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Rise of generative AI in search: Exploring opportunities for APAC brands

If you step back to consider just how big the internet is, it’s easier to understand why search engines lie at the heart of it. For decades, search engines have served as the primary gateway to the internet, enabling users to discover websites, articles, images, videos, products, and services and find the information they need.

The essential role of search has made it indispensable to digital marketing, an industry that is in the midst of being disrupted by generative AI applications for the better. 

Today, brands around the world use search engine optimisation (SEO) as well as search engine marketing (SEM) with pay-per-click (PPC) advertising to generate traffic, encourage product discovery, drive conversions and more.

Though still in nascent stages, the integration of generative AI with search is poised to elevate SEO and create new playing fields for SEM — particularly in the diverse and digitally-first APAC region. As industry leaders like Microsoft’s Bing and Google lay the groundwork for this new paradigm, the time for brands to educate themselves on the inherent opportunities of generative search is now. 

A new era of personalised search   

When it comes to AI, innovations to search have been ongoing, with applications like Google’s iterative AI helping marketers drive efficiencies for many years now. But generative AI’s ability to converse with users and be trained on the fly has the potential to fundamentally change the way people use and interact with search. 

For example, Google’s SGE (currently an experiment in Search Labs) now uses AI on search queries to provide an answer. In Google’s case, the user’s entire Knowledge Graph would likely be deployed to ensure that generative AI provides the most relevant information for the user since Google prizes relevancy and trust above all else. SGE also cites sources when responding to the query, allowing users to click through to cited websites to learn more.

While this isn’t too different from current search capabilities, users can now also choose to stay on the search page to ask follow-up questions, continuing their conversation with the AI and narrowing the scope of their research until they find their desired solution. Each question helps the generative AI to build a deeply tailored and unique user journey funnel — all without leaving the Search page. 

Also Read: Rewriting the creation process of ad creatives using generative AI

To understand the opportunities this new search format offers to businesses, let’s consider an e-commerce use case. Say you are trying to decide which ski jacket to purchase for a winter trip; you could start with a broad question about different types of ski jackets, then ask the AI to compare the pros and cons of a particular type of jacket before finally asking it to find a retailer who stocks that jacket, and purchasing on their website. 

This change will have huge implications for Organic and Paid Search. For organic, instead of appearing at the top of the search results page, the objective could be to appear as one of the first sources cited by the AI.

Similarly, for Paid, the objective would revolve around being the first ad to be shown during the conversation, which means an ad would have to be deemed by the AI as being the most relevant to the user’s search experience.

While it’s still too early to tell how ad placements or AI optimisation will work, one thing remains certain — having relevant, rich content that is crawlable by the AI will be the key to “winning” in the era of generative search.

Optimising for generative search in APAC 

As one of the most populous and diverse regions that are leading the world in internet penetration and mobile adoption, APAC’s users and brands have everything to gain from the personalised and localised experience that generative search offers. 

Also Read: How to leverage personalised advertising in 2023

For example, Google is undoubtedly the most popular search engine in the world, holding over 85 per cent of the global search market share. But in APAC, localised search engines like Baidu (China), Naver (South Korea), and Yahoo.jp (Japan) play integral roles in the daily lives of users in their respective regions. And some platforms are already ahead in the AI game. 

South Korea’s Naver, for example, integrated AI in late 2021 to support a significant shift in South Korean search behaviours becoming more “exploratory,” with users going deeper into topics that aligned with their interests and search intent. Naver saw a significant increase in these exploratory searches, accounting for nearly 65 per cent of all queries.

As a brand, now is the time to review your SEO and SEM strategies and consider if additional attention to localised content, ad budgets, or search engines will be beneficial to your targeting.

Considering APAC’s high rate of mobile adoption, it is also worth considering how you can optimise your strategies to be mobile-first. Region-specific nuances and search best practices will be key to setting up for success in the new era of generative search.

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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Singapore’s food services in 2023: Trends, challenges & opportunities

Singapore boasts a diverse culinary scene that brings together flavours from all corners of the world. As such, the food services industry holds a special place in the hearts of Singaporeans and tourists alike. Dining out has long been a cherished tradition for many, and even COVID-19 was unable to put a dent in Singaporeans’ love for eating.

Statista reported that as of June 2022, restaurants in Singapore recorded a 76.8 per cent increase in sales compared to the previous year. In addition, the food and beverages services recorded increases in sales across all sectors. 

