Think about the last time you bought something:

• Why did you choose to buy the product?
• Where did you go to find out more about the product or brand?
• What channel did you use to complete the checkout?

For the most part, I can guarantee that you have, at some point during the buying journey, engaged with a social media platform.

The reality is that consumers are now spending 80 per cent of their time on social media platforms, and 98 per cent of them are making direct purchases and discovering new products online via these platforms. This means that the current retail landscape has evolved into a highly social, customer-centric, and omnichannel activity. And it’s growing fast.

As the modern-day consumer becomes more reliant on their mobile devices, convenience, integration, and promptness is valued above all else when it comes to social commerce. To respond to this demand, social media platforms have introduced social commerce tools, such as Instagram Shops, Facebook for Business, Pinterest for Social Commerce, and even TikTok Shopping, enabling businesses to build meaningful audiences and drive product discovery.

What is social commerce?

In essence, social commerce is the idea of buying and selling any kind of goods or services through a social media platform.

Here are two significant challenges in e-commerce that social commerce has managed to overcome:

• Mismanagement of inventory control due to the lack of visibility across both online and offline channels
• High operating costs associated with the setup and management fees across independent sales channels

The global pandemic has intensified the urgency to overcome these challenges as the lines between shopping physically and digitally become blurred, and buying becomes a more interconnected experience.

Also Read: Accelerating Indonesia’s rural economy through social commerce

So, if your business involves selling products or services, it is important to focus resources on building a strong digital and social media presence where customers can discover your brand and products, what they like, connect with your brand through customer support and checkout seamlessly, all in one centralised location.

That is why it comes as no surprise that the social commerce market is now expected to reach US$3.37 trillion by 2028. And this market potential is exactly what SaaS solutions like SleekFlow are excited to tap into.

Why should e-commerce brands leverage omnichannel platforms?

Nearly 50 per cent of brands say unifying online and in-store operations and data will be their biggest challenge in 2022. As more consumers demand the best out of every commerce interaction,  retailers must now manage multiple communication channels to engage with their existing customers.

To set themselves apart from their competitors, retailers are turning to omnichannel platforms to drive sales conversions through both online and offline channels, manage multiple communications platforms with minimal resources, and maximise customer touch points and data.

Many e-commerce brands find it challenging to keep customers updated across numerous social media platforms, especially when 82 per cent of consumers now expect an immediate response to their sales enquiries.

When a customer reaches out via Facebook Messenger to request clarification about product details outside of business hours, merchants must immediately respond. Otherwise, they risk losing an offline lead due to a lack of follow-up by the salesperson online.

As an all-in-one omnichannel social commerce hub, solutions like SleekFlow help businesses retain and convert leads both online and offline.

Drive conversions with smart routing and in-chat payment

One out of every five shoppers will abandon their cart if they find the checkout process too complicated or involves many steps. SleekFlow allows businesses to send product catalogues and payment links in chat so that customers can check out with ease.

Whether it’s a birthday offer, product promotions, or abandoned card notifications, chatbots can offer a highly personalised customer service experience by extracting essential information from the consumer, and then routing them to the relevant team member.

Also Read: How retailers could prepare for the next consumer recession, if it were to come

SleekFlow, for instance, merges instant messaging channels in a unified omnichannel inbox for your team to manage your customer conversations efficiently. You can even set up an auto-reply function on Instagram and Facebook messages and posts to avoid ever missing an opportunity to connect with customers.

How SleekFlow helps e-commerce brands boost sales

The key to boosting conversion rate is to build authentic engagement with your customers.

That is why SleekFlow centralises over 2,500 tools and messaging channels such as Official WhatsApp Business API, Facebook Messenger, Instagram chat, SMS, and Telegram to streamline communications for businesses.

We aim to bring useful customer data and actionable insights right to your fingertips so that you can eliminate the manual processes that are draining your team’s time and money. By allowing for multi-agent collaboration, SleekFlow’s automation feature enables businesses to route incoming messages and send auto-replies to segmented contact lists. You can also integrate your e-commerce tools, like Shopify, to trigger abandoned cart messages.

