With social distancing as the prime method adopted to combat the COVID-19 pandemic and the subsequent lockdown measures undertaken by governments globally, we have seen an almost total immediate reliance on digital sales as a result of mandated closure of brick-and-mortar stores.

As a result of the crisis, digitalisation is rapidly growing and solidifying their presence both in the way we interact and make purchases (e.g. digital business conferencing, home-based online learning, online food order and delivery as well as virtual social interactions amongst friends).

Many consumers have turned to digital channels and apps to shop given safety precautions, creating significant business growth for companies who enable business-to-consumer (B2C) online retail shopping.

According to the “COVID-19 Impact on Global E-Commerce & Online Payments – 2020” report from ResearchandMarkets.com, many have turned to online and mobile shopping due to COVID-19, resulting in a double-digit share of online shoppers with more digital purchases. Some are even embracing this mode of shopping for the first time during the outbreak.

Also Read: A beginner’s guide to the B2B e-commerce business

Hence, if we were to observe the current B2C landscape, the same report highlighted that the share of global retail sales generated via e-commerce is rising and is projected to reach one-third by 2024. This crisis has forced many who are less digitally oriented to accept new digital possibilities, facilitating greater growth in the B2C sector.

However, such online shopping is not new to B2C businesses, many of whom have already established digital channels as part of their business strategies prior to the pandemic.

However, are we seeing the same kind of momentum from business-to-business (B2B) companies adopting digital transformation in the way businesses are conducted as a result of this crisis?

Is COVID-19 increasing B2B digital adoption?

B2B and B2C e-commerce are completely different business propositions. B2B transactions are more complex and of higher price value than those dealing in the B2C space, thus demanding a more complex set of capabilities such as product configurators and real-time inventory information, request for quotation, and procurement approval flow.

However, COVID-19 has raised the imperious need for digital channels for B2B companies. According to a recent survey by McKinsey, sales leaders on average rate digital channels approximately twice as important now as they were prior to the pandemic.

The necessity of remote selling as a result of quarantine was also responded incredibly quickly by B2B sellers, where around 90 per cent of them are working via videoconferencing or phone. In technology, media and telecommunications sectors, that figure is near 100 per cent. Consequently, many B2B customers have to quickly understand and adopt online purchasing as well. This has made COVID-19 a catalyst for significant growth in the B2B e-commerce landscape.

Also Read: Roundup: E-commerce enabler iPrice Group names new CEO

Frost & Sullivan predicted prior to the pandemic that the global B2B e-commerce sales were to reach over US$6.6 trillion by this year, surpassing B2C valued at US$3.2 trillion by 2020. However, with digital sales potentially being the only available option in the interim, this growth trajectory can be hastened further with B2B companies needing to digitally transform their current sales channels and processes.

As such, B2B companies that invested in digitalisation and e-commerce prior to the crisis would have the upper hand. In contrast, those who had decided to wait and previously invested little in e-commerce will have to play catch-up – presuming that they are able to tide through the pandemic.

A shift towards digital B2B payments

Another thrust in the B2B eCommerce arena in which COVID-19 is also having a big influence in accelerating is the growth in the adoption of B2B payment processes. It’s a matter of time before we will see the end of manual check printing and physical mailing and companies begin to be more comfortable in digital B2B payments.

The B2B payments market in the APAC region has been booming even before the COVID-19 pandemic, driven by the growing adoption of eCommerce and financial technology solutions, according to Frost & Sullivan. B2B payments revenue is estimated to double, reaching US$1,356.28 billion by 2025. This is up from US$671.32 billion in 2018 and represents a compound annual growth rate (CAGR) of 10.5 per cent.

This growth can only get more pronounced with greater travel restrictions between countries. As a result, most businesses would be conducted digitally and hence the flow of funds for goods purchase will also happen digitally.

Also Read: Roundup: Singapore’s e-commerce market expected to reach US$9.5B this year

This may, in fact, drive greater innovation in the area of B2B payments beyond just escrow into other areas such as eKYC (know-your-customers), e-contracts enforcement, and potentially the use of blockchain to authenticate and verify documents as well as in the area of trade finance.

