The COVID-19 pandemic has resulted in a flurry of activities on online consumer-to-consumer (C2C) marketplaces. Initially locked down at home and later continuing to work from home, people spent a lot more time at home than ever.

Some turned from selling items at home to decluttering. Others turned to buy secondhand items for their temporary home offices, gaming, exercise, baking, and anything to make their stay home more pleasant.   

According to a McKinsey survey, transaction volumes of secondhand goods on both horizontal and vertical C2C marketplaces worldwide climbed in 2020, with some sites seeing more than 50 per cent growth between 2020 and 2021. 

This is not a short-term trend. Transactions on C2C marketplaces will continue to grow with consumers’ growing concerns about climate change. Gen Z, especially, is growing up to be more environmentally conscious than all previous generations and advocating for a more circular economy. 

To facilitate this rise, C2C marketplaces must build trust between the consumer, the platform, and the people making the transaction. Design is an important tool in this complex trust-cultivation exercise.

In this context, ‘design’ stretches beyond execution to something more strategic.

Before designers bustle over the right colours, layouts, graphics and user experiences, they go out to understand people and their needs and work with their teams to channel this understanding into solutions.

This is part of design thinking, a methodology many companies, including online marketplaces, leverage to solve users’ problems and drive innovation. 

One in three people in Singapore are users of our online marketplace Carousell. Design thinking is integral to building our product and marketplace and helping our community feel safe when they buy and sell secondhand items through us. 

As the broader C2C environment evolves in the years ahead, the exact problems to solve may change, but trust will always be a fundamental need. It is thus important that the solutions we design for trust remain effective and seamless.

Design from the inside out

Many components are needed to ensure the trust is cultivated and resilient, and designing for trust is much more than the visual cues we place in the user interface. It begins with designing how the platform should work based on research into the users and their needs, as much as the needs of the business.

Having an identity verification process to know about the platform’s user is a good first step toward cultivating trust. This could be through account verification via SMS, email or social media, and in Singapore, we have SingPass, our national digital identity. The knowledge that the platform is aware of its users goes a long way towards reassurance.

Also Read: How to set up your business processes for scaling your growth

The reviews feature key too. Platforms like Airbnb and Uber have two-sided reviews where service providers and users rate each other after their transactions.

This way, both parties know they have a reputation to maintain on the platform and would act in a prosocial manner to earn positive reviews.

The caveat to this is that the review system cannot be too easy to game or too punishing when recovering from a negative rating. For instance, it could be reset regularly, similar to seasonal competitions for video gaming or the demerit point system for vehicle drivers.

Safety nets matter

A third feature that helps cultivate trust is the chat function. This is the space for people to understand and get to know each other before deciding on the next steps.

At Carousell, users tell us that they pick up cues on the kind of person on the other end, like how fast the other party responds, how many details they offer, etc.

We also have technology that detects patterns that might raise a red flag. A system message is auto-generated to warn either party to beware when this happens.

Should an unpleasant experience occur, the platform needs to be counted on for users to fall back onto through its policies.

For instance, Airbnb has host damage insurance and host liability insurance to insure against the event that their property is damaged by their guest and the event that they are liable for a guest injury on their property.

Carousell Protection is an escrow payment service offered in Singapore and Malaysia so that if any disputes occur, the platform can facilitate a resolution. It comes in handy, especially when users cannot meet up and transact via shipping.

Finally, the platform needs to clearly state its values, such as anti-discrimination, and encourage community policing.

An incident happened on Airbnb where an Asian American guest showed up at a host’s house and was rejected based on her ethnicity. Airbnb went on to remove the host from its platform and, in doing so, proved that it stood firmly for inclusion.

Similar incidents have happened in Singapore where landlords indicate race preferences in rental listings or sellers display offensive behaviours.

When we receive such reports on Carousell, we impose an account restriction on the user such that they are not able to start new chats or list new items until they amend their listings or agree to refrain from offensive behaviours.

