The dating app industry, despite criticism from psychologists, generates billions of US dollars a year. This ‘love economy’ has changed our lives beyond recognition.

However, almost half of consumers say they feel frustrated when using such apps, and members of the so-called ‘Generation Z’ are increasingly turning to live communication in search of their other half.

What does the future hold for the dating app industry?

The internet has changed the way we date, and psychologists believe it is not for the better. The abundance of choice in terms of partners and spending time corresponding with people without any idea of who they really pose mental health risks. The ease of choice, or the illusion of choice offered by dating apps, reduces the chances of meeting someone who you really click with in real life.

This is confirmed by a Pew Research Center study in 2020, which found that 45 per cent of people were disappointed when using apps, and 60 per cent of young girls and women said they had received intrusive messages even after expressing disinterest in a candidate. In addition, more than half of people received unwanted photos of a sexual nature, and the same proportion said they thought apps were an unsafe way to meet.

While the use of apps was not declining before COVID-19, recent studies show that interest is waning. So-called millennials, those born between 1996 and 1981, have grown extremely tired of online dating, even though for this generation finding a mate used to be a natural process.

Younger Generation Z (27 years and younger) are even less likely to use Tinder, Hinge, Bumble, and other apps, preferring to meet their other half through mutual acquaintances.

Surprisingly, it is this generation of young people, who spend over 8 hours in front of their phone screens, that miss live interaction the most. We might consider that the younger generation is more aware, having matured in a time of climate activists and quarantines that have forced them to turn inwards, but they are not the only ones who are choosing alternatives.

Also Read: To bumble or not to bumble: Does Asia need its own dating apps?

The 2024 D.A.T.E. (Data, Advice, Trends, and Expertise) report shows that many members of Generation Z rank fear of rejection and feeling uncomfortable among their top concerns when using instant dating apps. Millennial daters may have more experience of rejection, but this does not mean that they are comfortable with this scenario.

In search of a genuine connection

Dating apps are losing their appeal among all age groups. The majority of users of the recently launched Joiner App, a matchmaking and leisure app, are millennials, three-quarters of them women aged 25-40. They are happy to stop feeling the tension of a targeted search for a mate and rather find their circle of people based on their interests.

Millennial women don’t have the time to waste corresponding with 30 different people and then being disappointed every time they meet in person. The sociability, the ability to share positive emotions with people with whom you have a lot in common, is something else.

When we talk to the Joiner App community, we hear although people are often looking for their other half, they prefer to be friends first. They are fed up with the brutal push by apps to build a relationship faster without a foundation because it’s just not real.

Every relationship psychologist will agree that to have a successful commitment, one needs to go out there, not spend time on apps, create a false image of oneself, and also see potential partners.

According to statistics, the majority of ‘Generation Z’ women delete dating apps within the first month of use. Old-fashioned? I don’t think so.

I believe that our future will be different because people’s minds are changing. We are finally recognising that each of us wants the natural, real connection that many of us have lost. The millennial generation has had enough of virtual communication and is seeing the consequences.

The market is changing, their desire to communicate in person is replacing virtual illusions. This is why the world is witnessing a boom in socialisation projects and community building. It is impossible to ignore these trends because people’s needs are very clear. What is old-fashioned to whom today? The answer is obvious.

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The post The economy of love: Are dating apps doomed? appeared first on e27.

Vietnam boasts a vibrant startup ecosystem and is among the top 3 most attractive investment destinations in Southeast Asia. Fonos, a Vietnamese audio content startup, is one of the prominent players in this exciting landscape, enjoying an accelerated growth momentum since 2020. With subscription services covering 1500 pieces of original content, 200+ podcast channels, and 1200+ copyrighted audiobooks, it is the number one audiobook app on both Apple AppStore and Google Play Store in Vietnam.

The challenge of streamlined marketing and ongoing personalisation to engage busy users

Vietnamese users have high expectations from their audio apps — from supporting their upskilling, personal and spiritual growth, and to catching up on the news in various spheres and reading to their children.

Fonos offers all of this but found that more than two-thirds of its users are busy people. While the users come on to the app because they recognise it can meet their needs, Nguyen Hong Nhung, Head of Growth Marketing at Fonos and her team, saw that the users could stay longer and return more often. Fonos had the potential to become the go-to learning and content companion for customers round the clock. To achieve this, the Fonos team decided to use a powerful all-in-one solution that would help tailor personalised retention strategies and create new user behaviours.

