Oyo says this deal will help Oyo to be more accurate with pricing, leading to higher efficiencies and yield for its real estate owners

Oyo Hotels & Homes, a leading budget hotels aggregator in Asia, has acquired Danamica, a Copenhagen-based data science company, specialied in dynamic pricing.

While the transaction details remain undisclosed, a TechCrunch report has pegged the amount at US$10 million.  

This acquisition is in line with Oyo’s plans to grow its global vacation rentals business through strategic investments in technology products, processes, and people. 

Earlier in August, Oyo committed to investing €300M (US$328M) in the vacation homes business in Europe, with a particular focus on strengthening the relationship with homeowners and enabling them with the resources, including technology investments, required to deliver chic hospitality experiences. 

With the acquisition of Danamica, Oyo will be able to drive top-line growth by leveraging dynamic pricing across all its brands — Oyo Home, Belvilla and DanCenter. Additionally, Oyo and its real estate partners will benefit using data sciences for improved yield. 

Also Read: Disrupting venture capital in Southeast Asia and the competition around it

Maninder Gulati, Global Head, Oyo Vacation and Urban Homes, and Chief Strategy Officer, Oyo Hotels & Homes, said: “This will help us to be more accurate with pricing, leading to higher efficiencies and yield for its real estate owners and value for money for our millions of global guests.”

“Data sciences across pricing, AI, and Imaging Sciences have been a cornerstone of Oyo’s proprietary revenue enhancement technology. It is also a huge missing piece in the way traditional vacation rentals industry is run. We are glad to have found Danamica, which has built expertise in these areas,” he added.

Danamica is a Machine Learning and business intelligence company specialising in pricing time-expiring inventory such as rental of vacation homes. Its technology makes it possible to dynamically set optimal prices for vacation home stays as supply/demand changes – to the benefit of both guests and owners. 

With the implementation of ML-enabled pricing and revenue management, Oyo’s customers will be able to book a vacation home at the best price.

Headquartered in Noida, Oyo has a significant presence in Southeast Asia. It entered the region in 2016 with Malaysia and has grown its presence to over 125 cities across Indonesia, the Philippines, Malaysia, and Vietnam. The company said it aims to add 2 million rooms under management in Southeast Asia by 2025. 

Recently, Oyo announced its plan to expand its presence in 100 cities in Indonesia by the end of this year. As part of this, the company also committed US$100 million over the next five years.

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In addition to ZAO, we also have updates from Eden Farm, Facebook, and Indonesia’s BRI

New viral Chinese face-swapping app raises security concern – Reuters

ZAO, a new viral Chinese app that enables users to swap faces with celebrities or any other person in a video clip, secures millions of downloads over the weekend as it raises security concerns, Reuters wrote.

The app was produced by NYSE-listed live streaming service Momo Inc.

ZAO was uploaded to China’s iOS App Store on Friday and became the most-downloaded free app in China’s iOS App Store as of September 1, according to App Annie.

Its user agreement stated that consumers who upload their images to ZAO agree to surrender the intellectual property rights to their face, and permit ZAO to use their images for marketing purposes.

“We thoroughly understand the anxiety people have toward privacy concerns,” the company said.

“We have received the questions you have sent us. We will correct the areas we have not considered and require some time.”

Momo did not immediately respond to requests for comment.

Indonesian agritech startup Eden Farm raises US$1.7M seed funding round – Dealstreet Asia

Indonesian agritech startup Eden Farm has raised a US$1.7 million seed funding round led by Global Founders Capital, Dealstreet Asia reported.

The startup has previously raised an investment from Silicon Valley-based accelerator Y Combinator.

Founded in 2017, the West Jakarta-based startup works with local farmers to deliver fresh vegetables produces to restaurants in Indonesia.

