Staying competitive in an ever-evolving business and economic environment is no easy feat. As businesses rapidly digitalise to ensure their strategies remain up to date, the growth of the digital economy will only continue to accelerate.

While advanced technologies such as generative Artificial Intelligence (AI) are creating limitless opportunities for brands to either excite or disappoint their customers, trust continues to be a critical factor that brands must navigate in the digital economy.

To better understand the current and future impacts of the digital economy on consumers and businesses, Adobe surveyed 13,000 consumers and 4,250 customer experience and marketing professionals globally, including respondents from Southeast Asia (SEA) across Singapore, Malaysia, and Thailand.

Unsurprisingly, Adobe’s latest Future of Digital Experiences (DX) report found the digital economy playing an increasingly prevalent and empowering role in most consumers’ lives. 60 per cent of SEA consumers say the digital economy plays a role in their lives, with 37 per cent saying it plays a significant role. Additionally, 27 per cent of SEA consumers, compared to 18 per cent globally, say that “the digital economy IS the economy.”

The sea of data and technology companies in the market today also resulted in over half of SEA consumers (58 per cent) expecting more personalised experiences that are tailored to their unique likes and needs. Against this backdrop, what are the opportunities present in the digital economy today, and how can brands lead the next wave of new and innovative digital experiences?

Fuelling possibilities with generative AI

The economic potential of generative AI serves as a hotbed of opportunities for businesses and consumers alike. In the new era of AI, generative AI is poised to be an important accelerant of the digital economy and serve as an enabler for increased productivity—unlocking immense value across roles and industries.

Also Read: Adobe Firefly aims to unlock AI’s potential for effortless design

And while consumers become increasingly aware of new technologies and expect far more from their interactions with brands, the good news is that SEA brands are already turning to generative AI for assistance with workload, creativity, and customer reach.

About nine in 10 SEA marketing and customer experience professionals believe generative AI will help increase their work volume (93 per cent) and create better content (89 per cent), enhance their creativity (92 per cent), and help reach more of the right customers (88 per cent).

The recent launch of Singapore’s AI Verify Foundation promises sustainable advancement in generative AI technologies. Alongside continued innovation among private and public entities, generative AI is poised to reshape the digital economy and push the boundaries of innovation.

With nine in 10 SEA consumers expecting to view products through virtual or augmented reality and 86 per cent wanting brands to provide new ways to engage in immersive and virtual worlds, SEA brands are ramping up to bring more innovative digital experiences to customers. This includes the ability to build virtual products and convert them into physical items (84 per cent), VIP access to virtual influencers and celebrities (84 per cent), and more.

The future of shopping is digital

Where many consumers consider digital experiences as the future, it is also telling that 73 per cent of SEA consumers indicate their preference for online shopping in the next two years—signalling a clear need for brands to ensure their omnichannel shopping experiences stack up.

As brands increasingly look to generative AI and immersive experiences as differentiating factors, the right customer journey maps and supporting tools must be in place. More than just leveraging the latest technology and trends, delivering an immersive customer experience requires a holistic approach across every step of the customer journey.

Also Read: Why the future of work at Adobe is hybrid and how we are building it

More than ever before, cross-channel customer analytics solutions are crucial in providing brands with insights to create incredible real-time experiences at scale. With an effective content supply chain that is backed by the right technological tools, businesses can more effectively deliver on their immersion initiatives.

Trust is the cornerstone of a digital-first economy

Trust is paramount in the digital economy, especially when customer expectations are heightened during uncertainty. Adobe’s report finds that SEA consumers place an outsized premium on trust in a challenging economy, where 36 per cent rank trust as the most important factor impacting their buying decisions, ahead of price and relevance.

In pushing the envelope of their digital-first strategy, brands must also strive to scale up trust in the digital economy. While harnessing the power of generative AI and data analytics solutions provides the foundation for unlocking exceptional customer experiences, delivering relevant content at the ‘right time’ is crucial for trust.

Nearly every customer experience is now touched by digital in some way. Embracing digital technologies—whether customer-facing or behind the scenes—will enable brands to meet customers where they are with memorable experiences today and be prepared to offer even more immersive experiences in the future.

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Digital asset company Fasset has announced the launch of its ‘super app’ that aims to enable users in emerging markets to invest in digital assets with real-world value. In a press statement, the company said that it has secured one million sign-ups in the first week, with Indonesia, Pakistan, and Turkey being the top three markets.

For its launch in Indonesia, Fasset is working with Mastercard Indonesia to bring crypto-backed spending cards to the market.

It has also secured an agreement with telco giant Indosat Ooredoo Hutchison to allow users to access Fasset via Indosat’s im3 and bina+ mobile apps. This feature allows customers to convert the Indonesian Rupiah into digital assets with a future plan to enable them to earn mobile and data credits leveraging their digital assets.