Also read: Leveraging technology to create uniquely human experiences

Because of its real-time Recency, Frequency, and Monetary segmentation features that underpin omnichannel, lifecycle marketing, and automated and personalised communication, Fonos sought CleverTap’s services.

“Fonos, right from its early days, understood the importance of focussing on user lifetime value as a way to achieve its goal of being a ‘daily companion’ to its users. CleverTap serves as a robust, unified engagement platform, empowering us to engage users contextually in real time and use automation for enhanced efficiency,” shared Nhung.

A foundation for tailored, end-to-end lifecycle engagement

With CleverTap as the cornerstone, Nhung and her team set out to build a data-driven strategy to maximise customer lifetime value (CLTV). This would be done in two ways: Driving subscription sales throughout the customer lifecycle (install, trial, renewal), while simultaneously boosting customer retention.

Nhung’s team kicked things off by segmenting their user base. They used CleverTap’s live unified customer views updated with real-time user interaction data, as the ideal starting point to segment users based on user type (Free/Subscription/Churn) and the category of the product (Audiobook/Ebook/Podcast). For enabling lifecycle-based engagement, CleverTap’s sophisticated Recency, Frequency, and Monetary (RFM) behavioural segmentation algorithm was applied. This creates segments of users based on how recently and how often they were active, as well as the value of their transactions.

Also read: Fostering inclusion: AI’s role in SEA’s education sector

RFM segmentation offers multiple advantages. RFM takes the entire audience and maps them onto a recency and frequency grid, breaking them down into 10 distinct groups. It is fully automated and takes care of complex mathematical modelling with complete accuracy. Thus, the Fonos team saves hours of effort which would be spent on computing which users belong where. They also have access to the probability of a user transitioning from one segment to another, which can happen at any time during the lifecycle.

Equipped with this new, multidimensional, real-time overview of their users’ lifecycle stages, the Fonos team leveraged more of CleverTap to create laser-focused engagement.

Leveraging RFM-backed journeys and insights to personalise user experiences and maximise CLTV

From the moment the customers find and download the Fonos app, they engage with it in varied ways. Against this backdrop, Fonos’ main goal is to make personalised content suggestions in real-time, so customers can quickly discover what they need and maximise their usage of the app’s large library. Let us look at how the team used CleverTap to achieve this.

In the case of users who download the app and sign up, conversion-focused journeys auto-trigger campaigns to engage those who remain inactive post-sign-up with welcome onboarding emails. Similarly, tailored journeys win back users about to cancel their subscriptions by reminding them how much they will miss their most-used features. Users who forget or overlook spending their abundant credits are alerted with personalised messages on their preferred channels before the credits expire.

In this way, RFM segmentation ensures that along any tailored journey, the offers, and customised messaging reach the right user on the right channel, consistently improving the experience. CleverTap also enables the team to identify the ‘golden time’ of the day to engage users, further boosting effectiveness. The Fonos team is also able to streamline their efforts by tapping into deeper insights mined by CleverTap, such as by not focusing on users who use the app for less than 10 minutes a day in the first week as they are unlikely to turn into loyal customers.

With this integrated execution of tailored journeys and lifecycle messaging right from the onboarding stage to provide seamless personalisation, Fonos is seeing concrete gains. There is a significant conversion uplift between 5%-10% and an appreciable revenue boost of 10% for user groups where CleverTap segmentation and tools were applied.

“RFM segmentation has helped shape a far more effective strategy, supercharging our return on investment by boosting retention rates and maximising user lifetime value,” explained Nhung.

Nurturing customer loyalty through RFM-powered personalisation

The Fonos team also leverages RFM segmentation and valuable insights from CleverTap to engage loyal customers and persuade them to make referrals. Loyal users, for instance, are offered personalised content so they feel valued. Another approach that is currently working well is two-way conversations. Customers in the more loyal segments are asked for feedback, assured it will be implemented, and then engaged again to see if they are satisfied. High-value, at-risk customers are convinced to stay by offering them gainful, customised loyalty programs, while loyal customers are incentivised to provide referrals.

Also read: OceanBase INFINITY 2024: Pioneering Indonesia’s digital economy

“By leveraging RFM segmentation and stellar user database management, Fonos has transformed user engagement, increasing both app usage time and monthly active users. In today’s distracting digital landscape, user loyalty is the heartbeat of a thriving subscription business, fueling continuous growth and unwavering engagement,” added Nhung.

A data-driven success story

There is clear evidence that everything Fonos has done so far to increase user engagement is working. The email open rate of 20% is significantly higher than the industry benchmark. At 10%, the In-app message open rate is also at a great level. Crucially, since CleverTap, monthly active users month-on-month growth has seen a 25% jump with the absolute number increasing 6-fold over six months. Fonos accomplished this by intelligently harnessing data to engage the busy user in the right way at the right time.

