Unfair trade practice of Drip Pricing pinches the consumer's pocket

Universal Newsline has found out that almost everyone has been a silent victim of this Unfair Trade Practice and shows you what is Drip Pricing? And ways and means to know how to protect yourself.

Just recently a prominent restaurant in Chowpatty area in South Mumbai has been penalized by the Consumer Court for following unfair trade practice of charging  'Service Charges of serving you the meal' which was over and above the mandatory CGST and SGST charges.

Have you ever come across entities that may be deliberately inflating prices to fleece customers. For example, the restaurant menu could mention the price of a delicacy as Rs X. But when you finally pay the bill, you are shocked to learn that apart from the mandatory government taxes, the establishment has charged you Rs X plus extra service charge plus some extra packing charge or some other extra fee that may not be mentioned in the menu card.  

While some forms of drip pricing could be aimed at fleecing customer, there are also cases where it may be unavoidable

Based on consumer feedback, it appears that governments across the globe have woken up to the malpractice of drip pricing. Recently, US President Joe Biden and British Prime Minister Rishi Sunak had talked about taking action against drip pricing. In India, the Department of Consumer Affairs has asked customers to be careful about the practice of drip pricing. Let us take a look at what is drip pricing and how you can protect yourself from being fleeced.

 

What is drip pricing?

In simple words, drip pricing is a technique used by businesses to attract customers via an affordable initial price. Once the customer has committed to the purchase, additional fees and charges are added during the purchasing process. As a result, the consumer ends up paying a lot more than the original price that was advertised. While this may seem like a malpractice, it may not be the case in every situation. For example, some taxes and service charges are imposed by the government. These cannot be avoided by the business entity.

 

However, there are many cases where drip pricing can be used to extract a higher price from customers. Let us take a look at some examples to better understand the applicability of drip pricing.

 

Hotels and restaurant businesses - These entities are often accused of using drip pricing techniques. Customers may be asked to pay additional charges such as parking fees, Wi-Fi access, resort fee and charges for other amenities such as gym, spa, sauna, etc.

 

Airlines - Users may be charged extra amount for food and drinks, choosing the preferred seat, priority boarding, fees for checked baggage, etc.

Food delivery apps - Food prices are listed as quite affordable on food delivery apps. But the final payment amount includes additional charges such as packaging fees, handling charges, etc. The restaurant itself may not charge these amounts if you pick up the food directly from the restaurant.

 

Such charges make a strong case for the malpractice of drip pricing.

 

Online shopping - Here too, users have to pay additional amounts for handling charges, platform fee, etc. Many online e-commerce platforms also accept donations from users, which is added to the final bill.

 

Ticket sales - A wide variety of additional fees and charges are often applied for ticket sales. For example, customers may be asked to pay service fees, convenience charges, processing fees, venue charges, delivery fee, etc.

 

How to protect yourself from drip pricing?

The government is working to create awareness, so that consumers can be protected from such malpractices. The practice of drip pricing has been classified under 'unfair trade practices' as per the Consumer Protection Act, 2019. Guidelines to prevent such practices have been issued by the Central Consumer Protection Authority.

 

Users who come across a case of drip pricing can approach the Consumer Affairs for help and assistance. They can dial 1915 or use the WhatsApp number 8800001915 to contact Consumer Affairs.   

This is a great initiative launched by the government to protect consumers from potential cases of drip pricing. It also serves as a warning to entities that may be deliberately inflating prices to fleece customers.

 

(With inputs from Pankaj Bansal, Founder at NewsPatrolling.com)

Gen Z is looking for immediate gains with long term financial security

Universal Newsline explores some of the most popular investment platforms in India that are favourites with the Gen Z, each with its own strengths and ideal user profiles: 

  

Investing Made Easy: Smart, Accessible Platforms For Gen Z's to Look out For Investment Gen Z, a generation known for its adaptability and influence, faces a unique financial dilemma. 

A Deloitte survey reveals a concerning trend: 51% of Gen Z individuals worry about living paycheck to paycheck, highlighting a potential lack of financial stability. Intuit's Prosperity Index Study further emphasizes that 3 out of 4 Gen Z's prioritize quality of life experiences over saving for the future. While Gen Z's desire to embrace a fulfilling, self-driven lifestyle is admirable, navigating the balance between immediate enjoyment and long-term financial security is crucial. Could online investment platforms offer a solution that allows this generation to thrive today while building a solid foundation for tomorrow? 

