Innovation or Doing Things Differently It Is Said Is a Key to Future Success.

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Essay 1: Innovation or doing things differently it is said is a key to future success. Could you substantiate or negate this idea based on your experience. Please provide examples from your own experience – either examples of your own innovation or examples of others whom you have worked with. (300 Words) I believe that not taking the routine way and daring to take a different approach to solve a problem is the key to success and would lead to better results. I would like to demonstrate the same with an example of my own. I joined Valyoo Technologies as Category Manager for the jewelry vertical. The first challenge I faced was to increase the revenue and the profit simultaneously. Being completely new to ecommerce and with no background of jewelry it seemed like a formidable task. So initially we aggressively brought new vendors on board and within the first 3 months we saw the monthly revenue growth from INR 6 lakhs to INR 30 lakhs. But there wasn’t any increase in the profits as the additional profit went in to marketing activities. So I proposed a plan to the management to introduce our private label where we could control the margins as well as the quality of the product. It was a pretty challenging task as not being from the industry was a factor against us. Eventually, we were able to find few vendors who were ready to manufacture for us and at industry competitive prices. We launched our private label and phased out the previous vendors in batches so that the revenue wouldn’t suffer. As a result of this bold step, we were able to grow the profit and from 10% to 20% and also increase the monthly revenue to INR 60 lakhs. We were able to improve the quality of the product and also reduce in the delivery timelines and eventually had a brand with good recall value and in good competition with the leading brands. Thus, I firmly believe that taking bold steps

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