For example, alfred24, a green delivery solution provider, created a stable and effective communication channel with SleekFlow. alfred24’s team used the auto-assignment feature to route conversations to the right team member and auto-reply to customers outside business hours.

They also sent out WhatsApp broadcast messages and used the unified dashboard to understand that their WhatsApp message open rate is four times more than EDM’s open rate. These insights allowed their team to quickly develop follow-up actions to resolve customer enquiries and enhance customer satisfaction.

SleekFlow now serves over 5,000 businesses globally, including Bossini, Lalamove Hong Kong, and PSB Academy. Following our 7-figure pre-Series A funding round last year, SleekFlow recently completed its US$8 million Series A funding round, led by New York-based investment firm Tiger Global Partners, an early investor of Facebook and Bytedance.

Final thoughts

Consumers now spend 80 per cent of their time on social platforms and have more options now than ever. Shopping on social media is already becoming a habit, and so is discovering and buying products directly from these platforms. This means that businesses need to innovate to make the buying experience easier, more convenient and more compelling for consumers.

SleekFlow aims to drive this e-commerce revolution by being the top social commerce unified hub merging conversations, product catalogues, payment solutions, and order management into one for businesses.

Besides our latest social-to-payment feature, SleekFlow will continue developing products, including detailed buyer journey tracking and analytics, which will provide invaluable actionable insights for enterprises to unlock their social commerce power as they embrace this unstoppable megatrend. 

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Amasia, an early-stage venture capital firm focused on sustainability and climate, today announced the creation of its impact assessment framework to assess and manage the climate impact of investee companies. In introducing this framework, the firm works with Malk Partners, an advisor to private investment firms on impact and ESG.

The framework was created with the background of the rising popularity of climate tech and sustainability startups. According to the firm in a press statement, despite more regulators requiring companies to disclose their climate impact and risks, there is still a lack of a universal sustainability reporting standard which poses an obstacle to maximising positive environmental impact. This challenge may pose an obstacle to maximising positive environmental impact for tech startups and their investors.

To tackle this problem, Amasia comes up with a framework that evaluates each potential investee company’s impact potential on a three-point scale across five qualities of impact.

“Our impact framework informs our investment decisions and tracks our portfolio’s impact after the investment. We make investment decisions based on our climate-focused investment thesis, and this framework helps us assess a company’s thesis-specific impact potential more robustly,” explains Ramanan Raghavendran, Managing Partner at Amasia, in an email to e27.

“The framework also serves as a shared language for the impact which can be understood by companies and other stakeholders. We believe that our portfolio companies can benefit from assessing and managing impact through this framework – it enables them to find specific areas for improving their impact potential, guiding their business decisions.”

Also Read: How Third Derivative assesses the impact of a potential climate tech investment

In developing the framework, Amasia leverages principles from existing models for impact assessment, such as the Impact Measurement Project (IMP) and IRIS+ by the Global Impact Investing Network (GIIN). But it aims to set itself apart by focusing on early-stage companies and climate impact supporting Amasia’s investment thesis.

At the core of the framework is a concept called Impact Screen, which is used to evaluate a potential investee company’s impact potential. It looks into five qualities of impact: Positive Impact, Intentionality, Scale of Impact, Depth of Impact, and Additionality. Scores for each quality help the investor understand the company’s strengths and weaknesses in impact, alongside other business factors, to decide whether to move forward with the investment.

“For our larger investments, investee companies undergo a more thorough diligence process, engaging directly with Malk Partners. This diligence involves a deeper assessment of the company’s impact potential under our thesis and the extent to which the management team is currently aware of and managing impact. Malk also evaluates material ESG risks that threaten the potential for impact. One of the key results of this assessment is providing recommendations on how the company can maximize, manage, and measure its impact potential, which is later shared with the company,” Raghavendran elaborated further.

For example, in assessing a potential investee, Amasia may look at how the company aligns with its “4 Rs of Behavior Change” investment thesis, which is captured under “Positive Impact” in its Impact Screen.

“Under this quality of impact, we first assess which of the ‘4 Rs’ the company falls within, and then how well its product and service supports the intended environmental impact of that ‘R’. For example, ‘R4: Rebuild’ is around making supply chains for consumer consumption less wasteful, so that is the core criteria we use to assess the company’s alignment with our thesis,” Raghavendran said.