“CleverTap’s CRM system, by providing personalised customer experiences, marketing performance optimisation, and measurable metrics to gauge the success of our efforts in real-time, has greatly aided our growth,” Nhung shared.

To learn more about how CleverTap can help your business create a tailored strategy for engaging users, visit them at https://clevertap.com/live-product-demo/.

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Photo by Christina Morillo via Pexels

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This article is produced by the e27 team, sponsored by CleverTap

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Uncovering the secret behind Fonos’s unprecedented growth appeared first on e27.

When asked about the top cybersecurity concern that companies of all sizes and sectors face today, Zscaler Chief Security Officer Deepen Desai named phishing as one of them. We can even expect the number and level of threat to escalate as cybercriminals use Artificial Intelligence (AI) in their attacks, starting from the use of deep fakes to the use of “cleverly crafted” phishing kits that can evade multi-factor authentication (MFA) steps.

Speaking to e27 at the sidelines of Zenith Live 2024 on June 13 in Las Vegas, he also warned against using phishing-as-a-service frameworks that make crimes easier.

“Two notable ones have been mentioned in the last few years. The first one was the Scattered Spider group … they make phone calls to your IT helpdesk, pretending to be the employee and convincing the IT helpdesk to reset the password, reset MFA, and get inside the environment,” he explained.

“The other variation that we have seen in the last six months is … they pretend to be the security team of that same company, telling the IT helpdesk that we have found some security issue with your computer, and we are calling to help fix it.”

To deal with this issue, as a principle, Desai recommended companies focus on two things: Training employees and performing inline TLS inspection.

“In the case of Scattered Spider, as soon as we started seeing that happening mid to late last year, we sent out an advisory to all our customers to follow this process in order to safeguard against these types of TTP. So, the basic process changes. If some employee called your IT helpdesk to reset MFA or credentials because they lost their phone, contact their manager and get approval from them … With the basic process changing, training the employees become very, very important,” he said.

Also Read: The ever-present threat: Why businesses need robust cybersecurity

“The technology piece is where you need to do inline TLS inspection. Because a lot of these phishing pages are hosted on Azure or AWS GCP. They are using these cloud storage service providers’ wildcard certificates.”

Focusing more on how AI is taking cyber attacks to the next level, Desai highlighted that cybercriminals today aim at a company’s enterprise AI application.

“Every organisation is adopting generative AI LLM; they are all trying to take advantage of the efficiency, the efficacy gains that the LLM is providing. But this [enterprise AI is now] a crown jewel for your organisation. Because you have all your data there that you are using to train these algorithms, you can now poison the application, steal the data, and do lots of different attacks against that LLM infrastructure.”

So, how can companies use AI to fight against AI? Desai first highlighted that AI will not work as a panacea; users have to “tactically” integrate the technology in places where it will excel.

“What we have done is that we implement AI-powered segmentation, where we are using these AI modules to look at your last three months of data. Then, it is able to tell you that ‘This group of users are accessing this group of applications; you should apply this segmentation policy’,” he began.

Another example is the use of AI co-pilots. “How can you make it easier for a relatively new guy on the customer side, who may not be very familiar with your platform, to use it to defend against attacks? So, again, AI is being used across different layers in the product to fight attacks that will be more sophisticated, automated, and dynamic in nature.”

Also Read: Demystify cybersecurity: EPP vs EDR vs MDR vs XDR

As a cybersecurity firm, Zscaler provides businesses with an in-line cloud security platform. Its Zscaler Zero Trust Exchange platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications anywhere.

At the same event, e27 spoke to Kavitha Mariappan, EVP of Customer Experience & Transformation, on how the company works with businesses to help them grow, especially in their cybersecurity aspect.

“We help customers grow is by reducing IT and security overhead,” she said.

When asked about recent changes in the global market, Mariappan said that COVID-19 was an inflexion point for businesses as it created a new kind of workforce—one that had never been in a physical office before.

“I was with a customer yesterday who said, ‘I have 300,000 offices. Why? Because I have 300,000 employees, many of whom work from home for a percentage of the week.’ So, how do I build a workforce? How do I ensure the crown jewels of the organisation are protected?”

“The other thing that has happened is how AI has taken off … We are seeing the bad actors use AI to do very sophisticated nefarious acts. So, I think we have seen many things shift since the pandemic.”

