As someone who has built a business with big influence on my own cultural roots as an Australian-born Chinese entrepreneur, I can tell you firsthand that embracing heritage is one of the most effective ways to set your company apart from the competition.

You might be thinking, “What does culture have to do with business?” or “I don’t want to alienate potential customers by focusing too much on my background.” But I’m here to tell you that these concerns are misguided. In fact, I believe that cultural differentiation is one of the keys to long-term success in the business world.

Define your culture from day one

So, why is culture so important? For one thing, it’s what makes your company unique. No matter what industry you’re in, there are likely to be dozens (if not hundreds) of other businesses that are offering similar products or services. But by infusing your company with the values and traditions of your cultural heritage, you create a brand identity that is truly one-of-a-kind.

Momoguro, an upcoming Web3 project by 9x Emmy-winner Baobab Studios, was founded by Maureen Fan, Nico Casavecchia and Martín Allais, coming from Asian, Argentinian and Venezuelan backgrounds, respectively.

And they have used their diverse cultural roots to create designs that are truly unique in their captivating blend of colors, flavors and dialects. Their work often incorporates traditional patterns and designs from their home countries, but they also use modern technology and cutting-edge design techniques to create work that is ahead of the curve.

The team has brought onboard an experienced group of Web3 and game developers, including game designers who have worked on some of the biggest titles in the industry, such as Marvel, Disney, and Pokémon.

Also Read: The role of niche communities in driving startup success

This diverse and talented group brings a range of experiences and perspectives that are being leveraged to create an innovative and exciting digital collectible storytelling RPG. With a team that brings together expertise from different industries and games, Momoguro is setting itself up for success, creating a culture that is driven by excellence, innovation, and sustainability.

Achieve competitive differentiation

If you’re a restaurant owner, there are likely dozens of other restaurants in your city that serve the same type of cuisine as you do. So how do you stand out from the crowd?

By emphasising the unique flavors and cooking techniques that are specific to your culture. This not only sets you apart from your competitors but it also creates a sense of authenticity and depth that customers will be drawn to.

START Inc. was founded by native-Japanese, Philippines-based entrepreneur KOUSEI. He’s used his knowledge of these cultures and languages to create a platform that is accessible to a wider range of people.

By offering multilingual support and creating a user experience that is tailored to the needs of non-native English speakers, START Inc has been able to reach a market that is often overlooked by other NFT platforms.

And it’s not just me saying this: START Inc. has already gained over 20,000 loyal followers in the NFT space across the Chinese, Japanese and Filipino community.

The project has already partnered with several high-profile artists and has recently launched their 2nd collection, CryptoNinja World, which sold out in less than 6 hours. The founding team has leveraged their diverse cultural roots to create a platform that is truly inclusive, and that has the potential to carve out a defensible piece of the wider ecosystem.

Align your values internally and externally

But cultural differentiation isn’t just about marketing. It’s also about creating a company culture that reflects your values and beliefs. As a leader, you have the opportunity to shape the way that your employees work together and interact with customers. By prioritising the values that are important to your cultural background (such as respect, hospitality, or hard work), you can create a workplace that is both productive and fulfilling.

Also Read: How great leaders embrace uncertainty and ambiguity

Supernormal Zipcy is a digital art project that is focused on creating beautiful and immersive artwork that reflects the values and beliefs of its creators. And what’s really impressive is that this project has been able to create a strong culture that is centered around these values. The founder Andrew Choi, and the wider team is committed to excellence, innovation, and collaboration, and this has allowed them to create artwork that is truly unique.

The numbers speak for themselves. Supernormal Zipcy has already sold over 10,000 NFTs, and it has generated more than US$40 million in sales. And the project has gained recognition from some of the top players in the industry, including Forbes, which named Supernormal Zipcy as one of the “Top 10 NFT Artists to Watch” in 2021. These creators have leveraged their cultural background to create a project that is a market differentiator and is already gaining recognition beyond Web3 into the beauty and luxury industry.

Creating loyalty with less

And let’s not forget about the financial benefits of cultural differentiation. By focusing on a specific niche that is related to your cultural heritage, you can tap into a market that might otherwise be overlooked.

For example, Uniqlo’s success can be attributed to its ability to leverage its roots in creating clothing that is functional, timeless, and versatile. By combining Japanese aesthetics with modern technology and innovation, they’ve built a loyal following around the world.

Of course, embracing your cultural roots isn’t always easy. It can be difficult to balance your heritage with the demands of the business world. Believe that this is a challenge that is worth taking on. By being true to yourself and your cultural background, entrepreneurs will be able to build a business that is not only successful, but also meaningful and fulfilling.

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Silicon Valley-based VC firm 500 Global has announced the appointments of Saemin Ahn, Shahril Ibrahim, and Martin Cu as Partners in Southeast Asia.

