Launching a startup is never easy, and there are lots of things you have to take into consideration before you decide to make that massive step. This is particularly true with e-commerce startups.

One of the issues you should focus on is your finances, and creating a proper budget could really go a long way. You should also try to cut costs as much as you can, of course, and save as much money as possible. If that’s something you’re thinking about doing as well, here are some strategies you should look into.

1. Opt for online accounting

Having your own accountant is one of the things people used to pay lots of attention to in the past, and entrepreneurs of the previous generations took huge pride in having the best accountant in the area.

This could, however, turn into a massive expense, and that’s not something you should want for your new business. Luckily, you can find a solution in the online world and opt for an online accountant instead.

Also Read: 3 mobile commerce trends that Singapore e-commerce shop owners must know

This will probably be a lot easier, cheaper, and quicker than having your own accountant. You can also opt for a helpful app, and do everything on your own, thus saving quite a lot of money on a yearly basis.

2. Use an inventory control app

No matter what you do and how big your e-commerce startup is, the chances are you’ll have to deal with some sort of inventory. This means you’re going to need to find a way to control your inventory and manage it properly, which could turn out to be rather expensive.

But, again, if you choose an online solution, you could accomplish quite a lot for only a fraction of the price. Using an app is also a quicker alternative, and you’ll basically be saving valuable time every time you’re checking, changing, or working on your inventory.

3. Design seamless experience

Making your customers feel fully satisfied with your services should be your top priority, as it not only builds brands loyalty but also reduces the cost of developing new products and services.

It is no wonder, then, that the people behind an innovative master course in service design underline the importance of testing specific approaches, methods and tools when developing projects related to creating new services, evaluating and transforming existing services or implementing operational changes at the supplier level.

Also Read:  3 ways voice assistants is going to change the game for e-commerce

Your business should encourage an experimental attitude and collaboration with users to come up with the solutions that the consumers need more quickly and effectively.

4. Rethink your office supplies

Every business needs some office supplies, and your new e-commerce startup is no different. However, not just any supplies will do, and you need to think long and hard before spending your money on them.

Buying your essential office supplies in bulk might make a lot of sense financially, and you won’t have to worry about running out of supplies anytime soon.

So, what you need to do is find everything you need at one reliable seller and use their affordable paying options as much as you can. This will save you more money than you’ve anticipated, and make your life a lot easier at the same time.

5. Switch to cloud-based services

Instead of cluttering your office with tons of paper, hundreds of binders, and a ton of useless junk, you should explore the benefits of the 21^st century, and switch to cloud-based services.

This way, you’ll be able to do your work more quickly and efficiently than before, but will also be able to share it with your colleagues, business partners, and other people you work with. From Google Apps for work and Dropbox to Skype and Slack, these things will make your job much easier and quicker, and that’s something all e-commerce startups need.

6. Consider outsourcing

Instead of speaking tons of money on hiring full-time employees, you should consider outsourcing them. There are lots of people all around the world who would be happy to work for you as freelancers or home-based employees, and both of these options will significantly cut your costs. Outsourcing comes with a number of other benefits as well, so explore this idea and invest your time into turning it into reality.

When it comes to working from home, if you let your employees do that, you’ll be saving money on office costs. Instead of spending a ton of money on designing, equipping, furnishing, and running an office full of people, you could all work from your own homes and still do an amazing job. Discover reliable apps that allow you all to stay in touch, assign tasks, and solve problems at the same time – wherever you are in the world.

Reducing your e-commerce startup costs won’t be easy, but, after all, running a successful company is as far from easy as you can imagine. That’s why you need to work hard in order to find the ideas that are cost-effective and figure out ways to make them work for your startup as well.

Once you do that, you’ll immediately start being more successful and productive, and that’s always a good thing.

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Image Credit:  rupixen

This article was first published on October 29, 2019

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wagely, an Indonesian earned wage access platform with a presence in Bangladesh, has secured US$23 million in new funding.

The latest round, led by Capria Ventures, comprises a mix of equity and debt financing.

Existing investors also participated. An unnamed private debt fund also made a significant contribution.

