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Klipit Founder And CEO Venkat Reddy Is Changing How Consumers And Businesses Handle Receipts "This innovative shift from traditional paper-based systems to a digital approach not only simplifies receipt management, but it also significantly reduces paper waste, addressing key environmental concerns."

By Aalia Mehreen Ahmed

Opinions expressed by Entrepreneur contributors are their own.

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Klipit
Klipit founder and CEO Venkat Reddy

While holding onto payment receipts is a great way to maintain record of expenses, cash flows, and remunerations, maintaining and organizing these slips of paper can often prove to be quite a hassle. And it is to address this issue head-on, that Klipit -a blockchain-powered digital receipt platform that can integrate all purchase and payment receipts- was founded in the UAE this year.

"I believe our solution is groundbreaking, because it aligns with the preferences and behaviors of modern consumers, specifically in the GCC region, where [our studies show that] 76% show a preference for digital receipts," says Venkat Reddy, founder and CEO of Klipit. "This innovative shift from traditional paper-based systems to a digital approach not only simplifies receipt management, but it also significantly reduces paper waste, addressing key environmental concerns. Klipit fundamentally changes how consumers and businesses handle receipts, shifting from paper-based clutter to a streamlined, digital solution. It's particularly innovative, because it not only simplifies receipt management, but also addresses environmental concerns by reducing paper waste."

Now, it is perhaps necessary to add some context to Klipit's sustainability-focused approach. A 2023 report by The World Counts -a digital platform that offers global environmental awareness facts and studies- shows that paper accounts for around 26% of total waste at landfills. But more specifically, it has been found, through research done by the Klipit team, that the creation of receipts consumes a staggering 250+ million gallons of oil, 10 million trees, and one billion gallons of water every year- and that's just in the United States alone. What's more, receipts are often coated with an industrial chemical called Bisphenol-A (BPA), which can't be recycled conventionally, and are also known to contaminate other recyclables.

And as per Reddy, it is Klipit's ability to address such issues that makes for its unique selling proposition. "In the current retail and finance sectors, dominated by traditional practices, Klipit stands out as a forward-thinking solution that merges convenience with sustainability, setting a new standard in customer experience and business operations," Reddy says. "In fact, the idea for Klipit emerged from a personal pain point- managing numerous paper receipts, and the need for more sustainable options. This led to the realization of a universal need for a more efficient, eco-friendly solution, especially considering that our studies show that 77% of people have lost paper receipts!"

With the aim to cement a spot for itself in the increasingly digitized UAE business ecosystem, Klipit is thus hoping to become known as a disruptor in the space it operates in. "The reception so far has been very positive, with both consumers and retailers appreciating the convenience and environmental benefits," Reddy says. "Looking forward, we see Klipit not just as a receipt management system, but as a platform that can revolutionize customer engagement and retail analytics. We plan to integrate more features, like personalized shopping insights and financial management tools, making Klipit an indispensable part of everyday transactions."

Related: Infographic: The Adoption Of Digital Payments In Saudi Arabia

Image courtesy Klipit.

Eureka! Venkat Reddy on how to make an idea a great one

Identify a common pain point "Start by observing everyday problems or inefficiencies that people face. An idea that solves a widespread issue is more likely to succeed."

Leverage technology innovatively "Use technology not just for the sake of it, but to create solutions that are easier, faster, or more enjoyable than the current alternatives."

Focus on user experience "Your idea should enhance the user's life in some way. It should be intuitive, easy to use, and genuinely beneficial."

Think sustainability "Consider how your idea can contribute positively to environmental or social issues. Sustainable solutions are increasingly valued by consumers, and it can set your idea apart."

Aalia Mehreen Ahmed

Features Editor, Entrepreneur Middle East

Aalia Mehreen Ahmed is the Features Editor at Entrepreneur Middle East.

She is an MBA (Finance) graduate with past experience in the corporate sector, and was also co-founder of CyberSWIFTT- an anti-cyberbullying campaign that ran from 2017-2018 as part of the e7: Daughters of the Emirates program.

Ahmed is particularly keen on writing stories involving people-centric leadership, female-owned startups, and entrepreneurs who've beaten significant odds to realize their goals.

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