The trio will lead 500 Global’s growth initiatives across the region, supporting and nurturing startups at every stage of their growth.

Also Read: StoreHub secures US$13.5M pre-Series B in a 500 Global-led round

Over the past decade, 500 Global has backed over 340 companies across Southeast Asia. Its portfolio companies include Grab, Bukalapak, Carsome, Carousell, FinAccel, and eFishery.

Ahn has a decade of experience in growth investing. He was the Founding Managing Partner at Rakuten Ventures, leading investments in over 25 technology companies, including GoTo Group, Carousell, Epic, and Coda Payments. He previously held management roles at Google in Korea and Singapore.

Ibrahim was Director of Investments and Head of Khazanah Americas, a sovereign wealth fund of Malaysia. He established Khazanah Nasional’s presence in the US, deploying investments in enterprise technology and deep technology, focusing on AI, ML, and robotics. He was also a board member at global fusion energy company General Fusion and on the advisory committee of growth equity VC firm March Capital.

Cu was previously the Philippines Country Head of Ninja Van. He grew the Ninja Van team in the Philippines from 0 to over 5,000 employees and built a nationwide network serving 97 per cent of the country.

“Saemin, Shahril and Martin add significant investment and operational expertise to support the growth ambitions of our entrepreneurs across Southeast Asia,” said Vishal Harnal, Managing Partner at 500 Global. “We will continue to add top talent and winning skill sets to our team in this strategically important region and build on our track record of success.”

500 Global is a venture capital firm with US$2.7 billion in assets under management. It focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.

Also Read: Singapore neobank IN Financial Technology acquires 500 Global-backed MyCash

The VC firm has backed over 5,000 founders representing over 2,700 companies operating in 81 countries. It has invested in 49 companies valued at over US$1 billion and 150+ companies valued at over US$100 million (including private, public, and exited companies).

Its 180+ team members are located in 27 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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With so many cloud communication platforms on the market, it can be daunting to know which is the right one for you. Fortunately, I came up with this buying guide that will help you understand the key features and functionalities of a platform, so you can make an informed decision.

Before I get into that, let us take a minute to define what a cloud communication platform is and why it is essential for your business.

What is a cloud communications platform?

A cloud communications platform is an integrated suite of software that makes it easy and efficient for businesses to communicate via:

• Voice and video calls
• Instant messaging/chat rooms
• Document sharing
• Conference calling
• Collaboration
• Other business-essential functions

It provides a cost-effective solution by allowing businesses to pay only for the computing or storage power they require rather than for more than needed.

More importantly, it is a phone system that uses voice-over-internet-protocol (VoIP) technology to make and receive calls over the internet. It allows users to communicate without the need for physical phones or other hardware, making it an ideal solution for businesses, especially those with a distributed workforce.

By using cloud technology, the software-as-a-service (SaaS) solution is a secure and reliable way for businesses to communicate with their customers, partners, and employees.

What it means for your company

In recent times, the growth of e-commerce, the shift to remote and hybrid work, automation, and the usage of artificial intelligence (AI) have surged globally.

Digital transformation is profoundly changing the way businesses operate. Companies of all sizes, from small to large, are now adopting digital tools to improve employee workflow and efficiency. As technology advances, employers and employees are beginning to realise the importance of making some work easier with technology and streamlining processes through digital technologies and platforms.

Also Read: Why venture capital is going big with cloud mining

Hybrid flexibility is an increasingly popular concept, particularly in the realm of cloud communications. By combining the convenience of a cloud-based platform with the advantages of traditional systems, it is easy to see why this type of flexibility has become so desirable.

Which is right for you?

When you shift your business model to cloud-based communication tools, you must carefully select a communication stack that best suits your needs.

Cloud computing allows users to access communication services without needing to install and maintain hardware or software. It provides enhanced flexibility and scalability, making it an ideal solution for companies that need reliable and efficient communication solutions.

It can be tricky to make sense of popular cloud communication models with acronyms such as CPaaS and UCaaS.

Let me explain the differences between these two types of cloud communication stacks and how they can benefit your business.

CPaaS, or Communications Platform as a Service, is a cloud-based platform allowing companies to seamlessly incorporate communication features into their existing applications.

By utilising modules and APIs, CPaaS enables developers to create custom solutions that expand and evolve the capabilities of an application in real-time without having to create new back-end infrastructure.

Main communication channels:

• VoIP calling
• Text messaging
• Conference calls
• Social media messaging

UCaaS, or Unified Communications as a Service, is an all-encompassing collaboration tool that allows teams to communicate with one another and their customers quickly, regardless of location.

It gives users access to team messaging, video conferencing, and cloud phone features within a single cloud-based platform, eliminating the need for additional infrastructure investments or complex setup processes. All that is necessary is internet access.