Also Read: ‘As workplaces rapidly change post-pandemic, the way people getting paid changes too’: wagely CEO

wagely will use the fresh capital to expand further its earned wage access service in Indonesia and Bangladesh.

A financial wellness platform, wagely offers workers visibility into their daily earnings and instant access to earned wages. This allows workers to better manage their money by letting them access their pay after each workday. It is offered free to employers, who then provide it as an optional benefit to employees.

The startup also allows users to track their salary and access financial literacy resources.

In 2023 alone, wagely claims to have disbursed over US$25 million in salaries, processing close to one million transactions and being accessible by 500,000 workers.

In March 2022, the company raised US$8.3 million in pre-series A round, led by East Ventures, with contributions from existing backers Integra Partners, the ADB, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.

Also Read: wagely nets US$8.3M pre-Series A to grow in Bangladesh

As much as 75 per cent of the nearly 195 million workers in Indonesia and Bangladesh navigate financially challenging situations, relying on each paycheque to make ends meet. Lack of access to conventional financial services leaves a significant number of workers without the necessary financial tools and support to help improve their financial well-being.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Singapore-based impact private equity fund, ABC Impact, has made an undisclosed investment in Winnow, a UK-based AI-driven food waste reduction solution company.

Winnow will use the money to expand its presence in Asia.

“Asia is a key market for our solutions and has vast potential to further reduce its food waste, with Singapore, Japan, and Indonesia a particular focus for us. We look forward to working with ABC Impact to enhance our AI capabilities further and to bring greater profitability and sustainability to Asia’s kitchens,” Marc Zornes, CEO and co-founder of Winnow, said.

Also Read: ‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’

Headquartered in London with offices in Singapore, Chicago, Dubai, and Cluj-Napoca, Winnow provides AI-enabled solutions, which are trained to recognise waste as it is thrown in the bin, whether during preparation or from a customer’s plate. The automated recording process captures 100 per cent of the waste stream and analytics identify and track where wastage occurs. This approach enables users to optimise efficiency, change behaviours, and drive significant waste reductions in their kitchens.

The company serves large hospitality businesses, such as hotels, contract caterers, and cruise ships, operating in over 2,000 sites and 70 countries worldwide. Accor, Four Seasons, and Hilton are some of its customers. On average, Winnow claims to help customers reduce 50 per cent of food waste and cut costs by 2-8 per cent.

Sugandhi Matta, Chief Impact Officer at ABC Impact, added: “Food loss and wastage has a vast economic, social, and environmental impact – depleting resources, worsening global hunger, and increasing greenhouse gas emissions. The innovative AI-driven food waste management solution developed by Winnow has been successfully deployed globally. When we reduce food loss and waste, we can mitigate the pressure on climate, water, and land resources – and ultimately contribute towards a more sustainable future.”

Also Read: How Meals In Minutes tackles food waste with ready-to-cook meal kits

According to the United Nations, around 13 per cent of food produced is lost between harvest and sale. At the same time, about 17 per cent of global food production is wasted in total across households and commercial food services. With the scale of food loss and waste exacerbating the emission of greenhouse gases, the food and hospitality sector that Winnow specialises in plays an important role in global food waste reduction.

In Singapore, the National Environment Agency has mandated that all large commercial and industrial food waste generators must segregate their food waste for treatment from this year onwards, with further food waste segregation and reporting requirements expected to be implemented.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Visit Echelon X to learn more about the program. Get your tickets here!

Scaling is an important step for startups as it marks the transition from a fledgling venture to a sustainable and impactful business. It’s not merely about expanding operations but about achieving a delicate balance between growth, efficiency, and maintaining the core values that set the startup apart.

Scaling allows startups to capitalise on early successes, expand their customer base, and increase revenue streams while ensuring operational agility and maintaining the quality of their products or services. This phase is pivotal for startups as it often determines whether they can transition from promising ventures to established players in their respective industries.

