Our greatest learning so far has been to keep the consumer at the heart of everything we do. Any product which solves a consumer pain point, latent or articulated is a successful product in the making.
1. Brief us about your business model like how did the idea come to start and how does it work (step-by-step procedure)?
We have existed for 5 years now. It all began when we were building a proprietary technology platform for our E-commerce platform. The platform we built was capable of serving a large number of searches across millions of products. This got us thinking about how our solution can be extended to other players across different industries as well. Thus, we upgraded our platform to encompass various use cases across multiple industries and that started our sales journey. Fortunately, we were on the right path, pitching our solution to the real problem statements of our clients.
2. What are the unique key points of your company?
Our intelligent search, backed by Multi-lingual, Natural Language Processing, is helping the consumer to be more vocal and interactive with your website. Also, Personalization based on a customer’s location, personal liking, and interest is garnering a great level of loyalty and retention to an app. Such functionality and features can be easily plugged into a client’s app/website with the help of Galaktic. It is an AI-backed platform that encases metadata of the products on the client’s app/website and the consumer behavior of their visitors/registered users.
3. How are you different from the existing competitors?
We have direct competitors in sub-product suites, but none of them have an integrated solution. So, Galaktic is trying to cover an integrated customer experience and communication platform, be it email and push notifications, WhatsApp, or website experience. In terms of features and functionality, we are at par with most of our domestic and international competitors. We have a unique approach while implementing our solutions. Most of the other players follow a DIY concept, but we have an interactive session and discussion with the client while implementing our solutions. Also, our pricing is a flat-fee model. This makes it independent of search queries, traffic, or the products on our client’s website/app. For these reasons, Galaktic is garnering a positive response from clients. Moving forward, we aim to continue offering the same efficient Service standards and Pricing model. Our goal is to make technology affordable to our clients with the proper end-to-end solution implementation.
4. What is the funding status and monetization model?
We are currently bootstrap funded, but we will be looking for funding that can fuel our expansion plans shortly. The monetization model is basically from the product suites that are offered under the theme “Customer Experience”. In the near future, we will be releasing various products under the same theme. We have a simple pricing model that is ‘flat’ in nature, irrespective of searches, visitors, or entities. The pricing differs based on the industry for which the solution is offered. This is because the complexity of the offering varies from industry to industry.
5. What challenges are you facing in running your business?
The current challenge has been the pandemic, which slowed down our expansion pace. But, how the economy is opening up and the need for digitalization is taking place. Our solutions are becoming the need of the hour. We will soon need effective marketing plans.
6. How has been the response received so far? Tell us about the growth statistics of the brands working with Galaktic.
We have very strong use cases built for players in Real Estate, Edu-tech, BFSI, OTT platform, E-commerce. More specifically, we have onboarded various brands, including Square Yards (Real Estate), Tasaasia (Edu-Tech), Stockal (BFSI), and a leading business house that is building a marketplace for steel products. And now, we are viewing penetration in each sector. It has started with a new client, Multiliving, in Real Estate. So, now the possibility of a wider acceptance for our solutions has begun in this sector.
We have also successfully increased the traffic of our clients by five times using our unconventional approach. Plus, we have further augmented the average time spent by visitors and search queries for these brands by 60% and 55% respectively.
7. How do you see the brand in the next five years, tell us about your future plans?
We are trying to build solutions around Customer Experience. We already have a few product suites around the same theme in the pipeline, leveraging the use cases around Intelligent Search, App Personalization, Personalized Notification, Ad-serving platform.
We want to extend our AI & ML expertise to our clients and enable them to create value for their end customers. These so-called expensive solutions can be offered at a very affordable price. Thus, it creates a good ROI in terms of customer experience and business transactions.
8. What are your marketing plans?
Our current plan for the domestic market is to cover industries like Real Estate, Education, Retail Ecommerce, BFSI, Food & Travel, and OTT. We will also be entering the US & Europe in the same industries.
9. What has been the biggest learning’s so far?
Our greatest learning so far has been to keep the consumer at the heart of everything we do. Any product which solves a consumer pain point, latent or articulated is a successful product in the making.
10. What is the market size and opportunity?
The global ‘search as a service market is expected to reach $8.90 billion by 2024, according to a study by Grand View Research, Inc. Search as Service technology like Galaktic save on growing costs of avant-garde tech and reduce client spends by providing distinct and value-driven search results. The growing demand for search solutions that provide economic data capabilities will be a key factor in driving the market for the next few years.
When it comes to opportunity, in the coming years, the software will continue to change the way we work, shop, and keep in touch with people around us. The software will also become a competitive differentiator. As technology evolves, people are going to care much less about what device they use. It will be all about accessing the right applications, and services, as people will begin to expect a coherent experience across any device as a standard offering.
Source: Business World
