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When it comes to live commerce, I believe Asia is arguably leading the world when it comes to real-time video commerce. Thousands of internet users across the region spend more time online than the global average of six hours 54 minutes per day, with users from the Philippines topping the charts at almost 11 hours a day online. In Indonesia, more than 87 per cent of internet users surveyed by the Global Web Index (GWI) stated that they bought something online in the past month.

Meanwhile, the live commerce market in China alone is now worth more than US$60 billion a year. In fact, live stream shopping is so popular there that one single influencer, Viya, sold over US$4.5 billion worth of goods through her Taobao live stream channel in 2020, almost equivalent to what hypermarket chain Carrefour sold across all its stores in China in the same period.

With Asia accounting for more than half of today’s global internet user base, there are vast opportunities abound for sellers who have yet to leverage the power of live-stream shopping.

With great challenges come great opportunities

There is no doubt that the COVID-19 pandemic has accelerated the adoption of live e-commerce. During the lockdowns imposed to curb the spread of COVID-19, many have turned to sell things through live video streaming, particularly on Facebook and Instagram. Lately, we have also seen a rise in brands developing their own live-streaming capabilities on their website and app to ensure they have visibility on the data and behaviour of consumers during the live stream.

But why are brands turning to live selling? Does it really help generate more sales? Is it more effective than simply putting up ads that include photos or videos of the products, descriptions, price and order details? Are there significant advantages that make it worthwhile to go online to showcase products and interact with customers on live video? Most importantly, is live streaming just a fad or is it here for the long haul?

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

I believe that live commerce will swiftly become the future of online shopping and that it’s set to stay post-pandemic. There are many features that live-shopping streaming platforms can offer, including merchant visibility, meta-voicing and guided buying, each of which can contribute greatly to a more immersive and authentic experience and a higher purchase intention by the viewers.

The benefits of live selling

The key differentiator of live commerce from traditional e-commerce is that it allows brands to engage in more authentic interactions and build trust with their customers.

For those who don’t already shop online, a whopping 49 per cent cite a lack of trust in online retailers as the top reason. Seventeen per cent of e-commerce cart abandonment happens due to a lack of trust in the site, and yet another 17 per cent are due to unclear total costs — something a live shopping host can address within a live stream either by answering customer enquiries directly during the live session, or by pinning notices or comments and setting on-screen text within a live stream.

Live selling simulates the experience of going to a physical store where sales associates provide assistance to prospective buyers. They address customers’ concerns, introduce different varieties of the items being sold, and sometimes do product demonstrations. Furthermore, live streaming effectively helps sellers present product sizes in particular and other physical attributes that could be difficult to exhibit through product descriptions and images alone.

In addition, live selling creates a sense of urgency. Did you know that 18 per cent of abandoned carts happen because of a long checkout process, which can be alleviated by opting for custom live shopping solutions with in-stream checkout functions? Because of the real-time engagement during live shopping streams, buyers are compelled to make a purchase decision on the spot. Coupled with time-limited discounts and offers made available only during each live stream session, buyers are more likely to follow through with their purchases rather than putting off the decision to another day.

Also Read: The era of live commerce has finally arrived. Will retailers embrace it?

Live shopping has become more than just fun and entertainment

As someone who has founded a live-streaming platform, live-streaming has evolved rapidly over the years, from being seen as a portal for entertainment to growing into one that enables thought-out purchases. Such technology can allow viewers to make purchases through live streams using their devices such as laptops, tablets or mobile phones.

Live shopping solutions are swiftly becoming an important part of businesses’ sales and marketing strategies. It is my view that not only do they educate and excite, but they also provide a sense of connection with the wider world.

Live commerce enables real conversations effortlessly

Streamed commerce solutions are highly impactful in that they offer businesses the opportunity to open dialogue with customers and provide advice and inspiration, which in turn strengthens the customer relationship.