B2C’s influence on B2B

There are, however, significant characteristics of B2C e-commerce that the B2B space can greatly learn from. The user experience that B2C e-commerce consumers currently enjoy could potentially lead to similar expectations for B2B e-commerce experience, with a key difference being bulk purchases as opposed to individual item purchases.

Given that the B2C shopping experience has been in existence for more than two decades, this would hence set the benchmark for the digital user experience and transactions under B2B e-commerce. Buyers want to be able to search quickly and place orders without hassle, coupled with very detailed product information, quick order processing and delivery, and an enjoyable customer journey.

In other words, self-service is increasingly becoming a requirement for many buyers who prefer independence over spending time clarifying with a staff member.

These are pointers that B2B companies should be taking into consideration amidst growing their business digitally. There will however be some B2B-specific nuances to the user flows which would have to include features such as digital purchase order creation, purchase approval processes, and integration into third-party inventory and logistic systems to necessitate bulk orders and special wholesale pricing.

Also Read: Are B2B marketplaces finally entering their boom time in Asia?

Turning this pandemic into your advantage

There is no short-term panacea to bringing your B2B business online. As previously mentioned, B2B e-commerce is much more complex and requires B2B companies to relook at their business strategies once again and adapt them to the digital arena.

We’ve added a list of tips to help take advantage of the digital push for B2B e-commerce businesses:

• Go back to the drawing board and formulate a clear online business strategy

Similar to B2C, a customer journey should be focused consistently on customer benefit. B2B-specific details have to be considered, such as extensive purchasing and approval processes and real-time inventory information. Thus, being strategic and thoughtful in the brainstorming process would help B2B businesses be better prepared and adaptable to similar situations in the future.

• Be transparent

Whether it is for your online product information, order fulfilment or availability of stocks, be realistic, and translate that information to your customers regularly. During any crisis, everyone has more questions than answers. As such, transparency and support are necessary to reassure and strengthen your customer relations.

• Don’t wait anymore

If anyone thinks they can wait on their eCommerce plans, the coronavirus pandemic would have clearly signaled that there is no time to waste, particularly given that digital sales are the only viable option at this juncture. Even so, be strategic in how you roll out your online channels.

COVID-19 is surely going to create a new norm for all of us, in every aspect of our lives. In the case of B2B companies, the momentum that eCommerce is accelerating at as a result of the pandemic could potentially become a permanent fixture post-crisis as well.

Quoting McKinsey once again, we believe that we are at a digital inflexion point, where B2B sales operations going forward will look fundamentally different from what they were before the pandemic. The level of change would, however, depend on how B2B businesses strategise and effectively ride on this new digital wave.

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In a recent webinar with e27, Jeff Lin, Principal at iGlobe Partners, spoke about the VC firm’s investment philosophy and the challenges faced by the industry due to the COVID-19 pandemic. He also shared some tips to help entrepreneurs/startups tide over the crisis.

In a follow-up interview, Lin also shared some insights on things to consider to become successful in local markets.

Founded more than 20 years ago by Soo Boon, iGlobe is run by a team of tech and financial veterans with cross-border regional experience. The VC firm invests in a number of regions, including Silicon Valley, Southeast Asia and Japan.

Some of its portfolio companies include Unity, Nerdwallet, ACSL, Hoolah and SWAT. The VC firm is currently focused on investing in three high-growth industry clusters — smart cities, fintech, and synthetic biology.

Entering unknown territories

According to Lin, for a cross-border VC firm, it is necessary to work closely with local VC firms in each country market. iGlobe’s strategy is to syndicate deals with strong local business assets to gain deeper insights on the complexities of each
region.

Over the years, iGlobe has been helping Singapore start-up companies scale out to other markets in the region, and has also been helping a lot of western portfolio companies scale-out to Southeast Asia, with Unity being one such example.

But what are some aspects that are crucial for the success of a startup that wants to enter a new region, say, Southeast Asia?

“As a company, it is important for founders to have a regional or global ambition. For example, a Singapore based startup from inception shall think about eventually setting up a regional presence in countries such as Vietnam or Indonesia,” according to Lin.

Also Read: What are the key trends in mobile gaming ads in Southeast Asia?

“First of all, startups need to be solving a problem not just for a single country; exceptions can be made for large enough single market such as Indonesia,” Lin added.