1. Per Annum

Per Annum is tailored for investors seeking both security and diversity. Their focus on institutional-grade investment products with low entry barriers opens up a range of opportunities previously reserved for high-net-worth individuals. Their portfolio includes P2P debt investments, revenue-based financing, bonds, and SIPs – delivering the potential for consistent returns and the flexibility to tailor investments to your risk tolerance. Per Annum's impressive track record, with over 500,000 investors and an AUM of over Rs 2000 crores, makes it a compelling choice for those seeking a well-established platform.

 

2. Angel One

Angel One is a top choice for investors seeking a comprehensive trading and investment platform. With its low-cost brokerage structure, including zero brokerage for the first 30 days and no account maintenance fees in the first year, it's a cost-effective option. Angel One offers a wide range of investment options, including stocks, IPOs, F&O, commodities, mutual funds, and even US stocks. Traders and investors benefit from robust research tools, advisory services, and a user-friendly mobile app. Additionally, Angel One provides offline support through its network of branches and offers access to various trading segments, including commodities and forex.

 

3. Groww

Groww attracts investors with a global mindset. The platform's zero brokerage fees and free account opening for US stock market investments are major draws, allowing young investors to dip their toes into international markets. Their fixed fee per order model can be advantageous for certain trading styles, especially those who may not engage in frequent, high-volume trades. Groww is ideal for beginners and those seeking international diversification to expand their portfolios beyond Indian markets.

 

4. 5paisa

5paisa appeals to cost-conscious traders with its flat fee of Rs. 20 per order across various segments. Investors seeking control and personalization will appreciate features like add-on packs and APIs that enable a customized trading experience. 5paisa empowers active traders with its focus on value, comprehensive market resources, and the ability to build their own trading terminal.

 

5. LenDenClub

LenDenClub delivers a streamlined investment experience designed for ease and risk mitigation. Its completely digital process, zero opening fees, and emphasis on fund diversification make it an attractive option for those new to investing. The platform leverages data analysis to help investors make informed lending decisions, minimizing guesswork. LenDenClub is ideal for those seeking ease of use, minimal barriers to entry, and a commitment to risk mitigation through diversified lending. 

 

(Sponsored Feature. Universal Newsline is not responsible for the claim/s and commitments announced by respective portals. Due Diligence is recommended prior to arriving at your decision.)

Can you really make huge money by making YouTube Shorts?

Universal Newsline has noted about the buzz around the globe is that of YouTubers making millions through their short videos. How much can you make? Within what time frame? In short lets see whether s Making YouTube Shorts is Profitable?

While YouTube Shorts may not make you an instant millionaire, it has various other benefits that cannot be overlooked,

With easy accessibility, high entertainment value and social sharing features, short video formats have become hugely popular. Some examples include TikTok, YouTube Shorts, Instagram Reels and Snapchat. YouTube Shorts was launched to take on TikTok and the strategy seems to be working well. But the question arises - Is making YouTube Shorts profitable?  

 

To answer that, here are some important things to understand.

 

Monetizing YouTube Shorts 

Significantly lower earnings

As compared to standard long-form YouTube videos, earnings from YouTube Shorts are significantly less. In YouTube Shorts, there is no provision for pre-roll or mid-roll ads. Instead, the ads are randomly placed between various Shorts videos in the Shorts feed. The revenue thus generated is transferred to the creators’ pool. And creators are paid proportionately, as per their views and engagement.

 

Data revealed by some content creators shows that earnings from YouTube Shorts can be around $0.01 and $0.06 per thousand views. This is significantly lower in comparison to long-form video content, where earnings could be $1.25 to $2.5. As a result, one will need millions of views to generate decent revenue from YouTube Shorts videos.

 

YouTube Shorts - Benefits beyond monetization

Even though YouTube Shorts may not give you high profits, it can still be quite useful. Here is how.

Support for the main YouTube channel - A study by Tubular Labs showed that people who watch Shorts videos are likely to visit the creator's main YouTube channel. The percentage of such people can be up to 70%. Due to this, YouTube Shorts works as an effective traffic generator for long-form YouTube channels.