Also Read: Using design sprints to solve COVID-19 business problems

The design should be intuitive enough for users to report offensive behaviour or material. This is a way to demonstrate to the online community that they can also help to regulate the marketplace and prevent others from encountering unpleasant experiences.

Trust in the design process

Ultimately, what matters most is that time and money are continually invested in research to understand a platform’s users and their needs. This will then inform what features it will have and how they can be helpful to the users.

These steps: identity verification, reviews, chat function, policies and stated values, are just five areas to consider before creating the interface and working on the experience design.

There is no one size fits all solution. At the end of the day, trust can only be successfully cultivated if the user feels the platform has created a safe, reliable and useful space for transactions to take place.

C2C marketplaces started as a place for anyone to sell secondhand items but are growing rapidly to include sought after items such as luxury bags and collectibles and digital goods such as in-game items and NFTs.

As more people come online to sell more goods, and as technology supporting marketplaces evolves, we will have new opportunities to cultivate trust around the item, the people, and the marketplace.

By adopting design thinking as a practice, platforms can keep themselves grounded on their users and fulfil their users’ needs for trust.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Philippine-based e-commerce startup GrowSari, who builds a platform to help digitse local small businesses known as sari-sari, today announced a US$77.5 million Series C funding round that brings its total funding to US$110 million, according to various media reports.

Led by the World Bank’s International Finance Corporation (IFC) and KKR, the Pavilion Capital of the Temase Group also participation in the funding round.

This funding round followed an undisclosed Series B funding round that the company announced in June 2021.

In a statement, GrowSari CEO and Co-Founder Reymund Rollan said that the company plans to use the funding to support its expansion plan.

“Not only will this funding allow us to fuel our growth, but this will also help us bring top global quality talent in Operations, Technology, and Data Science into the startup ecosystem of the Philippines,” he said.

The startup said it is also in talks for its next round of funding.

Also Read: Meet the 22 notable startups that have brightened up the Filipino tech ecosystem

Founded in 2016, GrowSari aims to help sari-sari store owners transform into comprehensive service hubs for the nation’s grassroots communities. It intends to grow the stores’ potential to be the biggest and most accessible distribution channel in the Philippines by driving efficiencies in route planning while collecting valuable insights on store behavior.

Sari-sari stores can access better pricing for more than a thousand fast-moving store stock-keeping units (SKUs) from the largest brands across all the major FMCG categories through the GrowSari app.

The startup also provides microfinancing support and assistance, and other e-services including telco, bills payment, and remittance.

GrowSari said that from a base of 1,000 sari-sari stores in three cities back in 2018, it has grown to service more than 100,000 stores in over 220 municipalities across Luzon.

It has also expanded to the Visayas over the last 12 months and will soon also be in Mindanao.

In addition to existing services, it will also begin offering financial services and logistics.

In Southeast Asia, startups that are working with mom-and-pop stores is one of the verticals that have been getting investors’ attention recently. In Indonesia, companies such as Kioson have listed in the Indonesia Stock Exchange, being one of the first tech startups to do so, while Warung Pintar has recently been acquired by SIRCLO Group.

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Could blockchain have been used to help people fleeing the ongoing Russia-Ukrain conflict?

Blockchain could have eased the lives of many of the people fleeing the Russa-Ukraine war, believes Michelle Chivunga, CEO and Founder of Global Policy House (GPH), an organisation aiming to close the digital, identity and finance divide, primarily in Africa.

Speaking at a panel session on the first day of the Binance Blockchain Week in Dubai, Chivunga said that blockchain is all about people and can be used to support people during various calamities such as war, conflicts and pandemics.

“One of the biggest challenges the victims of the ongoing conflict in Europe is leaving their homes with almost nothing; they have no access to wealth. But most of them have their mobile phones. If they had cryptocurrencies like Bitcoin available and accessible on their phone, they could have used them to pay for things,” she said in the session “Embracing Social Responsibility in the Blockchain Industry”.