Businesses cannot underestimate the power of live streaming solutions. Through innovative services, anyone can start live streaming and engage in live chat without the hassles of complex configurations or the need for technical expertise. Advanced interactivity features are now accessible even to non-techie users. Live shopping engagement can happen through online video streams, real-time comments, shareable live links for social channels, customisable interface, audience monetization, analytics, and other features that allow anyone to harness the benefits of live streaming in promotions and sales.

The growing popularity of live selling

Live selling shows no signs of slowing down, in fact, in Southeast Asia, prominent e-commerce platforms have also embraced the live selling trend. Alibaba-affiliated Lazada features LazLive, a live selling tool that merchants can utilize for live commerce. It is designed to provide a “see now, buy now” experience, allowing sellers to promote their vouchers, highlight their bestsellers, interact with customers, and gain more followers. Another major Southeast Asian e-commerce platform, Shopee, also provides a live selling feature, similar to what Lazada offers.

Also Read: Upmesh scores US$3M seed financing to provide e-commerce functionality for live sellers on social media

A regional survey by iKala recently revealed live selling’s increasing popularity across Southeast Asia, something they attribute to the closure of malls and physical stores. I believe the transition to live shopping online is something that’s here to stay, as consumer behaviour advances steadily.

In India and other parts of Asia, live selling is also gaining traction. Many Indian entrepreneurs are already using it to engage customers as they sell their products online. Baskar Agneeswaran, CEO of Shopify app developer Vajro recently said she expects live selling to generate up to US$184 billion in revenues by 2027, which in my opinion could prove accurate.

Live shopping is a trend, not a fad or hype

It is a fact that brands across all industries are reaping the benefits of live selling, from fishmongers to luxury goods. In December 2021, Singaporean singer-actor Wang Lei accomplished a spectacular feat of generating over US$1 million in sales for Gucci through a two-hour live selling stream conducted in Paris. At its peak, 32,000 viewers tuned in during the live session, as Wang Lei engaged the audience with his flamboyance and humour.

Endowed with a plethora of choices, consumers these days are becoming more demanding and discerning with what they look for in an online shopping experience. Armed with good content and high-quality live video streams, retailers can tap on the growth in consumer interest towards “retailtainment” experiences.

Live streaming is no longer seen as a hype but a necessity for businesses. Many businesses are interweaving live streaming as part of their business strategy regardless of how the pandemic situation pans out. To future-proof their business, brands need to evolve along with where consumers are heading — online — while keeping the human touch with authentic and trustworthy interactions.

Small vendors are already using social media and other live streaming platforms to conduct live selling. E-commerce platforms like Amazon and Taobao, too, provide sellers with the ability to hold live selling sessions. On the other hand, more established brands are incorporating live video into their own digital platforms as a driver of sales and engagement. Those that do not have the in-house resources and expertise to do it can turn to end-to-end live streaming solutions, similar to what we would specialise in.

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Non-fungible tokens (NFTs) have made global headlines in 2021 with a series of high-priced auctions. Still, for most people, the mechanics behind these crypto-collectibles remain somewhat befuddling. While a few of the more avant-garde concepts making up all things blockchain create real hurdles for global participation, a number of brave pioneers have learned to embrace NFTs as a modern investment vehicle.

Nowhere on Earth have NFTs gained so much traction as they have in Southeast Asia. From the Philippines to Vietnam, the region leads the world when it comes to the adoption of this exciting technology. And thanks to new insights uncovered by Finder’s Global NFT Adoption Report, the trends behind this locality’s demographics have become much clearer.

So, what are NFTs anyway? And how are artists helping expand awareness in the region? This guide to NFT adoption sheds light on the growth of this unique phenomenon and the future ambitions of Southeast Asian artist communities.

What are NFTs?

In simplest terms, NFTs are unique, cryptographically produced virtual assets. They are often represented by artworks, music or digital collectibles.