Also Read: Chinese apps to let you grow, trade and eat your own sheep

Indonesia’s BRI to acquire a fintech startup – Tempo

Following the appointment of its new managing director Sunarso, Indonesian state-owned bank Bank Rakyat Indonesia (BRI) is considering to expand its fintech offerings, particularly in the micro lending segment, Tempo wrote.

However, the company is still considering how to best provide these services: Through its subsidiary, by acquiring a new company, or by collaborating with a potential partner.

“We aim to go ‘smaller and shorter’ [in terms of the loan we provide]. This is why BRI needs to have its own fintech business unit, in addition to having the capacity and capability of a fintech company,” Sunarso said.

Facebook might also hide its Like counter feature – TechCrunch

Social media giant Facebook might soon start hiding the Like counter feature on its News Feed posts, following the implementation of similar mechanism on Instagram, TechCrunch reported.

The prototype of the feature was first spotted by reverse engineering master Jane Manchun Wong on the platform’s Android app.

Facebook itself has confirmed that it is considering testing removal of Like counts, though the testing is not live yet.

The company also declined to share results from the Instagram Like count hiding tests, its exact motives, and any schedule for starting testing.

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Image Credit: Shahadat Shemul on Unsplash

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The second instalment of TechLaw.Fest will happen on September 5-6 at the Sands Expo and Convention Centre, Singapore

TechLaw.Fest, a two-day conference highlighting the law industry and its trends, will come back this year for its second edition from September 5-6 at the Sands Expo and Convention Centre, Singapore.

This year, TechLaw.Fest will mainly focus on the state of Asia legal innovation, in particular, on issues surrounding data such as responsible data use, its access and control, security and 5G, and the role of data in commerce.

In its official statement, it is said that the event will be opened by Minister for Law and Home Affairs K Shanmugam. The opening keynote will be from Sir Tim Berners-Lee, founder of the World Wide Web (WWW).

TechLaw.Fest is organised by the Singapore Academy of Law (SAL), Singapore’s Ministry of Law and MP Singapore. It is expected to attract a crowd of 1,500 international delegates and visitors, including industry leaders, entrepreneurs, technologists, lawyers, and policymakers from about 18 countries.

There will be 60 speakers in a series of panel discussions and seminars covering Law of Technology such as Blockchain & Smart Contracts, and AI & Robotics. Participating law firms and legal departments will also share practical steps to transform old ways of doing, encourage new ways of thinking, and implement new ways of the legal industry.

Also Read: Singaporean law firm Rajah & Tann acquires AI-powered startup LegalComet

Moreover, the event will also present Tech Talks on data visualisation, legal design, venture capital for legal tech, and innovation in legal education featuring 40 partners, exhibitors, and startups. Names such as DXC Technology (USA), Thomson Reuters (USA), Luminance (UK), Pravoved (Russia), Sorbonne-Assas International Law School (France), and Clifford Chance (Singapore), are all confirmed participants.

“Digital innovation is helping law firms and in-house law departments become more efficient, relevant and client-centric, especially for the lawtech scene in Asia,” said William Deckelman, Executive Vice President and General Counsel, DXC Technology.

Some highlights for the event is the experiential space at TechLaw.Fest called The SAL Lounge. It will host networking sessions alongside tech demos and interactive tech consultations.

One of these demos will debut LawNetPLUS, a portal that will integrate the legal industry’s services, including those offered by SAL.

“We expect LawNetPLUS to become the platform … to bring together technology and services for the entire profession, so it will increase accessibility to the ever-expanding pool of services targeting the legal community,” said Serene Wee, Chief Executive of SAL.

Also Read: Download these free legal templates for SEA tech startups

Thomson Reuters, the official partner of the event, will host TR Ignite, a pitching competition that seeks to give a platform to early-stage startups in Asia Pacific’s legal and regulatory space.

This competition will give 10 startups a chance to secure up to US$250,000 in funding and offer a place on GLIDE, SAL’s legaltech accelerator.

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Incentivising on climate change can assure people to behave much more efficiently

No one is taking climate change seriously. Seriously.  No one.