The food services industry plays a vital role in Singapore’s economy, contributing approximately US$5.26 billion in gross domestic product in 2022 and is expected to generate a revenue of US$13.5 billion in 2023. The F&B industry in Singapore showcases its dynamic nature and promising opportunities.

However, amidst its potential for growth, businesses must confront various challenges to achieve success. As we delve into this article, we explore strategies for Singapore’s food services industry not only to endure but thrive in 2023 and beyond.

Trends in the food services industry

Even in pre-COVID-19 times, the Singapore food services industry was already contending with changes in consumer behaviour regarding preferences, taste, packaging, technological advancements, and regulations.

Now that the country entered into a new normal, consumers are looking out for eco-friendly products, ingredients and meal options, given the rise in preference for delivery and takeaway even with the return of dining in. Consumers are also looking for even more convenience, such as fuss-free cooking meals or ready-to-heat meals.

Also Read: Feeding the future: Innovation, entrepreneurship, and the rise of food tech in Asia

Digital transformation in the food services industry in Singapore

Consumer behaviours are always changing and evolving, pandemic or not. Following the recent trends that the food services industry is facing, we look at some of the transformations that companies in the F&B sector have undertaken. 

Robots and machines in kitchens 

The use of robots and machines ensures quality and affordability, driving down the costs of keeping food fresh and increasing productivity. These machines work at a faster pace without getting tired and help ensure safety, for example, by using robots to cut the more difficult meats. 

Usage of operational technology 

Kiosks are fast becoming a common feature in the food services industry, with bigger chains like McDonald’s and KFC using them in most outlets. We even see ordering kiosks sprouting in food courts and confectioneries. These kiosks allow customers to place orders and complete payments. 

Certain restaurants have also deployed automation systems that allow guests to see information about their reservations, orders and promotions all under one platform. This eliminates the need for a human worker to clarify and confirm their booking or order details and allows guests to keep information in check. Such operational systems reduce human error, increase productivity, and reduce the chances of theft. 

Eco-friendly waste and packaging 

As consumers are increasingly focused on healthy meals and sustainability, brands have little choice but to keep up with this trend. F&B businesses in Singapore are highly encouraged to ‘go green’ by using biodegradable packaging or reducing the usage of disposables.

This awareness has been brought to the fore during dining restrictions in the time of the pandemic, where all orders were packed for takeaways or deliveries.  

Support for companies in the food services industry in Singapore

COVID-19 was the catalyst which showed businesses across all industries that digitalisation, innovation, and technology are necessary for survival.

Also Read: Conscious consumption is driving the trend in foodtech: Study

In Singapore, the government saw that it was critical not just to help companies tide over the challenging period but to help businesses emerge stronger from the crisis. To this end, the government played a key role in nudging businesses to digitally transform.  

In food services, for example, traditional hawkers were encouraged to accelerate their digitalisation efforts through on-ground visits by officers, subsidies, and support schemes. As a result, the Singapore F&B industry is now more readily adopting new tech and mobile applications.

Listed below are some of the support schemes that businesses in the food services industry may benefit from.

Hawkers Go Digital Programme 

This collaborative workgroup includes delivery platforms, hawkers associations, community partners, and government agencies, working together to support hawkers by promoting digitalisation, developing a sustainable commercial model, and increasing consumer awareness about delivery platforms. 

Energy Efficiency Grant 

The grant will provide up to 70 per cent support for SMEs to adopt pre-approved energy-efficient equipment in the following categories: LED lighting, air-conditioners, cooking hobs, refrigerators, water heaters and clothes dryers. Grant support for qualifying costs will be capped at S$30,000 per company per year. 

Productivity Solutions Grant (PSG) 

The PSG was launched in April 2018 to support businesses in their transformation journey and covers sector-specific solutions such as retail, food, and logistics. Businesses can receive up to $30,000 in funding to improve business productivity through IT solutions and equipment. 

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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Meet the new 10 investors joining the e27 Connect platform

A slew of new verified investors (including VCs, venture debt funds, incubators/accelerators, and angels) joined the e27 platform in the past few weeks (Connect investors are those that are verified by e27 and agreed to get connected). These investors are based in different geographies, including Indonesia, Singapore, Malaysia, the Philippines, Thailand, and South Korea, and invest in different stages and verticals.