 

High virality 

The chances of a YouTube Shorts video going viral is significantly higher in comparison to standard long-form videos. As such, YouTube Shorts can be a great way to promote your main YouTube channel or your brand or services. It is quite common to see creators posting short versions of their long-form videos on YouTube Shorts. And the short versions often have a much higher visibility than the long-form videos. 

Brand collaborations  

If you have the ability to create viral content, YouTube Shorts can be a great way to increase your income via brand collaborations. Overall earnings will depend on the level of engagement and the size of the audience. Even micro-influencers with around 10k to 50k followers can easily make around $100 per sponsored YouTube Shorts. 

Affiliate marketing

When talking about any specific brand or services in your YouTube Shorts, you can think about harnessing income opportunities via affiliate marketing. You can collaborate with the brand and include their links in the video description. You can earn commission of around 5% through affiliate marketing via your YouTube Shorts videos.

 

As is evident, relying solely on YouTube Shorts will require millions of views to generate a decent income. It may be relevant in specific cases, when there is a high possibility of the short video going viral. But in general, YouTube Shorts can work better when used in combination with the brand's primary long-form YouTube channel. To get better results from YouTube Shorts, make sure you post regularly and actively engage with your audience via comments.

By Pankaj Bansal, Founder at NewsPatrolling.com

More Indians are now embarking on Spiritual journeys, weekend getaways and family holidays

Latest trends shaping the Travel and Hotel Industry indicate an increase in the holiday frequency of Backpackers and family travelers looking for spiritual serenity and affordable luxury not only in domestic destinations, but also in international travel. 

From Backpackers to Bon-Vivants – and everything in between – Indian travellers are not just reshaping the realm of domestic tourism but also commanding an increasingly important role in the ambit of international travel, leaving no corner of the globe too out of reach.  Taking insights from travel searches by its 100M+ annual active users, MakeMyTrip has put together some of the top behaviours of Indian travellers it the first edition of its India Travel Trends Report. 

Insights include where, when and how India travels, top trends from millions of journeys – both from a national and a region-wise perspective. Understanding the evolving travel behavior of Indian travelers is essential to help shape the future of tourism, both domestically and globally. Here are the highlights of India Travel Trends:  

 

As India emerges as a formidable force in the tourism sector, these insights can help bridge the demand and supply gaps in the travel and hospitality space. This means crafting policies, identifying destinations, and creating experiences that resonate with the traveller’s unique travel preferences and aspirations. Recognizing and catering to each traveller’s diverse behaviour will not only enhance travel experiences but also contribute significantly to the growth and development of the tourism industry.”

Some Key Insights from the report are as below – 

WHERE INDIA TRAVELS

 Number of people taking more than 3 trips per year has grown by 25% in 2023 as compared to 2019.

 Tier-2 and tier-3 cities are embracing spiritual journeys, with searches for destinations with or

around religious spots growing 97% in the last two years.

 Searches for Ayodhya grew by 585%, Ujjain by 359% and Badrinath by 343% in 2023 as compared to

2022.

 Weekend getaways continue to curry favour with Indian travellers – Searches for Jim Corbett grew

by 131% in 2023 as compared to 2022; Ooty and Munnar are other favourites in this context.

 30% all international travel searches from India are for Dubai, Bangkok and Singapore while London,

Toronto and New York are the most searched long-haul destinations. 

 Searches for emerging international destinations grew by multi-fold in 2023 – hot favourites include

Hong Kong, Almaty, Paro, Baku, Da Nang and Tbilisi. 

WHEN, WITH WHOM AND HOW INDIA TRAVELS

 Family vs Solo - Family travel bookings surged by 64% in 2023 as compared to 2022, followed by solo

traveller booking growth at 23% for the same comparative period.

 Flight booking preferences –

o 50% of all domestic flyers pick flights between 9am and 6pm irrespective of destination or

origin.

o A significant portion of travel bookings in India are made spontaneously, with 46% of

domestic flights booked less than a week before the travel date. In contrast, about half of all

international bookings are made at least two weeks in advance.

o Only one-third of international bookings are made more than a month before the travel

date, suggesting a flexible approach to international travel planning among Indian travellers.

o Women prefer to pre-book window seats, while men pick aisle seats.

o Tomato Cucumber Cheese Lettuce Sandwich is the most ordered in-flight meal on domestic

flights.