In this journey, leveraging emerging technologies and innovation plays an important role as it enables startups to automate processes, streamline operations, and enhance productivity, thereby allowing them to handle increased demand without proportional increases in resources. For instance, cloud computing provides scalable infrastructure solutions, allowing startups to easily adjust resources based on fluctuating demands. Similarly, artificial intelligence and machine learning algorithms can analyse data to optimise various aspects of the business, from marketing strategies to supply chain management, fostering efficiency and agility.

Also read: Exploring emerging tech at the Future Stage in Echelon X

Moreover, innovation drives differentiation and competitive advantage, essential elements for successful scaling. Startups can innovate in product development, service delivery, or business models to capture new markets or outperform competitors. Emerging technologies such as blockchain, augmented reality, and the Internet of Things offer unique opportunities for startups to create disruptive solutions and redefine industry standards.

By embracing innovation, startups can not only attract customers but also investors who recognise the potential for growth and scalability. This endeavour is also accelerated further through collaborations with other innovative startups, research institutions, or industry leaders, leveraging collective expertise and resources. By harnessing the power of emerging technologies and fostering a culture of innovation, startups can effectively navigate the challenges of scaling and position themselves for long-term success in the dynamic business landscape.

AI as a tool for scaling

AI stands at the forefront of today’s most exciting emerging technologies, revolutionising industries across the board with its intelligent approach to various aspects of business. From enhancing automation and efficiency in manufacturing to powering personalised recommendations in e-commerce, AI’s potential is boundless.

AI’s ability to analyse and process vast amounts of data and derive actionable insights enables businesses to make more informed decisions, improve customer experiences, and drive innovation. Moreover, AI’s adaptability and continuous learning capabilities ensure that its impact will only grow, shaping the future of technology and society in profound ways.

As such, AI is well-positioned to aid businesses throughout their growth journeys. Scaling Southeast Asian startups through the power of AI represents a burgeoning trend in the region’s rapidly evolving tech landscape. Southeast Asia is witnessing a surge in entrepreneurial activity, fueled by a young population, increasing internet penetration, and a growing digital economy. In this dynamic environment, AI emerges as a transformative force, offering startups unprecedented opportunities for growth, efficiency, and innovation.

However, along with these prospects come unique challenges that require strategic navigation and innovative solutions.

Also read: Echelon X: A platform where partnerships are forged

One of the most significant trends driving the scaling of Southeast Asia startups through AI is the increasing adoption of AI-powered automation across various industries. From e-commerce platforms optimising supply chain logistics to fintech companies personalising financial services, AI-driven automation streamlines processes, reduces costs, and enhances productivity. Startups leveraging AI-driven automation can scale rapidly by efficiently managing resources, improving operational efficiency, and delivering superior customer experiences.

AI also poses significant challenges that require careful consideration and strategic planning. One of the primary challenges is the scarcity of AI talent and expertise in the region. While the region boasts a vibrant startup ecosystem, the shortage of skilled AI professionals hampers the development and implementation of AI solutions. Addressing this challenge necessitates investments in AI education, training programs, and talent acquisition initiatives to build a robust AI ecosystem capable of supporting startup growth.

Additionally, data privacy and security concerns present formidable challenges for the region. With the proliferation of data-driven technologies, ensuring the protection of sensitive customer information and compliance with regulations becomes paramount. Startups from the region must prioritise data privacy and security measures, implement robust encryption protocols, and establish transparent data governance frameworks to build trust and mitigate risks associated with AI-powered solutions.

Echelon X: An opportunity for learning

Echelon X is a premier gathering of innovators, entrepreneurs, investors, and tech enthusiasts from across Asia and beyond. Happening on 15 and 16 May at the Singapore EXPO, this event serves as a platform for networking, collaboration, and knowledge exchange within the vibrant Asian startup ecosystem.

With a focus on showcasing groundbreaking technologies, emerging trends, and disruptive ideas, Echelon X offers attendees valuable insights, connections, and opportunities for growth. Through keynote speeches, panel discussions, startup showcases, and interactive workshops, participants gain valuable industry knowledge, forge strategic partnerships, and explore investment opportunities.