When asked about the advantage of the framework compared to existing methods, Raghavendran said that the core purpose of any impact framework is to create a shared language for impact which can be understood by companies and other stakeholders.

“Existing models for impact assessment typically do not focus on early-stage companies and investors, so we felt it was difficult to apply those models exactly as they were for our use cases. Additionally, we wanted to assess and manage the impact specific to our investment thesis, so we felt the need to create our own framework.”

Also Read: As the demand for energy soars, climate tech is here to save the day

In the email interview he did with us, Raghavendran stated that the firm would be “delighted” to see more investors in the same field assess the climate impact of its investees. “Although our framework is specific to us and our investment thesis, we hope that our framework can help guide and inspire other investors to assess impact.”

“However, we are cautious of ‘green-washing’ and would like to see more investors who are truly committed to assessing and managing climate impact. We believe that reporting on impact is nuanced, and we cannot, and should not, overburden either ourselves or our companies with box-checking measurement exercises – something that we see happening within ESG and, to a certain extent, with ‘climate tech’ investing,” he stressed.

For Amasia, the framework is the firm’s first attempt to asses the impact of its portfolio companies in a structured way. It reveals plans to continue working with Malk Partners, staying up to date with developments in this space and evolving its methods as necessary.

“Additionally, the deeper impact diligence we conduct for our larger investments includes recommendations on how the company can maximise, manage, and measure its impact potential. We would be delighted to see our companies implement some of these recommendations and more actively manage their impact,” Raghavendran closed.

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Image Credit: Amasia

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Standard Alpha is on a mission to put Indonesia on the global Web3 map. Since 2017, this Jakarta-based Web3 venture builder has been growing crypto audiences across web, social and events through its media arm, Indonesia Crypto Network (ICN).

Standard Alpha is the company behind the annual offline event Coinfest Asia, and it also represents Coindesk in Indonesia.

e27 Co-Founder and Head of Platform and Memberships Thaddeus Jit Siong Koh met and spoke with Steven Suhadi, Founder of Standard Alpha and ICN, at Coinfest Asia 2022 in Bali.

Edited excerpts:

Tell us more about what you do and your mission at Standard Alpha and ICN.

Standard Alpha is a digital asset and Web3 venture builder and VC based in Jakarta. We started as a blockchain consultancy business back in 2016. When we started, the crypto market was really hot globally but an infant in Indonesia.

We ended up getting a lot of inquiries from people who needed help to penetrate this market. So, on the side, we started building ICN and kept growing ICN even as the crypto market subdued in 2018-2019.

We are not a VC-backed business and just run a cash flow-positive business. It was tough for the first three years as the industry was tiny, but the focus and grit have helped put us in the leading position we are in now.

ICN is the holding company for all of our media assets. So the most well-known one in Indonesia is Coinvestasi, the organiser of Coinfest Asia. Along with owning Coindesk Indonesia, we also run a variety of communities within the archipelago under different brands. This makes us the largest cross-channel crypto/web3 focused media and agency in Indonesia.

Also Read: ‘Democratising ownership models is the most significant opportunity in Web3’: Infinity Ventures Crypto’s Brian Lu

Our original blockchain consultancy business, Standard Alpha, will soon shift into a Web3 VC. We’re operators first and foremost, so beyond our media arm and funding, we can provide tangible value to projects at a product and operational level.

Leveraging our time in the market and a good grassroots understanding. We can hopefully offer our portfolio a strong feedback loop and help our founders get to product market fit as quickly as possible.

How is Indonesia’s cryptocurrency scene faring? Where do you see its potential?

Indonesia is the largest market in Southeast Asia; it’s home to 280 million people. We already have regulations about crypto in Indonesia, while some other markets in the region don’t have clear regulations yet.

So we see the cryptocurrency scene is growing rapidly. For example, before the regulation was introduced, there were only two exchanges when we started Standard Alpha and ICN. And now, we have 25 registered exchanges. So the ecosystem is growing. We’re also speaking to a lot of institutions. Not only a lot of Web2 companies are starting to say, ‘okay, how do we get into Web3’, but many institutions from traditional finance are also saying, ‘we need to participate in this’.