 Accommodation booking preferences –

o 56% of domestic leisure hotel bookings on the platform are made less than a week before

the day of travel.

o 33% of international hotel bookings are made at least 30 days before the date of travel.

o Alternative accommodations on the platform recorded 24% growth in bookings in 2023

o For Hostels and Apartments, the preference is for those less than INR 2,500 per night but for

Villas, it is higher. 

o Close to 20% of family travellers searched for properties with tariffs over INR 10,000 per

night.

 Payment Preference – UPI is the most preferred payment method for booking travel, making close

to 40% of all transaction types, followed by use of credit cards. Credit card is the most used payment

mode for high value transactions such as for booking international hotels and flights. This can be

attributed to the benefits associated with credit card payments.

 The gift of travel – Wedding gift cards in the denominations of INR 5000 and 10000 are the most

gifted. 1 out of 2 travel gift cards being purchased are being gifted as wedding shagun.

City-specific insights

DELHI-SPECIFIC INSIGHTS AT A GLANCE

- Rishikesh, Amritsar are some of the most searched destinations

- Travellers prefer flights between 12 PM and 6PM

- Travellers over-indexed on booking domestic flights less than a week ahead of travel date

- Travellers showcase higher intent for pre-booking meals while traveling International

- Northern states have a higher preference for Hostels

- Almost half of all domestic travellers book a room with breakfast and a major meal

 

MUMBAI-SPECIFIC INSIGHTS AT A GLANCE

- Goa, Pune, are some of the most searched destinations

- Travellers prefer flights between 12 PM and 6PM

- Travellers showcase higher intent for pre-booking meals while traveling International

- Maharashtra has the highest share of domestic hotel searches overall – highest preference for

Villas

- More than half of domestic hotel bookers book room with breakfast; internationally they prefer

room only

KOLKATA -SPECIFIC INSIGHTS AT A GLANCE

- Digha, Mandarmani are some of the most searched destinations

- Travellers have a higher proclivity to book flights over 3 months in advance for both international

and domestic

- Travellers have a higher preference for booking in-flight meals for domestic

- Eastern states have a higher preference for Hotels

- Approximately half of travellers prefer room only for domestic hotel bookings

- 60% of international hotel bookers prefer room with breakfast

CHENNAI-SPECIFIC INSIGHTS AT A GLANCE

- Madurai, Pondicherry are some of the most searched destinations

- Travellers prefer flights between 6PM to 12AM

- Travellers over indexed when it comes to booking international flights 30 days in advance

- Travellers most actively pre-select seats for domestic and international flights

- Travellers have a higher preference for booking in-flight meals for domestic

- Southern states have a higher preference for alternative accommodations

- Maximum preference for room only bookings for international hotels

BANGALORE-SPECIFIC INSIGHTS AT A GLANCE

- Mysore, Coorg, Mangalore are some of the most searched destinations

- Travellers prefer flights between 12AM - 6AM

- Travellers most actively pre-select seats for international flights

- Travellers have a higher preference for booking in-flight meals for domestic

- Bangalore has a higher preference for villas while traveling domestically

HYDERABAD-SPECIFIC INSIGHTS AT A GLANCE

- Vishakhapatnam, Tirupati are some of the most searched destinations

- Travellers prefer flights between 6AM and 3PM

- Travellers over-indexed on booking domestic flights in less than a week and international flights 30

days ahead of travel date

- Travellers most actively pre-select seats for domestic flights

- Southern states have a higher preference for alternative accommodations

- Approximately half of domestic travellers prefer room only

Ten most safest countries of the world

 

Pictures of tranquil seafronts, families picnicking, celebrations of the society, sandy beaches, hills, mountains and other pics often seen in publicity materials of any country. The true fact is that these images or stories or features do not guarantee at least a safe lifestyle of an individual in that country.  

A number of parameters are used to define a country's safety, which can keep changing over a period of time. Writes Pankaj Bansal.

Among several other factors, the parameters used for this index such as internal and external conflict, political situation, criminal cases, incarceration rate, homicide rate, terror activities, military expenditure, violent demonstrations, etc. are taken into consideration. 