Take the Amazon rainforest fires, for example. The fires have been burning for months now, but has only come into the light in the past week after it has been doubling with more than 9,500 infernos.

The lungs of the earth are burning to ashes and the government is really not doing much about it.

But, why does the government do nothing about it?

The answer is simple. The government lacks the incentive to protect it.

The president, in the past, has, in turn, supported the clearing of Amazon to further the prospects of agriculture and mining in the region.

While recently the government has banned burning for 60 days, The National Space Research Institute (INPE) has published a data showing a continued outbreak of 3,859 –out of which 2,000 are within the Amazon.

Climate change is one of the biggest issues that the world is facing, and we are already facing serious consequences of it. Forget the media talking about a broken world in the future for the next generation; the world is already breaking.

The Alps are warming, ice caps are melting, cold cities are growing warmer, new diseases are emerging … yet not much is being done about it.

Leaders of any institution have great power. They have influence over their businesses, employees and sometimes even consumers. If climate change is taken seriously by these leaders, it can make a significant difference.

Here are some ways businesses can incentivise employees to be more aware of climate change and not make the same mistake as President Jair Bolsonaro.

Invest in an electrical mode of transport for employees or offer loans

If you’re a big company, investing in purchasing a fleet of electronic cars which can be used to pick up and drop off employees can be helpful. Or, alternatively, you could also offer special loans for employees to purchase electronic cars.

Electronic cars are nowadays readily available and have also recently entered some of the low GDP countries.

These cars are not only perfect for the environment compared to normal cars which increase the levels of carbon dioxide with their emissions. They are also cheaper to run and maintain.

Start catering plant-based food for employees

According to research by Harvard, greenhouse gas emissions from livestock is 50 per cent greater than transport. This is why cutting down on meat is one of the key solutions to protect the environment. It is also why investors are also looking to invest in companies that are working to develop meat alternatives.

Some companies may think that this is ridiculous, as a healthy, plant-based food tends to be more expensive. But it is definitely a myth and there are plenty of healthy and tasty plant-based options that are cheap and easy to make.

For example, a good old peanut butter sandwich with bananas can be filling and tasty at the same time.

There are hundreds of options from foodies and Instagrammers who can help build the perfect healthy catering option recipes for your employees. This way, you keep your employees healthy, and at the same time save the planet.

Phase out the use of plastics

India will be banning plastics completely as announced on October 2. 

This sets a great example, not only for countries but also for businesses. Try to phase out the use of plastics as much as possible.

A lot of companies are using reusable shopping bags, a much more eco-friendly option.

Don’t just incentivise employees, incentivise customers too

Offer special discounts for customers who reuse their shopping bags.

I once had a friend who started collecting glass soda bottles from all his friends, in return for a good amount of money. He didn’t really know much about climate change, but it was definitely a good incentive.

In conclusion, these are only some ways businesses can make a difference for the benefit of the environment and themselves.

Sometimes people are not aware of the issues that surround them around climate change and for that matter, the only way to motivate is to incentivise, incentivise, incentivise.

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Image Credit: The Washington Post

 

 

 

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Chatbots are taking over the place of real personnel’s, hence reducing the expenses of a company

You must have come across the pop-up box that opens when you visit some specific websites online. Generally, the first question that it asks you is, “How may I help you?”.

Those pop-up menus are specially designed bots to assist you throughout your queries regarding any product or service on that particular website. 

Whether you open the website in the morning or the middle of the night, these chatbots are always there to assist you as well as solve your issues. 

Furthermore, it asks you to drop your contact details like email id and phone number to reach you through a customer support executive at a good time.

Today, these chatbots are taking over the place of real personnel’s, hence reducing the expenses of a company. 

More than 100k business houses are using Chatbots to deliver a response to customers instantly. And at approx. 80 per cent of customers are satisfied and have improved their perceptions for the businesses after chatting them online.