At Coinfest Asia, we saw attendees from various banks and traditional institutions starting to scout and research. I think there’s going to be a convergence. Web3 is not a silo, and there needs to be a transition from Web2 to probably Web2.5. And then the Web3 guys cannot be idealistic and say they’re Web3. They are gonna have to trickle down to 2.5. So I think that’s where the convergence will happen.

Do you think it will happen soon?

It is already happening. There are powerful unicorns and decacorns in attendance at Coinfest Asia. Some of their senior people are here, and they’re already starting to look and explore. So I think it will not take as long as the internet or P2P boom. It will happen quite quickly because we already have these baselines in place.

How is the Web3 space growing in the archipelago?

We, Standard Alpha, leverage experts in the space. But, this space is growing so fast that I don’t think the word ‘expert’ is accurate. I’ve been in this space, and I know this space is very transient. We have gone through many market cycles or the user experience, but no one’s an expert. The word DeFi didn’t exist three years ago, the word GameFi didn’t exist two years ago. If you say the word ICO now, you’re instantly outdated.

So we’re still in the sort of dotcom phase of Web3 where it’s quite euphoric. But that’s where a lot of the experimentation happens. That’s where the bursts of innovation could also start happening.

You also mentioned you have a regional presence in Bali. Can you share a little bit more about it? And why Bali?

It is easy to get people to Bali. If you tell people to come to Jakarta, they’re like, ‘Oh, I’m gonna sit in traffic for two hours’.

Besides that, Bali has a community of digital nomads with a high appetite for crypto. All the founders or workers of big crypto companies live here.

By doing Coinfest Asia, we wanted to bring the stuff happening in Jakarta to this community and show this community to the region as basically getting that spectrum of learning. We have 52 different nations represented here. So sharing insights and networking are the goals that prompt people throughout Asia to come to Bali and network casually.

Also Read: Web3 games should aim to have sustainable tokenomics, ecosystems: Froyo Games’s Douglas Gan

Many digital nomads from overseas are here; on average, they stay here between six months to two years. We see a lot of Web2 companies. For example, the talent shortage at a senior level in Indonesia and Jakarta allows people to work remotely.

So a natural choice for them would be, ‘okay, I’m earning a decent salary in Jakarta, and I get to spend two weeks in Bali’. That kind of culture is also akin to the building culture of crypto, where it’s quite decentralised.

All the regulations happen in Jakarta, the capital city, but Bali has a thriving community. And even the Jakarta players start to have offices in Bali either to give their teams a work-life balance or they want to tap into the local community here — expert developers or different sorts of conceptual thinking, people experimenting. They want to merge that and fuse that with the knowledge and bring that relevant skills back to Jakarta.

Do you have plans to grow beyond Indonesia?

We look to grow Standard Alpha and ICN beyond the borders of Indonesia. It’s been a tough journey, and we ran out of cash several times. And in 2018-19, we almost closed a few times. It’s just because of sheer belief in the industry that we just kept going and kept beating the crap.

Now we’re fortunate enough to have networks hopefully that we can start forming synergies. I wouldn’t say if we venture outside of Indonesia, we would do it 100 per cent on our own. You need product market experts. It is the same as when most companies come to Southeast Asia or Europe. They are like, ‘Oh, it’s one size fits all’.

So it’s not just product market fit, there’s cultural fit that needs to happen. We want to work with partners who can also know that stuff in that country or the region we’d like to expand into.

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Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post We’re still in the dot-com phase of Web3: Steven Suhadi of Standard Alpha appeared first on e27.

Digital solutions help increase convenience and redefine our lifestyle on a daily basis. But with the advantages also comes a slew of associated risks. 

The growing prominence of digital IDs makes these solutions more valuable, as we shift towards performing transactions that involve sensitive information online. As more business and consumer transactions are being mainstreamed into the digital space, user identification and verification are expanding their role as critical components to legitimate transactions, ultimately fostering business success. 

From opening bank accounts to purchasing goods and services online, having the comfort and safety of security solutions in the digital stack is crucial. It expands the practice of trustworthy online transactions through the protection of sensitive data and maintaining the privacy of key information, thereby shielding businesses and users from the threats associated with data theft.