As humans fight for the earth's resources, crimes and conflicts are witnessed in various parts of the world. However, there are also locations that are relatively peaceful. For international travelers, it becomes important to know the facts about a location they are visiting. This may be even more relevant from a woman's perspective. Investors and people looking for a new home may also want to know about the safest places on the planet. To help you make informed decisions, here is a quick look at the top 10 safest countries in the world.

Iceland - As per the 2023 Global Peace Index, Iceland is rated as the most safest country in the world. Iceland has held this ranking since 2008. It had a score of 1.124 in the 2023 Global Peace Index. 

With a close-knit population of around 380,000 and strong social cohesion, Iceland has the most peaceful environment in the world. Iceland is a well-established democratic country.

Denmark - At number two in the list of safest countries in the world is Denmark. It has a score of 1.31 in the 2023 Global Peace Index. Danish people follow a unique lifestyle, which is centered around contentment and coziness. This has contributed immensely in making Denmark a safe place to live. Other supportive factors include generous social programs and a robust healthcare system. 

Ireland - The third safest country in the world is Ireland. It has a score of 1.312 in the 2023 Global Peace Index. People are friendly in Ireland and the country has a strong focus on social welfare programs. Crime rate in Ireland is one of the lowest in the world.

New Zealand - Fourth in the list of safest countries is New Zealand. It has a score of 1.313 in the 2023 Global Peace Index. With a small population of around 5 million and a strong sense of community, New Zealand is a haven for safety. With a robust legal system, the crime rate is quite low. 

Austria - At number five is Austria, with a score of 1.316 in the 2023 Global Peace Index. Located in the heart of Central Europe, Austria is known for its peaceful atmosphere and cultural richness. The country has a strong safety net for its residents and also a comprehensive healthcare system. It promotes a sense of well-being, which in turn fosters peace. 

Singapore - Placed at 6th position, Singapore has a score of 1.332 in the 2023 Global Peace Index. Strict enforcement of rules has helped achieve a low crime rate in Singapore. The homicide rate of 0.2 per every 100,000 people is one of the lowest in the world. 

Portugal - At number seven in the list is Portugal, with a score of 1.333 in the 2023 Global Peace Index. With stricter law reforms, the crime rate in Portugal has reduced significantly in recent years. The country has a welcoming culture that encourages peaceful living. Moreover, Portugal has a much lower cost of living in comparison to other European nations. 

Slovenia - The eighth safest country in the world is Slovenia. It has a score of 1.334 in the 2023 Global Peace Index. Slovenia has the charms of Central European countries and has a peaceful atmosphere. Citizens are attentive to community safety and there is a strong police presence.  

Japan - At number nine in the list is Japan. It has a score of 1.336 in the 2023 Global Peace Index. Japanese culture is centered around respect and social order. This has helped achieve a low crime rate. Japan has a robust legal system and a strong sense of community welfare. People are cooperative and give attention to minimizing conflict. 

Switzerland - The tenth safest country in the world is Switzerland. It has a score of 1.339 in the 2023 Global Peace Index. While known for its beautiful landscapes, Switzerland also has a strong reputation for safety. With a stable governance system and focus on political neutrality, Switzerland has remained peaceful for decades. The country also has a robust healthcare system.

(This feature is compiled by: Pankaj Bansal who is the founder at NewsPatrolling.com and does not reflect the views and opinions of UNIVERSALNEWSLINE.com)

Unlock the opportunities in these Domain Skills that are in demand for freshers across industries

 Universal Newsline lists some of the top professional skills that could be in huge demand across the cities and industries. 

In recent times, a palpable shift has emerged in the hiring landscape of India, signaling a positive change in the fresher hiring sentiment among employers. This transformation is attributed to several factors that collectively contribute to a more optimistic outlook for entry-level professionals in India, seeking employment. Among the plethora of skills sought after by employers, certain domains stand out as particularly crucial for freshers aiming to kickstart their careers. TeamLease EdTech, with its vision of ‘Making India Employable’, has come out with a forecast report to track the dynamics of the job market for freshers. Here is a rundown of the top 10 domain skills which are in demand for freshers according to the report - 

Data Science - Data Science has become an essential skill across various industries, transforming how organizations leverage data for valuable insights. By employing sophisticated statistical analysis, machine learning, and data visualization methods, Data Scientists reveal insights that inform strategic decisions and foster innovation. Whether predicting customer trends, streamlining operations, or guiding product enhancements, Data Science empowers businesses to remain competitive in the data-centric era

Blockchain - Blockchain has emerged as a revolutionary skill set, reshaping transactional processes and record-keeping practices across diverse sectors. Through its decentralized and transparent ledger system, Blockchain safeguards data integrity and security, minimizing the likelihood of fraudulent activities and unauthorized alterations. Beyond its association with cryptocurrencies, Blockchain finds applications in fields such as supply chain management, healthcare, finance, and electoral systems. 