Lin suggests that western startups which intend to expand to Southeast Asia must first establish themselves in their own markets first. Entering a new market prematurely may lead to unnecessary hardships.

Matterport, another portfolio company of iGlobe, is a leading spatial data company focusing on digitizing and indexing the built world. Founded in silicon valley in 2011, Matterport only recently set up its regional headquarters in Singapore last year when it became a well-recognised brand globally.

“For those startups outside of our region, it may not be ideal to come to Southeast Asia too early without building a strong customer base and certain revenue traction first. For those portfolio companies which are already well established in their home markets, iGlobe can assist them in their global expansion by identifying the right local talents and setting up operations, making the process much easier,” he shared.

A good understanding of the market is a necessity, he argues. Someone in the management team, who has a good exposure with the local market dynamics, will be helpful. If that’s not possible, the founder should be good at hiring
someone who knows the ins and outs of the specific country.

Surviving the new normal

As startups move from the first phase of the pandemic to the reopening phase, VCs will have to decide what tech investments are worth funding and what will provide them with the most value in the new normal.

Asked what advice would he give to his portfolio companies and founders in general to survive the pandemic, Lin said under the new normal, founders will figure out how to let teams perform and collaborate without sitting in the same office.

Also Read: As a startup investor, here is why we aim to focus more on Vietnam in 2021

“Most of your team members including yourself will need to continue to work remotely in the next half of the year or even longer. You have to continue to engage your employees to keep their morale high and make sure everyone continues to work towards a common goal,” he explained.

Citing the example of one of iGlobe’s portfolio companies, Lin said that the founder spends extra efforts to maintain team spirit through virtual team building activities like quizzes, coffee morning sessions, etc. As soon as the management figured out that the whole organisation can operate without an office, this firm terminated the lease contract with its co-working office to cut loss and conserve cash.

Another advice that he is giving to the founders is to quickly raise funding from different sources to extend the runway, especially from the government’s funding schemes.

“Valuation doesn’t matter that much as survival is the top priority. Keep the runway, retain your employees and you still have a chance for tomorrow,” he concluded.

Missed the webinar? Check out the video here:

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Amid COVID-19 chaos, consumers want certainty and offerings to suit life in lockdown, and direct to consumer (DTC) brands are among the best placed to meet that demand.

Discussion about current DTC growth has largely revolved around online agility. As internet-born brands, many DTC businesses have thrived by focusing on e-commerce and limiting offline costs; a key advantage when the majority of physical stores are shut. But this overlooks the real power of DTC: close consumer relationships.

With complete control over their data ecosystem, DTC brands have the valuable insight required to power personalisation and predict their customers’ shopping needs to optimise every touchpoint.

When this insight is paired with unobtrusive, subtle native advertising methods, DTC brands have the ability to enhance their performance and build stronger relationships with their consumers. And, with 43 per cent of consumers finding it reassuring to hear from brands they know and trust, consumer relationships matter now more than ever.

Telling truly captivating stories

What makes DTC brands stand out most is their authenticity. These companies have distinct personalities and values that speak to consumers seeking more individuality and meaningful brand relationships.

Regional DTC pioneers such as SleepyCat, for example, are actively collaborating with buyers; founder Kabir Siddiq spoke personally to 5000 customers and adjusted the firm’s development in line with their feedback.

Also Read: Zowedo raises US$330K to connect Singapore’s consumers with personal, home services

As a form of advertising that’s all about storytelling, native is the ideal way to boost interest via inspiration. Using soft communications, brands can deliver engaging digital content that communicates their vision, such as a story about the mission to provide sustainable homeware displayed under an article about staying ethical during the lockdown.

With an emphasis on genuine relevance and value, native allows brands to enhance the online experience while driving deeper individual affinity with their products and services.

Giving brand messages a suitable home

The global crisis has catapulted brand safety back to priority status. With the influx of coronavirus-related content, organisations are paying closer attention to where ads are seen — especially DTC brands heavily reliant on good customer opinion to sustain their businesses.

So, it follows that native ads, which are designed to seamlessly blend with suitable content, are the obvious choice for keeping associations positive.

