Thanks to substantial investment into the digitalisation process, the world has become more connected than ever before. Notably, the global Internet penetration rate has reached over 63%, and the number is quickly growing — a trend further accelerated by the COVID-19 pandemic with the rise of increasing remote work, more Internet usage, and constant connectivity. Consequently, the data generated by users’ activities have been predicted to grow over eight times by 2030.

Human beings are not the only ones more digitally connected; devices and machines also communicate more frequently and seamlessly. From daily household appliances such as smart toasters and hairbrushes to large-scale modern factory equipment, all things are inserted with increasingly sophisticated chips and are connected to the web application and the Internet to become part of the Internet of Things (IoT).

The connectivity among devices opens endless opportunities for data connection, analysis, automation, and efficiency optimisation.

The ingrained trade-off between product performance and energy consumption

Nevertheless, amidst growing concerns over sustainability issues caused by business activities and human consumption, there exists a rising problem: our penchant for more data and connectivity also results in a considerable increase in carbon footprint due to higher energy consumption to power all the devices used to create, store, and evaluate big data. This means that to enable higher performance, the equipment must consume more energy which eventually increases its environmental footprint.

At the Harnessing IoT and Data for a Sustainable Future session at the Singapore Week of Innovation and Technology 2022 (SWITCH 2022), Charles Vaillant, CTO of MANN+HUMMEL Group, a leading privately owned corporation in the field of filtration in Germany, expressed that “During our company’s history, we are very keen on technology, and our way of working focuses on innovating products to improve water, air, and mobility. All of our products are designed for the noble purpose of protecting people and protecting assets.”

Also read: Airwallex: making business transactions easier than ever with physical cards launch

Vaillant added, “To function, they need the energy to push the water through a membrane or air through an HVAC system. As a result, two areas are always important for us. The first concern is the product’s performance, particularly how good it is and what else can be done to enhance its performance, allowing it to better track and separate the harmful from the useful. Second, ensuring that the products consume the least energy is essential. And most of the time, this is a big challenge because if you want the product to perform well, it often utilises a lot more energy.”

In fact, the perceived inherent trade-off between product performance and energy consumption has become a significant constraint for many ICT (Information and Communications Technology) and industrial products, prompting the producers to reconsider various factors, including product design, energy availability, and different optimisation frameworks with selected features and functions. Greater energy usage levels are often linked to higher greenhouse gas emissions, resource depletion, and harmful waste discharges to the environment during the extraction, energy production and usage process, polluting the environment and threatening sustainability.

The power of IoT and data in enhancing sustainability

Fortunately, according to Accenture, despite their shortcomings, IoT technologies and data present new valuable opportunities to develop functional and eco-friendly applications such as smart energy metres, health monitoring, smart fleet management, traffic management, and so on.

IoT technologies allow devices connected to the same network to communicate and share data, which subsequently provide valuable insights into the whole process to optimise the activities, saving time and energy as a result. Companies leveraging these new IoT technologies have significantly improved their technical solutions to reduce carbon emissions. Nearly 85% of existing IoT-related projects have consistently incorporated the UN’s Sustainable Development Goals in their long-term objectives, maximising energy efficiency and taking advantage of newly available renewable materials.

Also read: Lalamove’s Customisable Solutions: a game-changer for delivery

More than that, sharing the same vision for a greener and healthier world, companies across sectors have joined hands to develop innovative solutions that harness IoT technologies to solve complex sustainability challenges. For instance, CTO Charles Vaillant shared about MANN+HUMMEL’s cooperation with Audi in a joint effort to improve air quality with Audi products.

“Audi announced that they’re working with us on a concept where they integrate filters in the front of the car to collect and filter particulate matter in the surrounding air while driving or charging. With this pilot technology, when the electric car is driven through the city or charged at the station, it consistently and systematically gathers and absorbs the minute particulates discharged by itself and nearby vehicles immediately when the emissions are generated. This innovative solution thrives on the capability of IoT technologies and addresses the issue of the fine specks of dust produced frequently by the vehicles’ brake and tire,” said Charles Vaillant.

Partnerships are key when employing IoT and data to foster sustainable solutions

Pushing for sustainability is vital in supporting Asia’s future, as 92% of the region experiences air pollution while 300 million people in Asia lack access to clean water. Additionally, Asia is at the epicentre of climate change effects which can erode up to $4.7 trillion of the region’s GDP due to the impacts of hurricanes, floods, droughts, and other unpredictable climatic events.

Collaboration with leading global innovative solution providers is crucial to curb these sustainability risks and accelerate knowledge exchange and technological transfer. International companies such as MANN+HUMMEL have strengthened their cooperation with other partners in Asia, including established organisations and startups to bring about cleaner air, buildings, mobility, and water.

Also read: Gamifiying education: Soqqle takes schooling to the metaverse

For instance, MANN+HUMMEL currently provides corporate venture investments to invest in startups with a promising financial return and strategic fit in the region. Moreover, it also seeks to form peer-to-peer relationships with other companies. Specifically, MANN+HUMMEL can provide solutions and technical know-how to support Asian startups to scale up and enhance their products and services. Similarly, MANN+HUMMEL can licence and use the startups’ technologies to improve its products for customers at home.

With exciting new developments, IoT and Data are poised to change the game for the future of sustainability in Asia and beyond!