Where most cryptocurrencies are made of interchangeable tokens, no two NFTs are exactly alike. In fact, their individual characteristics are what give NFTs their “non-fungible” moniker. As each NFT has a separate value from the next, they aren’t likely to be utilised as a traditional means of exchange. Still, like most collectibles, their tradable nature adds to their global appeal.

Also Read: Demystifying NFTs and DeFi

It’s important to note that it is not necessarily the visible portion of the NFT that you’re actually buying. After all, anyone with a computer can copy and paste a jpeg from that digital artwork you’re interested in. Instead, the important part of your purchase is contained in the metadata, recorded on the token’s associated blockchain and denoting its originality – along with your ownership. With this data conferred upon the blockchain, only a verified owner can sell their newly acquired NFT.

However you choose to think of them, there is no denying the real-world value NFTs have created. And as awareness of the technology expands, the growth of this nascent market has absolutely skyrocketed.

Market growth

To fully grasp the significance of NFTs, you only need to consider the magnitude of sales that have occurred. The following statistics really put this market in perspective:

In terms of overall transactions, the NFT market grew nearly tenfold between 2018 and 2020 – a conservative estimate by any standard. Beginning the first week of September 2020, over US$1 million of NFTs have been traded in every seven-day period since. After May 2021, that weekly total has jumped between US$10 million and US$20 million per week.

These figures become even more dramatic when we expand the timescale. Did you know that NFT sales surpassed US$10 billion in the third quarter of 2021? That figure is nearly eight times higher than the previous quarter and roughly 18,000 per cent higher than the first quarter of 2020.

Also Read: ‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow

But don’t let these numbers make you feel like you’ve missed out on the trend – you really haven’t. While individual NFTs have made numerous headlines with their multi-million-dollar sales, it’s interesting to note that the majority of these assets still sell for less than US$200. This relatively low entry price has helped NFTs become a suitable investment for a large number of people in Southeast Asia.

Southeast Asia NFT adoption

Southeast Asia isn’t new to NFTs. Back in 2020, Statista ranked the adoption rates of Vietnam, the Philippines and Thailand as second, third and fifth, respectively, out of 55 surveyed countries.

In 2021, the region has further solidified its standing. Four of the top five countries adopting NFTs are now in Southeast Asia, according to a recent Finder study.

With 32 per cent of people owning NFTs, adoption rates in the Philippines now rank as the highest in the world. Thailand and Malaysia rank second and third, while Vietnam takes the fifth spot. When combined, the adoption rates of these four countries average 25 per cent of survey respondents. This rate is more than twice the global average of 10.2 per cent.

Interestingly, the study also measured the awareness of its respondents. Not surprisingly, three of the top five countries exhibiting the highest awareness of NFTs were also in Southeast Asia. Averaging nearly 50 per cent of all participants, the awareness of NFTs as an investment vehicle in the Philippines, Thailand and Malaysia correlates strongly with the growing adoption rates seen in these countries.

Finally, the forecasted NFT adoption rates of Southeast Asian countries show the potential for continued growth in the region. Between participants already owning NFTs and those planning on purchasing them in the future, the forecasted growth of NFT adoption in Southeast Asia tops the global average by more than 10 per cent.

Also Read: How NFT is bringing ownership of digital assets back to content creators

The next hub

Year after year, surveys find Southeast Asian traders to be increasingly important players in the NFT space. But despite increased adoption of the technology, hurdles still exist for potential investors in the region.

Without onboarding information made available in local languages, for example, a significant barrier to awareness has already been established. To help with this and other pain points related to future adoption, digital artists are now building communities, like MetaRupa, to foster education related to NFTs.

Play-to-earn games such as Axie Infinity are also influencing increased participation. And with a series of crypto art events, such as Art Moments Jakarta, Art Fair Philippines and CryptoArt Week Asia spreading awareness throughout the region, the future for increased adoption looks bright.