Also Read: Thai bank SCB’s venture arm launches new US$50M VC fund for blockchain, DeFi, digital assets

During the war, digital assets could have benefitted many people displaced by conflicts. We must start thinking beyond the financial aspects of blockchain and use it to support the refugee communities.

“So the role of these digital assets is starting to evolve. You’re starting to see these digital assets used in non-conventional environments, not just in the traditional finance industry. What I mean is that these currencies will evolve and will be utilised in trade and other areas, even in conflict situations.

From a social impact angle, one of the most transformational things about blockchain is that it helps build social capital, meaning we can get people working and collaborating. Because of the nature of blockchain and how it helps make things a bit more trustworthy, it could bring transformational change. “We’re starting to see blockchain used in social and sustainability sectors, not just in the financial industry,” she said.

The panellists also touched upon the other critical use cases of blockchain, such as in supply chain and trade finance: “We are starting to see more use cases coming within the trade and supply chain areas. It will benefit, for example, small and medium enterprises in addressing the sustainability issues.

Also, we can apply this technology to eliminate corruption and money laundering, etc. It can also deliver on the UN’s Sustainable Development Goals, reduce poverty and hunger, and promote education. We, at GPH, have invested in women-led businesses to educate them on crypto and blockchain and how we can use digital assets and blockchain to act and create work for themselves. So, with blockchain in place, we can start to measure social impact. In other words, we must contextualise how we can use blockchain to bring benefits to people.

GPH’s goal is to evaluate, educate and empower through cutting-edge emerging technology innovations, providing digital, financing and policy solutions that are inclusive and sustainable. It also focuses on the development and reskilling of people, including women, youth and underrepresented marginalised groups’ development and empowerment.

(The writer is currently on a visit to the UAE)

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Web3 is the next internet revolution where every platform, organisation and digital economy is being decentralised. Women, often underrepresented in emerging industries, are leaping to the forefront in the Web3 space.

At e27, we are giving the spotlight to the women advocates of Web3 who are passionate about communities, narratives, and emerging technologies.

We celebrate the contributions of these female writers through our Contributor’s Programme as we aim to see many more female voices in the near future.

For better or for verse: Focus of 2022 is Web3 and Metaverse by Madhura Moulik

Of late, two terms that are generating a lot of hype and excitement in the world of business technology right now are Web3 and Metaverse. While they both point to a vision of a decentralised future of the internet, there is still a long winding road to their full development.

Madhura Moulik, CEO and Co-Founder at Skilfinity, a Singapore based full-service digital marketing and analytics business for creating brand narrations and personalised user experiences, in her article anticipates 2022 will be about brands taking a blazing leap headlong into digital transformation using tools of Web3 and Metaverse.

“A lot of Web3 and Meta plays are very much in the novelty zone with plenty of opportunities to harvest the crazy bounties. There is no doubt in my mind that your industry and your discipline will be re-engineered by blockchain and Web3”, she says.

How this startup is making NFTs more than a speculative investment and a status symbol by Alfreda Lee

NFTs, an asset that is completely unique and irreplaceable have taken the world by storm. Once a fringe movement associated with crypto, today, NFTs are a global innovation that everyone wants to get in on. So many are opting to learn how to invest in NFTs, and many even want to learn how to make an NFT of their own and mint it.

Alfreda Lee, Management Associate at Enterprise Singapore showers bright light on the hype surrounding NFTs and brings attention to a Singapore based startup. So-col, short for social collectibles, is on a mission to make NFTs useful for everyone by harnessing its technology to transform the creator economy.

How blockchain can enhance sustainability in fashion by Sarah Garner

Transparency and sustainability remain two of the largest topics within the global fashion industry today. However, thanks to the emergence of new technologies, like blockchain, retailers can improve supply chain traceability while offering more transparency into their manufacturing streams.

Sarah Garner is the founder and CEO of Retykle, a sustainable haven for fashion-conscious parents their little tykes. A vocal advocate for sustainable fashion, Garner’s Retykle marches with the mission to make trading high-quality pre-loved items as easy and convenient as buying new ones.