Of course, this does depend on ensuring media quality. Not all native platforms are equal, and brands must be careful to select those that continuously vet publisher networks and offer robust security. For instance, advanced vendors are starting to leverage smart tools such as natural language processing to carry out granular semantic analysis against bespoke risk thresholds.

Negating the need for ad blockers

Staying visible is vital for brands to remain front of mind throughout the crisis, but there is a difference between being in view and interruptive. Audiences are losing patience with ads that disrupt their online experience and tolerance is lower in the Asia Pacific region than anywhere else: studies show 52 per cent of users run ad blockers.

Also Read: Singapore lending platform Lendela raises US$942K to help consumers access loans easily

Tempting as it may be to seize attention with screen-dominating ads, the wisest move for DTC brands is using formats that work with digital content. By harnessing ads built for minimal intrusions — such as scrollable native ads that appear within social feeds or bespoke ‘next read’ recommendations — brands can serve captivating messages that avoid irritation by keeping interaction control in the hands of consumers.

As the world moves online, there is scope for digitally savvy DTC brands to significantly bolster their reach. But before they ramp up advertising efforts, it’s crucial to consider the factors that set them apart from mainstream rivals: authenticity and dedication to consumers.

To maximise success, promotional strategies must create the perfect partnership of enticing DTC stories and content that natively weaves into the digital mediascape. In the long-term, it will be this commitment to giving consumers what they actually want that will be remembered long after the COVID-19 storm passes.

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COVID-19 has brought new insights into the long-term sustainability of our smart cities and frenzy urban lifestyle. While countries around the world are investing in boosting their healthcare sector and keeping their essential system running, the ongoing pandemic has got the majority questioning the new normal.

On top of being a key challenge to global health governance, the virus has proven to be a litmus test on preparedness and infrastructure. 

The promise of better opportunities,  accessibility, and improved quality of life attracts people to cities. The Department of Economic and Social Affairs reports that by 2050 more than two-thirds of the global population is expected to live in urban areas.

Covering a mere two percent of the world’s land, the high population density in cities complicates the management of outbreaks, especially a highly transmittable one like COVID-19.

Moreover, the shortcomings of the modern economy have created real tension between addressing the immediate needs that come with the crisis and investing in more sustainable infrastructure. 

Crisis-led solutions for a sustainable future

The past few months have proven that crisis-led technological solutions can bring about a better future. Technology leaders and smart cities stand in a unique place to ensure sustainable living and development. This is especially true in the case of a pandemic which requires thorough monitoring and immediate response.

Countries such as China have been effectively tapping into artificial intelligence (AI) technology and big data to aid front-line healthcare workers, facilitate real-time contact tracing, and screen potential cases.

Adaptation of digital technologies that promote teleworking, web-based community building, virtual services, and even 3D printings of healthcare essentials proves that smart city mechanisms are not only capable of learning from a crisis but also learning in a crisis.

Potential of blockchain in post-pandemic sustainability development

Blockchain technology has revolutionised the way data is transmitted and protected. Its adoption in cities throughout the world has led to advancements in urban management systems thanks to its interconnected and immutable nature.

Industries such as healthcare, pharmaceuticals, food, and agriculture have been able to upscale its supply chain management while allowing authorities to monitor and allocate resources effectively. 

Blockchain technology has not just been a hot-button topic in sustainable urban design but a promising solution world leaders are investing in for a better future. The United Nations Office of Communication and Information Technology (UN-OICT) has been developing a cutting-edge blockchain-backed solution to support the Government of Afghanistan in its rebuilding efforts.

As a part of the “City for All” initiative, the UN-OICT has turned to blockchain technology to solve infrastructural challenges in the nation and to bring about an effective land management system, strategic urban infrastructure and improved municipal finance.

By providing real-time information on basic necessities, blockchain technology is transforming public service, which includes automating energy supplies, managing water consumption, monitoring air quality levels.

This provides the authorities with greater control over resources, improves demand-supply efficiency as well as address fundamental problems in their urban planning while ensuring data integrity.

Addressing the broader sustainability agenda

Looking into the next phase of recovery, it is important to factor in environmental sustainability when putting together a post-pandemic package.

The economic slowdown during the quarantine period has resulted in a significant drop in urban pollution, providing the need to reassess the impact of human activity on the planet.