Only time will tell if forecasted ownership here pans out as predicted. Nevertheless, when considering past growth as an indicator for future potential, the trend lies front and centre before a global audience. By and large, Southeast Asia is set to become a future hub for NFT marketplaces.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

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In the past year, consumers and businesses in Southeast Asia have quickly adopted digital technologies widely used in other parts of the world, especially with the acceleration caused by the pandemic. This movement creates a fertile ground for many regional startups to catapult to stardom with their unicorn status, primarily in the fintech, e-commerce, and logistics verticals. The question here is: what’s next in 2022?

While artificial intelligence, machine learning, Big Data, virtual reality/augmented reality, and blockchain continue to play vital roles in forming these tech solutions, cryptocurrencies, non-fungible tokens (NFTs), and Web3 have significantly set their foot in every sector. Though their use cases outside the financial world still need more time to be proved, this heralds a moment for the next generation of regional startups to blaze a path in the global tech battlefield.

Following the exciting pace of the region’s startup ecosystem in the past year, combined with what VCs tell us about their upcoming investments, here are a few important trends within key tech verticals that you should look out for in 2022.

1. Climate-tech

Climate change remains one of the hottest topics as global temperatures kept going up with each passing month in most of 2021. Bill Gates — the author of How To Avoid A Climate Disaster — believes that funding green innovations is the only way to address the imminent crisis. Larry Fink, CEO of the world’s largest asset manager Blackrock, echoed this viewpoint as he said that the next 1,000 unicorns would be involved in climate technology.

For the record, climate-tech investment is not immune to the overall mounting capital poured into the region, as the domain attracted a whopping US$30.8 billion in the first three quarters of 2021 — already more than the amount recorded in the previous full year, according to the PitchBook data. The launches of new climate tech-dedicated funds in the region last year, including Wavemaker Impact, Investible, and Circulate Capital, will keep the hype in this sector for years to come. 

Also read: How debt financing, crypto, SPACs keep the climate-tech funding momentum in SEA

2. Edutech

2020 and 2021 welcomed a crop of edutech startups unlocking business opportunities during the pandemic-induced lockdowns.

Last year, personalised e-learning became a buzzword as almost every edutech startup integrated this feature in their business models or product roadmap using AI and ML technologies. In a nutshell, this helps make visible and behind-the-scenes data-driven judgments, driving tailored content for each student based on their abilities, chosen methods, or learning experience.

The “study-to-earn” concept — a system that combines cryptocurrencies and education to raise engagement rate — also received recognition from global tech veterans, including Binance founder “CZ” Changpeng Zhao (see the tweet he posted last November). This comes as a part of the gamification trend in edutech in recent years. 

According to a BlueWeave Consulting study, the global education gamification market was valued at US$697.26 million in 2020, growing at a CAGR of 29 per cent during 2021-2027.

Moreover, immersive learning is becoming increasingly popular worldwide, with VR transforming spectators into active participants in events that may engage with the educational setting. The metaverse world will have a place for educational purposes, stated Facebook (now Meta) CBO Marne Levine. 

Also read: Edutech is surging, but here are the 3 issues it is facing 

3. Fintech

Payments and digital lending attract the most funding in the fintech space, with Momo and Mynt bagging sizeable amounts last year to become unicorns. However, VCs keep a close eye on emerging areas like wealth-tech and insurtech.

In 2021, global wealth-tech funding exceeded US$20 billion, with the advent and advancements of robo-advisors, digital brokering, online banking, robo-retirements, new investing tools, and, most recently, NFTs. 

Investors expect this space to go along with vast trade democratisation, enabling more young users to adopt these tech solutions in 2022. 

While insurers suffered from a loss of around US$55 billion due to COVID-19, global investors still funded insurtech firms to the tune of US$7.5 billion in 2020 and were expected to accelerate in the Southeast Asia market as the pandemic continues to concern people on health and asset. Vietnam’s Medici, Indonesia’s Fuse and Lifepal, Thailand’s Fairdee and Singapore’s Bolttech are some prominent insurtech startups that have received funding in 2021.