Main communication channels:

• VoIP calling
• Text messaging
• Video conferencing
• Team chat messaging
• Social media messaging
• Email

Key features to look out for in a cloud communication platform

If your organisation is looking for a new way to communicate, it is substantial to consider the choices available. UCaaS and CPaaS are both options that can be tailored to specific business needs.

UCaaS provides businesses with an overhauled communications solution without having to build their integrations, while CPaaS will allow companies to keep their existing workflow but integrate proprietary features. Those with security or scalability needs should favor CPaaS, if not, today’s UCaaS solutions offer a great deal of customisation.

Let us explore some of the features of a UCaaS platform:

Scalability potential and connect services

Unified communications (UC) is a way for enterprises to manage their remote communication needs. By deploying a UC platform, organisations can connect internal and external teams with access to popular messaging channels like SMS, email, Messenger, Line, and WhatsApp.

Also Read: How can businesses improve their operating margin by controlling cloud costs

Furthermore, UCs can switch between PSTN and VoIP networks as well as from voice calls to chats quickly and easily, allowing staff members to use voice, chat, video, and conferencing capabilities in one unified system.

Security and compliance features

Customers and businesses need to feel confident that their data is secure when stored and shared within a cloud communication platform. Be sure the platform you select offers security features such as encryption, data backup and recovery, and data protection systems.

Also, for those in industries with strict regulatory compliance requirements, a solution that can meet global compliance standards, including GDPR, is vital.

Customer support

Customer support solutions are essential for efficient customer service. Cast around a platform that includes reporting and analytics tools, allowing you to get an overview of your team’s performance.

You should also look for features such as live chat, virtual call centers, voice mail, caller ID, and automated responses. These features will help you increase customer satisfaction, reduce wait times and improve communication between your team and customers.

Advanced call center features

Many cloud communication platforms come with advanced call center features such as call routing, click-to-call capabilities, VoIP integration, detailed analytics reporting, and more.

Explore a platform with just the right amount of features to suit your specific business needs. These features should help easily manage and monitor customer service calls, track volume in real-time, and store all necessary customer data securely.

Ease of use and cost-efficient

A platform that is efficient, cost-effective, and user-friendly can help your team get the job done faster with no downtime. You can use multiple tools in one place, making it easier to manage and save costs by not constantly switching applications.

Setting it up is hassle-free as it doesn’t require an IT team or complex coding – you could be up and running in minutes.

Choose the best cloud communication platform for your business

Deciding the best mobile cloud communication platform for your business should involve more than just list-checking the features you need.

Also Read: How to migrate your small business to the cloud

You should also consider the three following factors to select the most suitable platform for your company.

Carrier-grade performance and reliability

Carrier-grade reliability is a measure of:

• Dependability
• Performance
• Redundancy
• Availability of telecommunications networks or infrastructure

It is used for applications or networks which require high levels of uptime and security. To ensure the network remains available, carrier-grade components are necessary.

These include PSTN, VoIP, Ethernet networks, as well as carrier-grade hardware. With carrier-grade reliability, you can be sure that your communication systems will perform at an optimal level with minimal disruptions.

Seek out services that assure an annual uptime of 99.95%, with real-time service delivery, monitoring, and support 24 hours a day, 365 days a year.

Combines digital and telecom channels

To maximise business transformation, cloud communication platforms should prioritise customer engagement through their chosen channels. That doesn’t have to just be digital — research shows consumers still appreciate being contacted via telephone or receiving SMS offers.

Therefore, the ideal cloud communications platform should not just connect traditional telephony and digital channels but also effectively transition between them — for example, from an offline conversation to an online chat or call.

Support a team member anytime

In situations when a single staff member is unable to adequately handle a customer enquiry, they have the option of adding in expert help. This could be their boss, a colleague, or someone else who is more knowledgeable about the matter.

Additionally, this individual can take over the conversation if needed. Jumping on calls is an excellent way for customers to get the best service possible. Doing so also allows for a better quality of service and resolution of customer queries.

So, explore platform features that include the capability for users to join an ongoing interaction or take over a chat, voice call, or video call.

Cloud communication – The path forward

Digitisation is ushering in a new era of remote and hybrid work, leading to the emergence of an innovative cloud culture. With digital solutions becoming steadily popular, companies are now able to conduct their operations from anywhere and at any time. This has opened up the possibility for workers to move away from traditional office structures and embrace a more fluid cloud culture with unlimited potential.

Cloud communication is an essential tool for organisations to stay connected with their employees, customers, and investors in this ever-evolving business landscape. It enables them to build intuitive relationships without worrying about physical proximity, technology, or any other factors. With the help of cloud communication, businesses can stay connected no matter where they are.

A cloud communication platform is a service that allows businesses to facilitate cross-team collaboration and customer engagement. By having the right cloud solution, businesses can take advantage of increased efficiency and improved customer satisfaction.