In an email interview with e27, Fasset Co-Founder and CEO Mohammad Raafi Hossain gave examples of the localisation strategy that the company is implementing to win the Indonesian market.

“Our platform is in the local language and focused on the segment of the Indonesian market that is keen on investing in a manner that is aligned with Islamic principles. In response to the clear demand for our services in Indonesia, we have established a dual HQ in Jakarta, where we have over 20 dedicated team members collaborating closely with our original HQ in Dubai to understand the local user base better,” he elaborates.

“We are also partnering with local organisations and thought leaders to increase brand awareness and credibility now that the super-app is officially live and fully compliant with Indonesia’s regulations.”

Also Read: Digital assets launchpad 2MR Labs secures funding, announces strategic partnerships

The CEO also gives more details about the audience profile that the company is targeting in Indonesia.

“In Indonesia, our target audience primarily consists of individuals who want to learn about investing in digital assets that have real-world value and that fall in line with principles of Islamic Finance. Indonesia also has one of the top migrant and expat worker populations in the UAE and GCC, where we are based. We enable a smooth pathway for digital asset-based remittance for family members on both sides of this remittance corridor,” Hossain says.

“We are focused on increasing the market size of digital assets in Indonesia and intend to bring in customers who may be interested in digital assets but remain on the sidelines due to faith, distrust, or a lack of education.”

Fasset aims to onboard at least a million official customers within Indonesia in its first year.

“Our aforementioned partnerships with Mastercard Indonesia and Indosat Ooredoo Hutchison are expected to help us connect with over 100 million people across the country, so we’re confident we’ll be able to bring on considerably more,” Hossain says.

Fasset secured the crypto asset trading license from the regulator in Indonesia in May.

Its platform was designed specifically for users in emerging markets, providing analysis and asset shortlists based on user needs, with the goal of making it easier to invest in assets that have the potential to build real long-term wealth.

Also Read: Safeguarding digital assets through cybersecurity innovations

It allows users to buy, sell, swap, and earn across digital assets, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), USD Tether (USDT), PAX Gold (PAXG) and Tether Gold (XAUT), and will soon offer other novel asset classes such as tokenized real estate, sukuk and global stocks.

Fasset’s super app also gives customers access to thematic bundles consisting of a variety of digital assets to further make it easier to invest and build long-term wealth. Aside from assets, it will soon enable services such as remittance, lending and borrowing.

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Image Credit: Fasset

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In 2022, the metaverse was all the tech world could talk about. While it has seemingly taken a backseat this year to Artificial Intelligence (AI) applications, it is important to recognise that the coming of the metaverse is still as imminent as before.

Though Mark Zuckerberg has shifted his focus away from his metaverse ambitions, companies like Roblox and Sandbox are still vying for the leading position as the preferred portal, and Web3 studios such as TerraZero have not taken their foot off the gas.

Thus, cybersecurity and data privacy concerns remain highly relevant.

Before life in the metaverse becomes an integral part of our digital lives, taking pre-emptive steps to heighten security is paramount. Cybercriminals are studying their opportunities and lying in wait too – and we must be ready to enter this new realm having taken pre-emptive action to fend off their attacks.

The new digital frontier holds exciting opportunities – for good and bad

Cyber defence in the metaverse will be a far greater challenge than protecting today’s networks and devices. This is because the attack surface represents a convergence of different connected physical and digital systems.

In addition to known risks of phishing, ransomware and data theft, hackers could, for example, modify data, imitate avatars, feed fake information and severely compromise data servers that are essential to the workings of the metaverse.

Because the metaverse provides interfaces between the real and virtual worlds, the risks range from bitcoin theft and virtual vandalism to crimes that cross into ‘reality’, such as espionage and even assault. If data centres are targeted and compromised, countless stored information and access points will then be handed over to cyber criminals for abuse. The possibilities are frightening.

Also Read: Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

Robust cybersecurity must therefore be built into data centre infrastructure from the start to protect its inhabitants. Otherwise, the metaverse is doomed to fail. Providing only another playground for cybercriminals to prey on users attempting to explore new and exciting digital experiences.

Exponentially larger attack surfaces, greater unknowns, one big target

The metaverse will be accessible to billions of users via any web browser, mobile device or AR/VR system, with user data ultimately stored on servers in data centres used by platform and equipment providers.

The attack surface expands from these data centres to all other potential interaction points between the attacker and the target, including hardware, software and interconnected communication channels.

Endpoint vulnerabilities include all physical devices that provide access to the metaverse, such as AR/VR headsets, controllers and sensors, but also IoT devices. The software attack surface includes programs and applications running on AR/VR hardware or other parts of the infrastructure that allow users to interact in the metaverse.

