As most parts of the world begin to emerge from the shadow of Covid-19, retail activities in Singapore have improved significantly too, with retail sales growing year over year for eight consecutive months since March 2022.

However, inflationary pressures and labour market tightness could dampen these sentiments, as many retailers struggle to hire and retain workers in an increasingly competitive hiring market.

According to Zebra Small and Medium-Sized Business Industry Lead, Amanda Honig, forward-thinking small business owners are turning to technology to maximise productivity and profits and mitigate challenging market disruptions while elevating the overall shopper experience, even when there are fewer staff on hand.

The impact of staffing shortages on small businesses

It is increasingly clear that the modern store is playing a new role, and retailers are under pressure to keep up. Shoppers are back in stores with heightened expectations for convenience, fulfilment, frictionless experiences, and price sensitivity. In a modern store, associates are the bridge between retailers and shoppers, playing a pivotal role in ensuring shopper expectations are met.

However, Zebra’s latest Global Shopper Study showed that only 74 per cent of Asia-Pacific (APAC) shoppers surveyed are happy with the availability of staff and level of help provided in the stores.

Considering how labour shortages continue to impact retailers, this is a concerning observation. The impact of fewer associates on store floors and back rooms can have adverse effects across a retail operation, especially when technology is not being used to augment headcount or the customer experience.

Compared to their larger counterparts, small businesses are likely to feel a greater impact when it comes to staff shortage as a few employee callouts may result in zero staff availability, and a full store closure, for an entire day. Customer loyalty is also at stake here as consumers can easily turn to another retailer with similar offerings to fulfil their need for convenience.

Hence, forward-thinking small retailers should be making investments in technology to make it easier to manage staff schedules and rebalance workloads when teams are lean and foot traffic is high. Integrating solutions that make customers more self-sufficient in the store can also be highly valuable when there are limited associates available to work each shift.

Seamless collaboration between the back and front of the store

For small businesses, the line separating the front of the store and backroom operations is often blurred, as the limited headcount could mean that associates take on multiple roles concurrently. As such, the right technology can help ensure there is no disconnect between the two functions and increase efficiency when associates switch between the front and back of the store.

Also Read: How tech upgrades could address Singapore’s labour shortage in hawker centres

For example, equipping associates with enterprise-class mobile devices can add valuable mobility and transparency to the inventory management process, streamlining workflows as a result. According to the same Zebra study, 49 per cent of shoppers surveyed (64 per cent in APAC, 49 per cent globally) do not complete their intended purchase order due to out-of-stock products.

Implementing such technology will help give store associates on the sales floor insight into what products are available or scheduled for arrival so they can better support customers and ensure items are replenished as soon as possible.

On the retailer’s end, most retailers (84 per cent in APAC, 79 per cent globally) reported that they need better inventory management tools for accuracy and availability, as they acknowledge maintaining real-time visibility of out-of-stock items as a significant challenge.

Bolstered by technology, the overall inventory management process can be less time-consuming and more accurate than processes of the past, which relied on paper and pen to track item locations, sales, and more.

Enhancing front-of-store processes

In addition to back-end inventory management, another way small businesses can add automation and efficiency to its front of store processes to enhance customer experience could be by embracing retail-ready technology solutions such as self-serve kiosks or checkout lanes, rugged tablets with added point-of-sale (POS) modules, or handheld mobile computers with built-in barcode scanners and accessorised with radio frequency identification (RFID) sleds.

Generally, shoppers, retail associates, and retail decision-makers agree shoppers have a better experience when retail associates use the latest technology to assist them. Mobile technology allows associates more time to be on the floor with shoppers with improved service, speed, and convenience.

Also Read: Singapore startup Crypto.com lets go of 20% staff

For instance, tablets allow associates to easily search for product knowledge and provide a better customer experience by answering questions thoroughly and offering more information about a product instantly and effectively.