With knowledge-sharing at the heart of its mission, Echelon X will feature a fireside chat entitled Scaling SEA Startups through AI: Trends, Opportunities and Challenges. Participants can learn straight from industry experts on how to leverage AI for startups in the Southeast Asian region, including emerging trends and growth opportunities.

The panel will delve into the unique challenges faced by startups in adopting AI technologies and offer practical strategies for overcoming them. Through discussions and real-world examples, attendees will learn how AI can drive innovation, efficiency, and sustainable growth in the rapidly evolving startup landscape of Southeast Asia.

Also read: The first 27 key innovation leaders who will speak at Echelon X

Guiding participants through the rich discussion is Piruze Sabuncu, Partner for Square Peg, a global investment firm on a mission to empower exceptional founders, which manages more than US$2.5 billion in assets across its venture capital, opportunities, and global listed equities funds and in addition has delivered material realised returns of more than US$550 million.

Piruze Sabuncu works with exceptional founders in Southeast Asia and beyond with a focus on Series A and Series B. She also acts as an advisor to the Asian Development Bank and is on the board of Kodluyoruz, a coding academy enabling the youth to realise their potential in tech. She was the first employee in the region for Stripe and was part of a great growth journey where she led efforts such as launching countries, hiring first employees, building the APAC HQ, experimenting with various projects, and being responsible for the regional GTM strategy and P&L along the way.

Moderating the fireside chat is Adriel Yong, Head of Investments at Ascend Angels, who is currently leading multi-stage investments at Ascend Angels, the largest angel syndicate in Southeast Asia which also operates an early-stage venture capital fund, Orvel Ventures.

Piruze and Adriel will be helping participants navigate the complexities of scaling through their deep industry expertise and actionable insights.

Join us at Echelon X!

Gear up for the premier tech and innovation conference as Echelon X kicks off on May 15th and 16th, 2024, at the Singapore EXPO. This dynamic event will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

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RizqX, a Singapore-based startup dedicated to halal investments, recently achieved a notable feat by securing the second position at Venture Z, a global startup competition held during the 2nd International Conference on Sustainability: Development and Innovations (ICSDI) 2024 in Riyadh, Saudi Arabia.

With competition from 318 teams across 40 countries, RizqX showcased its commitment to financial inclusivity in Singapore and Southeast Asia (SEA).

The startup focuses on empowering Muslims to make informed financial decisions following Shariah principles. By consolidating a diverse range of Shariah-compliant investment options from global institutions into an all-in-one platform, RizqX provides users with detailed reviews and educational resources, currently featuring 44 live investment options as of February 2024.

The driving force behind RizqX is its diverse four-member team, led by Managing Director Muhammad Ridhwaan Radzi, a finance industry veteran with over six years of experience and a Certified Shari’ah Advisor and Auditor (CSAA) certification; COO Muhammad Nur Salihin Bin Samsudin, with a background in Public Policy and Management, oversees operations, governance, and administration; Syed Hafiz Bin Salim Alsree, the CTO, leads product development as an Aerospace Engineering major at Imperial College London; and Foong Yan Kai, the CMO, manages marketing and partnerships, leveraging his studies in Linguistics and Multilingual Studies at NTU and prior experience as a freelance PR and content consultant across various sectors, including fintech and edutech.

Also Read: Innovation meets piety: How Netverse sets itself apart as a sharia-compliant metaverse

The company sees its success at Venture Z, which underscores its dedication to promoting financial inclusivity within the framework of Islamic finance, with a robust platform and a team of experts navigating the complexities of halal investments.

In an email interview with e27, Muhammad Ridhwaan Radzi, CSAA, Managing Director, RizqX, explains more details about the company, the market they are targeting, and their plans for the future.

The following is an edited excerpt of our interview with him:

What are the particular challenges Muslims in Singapore face in accessing financial services? How does your solution help them?

Muslims in Singapore are looking for investments that are both Shariah-compliant (or we call it halal) and provide reasonable returns.

However, these halal investments are often scattered and underpublicised by nature. Halal investors have difficulty screening and finding halal investments when there’s more information about non-halal investments in the market. This makes halal investments, both public and private, get lesser awareness.