Besides, as most crypto owners would utilise their banks to invest in cryptocurrencies, we expect to see more “cryptofication” of banks in a bid to catch the wave. As a result, blockchain’s rising popularity as a means of creating a secure digital record cannot be overlooked.

Buy-now-pay-later (BNPL) is also gaining momentum in the region as it is “faster, easier and free for consumers”. This solution has long been going places globally but has only picked up pace in Southeast Asia in recent years, with some successful cases such as PayLater (Indonesia), Atome and Hoolah across Hongkong, Singapore and Malaysia. As the pandemic shows no sign of subsiding, the BNPL model is ripe for an explosion as it can assist consumers in their shift to online shopping.

4. Entertainment

Gaming is the largest and most expansive industry globally in the entertainment vertical. As of 2021, it had a staggering three billion game players, which is equivalent to nearly 40 per cent of the world population.

With the support of blockchain technology and the cryptocurrency community, gaming has returned to its prime time with the new concept of “GameFi”, a combination of “game” and “finance”. 

As per crypto data tracker DappRadar, crypto play-to-earn apps surpassed decentralised finance (DeFi) in user popularity in 2021. The success of Sky Mavis, which owned the popular NFT-based game Axie Infinity, has led the charge for various followers, dragging along many concerns over scams and market bubbles within the space. 

It is, however, still a burgeoning market to follow as more incumbent players of the traditional game world are looking to compete.

This gaming development trajectory aligns with the nascent metaverse frenzy that shook up the tech world last year. Although it is still in the early days of growth, metaverse fosters the development of a creator economy. Not just gamers but artists are also taking advantage of the decentralised blockchain ledger and NFTs in metaverse to ensure their ownership of digital products — ranging from pictures and photos to music videos and songs, allowing them to be traded globally.

Also read: Metaverse is around the corner and you should play a role in it 

Another business line that emerged in 2021 was audio-based content. Based on eMarketer 2019 data on digital audio listenership and voice assistant usage, the digital audio listener base exceeds 300 million across countries, including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. 

Last year, we witnessed a handful of startups joining the game, including NOICE, Podcast Network Asia, OnMic, and Fonos, which are creating their own platforms and generating new business models for audio content. 

E-sport also garnered attention as the lockdown blues drove more people to turn to digital platforms and watch live game streams. By 2022, the e-sports ecosystem is expected to generate US$1.8 billion in income, opening windows for more startups to seize opportunities.  

5. Cybersecurity

Cybercriminals exploited the accelerated digital adoption and work-from-home measures during the COVID-19 crisis to tap on the vulnerabilities in the computer networks of individuals and institutions, be it local businesses or global organisations. 

The year 2021 witnessed data breach costs rise from US$3.38 million to US$4.24 million per breach, the highest average total cost reported in the last 17 years, a report by IBM shows. Notably, Southeast Asian countries are being used as hotbeds for cyberattacks, according to a report by AT Kearney. Major cyber threats include business email compromise, e-commerce data interception, and crypto-jacking. 

The region is urging more startups to address the latest challenges in cybersecurity, including risk and compliance, data security, cloud security, and identity and access management.

While Singapore stands at the forefront of cybersecurity tech development in the region, other countries’ startups are looking to gain more traction in 2022 as demand for cybersecurity solutions continue to deepen during the pandemic.

Also read: Why Malaysia is quickly becoming a cybersecurity hub for the rest of the world 

6. Healthtech

With the higher healthcare costs, an ageing demographic, a mounting number of chronic diseases, and growing discerning customers over health issues, the healthcare market in Asia Pacific is slated to climb at a CAGR of 8.8 per cent to US$157 billion by 2022, APACMed estimates. 

This has created an influx of healthtech startups, unlocking faster and more effective medical intervention for healthcare providers, complementing clinical practices and improving healthcare results.

In Southeast Asia, telehealth and on-demand care, predictive analytics, and healthcare management software are among the most well-funded sub-sectors of healthtech during 2020-H1 2021, as per the Global Private Capital Association (GPCA) report.

