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How COVID-19 is fostering new wave of retail

RHL - Covid 19 and retail

As the coronavirus spreads across the world, the worsening situation has triggered many countries to accelerate its containment measures from enacting curfews, closure of public areas, to locking its national borders.

Fresh from reeling in the slowdown from the disruption from e-commerce players, brick-and-mortar stores have once again taken a massive hit from stores closure and consumers not wanting to step out of their homes, causing global retailers to sustain massive cash flow pressures from zero sales and high overheads from salaries and rents.

Based on data from America’s National Retail Federation (NRF), the US retail sales account form US$2.6 trillion of its annual GDP and employs 29 million people in the country alone.

In the last two weeks, over 10 million of unemployment insurance claims have been made, with a bulk of the claims being accounted to major US retailers. Macy’s, Kohl’s and JC Penny have announced furloughing nearly 80,000 employees each with fast fashion retailer Gap looking to furlough 80,000 of its 129,000 employees.

It is noted that the domino effect from the store closures and decline of US retailers have not only significantly impacted retail workers, but also clothing manufacturers, textiles, leather and fabric producers. The virus has caused chaos for millions of garment workers, especially in Bangladesh, Cambodia, Myanmar and Vietnam, where these clothes are produced.

Facing greater drawback of orders being suspended or holdback from distributors and retailers from the US and Europe, and a disruption of raw material supplies from China (where 90 per cent of raw materials in Myanmar are sourced from), we have seen the first sign of massive job losses of garment workers that are earning wages barely able to cover their basic needs, leading to a series of social issues and at the same time, sparking the possibility of a national crisis.

Also Read: Ex-Oway Director’s e-commerce app Ezay makes life easy for rural woman retailers in Myanmar

Bangladesh and Cambodia garments account for 80 per cent of export and 16 per cent of GDP while Vietnam anticipates 30-50 per cent of its 2.8 million workers employed in the garment and textile industries to be laid off in the coming months.

Perhaps the worst hit is the luxury segment, by shutting the doors of 40 per cent of its stores globally, it is revealed that Burberry Group’s sales have fallen by 50 per cent.

Nonetheless, the luxury segment has taken the lead in the adoption of technology. Shanghai and Milan Fashion Week livestreamed on Tmall and Tencent respectively this year, pivoting to livestreaming opportunistically as a way to reach a larger and savvier younger audience.

These brands have also stepped effort in their digital integration strategies as they integrate into WeChat’s Mini Program to showcase runway looks and enable orders from Customers.

The bright spot emerging from COVID-19 is the adoption of technology and the use of e-commerce platforms. Amazon announced that they are opening job positions for 100,000 employees in the warehouse and logistics department, Alibaba assisted over 300,000 merchants to host daily livestreaming sessions on Taobao Live and JD.com has seen a 400 per cent rise for sales of fresh produces.

The impact of the COVID-19 pandemic on overall economic growth will depend on the duration and effectiveness of coordinated fiscal measures taken by governments around the world. The coronavirus-necessitated economy slowdown is predicted to position global economies into a technical recession, driven by general uncertainties regarding individuals’ physical wellbeing and consumers’ negative perceptions about growth.

Also Read: How are small brick-and-mortar retailers in Malaysia coping with the e-commerce revolution

To weather the storm, it is paramount for retailers to reconsider their business models and adopt a different approach when it comes to consumer engagement.

Whilst digitisation initiatives are essential to transform traditional retailers, it is worthwhile to rethink diversification of supply chain. Perhaps we should be thinking local before global?

For more insights by RHL Ventures on COVID-19’s impact on the retail industry and various other sectors, please visit this link.

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9 virtual tech and business events to attend while social distancing in April

All of a sudden, it feels as if the world is put on fast forward as we begin to come up with virtual solutions for all the events that were once a part of daily life.

Many companies are now beginning to implement  Zoom happy hours to maintain company culture while some of us still joke about going out on a FaceTime date.