Resale and regeneration is a crucial part of facilitating the extension of a product’s lifespan, refuelling our nature’s ecosystem, and dramatically reducing carbon emissions. Since its founding in 2016, Retykle has recirculated more than 150,000 items of clothing to date, saving 407,100 lb of carbon and 313 million litres of water!

If all our waste can be repurposed then demand for virgin materials will be greatly reduced. Designing with the end in mind is the way forward for an industry in peril.

3 lessons I learned in my transition from VC firm to crypto company by Nat Wittayatanaseth

Nat Wittayatanaseth’s life centres on democratizing access to tools to help people improve their growth potential. She deeply believes that financial access and literacy is some of the best tools and leverage to improve one’s life.

After having ended her career as a venture capitalist to embark on a startup journey by joining an early-stage crypto company, reality hit her hard. For a startup to continue growing, it needs to continuously find and hit new product-market-fit for a new product, new business line, and new geography. Rapid growth means continuously finding growth drivers from existing products or new products, existing business lines or new business lines, existing geography or new geography.

At the end of the day, what keeps you going is your inkling of possibilities, an inkling that this may actually work, and you’re super excited about what could happen if it works.

Seriously! We need to talk about cryptocurrency responsibly by Deborah Tan Pink

The popularity of crypto continues apace with more everyday investors, many of them complete novices, enjoying the benefits and rewards. However, the Monetary Authority of Singapore (MAS) has recently taken steps to discourage the advertising of digital payment tokens (DPT) trading in public areas, citing the “highly risky” nature of such activities. So how can crypto companies communicate about DPT trading in a responsible manner?

Deborah Tan Pink, Head of Communications at Revolut Singapore elaborately pens down what is it that makes it so “highly risky”? As the crypto industry matures and sheds its image as a collection of novelty investments, companies will have to arm their customers with the power to make the best decisions for their money through education and thought-leadership and find ways to make such content engaging across generations.

Top people to follow for developments in blockchain and crypto in 2022 by Mary Ritz Pay Seng

Social media has changed the way we function as a society, including the way we connect with one another. It is one of the most important aspects of digital marketing which provides incredible benefits by reaching millions of customers worldwide. They help you to connect with the customers, increase your brand awareness, and boost your leads and sales.

It isn’t enough for CEOs to show up in conferences, do interviews, and give talks, they now have to be present online. If not, they risk losing lucrative opportunities to not only promote their organisation but also share their breadth of industry knowledge. Fortunately, CEOs of blockchain and crypto communities are already ahead of this.

Mary Ritz Pay Seng, Senior Manager for Strategy and Performance at ADA takes us through an intriguing journey to take a look at some of the most active crypto CEOs on social media and how they’re spreading their influence in and outside the crypto community.

More than hype: 3 reasons why NFTs are here to stay by Soh Wan Wei

Soh Wan Wei, Founder of IKIGUIDE and Head of Ecosystem at Multiverse Labs, an open metaverse with a mission to empower promising individuals and groups to become leaders in new digital spaces, believes that NFTs are the key building blocks to the open metaverse.

In her piece, Wei writes about NFTs’ incredulous statistics and the reasons why NFTs are not just a temporary hype. “The key takeaway here is this; just because something isn’t widely understood, it doesn’t mean that it won’t last. In the fast-moving blockchain world, we really don’t know what we don’t know! So perhaps it might be wise to rethink that assumption,” she says.

How is NFT transforming the art world and empowering artists by Faye Yang

In the last couple of years, the influx of attention and investment in the NFT space has proven there is vast interest not just in digital art, but specifically in the unique value proposition of digital scarcity and verifiable ownership.

Faye Yang, the founder of Stealth Startup is a passionate advocate for the conduit between art and technology. Yang delves deeper into the realm of NFTs and gives us her views of how NFTs are transforming the art world and where it stands among the general mass.