Moreover, according to Deloitte predictions, 320 million consumer health and wearable wellness gadgets will ship worldwide in 2022, with 440 million units shipping by 2024. In the backdrop of this exponential growth, new products and solutions are being introduced to the market, and more health care practitioners are growing familiar with them. If physicians believe in their utility and individuals trust their data security, the influence of healthtech will set to grow even more.

Also read: [Updated] These 4 medtech startups will help you bust health myths during COVID-19 crisis 

7. Foodtech

As COVID-19 affected food security, private capital investment in foodtech sector spiked from US$20 million in 2019 to US$148 million in 2020, GPCA data shows, expecting this trend to keep its momentum this year.

Startups for alternative protein, such as plant-based meat and dairy alternatives, have been gaining traction since 2019, accounting for around 75 per cent of capital pouring into the sector. 

In addition, tech and tech-driven business models have enormous potential to reduce food waste across the value chain, London-based Aquaa Partners stated. They have gained attention among VCs, who have invested US$1.4 billion into food waste startups during 2018-21 globally.

Also read: Fixing food waste problem means less hungry people and a great economy 

8. HRtech

The pandemic and rising adoption of digital technologies worldwide have placed enormous pressure on the world’s human resources. 

According to US Labor statistics, as of December 2020, the global talent shortage amounted to 40 million developers worldwide and is expected to reach 85.2 million by 2030. 

Companies around the world risk losing US$8.4 trillion in revenue because of this lack of skilled talent, opening up room for innovative solutions in HRtech.

So far, we have seen HRtech as largely focused on five categories: talent management, talent acquisition, workforce management, HR and admin, and collaboration & productivity. HR departments are increasingly employing AI and automation to seek and hire the proper personnel while reducing workloads.

Notably, payroll fintech startups are also on the radar of various global investors. Salary advances, real-time payments, and crypto payments are just a few use cases of utilising payroll software. 

For instance, earned wage access (EWA) startups enable employees to receive salaries ahead of their payday almost instantly via a mobile app integrated with the company’s payroll system, helping them deal with unexpected financial expenses. 

Also read: How to retain local talent as global demand for remote tech workers surges

Last year, we covered VC investments into Vietnam’s GIMO, Indonesia’s wagely and GajiGesa; these firms are doubling down on improving financial stability for workers through EWA. 

Dailypay, a leading US-based EWA provider, raised US$500 million last year and reached unicorn status. The US-based Payactiv also counts over two million users and has processed more than US$5 billion in EWA. This highlight the tremendous potential of this space in Southeast Asia in the coming years. 

 

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Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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Microsoft Teams saw massive growth because of the pandemic and acceleration of the remote work trend.

Whether you are an end-user of Microsoft Teams or are thinking about developing apps for the Microsoft Teams marketplace, this episode will help you better understand the pros, cons, and full process of what it’s like to develop, submit, and launch a Teams app.

Our guest is Hilton Giesenow, the founder and CEO of ChitChattr, which develops a family of products on Microsoft Teams, including Quicklinks, Reminderz, Shortlinks, and TeamMate.

He’s also the Founder of Experts Inside, which provides a wide range of SharePoint, Office 365 and Yammer services, including strategic consulting, architecture, infrastructure, development and implementation.

In this podcast, you’ll hear about:

• Some background on Teams growth, and the store
• Why did you decide to build apps on MS Teams?
• The “Good” and “Bad” of building an app for MS Teams store
• What was the hardest thing about launching your first app?
• What does it cost to launch and or maintain an app?
• What is the process of launching an app?
• How to get an MVP into the MS Teams store
• And much more!

Also Read: She Loves Tech earmarks US$10M for women-led firms, joins hand with Microsoft

If you don’t see the player above, click on the link below to listen directly!

Acast
Apple
Spotify
Stitcher

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The article was first published by We Live To Build.

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