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Image Credit: Zscaler

The post Phishing remains top cybersecurity concern, but AI will drive it to next level: Zscaler CSO Deepen Desai appeared first on e27.

Dear reader,

We saw a great variety of news happening this week.

From the funding side, we had companies such as Amartha announcing a US$17.5 million funding round, Buyandship securing US$16 million, and Homa2u getting US$1.5 million. These companies work in various verticals, from fintech to logistics to interior design. Even major names such as Carro secured a US$55 million loan from HSBC to support its fintech arm.

We also witnessed movements in human resources. Philippe Auberger, a former Lazada Logistics Indonesia CEO, joins SiCepat, while SoftBank’s Masayoshi Son is setting up his “next big move.”

For features, we published a special interview with Zscaler from our recent participation at Zenith Live 2024 and a profile of BuyMed and Transcelestial.

Anisa,
Editor.

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NEWS

MSD launches IDEA Studios to fund healthcare innovation in Asia, Europe
MSD, through its Global Health Innovation Fund, plans to invest US$38 million across both regions over the next three years

Amartha secures US$17.5M from Accion to empower women-led MSMEs
Amartha uses tech and partnerships to support women-led micro and SMEs, merchants, institutional banking, retail investors, and startups in the grassroots economy

Hong Kong based Buyandship secures US$16M funding led by Altara Ventures
Buyandship plans to enhance the user journey, expand into Southeast Asian markets, and further automate operations

SEA’s tech M&A boom cools off, more corrections on the horizon
According to DealStreetAsia, following peak activity in 2022, SEA witnessed a notable decline in M&As of tech companies in 2023

Malaysian interior design marketplace builds Pre-Series A round up to US$1.5M
Homa2u has repurposed US$4.2 million worth of excess inventories in over 8,000 homes, Tech In Asia writes

Vietnamese unicorn VNG eyes listing on local exchange HoSE
This information was secured by DealStreetAsia from the company’s annual shareholders on Friday

US VC General Catalyst acquires Indian peer Venture Highway
This acquisition confirms a report that DealStreetAsia made in January

Former Lazada Logistics Indonesia CEO joins SiCepat
Philippe Auberger joins the Indonesian logistics firm as its COO, according to Tech In Asia.

Carro secures US$55M loan from HSBC to fund fintech arm
The loan was meant to support the company’s fintech arm Genie Financial Services, DealStreetAsia writes

SoftBank’s Masayoshi Son set for ‘next big move’: report
Amid a deeper focus on AI, SoftBank is aiming to boost its renewable energy ventures to power its AI initiatives, especially in the US, Son said.

Lightspeed leads US$10M round in South Korean fintech startup Travel Wallet
Travel Wallet’s flagship product is Travel Pay, a prepaid card that lets users exchange funds and make payments in 46 different currencies.

Lazada squashes rumors of Thailand exit
The comments come following a Bangkok Post report on Alibaba’s alleged talks with Charoen Pokphand and Central Group.

FEATURES & INTERVIEWS

Phishing remains top cybersecurity concern, but AI will drive it to next level: Zscaler CSO Deepen Desai
To tackle this problem, Zscaler CSO Deepen Desai spoke about how to use AI to fight against AI

How these trio grew BuyMed into a B2B healthtech brand with a reach in 12K+ townships in Vietnam
BuyMed, which recently raised US$51.5M in Series B funding, says it processes over 5K orders daily and reaches 12K+ townships across Vietnam

Amidst funding slowdown, these 5 Vietnamese tech startups inspire hope for the rest of the year
Categories such as e-commerce, fintech, and related services remain the most popular verticals for investors in Vietnam

‘To beam high-speed internet from Space’: Transcelestial CEO on Axiom Space collaboration
Transcelestial and Axiom Space team up to use lasers to beam high-speed internet from space, creating orbiting data centers

FROM THE CONTRIBUTORS

The economy of love: Are dating apps doomed?
The ease of choice offered by dating apps, reduces the chances of meeting someone who you really click with in real life

Navigating the climate tech landscape in Germany: Opportunities and pathways
Germany’s climate tech landscape offers opportunities for innovation and growth, backed by strong government support and a thriving ecosystem

Skills for the gig age: Empowering workers in Malaysia for the future of work
The gig economy can prove to be the solution to reduce the stagnant unemployment rate that Malaysia has been plagued by

The unsung hero: Why every CEO needs a strong second-in-command
The second-in-command role is a strategic imperative for modern organisations in a complex, competitive business environment

Leveraging technology to create uniquely human experiences
Communication and marketing in the age of automation: Strategies for a seamless people-machine partnership