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

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Solo-GP VC funds are gaining traction across the US, and Southeast Asia will also see the emergence of such funds, according to Wing Vasiksiri, Founder of WV Fund II, solo-GP VC firm focusing on the region.

A Solo-GP VC fund is a fund with one General Partner who is also the lone member of the investment committee.

“This model is new to Southeast Asia but has taken off in the US; for example, Elad Gil, Lachy Groom, and Josh Buckley,” Vasiksiri, who earlier founded iSeed SEA, said in an interview with e27. “Like in India, we will start to see more of this [Solo-GP fund] emerge in the region.”

Funds like Kettleborough VC, Better Capital, and Streamlined Ventures emerged in India recently. As per another report, a new wave of solo GP VCs is also coming to Europe.

Also Read: iSeed SEA launches micro-fund targeting Indonesia, Vietnam, Thailand

According to Vasiksiri, the new model has certain advantages, including empathy for founders, speed and transparency, and elimination of the principal-agent problem.

“I am also a founder, although I started a fund instead of a company. I have to think through the same things every founder does: what is my competitive advantage, and how do I hire, scale, market, and brand my company? This gives me high empathy for the entrepreneurial journey,” he said.

Moreover, there is only one decision-maker, meaning the sole General Partner can drastically reduce time in the decision-making process. The solo partner can commit to a round within days or hours if needed and can make decisions quickly, which is greatly appreciated by founders. Every founder also has a direct relationship with the General Partner.

“Eliminating the principal agent is one of the biggest problems in any institution where employers and employees don’t always have aligned incentives. For solo GPs, the brand of the fund equals the brand of the individual, and everything I do reflects on the fund and vice versa,” he added.

However, the model also has some disadvantages, one being it can be challenging to scale as you have more relationships and have to manage time well.

To a question about the difference between an angel investor and a solo-GP fund, he said that an angel investor institutionalises his/her investing and raises outside capital. Most of the time, he/she is not a full-time investor but has another job. “An angel fund can be a solo GP fund if there is only one GP and decision maker.”

Also Read: “To heavily rely on AI for your decision making process in venture investment would be a stretch”

Launched recently, WV Fund II is a seed-stage, sector-agnostic fund investing in founders across Southeast Asia. His first fund, iSeed SEA, was also a solo GP fund, and it is fully deployed.

WV Fund II and iSeed SE have US$14 million in assets under management. The former has invested in ten companies, including mio and Delos Aqua, Upmesh, Haulio, Pina, Mohjo, and Farmacare.

The fund will continue investing across the region by partnering with top founders in my core markets (Singapore, Indonesia, and Vietnam) and secondary markets (Thailand, Philippines, and Malaysia).

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What makes the soonicorns special?

As reported by Channel News Asia, despite challenges here and there, leading tech companies in Indonesia and the rest of the Southeast Asian (SEA) region continued to raise funding, with more companies inching closer towards securing a unicorn status –proudly claiming the label ‘soonicorn‘.

As these companies closing in to the much-coveted unicorn status, we realise that there might be more that is at stake. Starting with the investments that have been trusted in them, we can see how these companies face pressure to build a sustainable business and provide a healthy return to their investors. The public–users and customers of these companies’ products and services–also have a heightened expectations of them to deliver their promises.

But this does not mean all is gloom and doom for soonicorns. There are plenty of opportunities that they can seize. For example, the experiences of previous generation unicorns provide unique lessons for soonicorns; the ability to learn without having to go through the hardest parts.

Soonicorns have the opportunity to do it differently. As an ecosystem, we can help them get there.

Also Read: e27’s TOP100 programme returns to bring Asia’s best startups to Echelon 2023

This year, Echelon Asia Summit will be back on June 14-15 at Singapore EXPO to build towards a sustainable and impactful tech ecosystem.

The event will feature six key themes and tracks:

• Soonicorns and the Future Change-makers of SEA
• Future Sectors and Investment Trends
• Growth and Scaling
• Investments and M&A
• Sustainable Growth and Climate
• Web3

We are looking forward to featuring notable soonicorns of SEA to share their stories with the hope that it can be a lesson for fellow soonicorns and those who are looking forward to follow their footsteps. We will look at lessons in growing and scaling their businesses, mergers and acquisitions, and even the use of emerging technologies such as blockchain.

We are also looking forward to hear from different parties in the SEA startup ecosystem that have played a role in the building of a soonicorn, from venture capital firms who have invested in them to corporates who have partnered with them. We believe that every voice is valuable as we are building a SEA tech startup ecosystem that is more sustainable and impactful.

If you are the right person to speak about this key theme and track, or know someone who does, we would like to hear from you. Register HERE and we will get in touch soon.