When an associate is not available, customers can easily turn to a kiosk for information about inventory styling, sizing, and selection. These kiosks can even be set up to support online ordering while in-store, notify an associate of their arrival for order pickup, or process returns.

Retail-ready technology helps maximise the power of a single associate to meet customer service expectations no matter the disruption. It can also augment the workforce by speeding up onboarding and upskilling, making specific skills easier to learn or transfer when needed.

Meeting the demands of associates

Engaging and retaining a younger workforce can be the ultimate long-term solution to the current labour problem. It is estimated that Generation Z (Gen Z) in particular, born between the late 1990s and early 2010s, makes up 24 per cent of the ASEAN population as of 2021. They will also make up a significant part of the workforce in years to come.

Heading into the future, meeting the demands of younger workers for on-the-job technology will be crucial to improve operations and maintaining a steady, devoted workforce.

Technology has had a tremendously positive impact on the retail experience over the last 15 years and will continue to do so in the future. Fortunately, for most small businesses, retail-ready technologies have become more accessible than ever before to meet the needs and budgets of these retailers. Investment in the right technology is the key to retail agility and resilience for the modern store.

The price of digitalising store operations is nominal when you compare it against the potential costs of a staff shortage. Not only can technology support the shopper experience, but it can also help ensure workers will be available and workflows manageable – two critical components of a successful retail business.

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Messaging apps, once an intimate medium for sharing private views, are taking on a new role to drive sales and customer engagement. The latest retail buzzword, ‘conversational commerce’, a convergence of shopping and conversations, uses messaging tools within the chat to create a seamless shopping experience along with customer service. This meets the needs of today’s customers, who base their loyalty on good experiences above price or product.

While the use of messaging apps to connect with customers is not new, its functionalities have expanded, enabling consumers to chat with store associates, receive personalised recommendations and make purchases. 

Asia has the highest messaging population worldwide, dominated by WhatsApp, Facebook Messenger, WeChat, Viber and LINE. In Southeast Asia (SEA), fast becoming the new global e-commerce powerhouse, conversational commerce is set to hit US$47 billion in 2023. This offers Asian retailers an extraordinary opportunity to level up their customer experience, a critical need to reach today’s digital consumers.

E-commerce surges in SEA

SEA will see robust growth in retail e-commerce sales this year of nearly US$90 billion, increasing more quickly than anywhere else worldwide. Next year the region will cross the US$100 billion mark, a long way from the US$37.22 billion seen in 2019. 

Also Read: Conversational AI in governance: Redefining citizen experiences

This surge in e-commerce has also led consumers to increase their use of messaging apps and social media to communicate with merchants and inquire about information instead of searching for them online. Globally, one in five consumers use live chat or in-app chat daily and three in five consumers video chat with a business more now than 18 months ago. 

Regionally too, conversational commerce is booming. According to a Bain & Co report, SEA has a higher percentage of internet users who are online consumers, 79 per cent, surpassing India’s 20 per cent and roughly on a par with the US at 75 per cent.

A combination of social media, short videos and messaging was found to be consumers’ preferred online channels for discovering new brands and products. In addition, 88 per cent of SEA consumers cited online channels as their top source of brand engagement.  

Customer expectations and their need to communicate with brands have certainly increased. According to Facebook, 48 per cent of holiday shoppers are more likely to buy if businesses are contactable through instant messaging. With the use of conversational commerce platforms, businesses can meet customer expectations, offer personalised experiences and improve sales conversion rates. 

Benefits of conversational commerce

Conversational commerce enables retailers to meet customers’ existing and evolving needs. Businesses with embedded commerce capabilities can serve, connect with, and sell to their customers from anywhere, on any channel. Some of the benefits of embedding conversational commerce solutions include:

Personalised experience

Integration of messaging apps can enable retailers to offer a customer-centric shopping experience, emulating a sales assistant at a physical store who makes personalised recommendations and guides you through purchases. 