Creators are also taking advantage of technology during this time and turning their cancelled IRL events into easily accessible URL events.

That being said, e27 strives to keep up with the promise of supporting the startup ecosystem by bringing you nine virtual events that you should not miss if you’re a startup founder.

1. April 15 (ongoing), Dezeen “Dezeen’s virtual design festival”

If you’re the type of person who follows Elon Musk on Twitter, this should be the perfect event for you. 

As the first virtual design festival, this event will feature talks, movie screenings and workshops and include a showcase of architecture, futuristic technologies,  problem-solving product packaging and many more. 

2. April 16, e27 “Mindfulness meditation for working professionals amid COVID-19

Are you a busy working professional who can barely find the time to sit down and relax? e27 has designed a webinar specifically for people like that.

Join Bjorn Lee CEO of MindFi as he guides busy bees in simple, quick and easy to do practices to provide relaxation that can make a significant difference at work.

Also Read: e27 Webinar: Why silence is not golden

3. April 16, Draper House ” How we raised US$200K in our first crowdfunding campaign

If you’re someone who is having trouble fundraising for your startup during this hard time, this is the perfect opportunity to learn first hand from new founder Marcos Bulacio journey.

Marcos Bulacio began selling Pangea bamboo travel towel on Kickstarter campaign and successfully managed to attract capital.

Also Read: Lessons from a student entrepreneur on building a successful startup

He will be sharing his experience on how he managed to do this along with tips on what founders can do to create a successful campaign.

4. April 17, New Campus “The New Virtual Reality: The Future of Remote Work

This conference will gather a variety of leaders from corporations and startups as they speak about resiliency, team leadership, and mental well being in times of crisis and how it can be overcome.

With the growing need for remote teams, founders share how such problems can be tackled and how organisations can bounce back.

5. April 17, Startup Grind “Freaky Friday Virtual Happy Hour” 

Who said that you can’t still network with professionals from around the world?

Startup Grind is hosting a free Friday virtual happy hour for professionals from all over to network and make friends with.

This event will feature a “quarantine” drink contest, where “virtual drink” experts will judge the contest and where winners will receive some interesting prizes.

6. April 22, Startup grind “What investors think about before they finance your startup

This is an event specifically for startup founders who are actively seeking angel investors or are curious to know more about them.

Florin Pop, founder and Managing Partner at Primainvest Capital Management, will be the guest speaker for this webinar and he will share insights on behind the scenes of the world of investments along with actionable tips on how to please investors.

Also Read: e27 webinar: Sailing through COVID-19 crisis with mindfulness meditation

7. April 23, Women of Influence Asia “How to get savvy with your money”

At a time like this, this is probably one of the most valuable webinars one can tune in.

Join Mina Chung, a serial entrepreneur who owns a boutique hotel, Petite Dalat, and co-founder of a tech incubator, TerraTech as she speaks about how you can stop overspending and begin investing along with some ways to set financial priorities during different stages of life.

8. April 23, e27 “How founders can become thought leaders

From founders to team leaders, many people are using thought leadership to boost brand awareness and strengthen consumer trust.

In this e27 Webinar, Muara Makarim, author of Vertical Journey and regional PR manager of Revolut, will speak about how leaders can become one by observing trends for the industry and being able to stimulate the ecosystem.

9. April 28, SGInnovate “Let’s Play Quantum Computer Games! “

Interested to know about the latest trends in quantum computing? For a long time now people have been trying to improve the gaming experience through better-than-ever graphics and non-player characters that move realistically.

Join Junye Huang a Quantum Developer Advocate at IBM Quantum as he talks about how games can introduce people to quantum computing and the future of gaming on quantum computers. An exciting online puzzle game featuring quantum components will also be shared during the talk.

Image Credit: Leon Seibert

 

 

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Startup Island podcast: How to build a hybrid hardware-as-a-service startup in Taiwan

hardware_startup

A hardware-as-a-service startup is a startup that blends the smart use of hardware through a SaaS backend.