Can Singapore unlock Gen Z’s spending power with unified commerce?
Singapore’s retail sector can revitalise by adopting unified commerce, capitalising on Gen Z’s significant global spending power

AI, personalisation, and 5 marketing activities you should be doing
Here are five key marketing activities that businesses should be doing and the AI tools to get the most mileage

The metaverse in Asia: Opportunities for new entrepreneurs
The metaverse is set to redefine how we interact, work, and engage with digital content, and Asia is poised to lead this transformation

PR 101 for tech startups: Tips for guaranteed media coverage
Struggling to get the word out about your tech startup? Learn how to do your own PR and create buzz for your business on a budget

FROM THE ARCHIVES

‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’
Cryptocurrencies have found more takers in Vietnam because nearly 70% of adults lack access to formal financial services, says Nicegram CPO

All hands on deck: How Iron Sail strengthens blockchain gaming ecosystem through collaboration
Launched in October 2021, Iron Sail results from a partnership between blockchain-based game hub Whydah and seven local gaming studios

Why is The Parentinc aggressively venturing into offline spaces?
The Parentinc doesn’t rule out an IPO within the next three years, but at this point, it brings the retail tech footprint into other markets in SEA

The journey of Alternō: A tale of innovation, sustainability, and friendship
Alternō envisions a world where sustainable energy is accessible and affordable for all, heralding a new era of eco-conscious living

How Vietnam’s e-commerce firm Tiki manages to keep employee churn rate healthy
Chief People Officer Sakshi Jawa discusses the various HR challenges faced by Tiki, which employs nearly 3,000 people across Vietnam

From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model
GenAI Fund is a US$10M AI-focused fund based in Vietnam that aims to invest between US$50,000 and US$1M per startup

‘We want to treat our customers like educated LPs of a fund’: Michael Do of wealthtech startup 1Long
‘We frequently update their portfolio holdings and our investment decisions while sharing resources that an investor relations department typically offers’, says 1Long CEO

Starting with a clear culture in mind is vital for companies: Huy Nghiem of Finhay
‘Short-term financial stability is as important as long-term goals; If we cannot meet the former, we can’t meet the long-term goal either’, says the Finhay CEO

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Image Credit: © rawpixel, 123RF Free Images

The post Ecosystem Roundup: MSD launches IDEA Studios | Amartha nabs US$17.5M | SEA’s tech M&A boom cools off appeared first on e27.

HOMA2u, a Malaysian startup specialising in renovation and interior design materials, has secured an additional US$625,000 in its pre-series A funding round from Asia Fund X, backed by MSW Ventures and Pavilion Capital.

The company plans to use the funds to support its carbon reduction tracking initiatives and expand beyond Malaysia and Singapore into high-growth regions such as Taiwan and Japan.

Founded in 2017, HOMA is a retail platform leading the initiative to reduce, reuse, and repurpose for home improvement. It offers building materials and home finishing products at bargain prices, focusing on sustainability.

HOMA2u collaborates with environmental consultants to measure the carbon footprint of repurposing overstock materials. Each sale of overstock tiles saves about 16.42 kg of CO2 per m², reducing waste and the need for new production. Using industry standards, HOMA2u ensures transparent carbon accounting, sets new benchmarks, and issues green certificates to partners.

Also Read: MSD launches IDEA Studios to fund healthcare innovation in Asia, Europe

The company has developed the Pro+ ecosystem, which includes over 1,000 industry stakeholders such as interior designers, architects, suppliers, and contractors. Pro+ provides a platform for the community to access curated perks and value-added services, enhancing the overall marketplace experience.

At the start of 2024, HOMA set a target to save 7.5 million kg of carbon by the end of the year. To date, HOMA2u claims to have repurposed over RM20 million (US$4.76 million) worth of overstock inventories for more than 8,000 homes.

Pennie Lim, Co-Founder and CEO of HOMA2u stated, “Our vision remains to redefine the business landscape for the built environment, but we are also cognizant of the sustainable impact we bring to the table. We are committed to expanding HOMA2u’s offerings outside of Malaysia and Singapore, specifically into high-growth regions such as Taiwan and Japan where attitudes towards ESG construction move in strikingly similar ways.”

This latest investment brings HOMA2u’s total pre-Series A funding to US$1.5 million. Existing investors include Quest Ventures Asia Fund II, Worldwide Management Solutions, and Qhazanah Sabah Berhad, the investment arm of the Sabah state government.

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Image credit: HOMA2u

The post HOMA2u raises US$625K to expand sustainable renovation marketplace appeared first on e27.