Content Creation - In today's digital era, content creation has become an essential skill, driving engagement, brand recognition, and customer allegiance across multiple platforms. Whether through compelling blog entries, social media posts, captivating videos, or podcasts, content creators construct narratives that resonate with their intended audiences. Employing strategic storytelling, creative visuals, and effective communication, they convey brand messages, educate consumers, and prompt desired actions. Proficiency in content creation entails mastering diverse mediums, understanding audience preferences, and staying attuned to shifting trends to consistently deliver valuable and captivating content.

Metaverse -  Becoming adept in navigating the Metaverse is about grasping the intricate digital landscape of interconnected virtual worlds. With the rise of the Metaverse concept, individuals skilled in this area can engage in, explore, and shape immersive virtual environments across different platforms. Mastery of the Metaverse encompasses proficiency in various technologies like virtual reality (VR), augmented reality (AR), and blockchain-driven virtual realms. This includes skills such as 3D modeling, animation, game development, and digital asset creation. Additionally, understanding the social dynamics, economic impacts, and ethical considerations of the Metaverse is essential for utilizing its potential in gaming, entertainment, education, commerce, and social networking. 

Natural Processing Language - Proficiency in Natural Language Processing (NLP) is an essential skill set that lies at the intersection of linguistics, artificial intelligence, and computer science. Those skilled in NLP can comprehend, analyze, and generate human language data, extracting valuable insights from extensive textual resources. NLP applications span from sentiment analysis and language translation to chatbots and virtual assistants, enhancing communication, automation, and decision-making processes across various sectors. Becoming proficient in NLP necessitates mastery of machine learning algorithms, text mining techniques, and linguistic analysis, alongside familiarity with NLP libraries and tools such as NLTK, spaCy, and TensorFlow. 

Full Stack development  - Full Stack development is a versatile skill encompassing both front-end and back-end web development. Those proficient in Full Stack development can create entire web applications independently, covering tasks from user interface design to server-side logic and database management. Mastery in Full Stack development requires expertise in languages like HTML, CSS, JavaScript, and frameworks such as React, Angular, Node.js, and Django. With the ability to handle all aspects of web development, Full Stack developers are highly valuable for organizations aiming to build dynamic, responsive, and scalable web applications. 

Robotic Process Automation - Robotic Process Automation (RPA) is a crucial expertise area centered on automating repetitive and rule-based tasks through software robots or "bots." Proficiency in RPA entails designing, developing, and deploying these bots to streamline business processes, boost efficiency, and minimize human errors. RPA developers utilize tools like UiPath, Automation Anywhere, and Blue Prism to craft workflows that replicate human actions, including data entry, extraction, and report generation. By eradicating manual involvement in mundane tasks, RPA empowers organizations to optimize resources, elevate productivity, and expedite digital transformation endeavors. Mastery in RPA also encompasses understanding business workflows, pinpointing automation potentials, and perpetually refining bot performance for optimal outcomes. 

Mobile App Development - Mobile app development is a fundamental expertise domain that covers the entire process of crafting, building, and launching applications tailored for mobile devices such as smartphones and tablets. Proficiency in mobile app development requires adeptness in programming languages like Java, Kotlin (for Android), or Swift (for iOS), coupled with familiarity with frameworks like React Native or Flutter for cross-platform development. Mobile app developers utilize their skills to design intuitive user interfaces, integrate functionalities, and enhance performance across different platforms. Given the escalating reliance on mobile devices for communication, entertainment, commerce, and productivity, mastering mobile app development is imperative for meeting user demands and maintaining competitiveness in the contemporary digital environment

UI/UX Design - UI/UX Design stands as a crucial expertise domain concentrating on crafting user-friendly and captivating interfaces (UI) and experiences (UX) for digital products and services. Proficiency in UI/UX design entails grasping user needs, behaviors, and preferences to develop interfaces that are visually appealing, user-friendly, and efficient. UI designers employ tools like Adobe XD, Sketch, or Figma to create layouts, typography, and visual components, while UX designers concentrate on wireframing, prototyping, and user testing to refine the overall user journey and interaction flow. 