Yang writes, “So how do we get the masses involved with art and truly democratise the industry? It likely isn’t with NFT, as crypto is hardly a mass-market product. But from NFT, we learnt that more people would be excited about art as an investment product. Money speaks louder, fact of life. Penny stocks have their places too.”

13 years on since the birth of Bitcoin, it’s now blockchain’s time to shine by Katherine Ng

It’s been 13 years since the birth of Bitcoin, the world’s most well-known cryptocurrency which jump-started the decentralised blockchain revolution, now underway across the globe. As they enter the mainstream, the growth potential they hold is enormous and bright.

What has spurred crypto’s mainstream recognition? With blockchain having cemented its place in our digital future, what can we expect to see as we take stock of how far it has come in 13 years? Katherine Ng, the Head of APAC Marketing for TZ APAC, the leading Asia-based blockchain adoption entity supporting the Tezos ecosystem answers our concerning questions in her article.

The Shark Tank of Web3: How this DAO is bridging the funding gap for women founders by Maddy Bergen

“The funding gap between male and female-led ventures worldwide is still far from close to being equal. While women have proven their ability to become successful in business, they are still forced to face hurdles such as societal expectations and lack of representation, capital, and support, resulting in fewer entry points for women to break through into strong business networking opportunities.”

Being a VC Analyst, Maddy Bergen realised the underrepresentation of female entrepreneurs and felt inspired to do something about it, which is how Angel Alliance was formed. Angel Alliance is a Web3 initiative empowering female entrepreneurs by providing them with grants, exclusive access to resources to scale their businesses, and connecting female founders. Bergen is the CEO and Co-Founder of Angel Alliance.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

The post Women of Web3: Top women contributors tell us all we need to know about Web3 appeared first on e27.

e27 sat down with Raunak Mehta, Chief Executive Officer and Co-founder of Singapore-based insurtech firm Igloo, a leading insurtech startup, to discuss how the company is leading the way in making insurance accessible to everyone.

“Igloo started focusing on the gig economy segment around the same time that the pandemic began. In Southeast Asia, 70% of the workforce belongs to the informal sector. With the pandemic this segment got disproportionately hit — a lack of health or income protection when they lose their jobs, fall sick, or run into accidents, can have far-reaching consequences for their ability to make ends meet.”

Igloo recognised that gig economy workers — particularly food or goods delivery riders — now had to meet a surge in demand for deliveries resulting from nationwide lockdowns across the region. With more time spent on the roads fulfilling orders also came increased risk and exposure to accidents.

The gig economy — a growing, vulnerable segment

According to the 2018 International Labour Office report on the Informal Economy, 68.2% of the labour force in Asia belongs to this segment, beyond the global average of 61.2%. Industry 5.0 and digital transformation have revolutionised the way people work and live, as demands and opportunities presented to today’s workforce ushered in by technology have enabled changes in higher velocities, and has provided a wider array of options for people.

Digital adoption has spurred the growth of demand for ride-hailing, food delivery and e-commerce services, providing more flexible jobs to people. In the wake of the COVID-19 pandemic, this has also made the gig economy a rapidly growing sector, either for people who choose more flexible ways of work, to augment their income, or for those who undertake gig work by necessity.

Also read: oVice, a virtual office platform, uses innovative technology to redefine remote work

Gig work comes with its corresponding risks; much has been made, worldwide, about the lack of protection and benefits like unemployment insurance, medical and accident insurance usually covered by traditional employment models. Exacerbating the problem is a lack of awareness;  gig workers may not even know the risks they face, thereby reducing their likelihood of getting insured. For example, personal liability insurance may have loopholes when covering certain accidents and coverage. In instances where insurance is provided, it may not be robust and commensurate to protect gig employees from the risks, liabilities and damages they may take on in the line of work.

“The severity of these disparities are well documented,” said Mehta. “So much so it’s a key focus for Singapore, to look at increased  protection for gig workers and ensuring a more balanced relationship between platforms and platform workers.”