The technique creates hybrid venture models that enable traditional business models to utilise connected technology in new ways.

Taiwan has seen a few of these types of initiatives, due to its excellent reputation as a contributor to the global hardware ecosystem and its reputation as a producer of talented engineers.

In general, over the past few years, early stage founders from around an economic region we refer to as Greater Southeast Asia (ASEAN + Taiwan) have found their way to Taiwan to take advantage of the country’s unique ecosystem set up and create engineering operations, research and development centers, or business development offices.

In a new podcast, Startup Island, we will feature these and other entrepreneurs who have taken part in the semi-annual AppWorks Accelerator, a twice-yearly free accelerator in Taiwan that assists the growth of GSEA startups in Blockchain and AI.

Also Read: The SaaS pricing model is broken, let’s fix it

In the first episode of Startup Island, we talk to founder Andrew Jiang, co-founder at Soda Labs, a Hardware-as-a-Service venture builder.

 

He has spent a significant amount of time in Taiwan and he has evaluated the qualities of the country that have made it a good choice for building a startup there.

Jiang’s startup builds new companies from the ground-up using a mix of internally-driven team ideas and partnerships with ventures that combine hardware and a SaaS model.

In this podcast, he goes into some specifics of what this means, and how it focuses his outlook in marketing the company and generating new partnerships.

In the bigger picture, there are three reasons why Soda Labs and other startups are driven to explore Taiwan, especially those founders that are interested in ideas that utilise supply chain or hardware.

Jiang talks about these in this nearly 15 minute-long interview.

Talent Pool: Founders can work face-to-face with innovative engineers and the leading OEMs that have made the island nation famous for providing the supply chain in software and hardware for robust global tech companies like Foxconn, Apple, and Samsung, among others.

Digital First: This country of 23 million people has perhaps the most robust e-economy in SEA, at US$ 42.2 billion a year, a figure that has attracted software and web companies like Facebook and Google to set up R&D offices here.

Peers and Mentors: Fast-growing unicorns and other startups that started in places like Singapore have quickly set up operations in Taiwan to take advantage of its access to Greater Southeast Asia. The includes companies like Shopback and Carousell.

AppWorks analyst Jun Wakabayashi spoke to Andrew about how he managed his learning curve in figuring this out after first starting in Silicon Valley.

Also Read: Podcast: A conversation with Sebastian Starzynski, CEO Of TakeTask

This is a good conversation for founders because it shows the thought process a founder has to go through to take two very different cultures and ecosystem experiences and integrate them into a business model.

The results have proven promising for Jiang. He has a continued partnership with Foxconn and his team is delivering new products, even during the COVID19 pandemic.

Times are very challenging for founders right now. It makes sense to seek out a community that can provide answers and firsthand experiences in this environment.

Keep an eye out on the AppWorks Accelerator for more.

Register for our next webinar: Mindful meditation for working professionals

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

Join our e27 Telegram group, or like the e27 Facebook page.

Image credit: Christian Wiediger on Unsplash

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News Roundup: Hoow Foods raises funding led by Nanyang Realty, ScaleUp Malaysia invests in 10 firms

Singapore’s foodtech startup Hoow Foods raises funding led by Nanyang Realty

Food reformulation technology startup Hoow Foods has announced that it has raised an undisclosed strategic funding, led by the Singapore-based Ang family office Nanyang Realty. Korean-based Venture Capital funds Sunbo Angel Partners and Lighthouse Combined Investment Co. also participated.

The funds will be used to expand Hoow Foods’s scientific headcount, enhance its technology infrastructure and accelerate its operations and R&D capabilities in the region.

Established in 2018, Hoow Foods is one of Singapore’s pioneers in the food technology scene. Aside from its low-calorie ice-cream brand Callery’s, Hoow Foods also commercialises its products via its collaboration with Singapore heritage brand Killiney Group.