Longer-term measures to minimise carbon emission and curb energy consumption as well as the inclusion of a smarter disposal system can ensure a healthier urban environment.

According to the Ericsson Mobility Report, ICT-enabled solutions can curb the global greenhouse gas emission by 15 per cent by 2030 if implemented effectively. With comprehensive computation and effective smart-grids, it will be easier to determine pollution hotspots, take proactive measures to identify sources and keep an immutable record on the progress for future planning.

For instance, smart meters implemented by Building Cities Beyond (BCB) Blockchain in Yatai City, Myanmar has not only refined energy management but also regulated energy consumption behaviour, improving the overall energy efficiency in the city. With the smart meters, hotels in Yatai City are able to identify users who are environmentally savvy and provide rebate discounts as a token of encouragement. 

On top of that, cloud-based software applications can effectively receive, analyse, and transform data into real-time intelligence that changes daily lifestyle and curb energy consumption. Tech giants such as Apple, Google and Amazon are all releasing a range of gadgets that changes the way homes manage their power usage.

On the other hand, waste is a key developmental and environmental issue for all countries across the globe as it is almost an unavoidable result of human activities. Waste in cities affects air and water quality, breeds hazardous health issues, and affects the public space.

An intelligent disposal system has the power to redefine waste management in urban areas. With the help of sensors and decentralized blockchain networks, local authorities can achieve a sustainable waste management system by generating an interoperable tracking facility.

The increased visibility of an open network will result in heightened accountability among consumers, companies, and waste management industries. 

As we recuperate from the ongoing pandemic, it is important to define what tomorrow will look like and take stock of our preparedness to face future global crises.  Being built on complex and interconnected frameworks, smart cities are well-positioned to be the agents of change and reshape global culture.

Having said that, sustainability requires a collaborative effort — and the responsibility to preserve a better future remains squarely on the collective shoulders of humanity. Even with advancements in technology and resource management, the looming reality of a rapidly increasing urban population means that innovators, policymakers, and the everyday man must adopt a different mindset and approach to daily life to ensure sustainable living.

All journeys start with the first step, no matter how small. Let us do our part together.

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Register for our next webinar: How to pivot your growth strategy post COVID-19

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

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Lazada appoints its 3rd CEO in 3 years; New CEO Chun Li, its co-president and head of its Indonesia ops, is replacing incumbent Pierre Poignant; The e-commerce major claims to have 70M+ users as of end-March; Alibaba owns 90% of Lazada after investing US$3B since 2016; E-commerce in SEA was worth US$38B last year. More here

9 cybersecurity startups graduate from ICE Accelerate’s 4th batch; Since inception in 2018, ICE has facilitated a total of US$13M investments for 16 of its startups; The firm’s founding partners are Singtel Innov8, NUS Enterprise. More here

Grab contributed US$5.45B to Indonesian economy in 2019, says research; GrabFood is the biggest contributor; This figure marks a 58.3% increase over the 2018 numbers; As Indonesia starts to move past COVID-19, platforms like Grab and the gig economy can support the country on its road to recovery. More here

Malaysia’s Petronas Ventures invests in Braintree; The agritech startup develops robotic devices that would be able to provide agri solutions and converts unattended land into high-value crop farms; The investment is aimed at scouting for breakthrough technologies that could support Petronas’s growth beyond the oil and gas biz. More here

Indonesian movie rating app Cinepoint raises funding from Ideosource; Cinepoint’s system allows for ratings gathered through an exit polling post-movie-launch, verified real-time; Ideosource earlier invested in gojek’s on-demand video platform GoPlay. More here

The one statement that will kill a startup; ‘It is not my problem’ is a symptom of a toxic attitude that pushes a narrative of self-preservation above everything else; Not everyone is suited for a startup culture, because it is a fluid structure; In startups, a single employee can wear different hats (customer service, ops, social media and marketing etc.) at the same time. More here

6 of the world’s top 11 startup ecosystems are now in APAC: Startup Genome Report 2020; 30% of world’s top startup ecosystems are now in SEA compared to 20% in 2012; Due to COVID-19, startups were hit hard by ‘capital shock’ and ‘lack of demand’; The report also says 4 out of every 10 startups today are in the red zone. More here