Finally, communication channels can be the target of attacks: countless connections between users, virtual objects, and physical devices using computer code, text, voice, video, and touch are conceivable.

The post Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware appeared first on e27.

Non-fungible tokens sprang out of nowhere in 2021 and quickly amassed about us$41 billion in sales. It’s understandable that NFT leaders would ask if the NFT is a good development opportunity for a young business, given its quick growth and buzzy reputation.

Following the first flurry of interest in NFTs, the market saw a decline in sales volume as the value of Ethereum, the cryptocurrency upon which many NFTs are based, fell. Now that the NFT market is stabilising and there is hope that Ethereum will become cheaper to mine, it is simpler to answer the question of whether or not to invest in NFTs.

Moreover, the market’s severe energy inefficiency is about to be addressed, so removing a potential restraint on development. Thus, it appears that NFTs will remain successful for the foreseeable future. Do they, however, make sense for your young company’s brand?

The potential for success in the NFT sector continues to grow

The development of NFTs is, in many respects, just beginning. As more and more exchanges appear, purchasing NFTs with fiat cash will become standard practice. Players in virtual worlds and video games will soon be able to buy and sell their own unique avatars and virtual goods using NFTs.

Also Read: Sony & UMG join forces with Snowcrash to revive NFTs: Here’s why the digital trend is far from dead

With the correct strategy, you can sell digital products with residual royalties embedded into the blockchain contract to a rising, tech-savvy global audience. But that doesn’t mean every company should rush into the NFT sector.

Contrary to popular belief, NFTs do not generate income at will. It needs marketing just like any other product, a comprehensive business strategy that accounts for all the costs and risks, and a solid team to back it up. It is also important to know how your NFT fits into the bigger picture of your firm before launching it.

As you deliberate, keep the following in mind with regard to NFTs:

Understanding the process: An essential first step

A thorough familiarity with blockchain technology and NFTs is necessary before diving into this field. There is plenty of material to help you master the technique. NFTNow is a great starting point.

You should educate yourself practically after you have learned the theory behind an NFT. Make a token you can “test NFT” on a friend or coworker and sell it to them for a dollar. Test out the full procedure to see if it’s something you and your potential consumers would be interested in doing again.

Whether or not you should get engaged in the NFT area depends on whether or not you have a firm grasp of the process and an understanding of why and how they increase and fall in value.

Evaluating NFT’s potential benefit for your business

The NFT’s meteoric rise in popularity is reminiscent of the smartphone app phenomenon of the past decade in more ways than one. Many people believed to have approached me as a software developer with the idea that they could become the next Mark Zuckerberg with the help of a mobile app.

Most of the time, a mobile browser might serve the same purpose as the intended app, if not better. For many business owners, investing in the development of an app would be a waste of time and resources that would not be appreciated by their target audience. Plenty of today’s business owners are still making this same error.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

Launch an NFT collection only if you intend to remain in the market for the long haul and if you believe your collection has a unique value that NFT purchasers will emotionally resonate with rather than just to build publicity for your brand. Consider whether you can imagine a third party wishing to resell your NFT to the buyer. If the answer is no, then it shouldn’t be available to the public.

Calculating the initial costs

While it’s possible to mint and advertise an NFT for as little as US$100-US$500, that price may not reflect the full cost of starting a successful NFT.

To appeal to a new, younger audience of NFT aficionados, for example, you may need the assistance of professionals if your current customer base comprises people who adore antique art and collectibles. Just to get started with good brand design, storytelling, and creative direction, this may easily balloon into a marketing spend of up to US$50,000. Make sure you’ve considered all of these expenses before choosing if a launch is worthwhile.

Building an audience before launch

NFTs are not an “if you build it, they will come” kind of technology. It’s crucial that you have a sizable customer base that is interested in purchasing your wares. Since it is still developing, venturing into this new industry is fraught with uncertainty. The good news is that this indicates enormous untapped potential.

While the market for NFTs has largely been focused on art, many other potential uses are just beginning to be investigated. Decentraland is one such platform that is leveraging blockchain technology and NFTs to create a user-owned virtual environment.

The potential of NFTs is enormous, and it will be innovative businesspeople who will help bring that potential to fulfilment. Becoming an entrepreneur, though, requires more than just ambition. A market-reasonable strategy and end goal are essential. Otherwise, you’ll feel the heat in the end.

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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

Image credit: Canva

The post How can your business benefit from the NFT phenomenon appeared first on e27.

This article was first published on June 9, 2023.

Amidst the challenges of a tough funding climate, e27 is launching an exciting new article series called Angel’s Advocate to provide fresh perspectives on angel funding. In this exclusive series, we sit down with prominent angels to hear their stories and strategies and gain unique insights about the early-stage financing space.

Jeremy Au invests in fellow founders who will transform millions of lives. He also spearheads Monk’s Hill Ventures’s key initiatives, from venture scouts to thought leadership.