In 2020, Killiney launched several new merchandises, including its new Premium Milk Tea and reformulated Premium White Coffee products, with all these offerings co-developed by the Hoow Foods team.

Both Hoow Foods and Killiney are currently working on new flavours to be launched in the near future, with emphasis on producing healthier versions of instant beverages.

ScaleUp Malaysia invests US$46K each in 10 growth-stage companies

ScaleUp Malaysia has announced that it has selected its top 10 companies for its inaugural cohort.

Each of these companies will receive an investment of RM200,000 (US$46,400) each to grow and scale their business further with a focus on regional and global expansion.

Also Read: ScaleUp Malaysia kickstarts 3-month programme with 20 companies in first cohort

Aaron Sarma, General Partner of ScaleUp Malaysia says, “We’ve been working with these companies for the last four months. The final decision was not easy but ultimately our investment committee selected companies with teams and products that were best positioned to scale into large markets.”

The selected companies are:

  • ATX, a digital payments service provider that helps micro SMEs participate in the digital economy.
  • AutoCraver, a startup that provides a cloud-based end to end management software called “Turbo” for car dealers to automate processes and facilitate car sales.
  • Batik Boutique, a premier Malaysian gift brand with an artisanal story that creates social impact by empowering the B40 segment through education, training, and job creation.
  • GOLOG, an on-demand cold chain logistics platform that uses data and machine learning to digitise the traditional supply chain.
  • Iimmpact, a technology solution that enables digital payments to over 100 billers inclusive of mobile top-ups, utility bills, entertainment portals, local councils, and many more.
  • Kwikcar, a peer-to-peer car-sharing platform that aims to change the future of mobility and car ownership.
  • AOne, an educational platform for learning centres to manage their classes, teachers, and students through scheduling, fee collection, and process automation.
  • BiiB, a community platform that creates gamified virtual events for runners and transforms running into a team sport.
  • Agiliux, a cloud-based core insurance platform with extensive policy and claims management capabilities.
  • Tripcarte, a travel technology company that provides a distribution platform for travel activity and attraction tickets.

ScaleUp Malaysia has conducted its final Investment Committee Pitch Session and virtually selected the 10 startups during the Movement Control Order period.

ESPL partners with Paytm to accelerate growth during lockdown

Esports Players League (ESPL), the global e-sports tournament network and platform, has entered into a strategic partnership with India-based Paytm First Games.

Paytm First Games will introduce ESPL’s mobile and online focussed tournaments to gaming enthusiasts in India. It will oversee the rollout of ESPL’s amateur e-sports platform in the country and execute tournaments, acquire users, secure local sponsorship and partnership deals, and create local media content.

Also Read: ESPL launches new tournament platform, aims to create a bedroom-to-champion pathway for online gamers

ESPL will support Paytm First Games’ efforts by delivering the complete tech solution, global sponsorships, media deals, and e-sports strategy.

The first ESPL season is scheduled from May to November 2020.

Paytm First Games has more than half a million daily active gamers on the platform, spending anywhere between 30 to 45 minutes per session. It is the digital gaming platform of Gamepind Entertainment Private Limited, which is a joint venture between AGTech Holdings Limited and One97 Communications Limited, the parent company of Paytm.

Fintech platform Razer pledges US$50M to support its business partners during COVID-19

Razer, the global lifestyle brand for gamers, has pledged to support its business partners, both current and future, through the economic downturn brought about by COVID-19.

Razer will deploy up to US$50 million within 2020 through three main support arms within the ecosystem:

  • Razer Gold, Razer’s virtual currencies for its digital offering that will provide support to current and new content partners through marketing contributions and other immediate cashflow relief measures such as cash pre-payment, cash rebates, special rates and reduced settlement periods from 30 to 15 days. Razer will also explore potential investment opportunities in channel and content partners.
  • Razer Fintech, Razer’s offline-to-online digital payment networks in Southeast Asia that will utilise both its business verticals for this initiative. Razer Fintech’s B2B vertical, Razer Merchant Services (RMS) will help new and existing merchants and platform partners via cashflow assistance, fee waivers, and customised marketing programs for essential services and online businesses, while its B2C vertical, Razer Pay, will offer packages such as reduced rates and value-added promotions and will selectively explore potential investment opportunities with startups and businesses.
  • zVentures, Razer’s corporate ventures arm that will focus its investment efforts on companies with technologies dedicated to fighting COVID-19 or supporting people through the pandemic, such as autonomous food and beverage, delivery and logistics, and healthcare.