Also Read: Why live commerce is here to stay in Asia

This gives the seller the opportunity to use 24/7 available AI-powered chatbots to cater to and respond to customer queries instantly.  This also allows them to gain insight into customer requirements, suggest products and improve product offerings.

Enhanced convenience

Conversation commerce enables consumers to get instant and easy access to brands, their products and their sellers. 

Additionally, with the power of AI, conversational commerce is able to provide visibility on a consumer’s online shopping journey, from product inquiry, and product information search, to placing an order, payment and delivery tracking, without any friction.

Improved marketing campaigns

Businesses can leverage AI to gain insight into the purchasing habits of customers based on conversations with them and eventually use that information to personalise ads and display automated marketing content.

Overall, conversational commerce can deliver retailers a higher conversion rate, higher average order value and higher customer loyalty.

Conversational commerce critical to a seamless e-commerce experience

As e-commerce surges and consumers shift to direct messaging for online shopping, conversational commerce looks set to dominate the industry for years to come. 

By allowing consumers to engage with their preferred brands conveniently and have fun shopping, conversational commerce is leading the way for businesses to enhance user engagement and experience, and drive growth. 

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Singapore- and Australia-based Cortical Labs, which develops a new class of artificial intelligence using human neurons, has closed a US$10 million financing round.

Led by Hong Kong-based Horizons Ventures, the round also saw participation from LifeX Ventures, Blackbird Ventures, In-Q-Tel, and Radar Ventures.

Cortical Labs will use the money to accelerate the commercialisation of its patented Biological Intelligence Operating System (biOS) and fulfil pre-orders.

A biological computing company, Cortical Labs uses clusters of lab-cultivated neurons from human stem cells to form a DishBrain. This brain is integrated into the firm’s patented Biological Intelligence Operating System (biOS) with a mixture of hard silicon and soft tissue.

Also Read: Cortical Labs’s hybrid biological-computer chips could make robots smarter, more adaptable

According to the startup, human neurons are a new and untapped resource with the potential to be far better than any digital AI model for Generalised Intelligence. The DishBrain has the ability to grow, adapt, and learn faster than purely silicon-based AI and also requires far less energy consumption.

Hon Weng Chong, CEO and Founder of Cortical Labs, said: “The possibilities that a hybridised AI meets synthetic biology model can unlock are limitless, accelerating the possibilities of digital AI in a more powerful and more sustainable way. Our technology will shape and drive the next frontier of AI.”

Prior to Cortical Labs’s work, developing and testing new drugs and therapies affecting the central nervous system or pre-existing drugs with cognitive side effects was not possible. Cortical Labs aims to change this with the commercial development of the Cortical Labs 1 (CL1) system, enabling novel in-vitro cognitive testing for the life-sciences industry.

Before the latest round, the startup raised US$1.62 (which included a pre-seed round in Jun 2019), from Blackbird Ventures, January Capital, Westcott Family Office, and two individuals, Miles Albert and Vishal Garg.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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Singapore-based impact investor Earth VC has joined the US5 million Series A investment round of Israeli intelligent traffic management startup ITC.

Other investors of this round are Champel Capital and Mobilitech Capital.

The startup will use the capital to expand into Southeast Asia.

ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates. Through measurement, prediction, and mitigation, it also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritization.

Also Read: ‘Climate tech: SEA needs more time to improve startup quality, attract capital’, says Earth Venture Capital’s Tien Nguyen

The firm claims its algorithms can correctly identify 99 per cent of vehicles, buses, ambulances, bikers, and pedestrians and detect a range of parameters about these objects’ behaviours.

According to the company, it manages “millions of cars” weekly across the US, Brazil, Australia, Israel, and Europe.

“ITC’s solution is exceptional and a ‘must-have’ for any big city as we want to move forward. Their ability to connect to existing CCTV in junctions can reduce up to 30 per cent of traffic jams without needing additional hardware. This not only improves residents’ well-being but also saves time and money, as well as reduces CO2 emissions,” said Amir Weitmann, Managing Partner of Champel Capital Partners.