Below are the profiles of the ten of them.

K300 Ventures

K300 Ventures is an early-stage blockchain investor.

Verticals: Blockchain, Blockchain games, Defi (Decentralized finance)
Based in: Vietnam
Investment locations: Singapore, Hong Kong, Vietnam, and the US
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A, and Series B
Investment range: US$10K to US$1M.

nVentures

nVentures is a seed fund focusing on B2B fintech startups in South & Southeast Asia

Verticals: Finance
Based in: Singapore
Investment locations: Sri Lanka, India, Bangladesh, and Singapore
Stages: Pre-seed and seed
Investment range: US$50K to US$250K.

Meixner

Meixner is an angel investor investing primarily in SaaS, developer tooling/experience and platforms.

Verticals: Any/all
Based in: Thailand
Investment locations: All/any
Stages: Pre-seed, angel, and seed
Investment range: US$1K to US$30K.

Lestari by Pijar Foundation

Lestari is a hub, connector, and accelerator of new ventures and technological initiatives that embrace future trends, opportunities, and challenges.

Verticals: Any/all
Based in: Indonesia
Investment location: Indonesia
Stages: Pre-seed, angel, and seed
Investment range: US$10K to US$200K.

Founders Launchpad

Founders Launchpad invests in early-stage companies.

Verticals: Agritech, AI, Big Data, cleantech, consumer, education, e-commerce, enterprise solution, healthtech, SaaS, social enterprise, sharing economy, productivity & CRM, mobile, medtech, marketplace, insurtech, IoT, and logistics/supply chain
Based in: The Philippines
Investment location: The Philippines
Stages: Pre-seed, angel, and seed
Investment range: US$25K to US$100K.

Springcamp

Springcamp is an early-stage, sector-agnostic investor in Korea.

Verticals: Any/all
Based in: South Korea
Investment locations: South Korea, the US, Singapore, and Vietnam
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$100K to US$4M.

Growth Charger

Growth Charger incubates, accelerates and builds businesses.

Verticals: Agritech, healthtech, education, smart cities, biotech, consumer, finance, AI and, Big Data
Based in: Malaysia
Investment locations: Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Indonesia
Stages: Pre-seed, seed, and pre-Series A/bridge
Investment range: US$10K to US$50K.

First Move

First Move is a founder-led early stage VC firm.

Verticals: Any/all
Based in: Singapore
Investment locations: Singapore, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines
Stage: Pre-seed
Investment range: US$50K to US$150K.

Crusade Partners

Crusade Partners is an investment firm that offers venture debt capital to early and growth stage technology companies based in Southeast Asia and Hong Kong.

Verticals: Any/all
Based in: Hong Kong
Investment locations: Hong Kong, Singapore, Thailand, Vietnam, Indonesia, and the Philippines
Stage: Venture debt
Investment range: US$500K to US$3M.

Sopoong Ventures

Sopoong is an impact investor in Korea.

Verticals: Energy, F&B, agritech, platform, enterprise solution, finance, smart cities, consumer, education, healthtech, HR, transportation, sharing economy, and marketplace
Based in: South Korea
Investment locations: South Korea, Singapore, Vietnam, the US, and Laos
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$150K to US$600K.

The image used in this article is AI-generated.

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How Psylent uses AI to bring the recruitment process to the future

The Psylent team with CEO Sjiva De Meester (far right)

Hiring the wrong person can have dire consequences to businesses, but unfortunately, there were obstacles that recruiters often face in ensuring that they got the right person for the job. These challenges range the increasing volume of applicants due to ease of applying for jobs in the digital age to the impracticality of the screening interview process. These are the problems that Psylent aims to solve with its AI-based solutions.

“A few years ago my husband was looking for a new job. He submitted a job application at 9 PM, and by 7 AM the following morning, he received a rejection email from the local team. He suspected that the system had automatically rejected him based on his resume or the closed questions regarding his years of experience in specific areas,” writes CEO Sjiva De Meester in an email to e27.

“Curious, he made slight adjustments to his re-submission, increasing his stated experience from four to five years. Surprisingly, within a week, he was invited for an interview.”

De Meester explains that her husband was eventually accepted at the company, but he chose to decline the offer. The fact that he was rejected before he was eventually accepted was considered odd.