See you in June.

 

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Starting and leading a successful company is an ambitious journey that can lead to remarkable success. As you get closer to the finish line, your company may attract interest from potential buyers who see value in what you’ve created. 

Whether it’s a full 100 per cent or majority stake sales, undertaking due diligence of the deal and understanding key considerations are important determinants of a successful merger and acquisition (M&A) transaction, and to ensure that each of their best interests is prioritised. 

The key terms in an M&A deal

When it comes to executing a successful M&A deal, there are many things to consider. 

Firstly, valuation is typically the easiest thing to agree upon. It should be agreed upon between the buyer and seller early on in the process. 

Rather than narrowing our focus on valuation, one should determine the ultimate cash consideration that will enter your pocket and the possible risk of liabilities post-closing. 

It is essential to draft commercial terms that are both beneficial and fair for both parties. Other than that, the liabilities of the company must be taken into account, as well as any warranties or guarantees that the founder is providing with the sale. With careful consideration of these factors, founders can have peace of mind knowing they are entering a fruitful transaction.

Also Read: Exit Strategies: Ways to get your money back besides IPOs and M&A

What to expect during the due diligence process

Understanding what to expect during the due diligence process is essential when a founder is looking to exit their company through M&A. The due diligence process involves financial, tax, operational, commercial, and legal aspects of the business, which will be closely assessed. 

After signing a non-disclosure agreement with the potential acquirer, financial statements and other financial documents should be prepared or used to verify financial history and status. It is also important to review tax returns in order to determine any issues that might arise. 

Moreover, potential buyers will examine all aspects of the business operations closely and review any associated contracts or documents. If there are any findings that could be less ideal, sellers could request further guarantees from sellers through representations and warranties. This part of the process can take several weeks or even months, depending on how detailed it needs to be.

How to negotiate the best possible outcome for yourself and your company

When negotiating the best possible outcome when exiting your company through M&A, it is important to recognise that every situation is unique; no two are the same. That being said, some key considerations for founders to keep in mind include understanding what you want and need from the deal and anything else that might hold value, such as continued involvement with the company or payment terms. 

It is also important to evaluate counterparty offers objectively, preparing both sides for a mutually beneficial agreement and creating an organised timeline of communications and activities. As a founder, this could be a great opportunity to create success for both yourself and your company, so striving for alignment between the goals of both parties can ensure everyone walks away happy.

Prior to entering into M&A negotiations, it is critical that you are clear on your objectives and the key terms of the deal. During due diligence, be prepared to share a lot of information about your company with the potential buyer. And finally, always remember to negotiate from a position of strength to get the best possible outcome for you and your business.

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

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The definition of a ‘good customer experience’ today is nowhere as simple or straightforward as it was just a few decades ago (when assessing customer sentiment was carried out through a few phone surveys, for example).

The modern consumer is multifaceted and complex, reacting to a wide range of factors: economic, social, political, and beyond, and they are more demanding than ever before.

Thus, Hire Digital provides insights into the latest customer experience trends in 2023.

Why customers are changing rapidly

Accenture’s survey reveals that 95 per cent of C-level executives believe that customers are changing faster than their businesses can keep up with. They think that their digital transformation efforts are just keeping them afloat rather than driving their growth.

So, what exactly drives these consumers to change? Here are some factors that are causing rapid changes in consumer behavior:

Looming inflation and unpredictable markets 

72 per cent of consumers state that external factors like inflation are impacting them now more than before. Meanwhile, Gartner’s research reveals that more than half of consumers feel like they have less disposable income and savings this year.

Also Read: BuzzAR is building the next big thing in Metaverse Marketing

Thus, their spending behavior has not only changed in such a way that they purchased less but in finding ways to make smarter purchases. For example, half of millennials and Gen Z are using digital tools to track coupons/discounts as a means to combat inflation.

The hybrid lifestyle

COVID-19 has opened doors for digital transformation. With a lot more products and services available online, people have adapted to the hybrid lifestyle of making purchases both online and in-person. According to Prosper Insights & Analytics, 33 per cent of adults are shopping in stores less.

Social and environmental responsibility

A Harris poll revealed that more than two-thirds of Americans are now more concerned about climate change and that they expect their peers to adjust their purchasing habits accordingly. This is supported by the aforementioned Accenture research, which indicated that 72 per cent of consumers are more impacted now by external forces – climate change being one of them. 

This leads us to our second insight into company ethics.

Company ethics influences buying decisions 

CX Network reported that customer experience practitioners observed a higher level of sustainability awareness from consumers. A lot of customers now consider companies’ level of environmental sustainability and morals in their purchasing decisions. An Aflac research supports this by showing almost eight out of 10 of consumers believe companies that stay true to their ethics/values outperform others in their field.