Au hosts BRAVE Southeast Asia Tech, a global top 10 per cent podcast interviewing trailblazing founders, investors and rising stars. His mission is to inspire thousands to build the future, learn from our past and stay human.

He is an angel investor in over twenty startups across the USA and Southeast Asia.

Au co-founded CozyKin, an early education marketplace and Conjunct Consulting, an impact consulting platform. He is a public speaker and panellist on entrepreneurship, leadership and community
engagement.

In this edition, Au shares his take on angel funding.

Edited excerpts:

How do you typically approach investing during a funding winter?

Founder leadership takes centre stage during this time. It’s crucial to assess the resilience, adaptability, and strategic vision of founders in navigating these turbulent times.

This shows up as a decision to double down on the fundamentals and focus on unit economics that demonstrates product-market fit. Prioritising efficient resource allocation and sustainable growth helps founders weather the storm and build a strong foundation for long-term success.

What are your typical investment criteria, such as industry, stage, and geographic location?

I focus primarily on Southeast Asia because there are so many exciting opportunities in the region. Staying focused and aligning with my expertise enables me to make informed investment decisions and be helpful to founders after the investment.

Can you describe your investment process from initial contact to closing a deal?

After the initial contact, we will first do a video call to establish the connection and gauge mutual interest. If there is potential alignment, we proceed to follow up with deep dive meetings, explore the data room and answer questions for a thorough understanding of the opportunity. If all goes well, we proceed with closing the deal!

Also Read: Founders should act as custodians of investors’ capital: Jed Ng of Angel School

How do you evaluate a startup’s potential for growth and success?

I look at two key factors when evaluating a startup’s potential for growth and success.

First, I examine the startup’s prior growth trajectory and milestones achieved, as it serves as a strong indicator of its ability to scale. Second, I make it a point to engage in customer and industry calls to gain firsthand insights into the startup’s value proposition and market fit.

How important is the founder’s experience and background when making investment decisions?

The founder’s experience and expertise in the industry they operate in are crucial for demonstrating a strong founder-market fit. The speed at which they acquire knowledge and adapt to the space provides valuable insights into their potential for success. Careful consideration of the founder’s experience and ability to navigate the market help me decide if the investment has a higher likelihood of positive outcomes.

Can you share your successful investment and what made that investment successful?

One of my successful investments was Iterative Scopes, a pioneer in the application of AI-based precision medicine to gastroenterology.

Their success can be attributed to Jonathan Ng, the founder, and his exceptional entrepreneurial spirit combined with his domain expertise and doctor. Secondly, he started building the company years before the timely tailwind of increased market interest by both customers and investors for AI solutions in healthcare.

Jonathan and I discuss his experience on the BRAVE Southeast Asia Tech podcast.

What are some common mistakes that startups make when pitching to angel investors? What are some myths about angel investment?

One common mistake startup founders make is not clearly articulating the problem they are solving. It’s crucial to quantify the pain point being addressed and specify the scale of the problem, whether it’s a US$10 per month issue, US$100, US$1,000, US$10,000, or even US$100,000. This helps investors assess the market potential and the urgency of the problem.

One myth about angel investing is the belief that picking winners is easy. Underestimating the complexity of this task can eventually lead to a humbling experience. Some investors may feel it’s effortless, get overly excited, and invest quickly.

Also Read: Your investors are your number one fan: Tina Di Cicco of Manila Angel Investors Network

It’s important to strike a balance and allocate capital wisely throughout the investing journey. We discuss angel investing best practices over a podcast.

How important is the alignment of values between the investor and the startup founder?

The alignment of values between the investor and the startup founder is paramount. In one out of 40 scenarios of eventual success, we will be working together for 10 years through both ups and downs.

In the other scenarios, we will have to go through some of the toughest times together as we figure out how to land the plane. Shared values become the strong founder of a strong working partnership.

How do you manage risk when investing in startups? Are there any specific metrics or indicators you look for?

I pay close attention to two key areas, especially in the early stages. The first is the high likelihood of cofounder conflict in the early stages, which can significantly impact the success of a venture. The second area is product-market fit, which is crucial for revenue growth.

Addressing these risks head-on and ensuring cofounder alignment and PMF helps the startup team increase their likelihood of eventual success.

Can you share any advice for startups looking to raise funds from angel investors?

My advice is to approach it as a learning process for both parties involved. You have to treat each interaction as an opportunity to showcase your ability to learn and iterate based on feedback. Demonstrating a growth mindset and a willingness to adapt can greatly enhance your chances of securing investment.

Shiyan Koh, managing partner of Hustle Fund, and I discuss how fundraising is not just about the funds, but also about building long-term trust for a serious working partnership in the face of tough odds.

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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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