s modern B2B Managed Marketplace.
The modern B2B managed marketplace in India has seen significant growth in recent years, owing to technological advancements and shifting market dynamics. B2B managed marketplaces use technology to simplify the procurement process, including real-time inventory tracking, automated order processing, and seamless payment and delivery options. The use of vertical B2B marketplaces, which concentrate on particular sectors or product lines, has become more and more popular. These marketplaces offer additional tailored solutions and expertise to meet their client’s specific needs, such as industry-specific offerings and customized packaging and labeling.
Today Machine learning and artificial intelligence developments are being incorporated into B2B marketplaces to give buyers and sellers personalized recommendations and insights. By identifying patterns in purchasing behavior and forecasting future demand, these technologies can help to improve the efficiency and effectiveness of the procurement process.
Overall, technology and changing customer expectations are driving significant transformation and innovation in India’s modern B2B managed marketplace.
- What challenges did you face while bringing up the world’s first organized B2B Managed Marketplace that offers Customized Corporate Merchandise?
Creating a managed b2b marketplace was indeed difficult. Due to the fragmentation of this industry, buyers and sellers were unable to clearly understand the entire supply chain. Since ancient times, people have been using this very conventional technique. The understanding of the supply chain in this industry, which runs from fiber to fashion, had been lacking. From the founders and across all hierarchies, bringing the fiber to fashion under one umbrella has been a difficult/fun task. Cracking this supply chain is a remarkable accomplishment that many industries have struggled with. One of the challenges was also finding the right supplier, as well as getting credit from them. Nona Lifestyle focuses on accessibility. Also, one of the challenges was to tap on the correct supplier along with the credit support from the suppliers. Nona Lifestyle is focused on accessing a wider market where potential buyers and sellers can interact and can streamline the entire supply chain to be more simplified.
- How is Nona Lifestyle assisting businesses worldwide with customized corporate merchandising and in which all countries are we present in at the moment?
Nona lifestyle has a pan-India presence. It expanded to the UAE in 2019 and has received a positive response from the middle-eastern market as well. The company now intends to diversify its supply chain and build strong markets in the Indian (Delhi-NCR, Mumbai, Chennai, and Hyderabad), Middle Eastern, and European markets. With a customer base of over 100+ brands, Nona Lifestyle has boarded 50+ manufacturers, supplying over 7.1 million units across 20+ categories. The global textile brand provides complete transparency and visibility to customers by taking control of the supply chain and quality with a robust TNA. As per the guidelines set by RTA, Nona Lifestyle provides compliant products in sectors such as construction, manufacturing, hyperlocal logistics, industrial, etc.
- How is Nona Lifestyle promoting sustainable clothing?
We are planning to be a part of a big change in the fashion industry towards reducing the carbon footprint, by bringing positive change in the environment. We continue to work towards our goals to make a structured marketplace for big and small manufacturers either by exporting globally or from local resources. We plan on creating a sustainable fashion technology focused on data digitization, scale innovation, promoting transparency, alternative textiles, and recycling by providing a customized & personalized marketplace while being a fair and equal company.
The brand works for providing climate positive across our value chain, operating within planetary boundaries, net positive impact on biodiversity and circular ecosystem for our products, supply chains, and customer journeys. To meet the unique demand of brands, we plan to provide the best combination of fashion, quality, price, safety, and sustainability.
- What role does technology play in the contemporary scenario in the B2B market?
In today’s scenario in the B2B marketplace, technology plays a significant role. From mapping all manufacturers on a single platform (marketplace) to integrating MES & SAAS products, technology aids in everything could be tracking, optimizing, analyzing, or scaling all data insights. Additionally, it is a major proponent of the company’s international growth.
Technology aids in the efficient and systematic organization of this market’s workflow in order to save time and earn more money. Furthermore, it improves data security, communication, customer satisfaction, and experiences. It also improves managerial decision-making by utilizing data analytics AI.
- How digitization can fundamentally revolutionize your business-to-business e- commerce enterprise?
B2B e-commerce is expanding at a faster and more consistent rate. Digitization is a tried and tested method for keeping up with market expectations. A plethora of digital options for managing the supply chain has also emerged in recent years.
Digitalization is indeed critical to the success of our B2B e-commerce venture. With digitization, we can provide a more seamless order fulfillment experience and respond to client needs more quickly. This can assist us in increasing customer satisfaction and loyalty, which will ultimately drive business growth and success. This will give us a better picture of what is going on on the ground.
Digital tools can also assist us in making data-driven decisions, which is critical in the business setting. Furthermore, platform-based methods can provide real-time changes, delivery process automation, order tracking and tracing, and seamless delivery. With AI and Analytics, we can make analytics-driven business decisions, improving decision accuracy and, ultimately, overall productivity. As a result, digitization can provide significant benefits to us by increasing efficiency, improving customer experience, optimizing supply chain management, and opening up new markets.