Meanwhile, 92 per cent of millennials are more likely to buy products from ethical companies, and over four-fifths of these consumers believe ethical brands outperform similar companies that lack a commitment to ethical principles. Thus, they want organisations they engage with to not only answer their needs but also add value to the world overall.

Customers are looking for more meaningful interactions

A Conduent report revealed that customers crave more meaningful interactions with brands. Eight out of 10 respondents would likely purchase products from the same brand if they had a great customer experience on a digital channel.

Here are factors that contribute to a meaningful customer experience:

Personalisation

Personalisation has been a marketing buzzword for a reason. A Gartner study pointed that 86 per cent of B2B and 72 per cent of B2C consumers expect companies to know their information during an interaction.

Also Read: We can no longer adopt a cookie-cutter approach to marketing: Gunalan Ram of CINNOX

Thus, it’s imperative to integrate mass data available for optimal personalisation. Some organisations fail to analyse all data sources and mostly rely on customer feedback.

However, strategies for optimisation and personalisation should be taken from integrated sources of demographics, operational data, financial data, purchase history, and more to truly understand the multi-dimensional needs of consumers. This also enables an organisation’s customer experience to evolve and keep up with consumer changes.

Convenience

Gartner’s research discovered that consumers’ value for convenience has been at an all-time high over the past 12 years.

Moreover, a Hyken ACA research shows that: 

• Three-fourths of customers would pay more for a convenient experience, and would switch companies if they found out a competitor provided more convenience
• 68 per cent would return to a brand if the customer experience were convenient
• 80 per cent would likely recommend a brand or product if it provides a convenient customer experience

The banking industry poses a good example of both adding a customer-centric integration design and adhering to convenience. In the recent decade, the banks immensely transformed with the current CX trends – opening a bank account used to take a painstaking process in-person, and now you can do so online within seconds.

Omnichannel

A McKinsey study revealed that organisations intend to increase digital engagement by 1.5x in 2024, and one of the top areas for investment is improving omnichannel via tech. Omnichannel is seen to make businesses more agile.

In fact, several surveys reported that consumers already expect an omnichannel experience; it’s no longer an edge over the competition but a must-have for organisations.

Also Read: How should you engage customers in a rapidly changing market?

However, a unified omnichannel experience is something you can have the edge over your competitors. As consumers are approaching organisations across all touchpoints, companies should ensure that all channels provide a cohesive messaging and seamless experience.

AI augmentation in customer experience

Harvard Business Review discovered that a combined effort from employees and artificial intelligence (AI) enables companies to achieve significant improvements.

Likewise, Gartner states that AI augmentation enables organisations to make smarter data-driven decisions. They predict that by 2025, organisations will shift 75 per cent of their operational work from production to more strategic activities if they use AI across marketing functions.

Using AI to optimise content and journey mapping leads to better segmentation and personalisation. Customer data retrieved from AI can be used to drive more agile responses.

Gartner lists down the main impact of AI augmentation:

• Applications of AI (i.e. automation, chatbots) are set to improve KPIs of timeliness, quality, and consistency.
• Machine learning and analytics can transform metrics into operational success.
• AI management requires greater focus to upskill and empower existing talent and end-to-end consideration of diversity, equity, and inclusion.

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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

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In 2014, Surasit Sachdev launched an online restaurant reservation system in Thailand. Hungry Hub, however, failed as there was no real need for such a platform since one could walk into a restaurant and get a table easily in the country.

Curiously enough, one thing struck Sachdev while building the first version of Hungry Hub: the team’s monthly dinner budget exceeded his expectations. As he studied this problem further, Sachdev realised he was onto something big.

“We realised that some of our employees couldn’t afford dining out because of their moderate lifestyle/pay level,” Sachdev tells e27. For restaurants, it meant less traffic. “While there were many online restaurant booking apps, they thrived on heavy discounts, an unsustainable prospect. So in 2017, we decided to give Hungry Hub another chance before quitting it and help restaurants boost their revenues.”

This was the beginning of Hungry Hub 2.0.

Hungry Hub 2.0 is a restaurant and hotel reservation platform for special occasions that also provides fixed-price offers and gourmet delivery services. The app lets diners know how much they will pay and what they will get before walking into the restaurant.

At the same time, it helps restaurants generate sustainable revenues.

Also Read: ORZON Ventures joins Thai restaurant reservation platform Hungry Hub’s Series A round

“Given the culture in Asia, there are situations where one person pays on behalf of the entire table during parties, business meetings, dating, and birthday celebrations. But they don’t know what the people at the other end of the table will order. We at Hungry Hub solve this problem for billpayers. Meanwhile, it increases restaurants’ average check-ins and drives more traffic through our over a million monthly active users,” Sachdev explains.

Initial challenges

The first few months of Hungry Hub 2.0 were hard; convincing restaurants about the benefits of partnering with Hungry Hub was an uphill task. Restaurants didn’t want to upset their apple cart.