Adding on to the scattered nature of these investments, it is challenging for Muslims in Singapore to have a holistic comparison of available investment options as such a comprehensive platform or resource is unavailable. This lack of consolidated knowledge hinders investors from making informed decisions.

I have been exploring and understanding halal investments for the last 10 years and have experienced the challenges faced by the community. Hence, I want to ensure that public and private halal investments get the recognition they deserve and that Muslim investors can grow their wealth harmoniously with their beliefs. This led me to start Islamic Finance Singapore (IFSG), Singapore’s largest organically grown Islamic Finance in 2018, and now RizqX, a fintech gateway to halal investments, in 2023.

Also Read: How du-it aims to empower SMEs with its Shariah-based BNPL platform

Can you explain more about the user profile you aim for? What is your strategy to acquire them?

Our primary users are Muslims in Singapore (and SEA) seeking to grow their wealth in line with Shariah principles. They want to ensure that their choices are aligned with their religious beliefs – they do not wish to compromise their religious principles while seeking financial freedom.

A 2022 report noted that 61 per cent of SEA halal consumers find Shariah compliance a crucial factor for banking or investment products. We aim to reach out and acquire these users directly through the established Islamic Finance Singapore (IFSG) network. Furthermore, we will provide resources (articles and guides on our website and short-form content) and opportunities such as events and webinars to allow users access to the knowledge they seek.

Our secondary users are retail investors seeking better-performing investment options, as Halal investments are not limited by religion. If we compare the S&P 500 and the S&P 500 Shariah Index, the halal option outperformed in the usual years.

What is your product development process?

We are developing the investment platform as a web application in three main stages: We have completed Stage One and started onboarding users last weekend to experience the product and provide feedback.

In Stage One, we provide a consolidated selection of halal investments, both public and private. We provide a profile of each investment and additional articles and guides aimed at educating investors. The information provided is suitable for all levels, from beginner to advanced. While we have listed the 44 options, we continuously improve the profile writeup and find new halal investment opportunities.

The subsequent stages include a comparison feature to evaluate various investment opportunities, a personalised dashboard where investors can monitor their investment and a community forum. We are looking to develop the comparison and community forum features next to allow the community to have a platform to seek and share their knowledge on Islamic Finance.

Also Read: Ethis Group, Gobi Partners to launch Shariah-compliant US$20M seed fund

What other innovation do you have in the pipeline?

Down the pipeline, we are exploring Zakat 2.0 and Halal 2.0. Zakat 2.0 is a new way to conduct your alms while considering the multiple halal investments available. Halal 2.0 explores a new stock screening methodology that combines Shariah and ESG screening.

What is the prospect of Sharia-based financial services and investment in Singapore?

Singapore’s Islamic Finance landscape has been changing rapidly. If we look at 10 years ago, most of the halal investments and Islamic financial services you see currently were not available.

Now, we see many players and opportunities entering the Lion City rapidly – a Malaysian bank shared its plans to establish Singapore as a regional wealth management hub; a Singapore wealth app recently obtained Shariah certification to ensure their offerings are easily accessible to the Muslim community.

With more awareness from the stakeholders involved, we foresee more products and services manufactured outside of our country entering the market and being accessible to Singaporeans.

What is your major plan for 2024?

For 2024, we have two main focuses – product development and user acquisition.

We are incubated and funded by NTUitive, Nanyang Technological University’s innovation and enterprise company. We seek grants to develop the app further and fix any potential blind spots. Through these grants, we aim to complete Stage Three of our current development process. We also aim to increase the awareness of RizqX as a solution provider for halal investing for Muslims in Singapore and SEA.

In short, we hope to establish the foundations of RizqX in 2024, so it can flourish in the years to come.

Do you have plans to expand beyond Singapore?

We perceive Singapore as the launchpad for effective expansion throughout the region. We believe that SEA has a huge potential as Indonesia alone has 240 million Muslims. Therefore, that’s our vision for the next five years: to expand from Singapore to SEA.

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Image Credit: RizqX

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