For businesses, it is important to place this identification layer through trusted solutions during the digital customers’ onboarding process. This goes hand in hand with providing a seamless user experience, enabling convenience and minimising friction for customers. 

As such, delivering a quality user experience for customers can be achieved too. Opting into digital ID solutions also provides ease by streamlining the information input process through digital identity storage and making it usable across different web platforms. Essentially, this makes it easier for users to fill out forms, submit documents, and log into web accounts using one’s sensitive user data.

The first and leading digital identity and signature startup in Indonesia

A pioneer of digital trust in Indonesia, Privy is the country’s first and leading digital identity and signature startup with its own Digital ID solution. 

Aiming to deliver a new and seamless application process for both merchants and their customers, Privy has been trusted by over 30 million verified individual users, enabling each to prove their identity as they register for public services. This encompasses various services such as banks, financial services, healthcare systems, offices, public transport, gyms, etc. — all of which are using their Privy ID both online and offline.

Over 1,700 enterprises also benefit from the solutions of Privy’s provision of a more robust digital security layer, including industries such as banking, fintech, healthcare, insurance, education, and enterprise-facing businesses. 

Privy has come a long way since it was founded in 2016, garnering multiple awards and certifications that validate its provision of trust and security. It is listed in Indonesia’s Financial Service Authority (“OJK”) as an e-KYC (electronic Know Your Customer) provider and is licensed as a Certificate Authority by the Indonesian Ministry of Communication and Information. 

Privy also has a Cooperation Agreement with the Directorate General of Population & Civil Registration (Dukcapil), being the only digital signature provider that succeeded in passing the regulatory sandbox program of Bank Indonesia, the Indonesian Central Bank. It is also ISO-certified for its Information Management Security.

Privy has fortified its place as the go-to digital security solution for digital businesses and customers in Indonesia. 

Privy’s suite of products

Specifically, Privy offers different products to enable digital security for businesses and individual users. Privy has an enterprise suite that enables businesses to manage end-to-end verification, document production, templates, storage, workflows, approvals, signatures, and reminders that can be accessed across various digital operating systems.

The application also has an API that enables an integration for a better customer experience through streamlined user registration and document signing which can be embedded into the client or merchant’s own application. Even companies who do not use cloud or SaaS solutions as part of their IT security policy can still benefit from Privy’s security innovations through their Privacy Middleware software application — ensuring that relevant digital information remains on-premise.

PrivyPass is another solution that can be embedded in one’s business website and app, leveraging on the 30 million existing verified Privy users with their Privy IDs, allowing businesses to deliver frictionless user onboarding.

Proven track record

More businesses are gaining business confidence online through Privy. Organisations like AXA, Allianz, Telkom Indonesia, XL Axiata, Manulife, Generali, QNB, Bank BRI, Bank Mandiri, GoTo Financial, BliBli, JD.ID, Kredivo, Akulaku, WWF, Rohto are all part of the company’s growing list of enterprise customers. Supply chain financing service AwanTunai also uses Privy to sign over a thousand documents monthly with an added layer of trust. Its COO, Windy Natriavi, recommends Privy’s products to others.

Privy CEO Marshall Pribadi is confident in Privy’s ongoing mission to expand a trustworthy, secure and convenient experience online. He shared that over the last 5 years, Privy continues to show massive and positive growth despite the pandemic where enterprise customers grew 17.5x to more than 1,700 as of this writing. The team has onboarded more than 30 million individual users and the number of signed documents using Privy grew by 58x to more than 80 million.

On top of the existing industry verticals they are serving, they are also developing solutions for industries like tourism where Privy’s digital identity can be used for check-in at airports, hotels, and registration at tourist attractions. 

“In the healthcare sector, we are also developing collaborations with hospitals so that all patient registrations to the signature process can be done with Privy”, Pribadi shares.

Anyone in Indonesia can register for Privy by downloading the Privy app, enabling consumer convenience by skipping repetitive registration processes across digital platforms. Entities can also register for their EnterpriseID. For more information about Privy’s various solutions and use cases, visit https://privy.id/.