As Hungry Hub managed to resolve this issue, comes COVID-19. The pandemic and the resulting lockdowns forced it to focus on delivery.

“Although the lockdowns impacted our table reservation business, our food delivery unit and staycations helped us recover 50-60 per cent during those difficult times. As the pandemic threat was gone, we started growing again. We recorded tremendous growth in every quarter in the past three years except for the lockdown periods,” Sachdev claims.

According to him, Hungry Hub grew 2.5x year-over-year before the pandemic, and it is 60-80 per cent y-o-y post-pandemic.

In the past six months alone, the startup’s restaurant base has grown by over 30 per cent. It claims to have seated over two million diners and sourced over US$50 million to its partners.

So far, Hungry Hub has partnered with 1,200 restaurants/hotels across Bangkok, Pattaya, Hua Hin, Koh Samui and Phuket. Its partners include top restaurants, such as Copper Buffet, Audrey Café, The Coffee Club (Minor Group) and global hotels, such as Marriott, Anantara and Banyan Tree.

All across Thailand, there are more than 20,000 restaurants. This means Hungry Hub has only scratched the surface.

“While there are several online platforms in this space, they are either focused on the reservation system or deep discounts, which is very different from what we are doing. We are the leader for special occasion dining in Bangkok,” says the CEO of Hungry Hub, which takes a commission from diners.

Also Read: ‘Not all is doom and gloom’: Experts on the potential of AI to steal jobs in SEA

Trends

In the food ordering space, markets in Southeast Asia follow similar trends. However, Thailand has a slight edge as it attracts more tourists than others in the region.

Having said that, fine dining, omakase, and experience-based dining are the current trends in Thailand. “While people used to go out to eat to fill their stomachs in the past, today, it is more about what unique experience they can get from each meal to post on their Instagram and TikTok stories/reels,” Sachdev adds.

In July last year, Hungry Hub secured an undisclosed sum in Series A funding round from investors, including ORZON Ventures. Previously, it received its pre-Series-A stage funding from ECG Venture Capital and MOVF Media Group. In 2019, the startup bagged seed money from Expara and 500 TukTuks (a fund under Thailand’s 500 Global network). .

Hungry Hub is now in the market to raise up to US$5 million to grow its business beyond Thailand.

What is your immediate goal?

“Our immediate goal is to turn profitable within the first half of this year. We are on track to achieve this,” Sachdev concludes.

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Yinson Venture Capital, a subsidiary of Singapore-based Yinson Green Technologies (YGT), has made a strategic investment in Zeabuz, a Norwegian startup specialising in autonomous solutions for the maritime industry.

YGT’s strategic investments include an advanced hydrofoil system for electric vessels, e-bike and swappable batteries, autonomous and robotic technology, autonomous systems for electric vehicles, marine energy storage solutions and electric vehicle charging solutions.

Yinson Green Technologies plans to incorporate Zeabuz’s solutions in its electric vessels and utilise these technologies to boost the safety and efficiency levels of the vessels. It will also reduce the manning required during passenger and cargo transportation.

Also Read: Instill AI raises US$3.6M seed funding to make AI more accessible

Founded in 2019, Zeabuz has developed a proprietary autonomy platform suitable for both new designs and the retrofit of existing vessels. Its business model is to provide autonomy-as-a-service to operators of smaller vessels.

The startup is a spin-off of the Norwegian University of Science and Technology’s progressive research centre for autonomous marine operations and systems.

Zeabuz CEO and Co-Founder Erik Dyrkoren said, “Our technology enables our customers to offer safer and more efficient operations while enabling entirely new mobility concepts such as urban waterborne mobility with a reduced crew.”

YGT is the green technologies business unit of Yinson Holdings, a global energy infrastructure and technology company headquartered in Malaysia with a presence in 18 countries. YGT was established in 2020 as a green technologies solution provider delivering a clean, integrated and technology-enhanced ecosystem across the marine, mobility and energy segments.

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As we continue to explore the possibilities of Web3 and the metaverse, there are many different innovations showing up in the market. They all aim to offer something unique that can provide better experience for its users.

In the case of Netverse, that uniqueness lies in its status as a sharia-compliant metaverse that is said to be the first of its kind in the world.

Netverse is a product of the Islamic Business and Finance Network (IBF Net Group), the result of its partnership with Algorand Inc.

Similar to any other metaverse, Netverse is a shared virtual world that uses both immersive and blockchain technologies, writes IBF Net Group CEO Mohammed Alim in an email interview with e27.

The CEO explains that the use of immersive technology –such as AR/VR, mixed reality, and holography– enables users to “experience and feel” in a three-dimensional environment. But its “halal metaverse” status allows Netverse to provide a different experience.