Changing the protection game for the gig economy

Igloo is revolutionising protection for the gig economy by making insurance accessible and affordable to this segment — one step at a time, but at a clipped pace. In 2019, partnering with foodpanda Thailand, Igloo created the competitively-priced PandaCare protection – comprising motor, personal accident and hospitalisation income protection – covering riders while providing a seamless claims process and customer service support.

The partnership has now extended to foodpanda in Singapore and The Philippines. In Singapore, PandaCare covers Accidental Death, Accidental Medical Expenses, Accidental Mobile Phone Screen Damage, Daily Hospital Cash, Permanent Total/Partial Disablement and Temporary Disablement. PandaCare is available through monthly coverage plans for as low as S$9/mth, instead of the typical annual plans in the market. It even covers riders when they are off-duty and can be purchased by immediate family members as well.

Besides food delivery riders, Igloo has also tailored insurance solutions for delivery drivers in Vietnam through its partnerships with one-hour-delivery e-commerce platform Loship and on-demand delivery company Ahamove.

The former allows Loship to offer first-of-its-kind failed delivery insurance to its 70, 000 delivery drivers so they can complete their jobs at ease. At an affordable rate of US$1.25/month, the protection covers shipping costs incurred for returned goods should consumers return their orders due to product discrepancies. The protection mitigates the problems brought about by delivery and fulfilment hiccups especially when Vietnam saw a 25% surge in online shopping during COVID-19 (Deloitte’s 2020 report).

Also read: Game on with MongoDB: Challenges and insights on the future of gaming

Meanwhile, Igloo’s partnership with Ahamove has it offering Personal Accident Cover and Hospital Cash Allowance protection to over 120,000 Ahamove drivers through a seamless and easy-to-purchase journey via Ahamove’s driver app.

Beyond these, Igloo’s suite of products geared for gig workers includes COVID-19 insurance, natural calamities insurance, and family relief insurance. What sets Igloo apart from other players are its digital native offerings, a wide array of microinsurance options, and the ease of buying and claiming insurance benefits. This will increase as gig work options continue to expand from digital disruption.  Raunak further elaborated on the growth of the gig economy, “That is what I’ve seen over the last 2-3 years and I believe this trend is only going to continue as the economy opens up. We are already seeing the great resignation; people are, for various reasons, choosing flexible gig arrangements that may allow them to focus on other aspects of their lives.”

Mehta added, “Our products have one striking similarity: in the event that there is a claim, none of the policyholders have to call up an insurance company and try to file for a claim and then receive their compensation after a long time. Almost all these products are end-to-end digital which means that in the event someone has an accident, they just need to go to a portal, submit their claim, and the claim gets processed at a fairly fast pace. This is what has enabled us to build a very strong business, which I believe more than the quantifiable monetary numbers, tells you how much of a societal impact that we are bringing forth.”

Financial inclusion for all

Igloo has other insurance product offerings that address various segments, apart from gig workers. A truly regional player, it has a substantial Southeast Asian footprint through key strategic partnerships — over 30 to date that help offer products that address the needs of the workforce across various industries. Their partners include Shopee, PhilInsure, GCash, Bukalapak, Lazada, RedDoorz, Lotte Finance and key regional insurance partners with Allianz, Baoviet, Mercantile, and Sompo.

They are optimistic in their mission to further cement their position as a leading regional insurtech and expand their offerings in the region. Raunak explained, “If 20 million policies are being facilitated just in the gig economy segment, Igloo itself is building a network effect to the forefront. We are able to come up with a good portfolio of products and services so that the next driver and the next to whom our solutions are offered benefit from it even more.

Also read: Seeding ideas, nurturing explorations with Leave a Nest Grant

“We are working with that mindset, deploying a lot of data and tech in ensuring that we come up with new, relevant products to match the inherent and new risks that populations face with socio-economic changes, as well as when consumer behaviour trends evolve and change.”

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This article is produced by the e27 team, sponsored by Igloo

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