“It is a global issue when emissions can increase by up to 40 per cent when vehicles are idling at traffic lights, compared to when they are in motion. Nine out of ten people think that traffic lights are stupid. Joining forces with ITC on their mission is like being at the forefront of a revolution against climate change. One of the great ways to fight against climate change is just improving the efficiency of our daily activities,” said Tien Nguyen, General Partner of Earth Venture Capital.

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In March, Singapore-based Transparently.AI was named as one of the 10 companies that have secured a place in Plug and Play’s Fintech 2023 Accelerator Program. The company was chosen from a list of over 1,000 startups to participate in this programme.

In a press statement, CEO and co-founder Hamish Macalister dub their participation as an “enormous opportunity”. He explains further in an email interview with e27 on what Transparently.AI wants to achieve through the programme.

“Plug and Play’s programme is a little different from many others. The primary focus is on connecting you with their corporate client base in the US and elsewhere. Their aim is to get you signed up for as many POCs, projects and contracts with their client base as possible. That client base is a who’s who of the financial community,” he writes.

“So it’s a fabulous opportunity for a startup. We effectively have the world’s largest technology accelerator doing business development/sales for us.”

Founded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies.

The company was founded by long-time Singapore residents Macalister and Mauro Sauco.

Also Read: The AI revolution: Transforming industries and reshaping the world we live in

“Our focus is on early identification of accounting or earnings manipulation that ultimately leads to failure. Essentially, the system finds the next Enron … the next Wirecard. While we hear through the media about these big names, at any one point in time there are literally thousands of companies, identified by our system, with worrying accounts. Our system has proven to be highly accurate regarding the identification of these companies,” Macalister describes the work that the company is doing.

“Critically, it identifies then on average two to three years before the wider market becomes aware that there is a problem.”

Macalister further explains the specific problem that Transparently.AI aims to solve.

“The losses incurred as a result of accounting malfeasance by corporates are staggering. More than US$1 trillion is lost to various stakeholders as a result of accounting manipulation every year! And that is just for listed companies, [with] unlisted companies will be a multiple of that,” he stresses.

The company raised a US$1 million in 2022 which supported the final development of the production release for its technology and the execution of its go-to-market strategy.

“That raise was assisted by us securing a contract with one of the world’s pre-eminent sovereign wealth funds to be client number one, prior to seeking external capital,” Macalister says.

Expanding beyond

Transparently.AI implements a revenue model where it provides a subscription service that gives clients access to a cloud-hosted portal. It enables users to search and screen for accounting manipulation by companies across the globe.

Also Read: Revolutionising fintech in Southeast Asia: AI and ML empower businesses with data

“We also provide detailed analytics that explains exactly how a company is manipulating and fully automated forensic accounting reports. The latter is generated in two to three seconds for any of 80,000 companies and any financial year for those companies. The alternative would be hiring a forensic accounting team for weeks to analyse a single company,” Macalister says.

Transparently.AI’s participation in Plug and Play is just in time with the rise of AI’s popularity in society. The problem that the company aims to solve–accounting manipulation–is “brilliantly suited” to be handled by an AI-based solution, according to Macalister.

“It is highly complex, multi-dimensional and constantly evolving. Traditional modelling techniques simply can’t cope with that. AI/ML techniques have the ability to be completely dynamic and exploit that power to generate valuable and extremely insightful results,” he says.

The company itself already has a development pipeline planned out.

“There are myriad additional components we can add to our system to add further value to our users. This is particularly true with respect to the extraordinary array of unstructured datasets out there that provide additional perspectives on the issue of accounting manipulation,” Macalister says.

In addition to product development, in 2023, Transparently.AI has also planned for a deal pipeline with “some of the world’s largest financial institutions.”

“It is exciting to see how enthusiastic they are about incorporating our technology into their businesses. We also intend to launch a fundraise around mid-year to underpin our next phase of product development and accelerate our go-to-market strategy,” Macalister closes.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Transparently.AI

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