“I was (and still am) astonished by the inefficiency of the recruitment system, as many companies rely on resume screening tools and applicant tracking systems (ATS) to manage the influx of applicants. However, it has become evident that these methods are not effectively addressing the challenges posed by high volumes of candidates,” she says.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

Psylent builds a Virtual Recruiters that aims to help talent acquisition professionals delve deeper into candidates beyond their resumes. It handles large volumes of applicants, facilitating effective shortlisting to ensure the fair and objective selection of suitable individuals for the job.

The two available solutions are ChatNINA (enabling candidates to be interviewed via chat solutions) and Avatar API (enabling candidates to be interviewed in the metaverse).

“These Virtual Recruiters can be accessed through chat interviews and within the metaverse, offering innovative and immersive interaction options for both recruiters and candidates. Moreover, their 24/7 availability allows candidates to apply for positions and complete initial assessments at their convenience, accommodating different time zones and busy schedules, and enhancing the overall recruitment experience,” De Meester says.

According to the CEO, traditional self-reporting personality questionnaires are prone to bias as candidates can provide socially desirable responses, reducing their reliability. Candidates with limited self-awareness can also struggle to accurately answer such questions.

“Conversely, our virtual recruiter acts more like a friendly psychologist, employing a line of questioning that delves into significant life events and formative decisions. This self-authoring approach promotes authentic responses, bypassing the influence of social desirability and catering to individuals with lower self-awareness, ultimately enhancing accuracy in assessing personality,” De Meester elaborates.

“Additionally, traditional questionnaires lack engagement, leading to subpar candidate experiences. While gamified solutions offer some improvement, concerns arise regarding the relevance of behavior in a gamified format compared to real job scenarios. Recognising the significance of candidate experience, companies are venturing into the metaverse to optimise engagement and immerse candidates in a more captivating experience. As the only assessment company pioneering recruitment in the metaverse, we provide not only high quality insights but also an excellent candidate experience. Simply put, it’s smart and sexy.”

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

The solutions target MNCs hiring graduates, high-volume industries as well as developers, studios, and consulting companies.

Beyond the platform

Psylent is a spin-off of 9 Yards Innovation, a boutique consulting firm specialising in bespoke tech solutions at the intersection of data and psychology. The firm undertakes projects across Asia, Europe, and the US.

“In recent years, our emphasis has been on enhancing candidate experiences, offering end-to-end solutions that encompass reviewing shortlisting vendors, developing award-winning customized assessment centers, and providing interview training,” explains De Meester.

Psylent operates on an annual SaaS subscription model based on volume, which is a widely adopted approach among recruitment providers. Through the company’s consulting works over the years, it cultivates a network within the HR community, particularly in Southeast Asia.

The company has not raised external funding for its product which it develops while concurrently working on consulting projects.

“Our primary goal is to onboard more clients and scale. We are actively pursuing global collaborations to further support these objectives. Additionally, we have some exciting partnerships in the pipeline, scheduled to be announced in September, which will contribute to the continued development of our metaverse platform and API integration capabilities,” De Meester closes.

Image Credit: Psylent

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Indonesia agri-fintech startup PasarMIKRO nets investment from DEG, Ceniarth

PasarMIKRO, a fintech company focussing on smallholder farmers, fishermen, and traders in Indonesia, has raised an undisclosed amount in funding from German finance company DEG and Ceniarth, a single-family office dedicated to impact-first investing.

This funding comes off the back of the startup’s seed round in November 2022, led by Trihill Capital, with participation from 1982 Ventures, Genting Ventures, Resolution Ventures, Gayo Capital, and Rabo Foundation.

It will utilise the investment to expand its trade and trade finance service offerings and strengthen its network of smallholder farmers, fishermen, and traders.

Also Read: 1982 Ventures backs Indonesian agri commodity marketplace PasarMikro

Founded by Dien Wong (CEO), Edo Djayaputra (COO), and Hugo Verwayen (CFO), PasarMIKRO is an agri-fintech company focusing on empowering smallholder farmers, fishermen, and traders.

The company has developed an agri-trade platform that digitally enables secure and trusted transactions, fast payments, and access to trade credit.

The platform also offers a digital ledger for transaction records and provides traceability functionality for transparency throughout the supply chain.

Last November, PasarMikro raised US$2.5 million in seed funding, backed by Trihill Capital, Resolution Ventures, and Genting Ventures.

Image Credit: PasarMIKRO

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