No doubt, every start-up or a traditional business owner’s priority after the production of products is to sell them and generate revenue to survive in this competitive world. 

So, why not use those techniques that are specifically designed to help your business and that too, without delays? 

Also Read: 10 Instagram tools to supercharge your brand awareness

You might have a top-notch customer support team; however, the consumer taste and preferences are changing drastically. 

Today’s customers want ever-ready best services beforehand and when they are getting these facilities elsewhere, why will they come to you?

Think! in this competitive world of online trade, there is a need to have the latest bots like chatbots for your business. 

Following are the attributes that will let you know how to use these chatbots effectively and efficiently:

Keep the service available for 24*7 hours

There is no use of making the Chatbot service available in the morning hours only. More than 50% of individuals surf the internet during late-night hours, and then it is the perfect time to keep this service available. 

This helps you to grab more customer base. Even when I was surfing the internet to purchase a laptop for myself, I bought that online after getting assisted on the chatbot of a reputed company’s website. 

The conversations facilitated with artificial intelligence having neuro-linguistic programming can perform better when the humans (customer support) are out of reach.

Hypostatize the chatbot experience 

There is a subtle line difference between customer satisfaction and customer frustration when they are talking to a machine. Though the technology has taken over the world through the coding and decoding of formulas. 

However, artificial intelligence is a non-living thing, and in an artificial state of mind cannot equalise itself to human brains and thereby becomes crucial that the technology is used correctly. 

Also Read:  How do I create a memorable promotional brand or product video?

The reason being, the chatbots are programmed in a certain way that the responses they give are pre-defined as per the set keywords to the customer’s queries, so it becomes imperative to ensure that the answers are personalized as much as they are possible.

 

Design to create a healthy first impression

Yes, the first impression is the last impression, and we all know that. Not many small and medium enterprises are using chatbots yet. It can become your plus point to use it. 

The customer knocking at your door may visit your website for the first time. What do you expect from him or her? To buy your products or heir your services in the first go?

You must be! And for that, you must make it more appealing for the first time users. The teacher gives an “excellent” remark to a student only when the homework is done correctly.

 

Use a lively and cheerful design

No one likes boring and default designs with no colourful or bright designs. Chat-bots effectively streamline you’re your ability to service customers and increase the revenue. 

Providing customers with normal quick responses, answering basing queries is one thing, and proving them a pleasant environment on chatbots is another level of thinking. 

Some of the best companies have added colourful designs to their chatbots to make it more interesting for their users to interact with the bots. So this feature can also help attract an excellent customer base.

Some people are opting for mobile apps for this purpose. For that purpose, they need to find out – How To Make An App? Instead of that, Chatbots can be your one-time solution.

 

Use them to work as a sales apprentice

Many successful brands are already using chatbots to take orders and offer the customers much other sales-related stuff. 

For instance, when you visit any restaurant app that uses a chatbot, you must have seen the pop-up assistant shows you similar results of the food menu based on your current as well as past search history. 

This is the technique that can fetch you a better customer base as well as regular sales.

Use Them to Conduct Dynamic Surveys

The traditional methods of surveying the customers are out-dated now. The customers today are no more excited about filling those long survey forms to give their feedback. 

They avoid and ignore such type of surveys, but the modern way the chatbots are designed to conduct investigations is really different and quite interesting where the chatbots give you a question with some multiple choice answers. 

Also Read: The A, B, and C of startup branding

You have to click one of your choices, and then another question comes up quickly without you waiting for much time.

The exciting thing is that there are already many companies specialising in chatbots for surveys. Amongst others, these surveys allow the companies to develop bot-powered studies and seamlessly deploying them to social media platforms.

Conclusion

These are some of the ways you can use chatbots for your website, Whatsapp, and other applications where you have made your company services available to reach the customers.

Also, be very sure of not relying wholly on these bots as mentioned earlier these are the artificial intelligence designed with predetermined keywords, so they should be kept for limited interaction which is sure of taking place correctly.

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