The fund will be split across these three pillars in the form of financial contributions, cashflow support, and investments.

This initiative will also provide businesses with access to Razer’s ecosystem of hardware, software, and services worldwide, and bring positive business impact through alliances and partnerships.

Photo by Michelle Tsang on Unsplash

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Afternoon News Roundup: FarEye, CloudEats, Digital Commerce Intelligence secure investments

Digital Commerce Intelligence receives US$706K from Velocity Partners

Singapore-based AI startup, offering real-time e-commerce data Digital Commerce Intelligence (DCI), has received US$706,000 in a funding round, led by Athens-based Velocity Partners, according to KrAsia.

The new funds will be used to scale DCI’s services across Southeast Asia.

“What makes a brand a leader is often the wise use of data. This is particularly true in e-commerce, where the pace and dynamics of trade are so much faster than any other commercial channel,” said Kyriakos Zannikos, Founder of DCI.

Indonesia Government, Cakap team up to develop skills related to tourism and creative sector

The Indonesia Ministry of Tourism and Creative Economy has teamed up with a live tutoring startup Cakap to empower tour guides and professionals in the hospitality sector to develop English language skills.

Also Read:  (Updated) 2C2P sets up VC arm to make strategic investment in payments firms in Southeast Asia

The COVID-19 crisis has already hit tourism in Indonesia with a significant drop in hotel occupancy to 40 per cent, according to an article published by katadata.id. However, the government believes that language is a vital element to support and speed up the post-pandemic recovery in the tourism sector.

“Especially with the decline in activity in the tourism industry, this could actually be a golden opportunity to improve skills for workers in the tourism sector,” Tomy Yunus, Founder of Cakap, said in a statement.

Logistics SaaS platform FarEye raises US$25M Series D

India-based logistics SaaS platform FareEye has announced a Series D investment of US$25 million, led by M12 (Microsoft’s venture fund).

Eight Roads Ventures and Honeywell Ventures also participated in the round.

The new capital will be used to enhance the FarEye’s predictive capabilities and further accelerate growth in Europe, APAC and the US, it said in a statement.

FarEye enables companies to orchestrate, track, and optimise their logistics operations.

SBA, BEST launches Blockchain Association Singapore to bolster collaborations through blockchain

The Singapore Blockchain Association (SBA) and the Blockchain, Enterprise and Scalable Technologies (BEST) have merged together to launch Blockchain Association Singapore to encourage collaborations through blockchain, according to a company statement.

Also Read: News Roundup: Hoow Foods raises funding led by Nanyang Realty, ScaleUp Malaysia invests in 10 firms

BAS will be the centre that will spur engagements and collaborations through the use of blockchain to drive business growth and build a sustainable pipeline of talents for the digital economy.

“Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions,” said Chia Hock Lai, Co-chair of BAS.

Filipino cloud kitchen startup CloudEats raises US$1.4M for expansion

The Philippines-based cloud kitchen company CloudEats has raised US$1.4 million in seed funding, according to TechInAsia.

The round was led by local family offices in real estate and food and beverage industries. Regional angel investors also participated in the round.

CloudEats claims that food brands in its platform offer 15 per cent to 20 per cent cheaper rates compared to competitors. “As we grow, we may be potential customers for the growing cloud kitchen companies and enhance the food delivery ecosystem further,” said Kimberly Yao, Co-founder of the startup.

Image Credit: FarEye, Pixabay

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