Singapore’s Great Eastern to invest US$70M for a 22% stake in Axiata’s fintech arm Boost at US$320M valuation; Boost is an e-wallet and lifestyle app with over 7.5M users, 170K merchants in Malaysia; With this, Axiata’s stake in Boost will come down to 78.125%. More here

VCs-backed Social Bella launches e-commerce platform for mothers; The unit offers curated personal care, treatment and hygiene products for the segment; Around 100 brands are available; In 2019, Social Bella raised US$40M led by EV Growth, Temasek. More here

Toyota holds US$293M stake in Uber; That is ~0.6% of the ride-hailing giant’s outstanding shares; The automaker reduced its shareholdings in 24 companies and increased them in 10; Toyota currently has an interest in 174 firms, including 65 listed companies, compared with 200 firms in 2015. More here

Most employers in Singapore remain fair, reasonable amid COVID-19; Ministry of Manpower says up to 187K workers (5% of total workforce) have been affected by employers’ cost-saving measures; The largest group of affected workers numbering 45K hold jobs in accommodations, food services industries. More here

East Ventures (EV) forms new US$88M seed fund, announces first close; The sector-agnostic fund is for COVID-19-survived startups; EV has backed 170+ firms across SEA; It is an early investor in Tokopedia, Traveloka. More here

Digital green economy: How tech can help save the planet; The emergence of new ‘green tech’ that use blockchain technology to actively address the most urgent environmental issues in various forms: greenhouse emission, plastic pollution, forest conservation, and protection of endangered species. More here

Key management areas for businesses to address during and after the pandemic; Sticking to the status quo is out of the question for ‘going concern’ businesses; Strategy rethinking, employee management, and the response to regulation and scrutiny may entail significant or even radical changes. More here

Enterprise Singapore sets aside US$55M grant to boost the agri-food tech sector; The grant complements the nation’s “30 by 30” goal; Since the start of 2020, investments of at least US$40M from both public and private sources have been made into agri-food tech startups. More here

Singapore startup to open ghost kitchens in 1K+ locations globally; TiffinLabs currently operates 9 digital-first restaurant brands out of its kitchens in the city-state; It will leverage its AI-driven kitchen operating and management system to deliver an international menu from digital-first restaurant brands; It targets to reach 15M+ households. More here

Redefining productivity in a pandemic; The work culture in APAC tends to lean towards in-person connections, and video calls play a critical role here in replicating real-life conversations; Companies that did not have flexible working policies pre-COVID should think hard about its implementation as remote working becomes a way of life. More here

How we can keep 5G networks secure; At the heart of successful 5G adoption is govt commitment to a ‘Zero Trust Architecture’; No cybersecurity prevention is 100% effective and organisations need to implement an effective security process centred around threat detection and response. More here

7 recommendations for cryptocurrency and utility token issuers; If cryptocurrency and utility token issuers want to list their tokens on public markets, they should provide basic levels of transparency; Increasing transparency is a long-term positive for projects and essential to the long-term growth of the digital asset industry. More here

Singapore prepares for a thriving 5G ecosystem; Singtel and JVCo will deploy nationwide 5G standalone networks; Businesses, including SMEs, will be able to develop and test 5G-enabled devices and apps. More here

Cybercrime jumps over 50% in 2019, new threats emerge from COVID-19; There were 9,430 cybercrime cases reported last year, up 51.7% from the 6,215 cases in 2018; The common types of cybercrime were e-commerce scams, phishing and malware attacks; E-commerce scams remained the top scam type in Singapore last year, with victims losing US$1.7M from US$1.4M in 2018. More here

iflix acquisition by Tencent is a sign of consolidation; The subscription video-on-demand (SVOD) market is crucially competitive; The acquisition should cause the biggest splash in Indonesia and Malaysia where Tencent doesn’t have ops; In April, Singapore’s SVOD firm HooQ stopped its service. More here

Malaysian tech companies gear up to expand via MDEC’s virtual market access drive; MDEC hosted GAIN Connex Indonesia; The virtual event drew 105 participants, including 40 Malaysian tech firms that were given exclusive insights on doing biz in Indonesia, gaining market access in the republic. More here

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