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

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Singapore-based wellness startup Moom Health recently announced a S$1.2 million (US$855,000) seed funding round led by DSG Consumer Partners with the participation of women-focused business incubator Nuguru and fashion e-commerce platform Love, Bonito.

In a press statement, the company stated that it plans to invest in product development and supply chain transparency, increase its retail presence, grow its team, and expand internationally. It had bootstrapped its business for over a year since its launch in June 2021.

“Our vision is to really bring wellness into the everyday lives of the modern Asian woman, so expanding internationally is extremely important for us to be able to do that,” Moom co-founder Mili Kale writes to e27 in an email.

“We have just started shipping to Malaysia and are looking to further contextualise Moom to the Malaysian market and increase our local presence. We are a community-driven brand … and want a strong community presence in each market we go to. We plan on focussing heavily on Malaysia over the next several months, as well as, eventually, the rest of the region!”

Founded by sisters Mili and Maya Kale, Moom was inspired by the co-founders’ struggle with women’s health issues such as PCOS and hormonal acne, and their dissatisfaction with the existing solutions.

Also Read: Through their new company Evo, these ex-Grab executives want to help you deal with hangover better

Its product offerings included a personalised supplement range curated via an expert-backed quiz, set of packs curated for specific women’s health concerns such as hair health and sleep support and a line of products that provide targeted relief in under 60 minutes such as bloating and digestive relief.

The company works with a panel of women’s health specialists in the fields of naturopathy, nutrition, dermatology, gynaecology, sexual health, and traditional medicine, as well as an R&D team on product formulations and curation, quiz recommendation logic, and educational content.

But in its product development process, Moom puts emphasis on the role of its community.

“Our product development begins with our community. We are a brand created by Asian women, for Asian women, and rely heavily on not only our experts but also our community. First and foremost we look to our community to understand what they need and what they want in a product. We then work closely with our expert board to formulate products that work to fill the gaps our community has pointed out, as well as our manufacturer and R&D team to source the highest quality ingredients that ‘fit the bill’,” says Mili Kale.

“Our experts are practitioners from various different fields that relate to women’s health – so we only realise products that every single one of them agrees on, which you can imagine takes time! After that, everything undergoes months of consumer testing (led by Moom and our experts), and finally, the formulation is third-party tested by one of the largest labs in the world, Eurofins.”

Also Read: How ZaZaZu aims to empower women by starting conversation about sexual wellness

Bringing it back to the community

When asked about the role of its community in its customer acquisition strategy, Kale stresses the importance for Moom to put itself in the mindset of its customers.

“Traditionally, supplements are sold at pharmacies and health stores, with little to no education on ingredients, formulations, supply chain, or the actual human beings behind the brand. Consumers aren’t responding to the traditional marketing strategies or retail experiences that have always existed, and ‘demand’ a more informed, educated, and contextualised experience- especially in an industry as confusing as supplements!” she explained.

“We pride ourselves on being extremely transparent with our community … as well as sharing women’s stories and experiences on the plethora of health issues we face. We want to start a conversation around the ‘guesswork’ we have to do, and when we share our content, it’s so that Asian women can look at others and think ‘I’ve been through that too, maybe this will work for me!’”

But this was not without its own unique challenge.

“I think it’s really the tough thing about this space in general – Asian women are not used to sharing our stories and the work we do behind the scenes to even start to understand our bodies. At Moom, we’ve found that we really have to break things down for our audience, because how else can we expect our consumers to trust our brand? Our community has pushed us to think harder and smarter about what we do, what we say, and more importantly how we say it so that it’s easy to understand what we’re really here for,” she continues.

Also Read: This app helps Indian millennials enhance their mind and soul wellness

In addition to this specific challenge, the women’s wellness segment is a competitive space in general. So how does Moom plan to stand out from the rest?

“Creating for the modern Asian woman is what drives us and is our priority. Additionally, our focus on transparency, quality, and community are what truly sets us apart. Our product pipeline is conceptualised by our community and formulated entirely by a world-class team of experts spanning naturopathy, sexual health, gynecology, dermatology, and nutrition, all specialising in women’s health. We are here to disrupt the traditional supplement aisle in Asia,” Kale closed.

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Image Credit: Moom

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