Consumer feedback is one of the most important aspects of growing a successful business; it helps to bridge the gap between the needs of the customers and the products/services offered by the company. Knowing exactly what the customer needs enables the business to meet those requirements.
This involves a lot of cooperation from the customer and a way for the company to compile and derive the data from the feedback. Yes, the rating out of 5 stars do work, but how much insight is the company getting from just that rating?
Building a method to solve this problem, Jasal Shah, Venkatesh D N, Anand P, and Rajesh Bodke started Avidestal Technologies. The parent company Avidestal Technologies was registered in March of 2022 providing 5 main SaaS-based products, one of which is Me-Grow.
Me-Grow is a Bengaluru-based bootstrapped company providing a CX-cum-consumer feedback SaaS product to businesses. Zeroing its focus on consumer-facing businesses- from small & medium scale businesses to large corporates- it provides a platform for customers to give their feedback.
Explaining the working of the company Shah, CEO of the company told Entrackr, “The QR code is the key element. Subscribers can use the pre-set templates or even create customized ones and create a questionnaire. This is then provided to them in the form of a QR code. Once customers put in their feedback, we compile the data and provide the feedback and solutions.”
The feedback system has been in the market for quite some time now; companies often send in its surveys and feedback form via mail or WhatsApp messages but rarely do customers fill it up or even look through it. This affects the quality of data the company receives.
The company has introduced a reward program to increase customer cooperation and for them to benefit from the experience as well. If a customer answers the survey, they get a certain number of points in their account. Over time the individual can accumulate the points and use it during their purchases and as a part of the store promotion.
With plans of merging AI with the current processing of the company, it plans on introducing AI and ML technologies for hyper-personalized recommendations and AI-based strategy recommendations.
Spread across 7 cities in India with over 5000 subscribers in about 20 industries, Me-Grow currently has a subscriber growth rate of 20% month-on-month. So far, the platform has garnered around 12,000 responses from customers of various businesses.
The Indian franchising industry is estimated to reach $100 billion by 2024 and has a 30-35% growth rate year-on-year. With over 4,600 active franchisers and nearly 2,00,000 outlets, the country is only second to the US. Despite these whopping numbers, the market accounts for approximately only 2% of the country’s GDP.