Internet of Things - The Internet of Things (IoT) is a crucial skill domain centered on linking physical devices and sensors to the internet for data gathering, monitoring, and management purposes. Proficiency in IoT entails designing, developing, and deploying interconnected systems that facilitate communication and interaction among devices, enabling automation, optimization, and insights across various fields. IoT developers utilize hardware platforms, communication protocols, and programming languages like C, Python, or JavaScript to construct IoT solutions tailored to specific applications such as smart homes, industrial automation, healthcare monitoring, and environmental sensing. By harnessing IoT technology, organizations can enhance operational efficiency, elevate decision-making processes, and introduce innovative products and services that generate value for both businesses and society.

Want to know how to Buy Goods from Customs Auction?

Goods once brought through Customs auction cannot be returned. Though this process has turned out lucrative for many buyers, this is the only drawback as the goods are on as is where is basis. Further one does get a chance to physically inspect the lot. 

 

 

While seized goods by customs authorities may be sold at cheap rates, there are neither any warranties nor any option to return the goods. 

 

There are various customs departments located in India in cities such as Delhi, Mumbai, Kolkata, Ahmedabad, Kochi, Bengaluru and Chennai. Customs are also operational in various other smaller cities. With significant movement of goods inside the country and across the borders, a number of items are regularly seized by customs authorities. Seizure of goods can happen due to various reasons such as inadequate paperwork, evasion of duty and false declaration. 

 

 

Some of the most common items seized by customs authorities include imported cars and bikes, computers, laptops, electronic items and electronics accessories. Owners of these goods are provided adequate time to respond. If they want, they have the option to pay the fine and claim the goods. But if there is no response, such seized goods are put up for customs auctions. 

 

 

How to buy goods from a customs auction?

To streamline the process and improve transparency, customs auctions have been centralized. Customs auction is conducted via a single online platform, available at www.mstcecommerce.com. MSTC Limited is a central government Public Sector Undertaking (PSU). It operates an online auction of customs goods as well as various other items. On the MSTC website, there is a separate section for customs auctions. Here is a step-by-step procedure of how to buy goods from a customs auction.

 

 

Register on www.mstcecommerce.com - On the home page, you have to select eAuction and then Indian Customs Auction. You will have to register as a bidder, providing all the details such as your name, bank account number, PAN details, address, etc. Once you have provided the information, you will be asked to pay the registration charges. If you plan to bid for only customs goods, the registration fee is Rs 5,000 + service tax and educational cess. You will also be required to submit all the documents in physical format at any of the MSTC offices. Once the paperwork is done, you will be assigned a photo identity card. You then become eligible to buy goods from customs auction. 

 

 

Physical inspection - You will be notified in advance when a customs auction will take place. You will be invited to carry out a physical inspection of the goods. This is an important step, as it will determine how much money you are planning to put into the bidding process. You will not be able to return any goods purchased, which is why the inspection process is very important. 

 

 

Online bidding - After physical inspection by prospective buyers, the next step is the online bidding process. Customs goods have a reserve price and you need to bid above that price. You can see the last few bids and accordingly raise your bid amount. Autobid option is also available, where the system automatically increases your bid, relative to the other nearest bidder. You can put an upper limit to your bid in the autobid system. 

 

Successful bid - If your bid is successful, you will be notified via email/SMS. You will have to make the required payment along with applicable taxes and other charges. Once the paperwork is complete, you can collect your customs goods from the notified office. If you fail to make the payment after a successful bid, you will be barred from customs auctions for a minimum period of 6 months. Your registration fees will also be forfeited. 

 

 

While buying goods from a customs auction could be profitable, there can be quality issues. It is important that you place your bids carefully. Also, consider factors such as taxes and charges and transportation costs (if any) before placing your bids.

By - Pankaj Bansal, Founder at NewsPatrolling.com