“In a halal metaverse, users must socially interact with each other in an Islamically acceptable manner. Netverse imposes on its community a set of guidelines of social behaviour, which have been developed in consultation with Amanah Advisors, the UK-based Shariah Advisory partner of IBF Net. It sees certain forms of in-verse behaviour as inconsistent with Islamic etiquette and culture and penalises such behavior. Any complaint reported on such unacceptable behaviour is flagged and remedial or deterrent actions follow,” he said.

Also Read: Base bags pre-Series A for its organic, vegan, halal staple skincare products targeting Indonesian millennials

As the concept suggests, every transaction or financial contracting involving users inside Netverse must comply with the sharia regulations, in addition to country-specific financial regulations.

“Netverse hosts IBFNex, designed as a miniature Islamic economy on the blockchain, which comprises several platforms using smart contracts that cater to transactions in the philanthropy, not-for-profit, and commercial for-profit sectors of the Islamic economy. The smart contracts used to facilitate such transactions are free from riba (unjust enrichment), excessive gharar (fraud, deception, uncertainty, and complexity), qimar (gambling), and other elements prohibited by shariah,” Alim says.

What advantage does a sharia-compliant metaverse has?

“Ensuring Islamically acceptable behaviour by all residents of Netverse remains a key advantage of this shariah-based metaverse in addition to promoting a halal economy that is free from shariah-prohibited elements. Netverse is religiously and culturally acceptable to all users including the millennials who constitute the bulk of the community,” Alim explains.

“Indeed, it is a grave societal concern that young minds are exposed to a large amount of content that tacitly or explicitly encourages violence and promiscuity, given the increasing amount of time they tend to spend in a virtual environment. Netverse provides for healthy social interaction including Islamic education with gamification of contents, especially in the fields of economics and finance, in a virtual environment that the users prefer or are familiar with,” he continues.

Also Read: Evermos lands US$30M Series B to take its e-commerce platform for halal products to new markets

As a platform developed by IBF Net Group, Netverse users are mostly students, researchers, professors, scholars, and professionals interested in this field. With the growing role of technology in a halal economy, Alim says that the expanded community now includes members with a background or interest in information and web technology as well.

“Since the community in this niche area is largely dispersed across the globe, its user acquisition strategy has been and continues to be campus-focused. It has a significant presence in social media and tools of member acquisition include webinars, meetups, training events, certification courses, awards, data, and information-sharing,” Alim says.

Behind the metaverse

Netverse is developed by IBF Net Group, an online community that is focused on the field of sharia economy and finance that was founded in 1999.

Its involvement in the blockchain field includes the introduction of the IBFX token and a number of blockchain projects, which The Netverse has helped expanded by bringing them into the metaverse:

The Benevolence platform: A platform that allows project owners to mobilize donations of cash as
well as volunteer hours in a time-bound manner.

The Credence platform: A custodial service provider that facilitates conversion of various records, documents, certificates, endowment deeds, and many more into NFTs ensuring their safe storage, and perpetual and transparent access.

The Affluence platform: A marketplace that facilitates conversion of various assets into digital assets in the formof non-fungible tokens and their auction/sale in a transparent environment along with ensuring the flow of royalties and other legal payments to original creators through smart contracts. It has a unique feature of interest-free financing (qard) option based on collateral (rahn) of digital assets.

The Essence/Excellence platform: A marketplace that seeks to bring together buyers and sellers of halal goods and services including for-profit halal financial services. The Excellence platform is restricted to sale of e-learning courses.

Also Read: How blockchain can help combat ongoing fraud in the Halal food industry in SEA

IRSHAD (Intelligent Robo Shariah Advisor): An AI-powered chatbot that is well-equipped to engage with the user in a conversation regarding Zakat as an economic institution of philanthropy and empowerment of the poor and marginalised
sections of society. It is in the process of acquiring intelligence on Islamic inheritance and personal financial planning.

When asked about its plan for 2023, Alim says that a few major components of IBF Net’s plan for this year with respect to Netverse include expansion of the community, targeted to cross 100,000 mark by end of the
year covering all major university campuses that teach Islamic economics, business, and finance across the globe.

It also plans to expand beyond the existing virtual learning hub (Netversity) and virtual marketplace (Netbazaar) as a growing virtual edu-city, to be known as The Octagon (Rub-al-Hizb). The organisation also currently designs and offers learning programme in Islamic economics, business, and finance for students at senior school and pre-university levels, and conduct gamification of contents within existing portfolio of courses and certification programmes.

“The implementation of these plans would demand financial resources. IBF Net is now poised to launch a fund-raising campaign through a public sale of its in-verse token, followed by a sale and lease of virtual space and an invitation to institutional and individual investors to contribute to its capital,” Alim closes.

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Image Credit: IBF Net Group

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