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This article is produced by the e27 team, sponsored by MANN+HUMMEL

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Ohmyhome files for up to US$16.5M IPO in the US
The company is looking to offer 3.3M shares at a price of between US$4 and US$5 apiece; In the filing, Ohmyhome said it logged US$2.4M in revenue for the six months that ended June 30 this year, up from US$1.7M in 2021.

Indonesian agritech firm Sayurbox cuts 5% of staff
The agritech company said that the decision is one of its efforts to solidify ‘financial independence’ and ‘sustainable long-term growth’; Sayurbox is a farm-to-table distribution platform for fresh produce.

Vietnam EV maker VinFast files for US IPO to fuel global expansion
It hopes to compete with legacy automakers and startups in the US with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

Singapore-based Glints lays off 198 (18% of) employees
The decision is based on ‘market conditions and business priorities’; The development comes after the startup raised US$50 million in a series D funding round in August.

Animoca Brands acquires US-based music metaverse company Pixelynx
Pixelynx creates a physical and digital ecosystem for artists and fans by building products that blur the lines between music, gaming, and Web3; Animoca invested in Pixelynx’s seed round in Dec 2021.

ShopBack bags US$30M to close Series F round at US$200M
The investor is Australia’s Westpac Banking Corporation; ShopBack plans to launch new products for users, develop growth and payments solutions for merchant partners, and expand into new markets.

Osome rakes in US$25M Series B to grow its accounting solutions beyond SG
The investors include Illuminate Financial, AFG Partners, and Winter Capital; Osome helps SMEs set up through a simple platform with easy-to-use software and an expert accountant to take care of financial admin.

Temasek-backed Haulio acquires Indonesian logistics startup Logol
Haulio makes moving containers on land more efficient, whereas Logol streamlines data entry for logistics players, enabling shippers and haulers to connect to others within the supply chain.

SG crypto firm Amber Group lays off hundreds of staff
This news comes after the firm was reportedly seeking funding at a valuation of US$10B in May; It last raised US$200M in February this year; The group previously cut 30-40% of its headcount in September.

BAce Capital advises founders to chase value, not valuation
Managing Partner Benny Chen suggests that all founders review their cost structure and improve operational efficiency; Founders should also consider how an economic crisis affects their competitors.

UnaBiz raises more funding to close Series B round at US$50M
The investor is Japan’s Toyota-backed SPARX Group; The IoT firm will invest the capital in R&D to enhance the core low-power 0G capabilities and enable cost-effective long-range connectivity dedicated to very low-value assets.

Malaysia’s Paywatch bags US$9M for Philippines, HK expansion
The investors include Third Prime, Hana Ventures, and Parkwood Corp; The earned wage access service company claims its solution has reached a 50 per cent engagement rate among its Malaysian users this year.

IMDA launches US$3.7M fund for SG media industry
Virtual Production Innovation Fund aims to support the media industry in harnessing virtual production tech, which uses LED screens powered by a video game engine to create realistic backgrounds for TV or movie production.

FinAccel adds former Slack CFO to board
While at the professional messaging platform firm, Allen Shim helped build Slack’s finance and operational function and oversaw the acquisition of Slack by Salesforce.

Why blockchain is instrumental for the future of trade finance
Conducting transactions through blockchain entails digitalising the documentation created, exchanged, and processed by the various stakeholders in a supply chain.

Binance in talks to acquire ID crypto exchange Tokocrypto
Sources said Tokocrypto will likely see layoffs following the takeover; In September, the Indonesian firm laid off 45 employees or about 20% of its workforce.

Ex-Binance execs’ investment firm OFR backs HK Web3 platform Sprout
Sprout combines on-chain and off-chain ownership information for equity, token wallets, cap tables, and team compensation on a central platform; In March, Sprout raised US$3M in seed capital.

A strategic sale or IPO likely over the next 3-5 years: Igloo CEO Raunak Mehta
CEO Raunak Mehta says Igloo is evaluating several M&A opportunities across SEA and looking at closing multiple deals over the next year.

‘Bring your most authentic self to the table whether at home or work’
CEO and Head of School at NewCampus Will Fan talks about his journey of building the next hundred-year-old brand; Finding authenticity may take five, ten, or twenty years; Don’t rush it.

How I dealt with the biggest betrayal of my entrepreneurial life
I’m not a high-growth startup Founder, but I’m sure many could identify with my journey and struggles just the same: Yuhwen Foong, Founder at SushiVid.

How to get more constructive (negative) customer feedback and why
Negative feedback is necessary to help you understand how your customers actually feel and the areas where your business can improve.

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What happened recently in the crypto space felt like the timeline of a year of events. In less than a week, Sam Bankman-Fried (SBF) has become the talk of the town. FTX, valued at over US$32 billion, has filed for bankruptcy.

How did it all begin?

Alameda Research started in 2018 as a small hedge fund. They raised debt from investors, promising “high returns with no risk”. FTX concluded its seed round by raising US$8 million and launched in Q3 2019.

There was no denying that Alameda contributed heavily to FTX’s volume in its early days. As FTX continued to grow at an exponential pace, they capitalised on the DeFi hype by creating Serum, a decentralised exchange on Solana.

Alameda’s job as a market maker was to boost liquidity in the market and maintain delta-neutral strategies. However, realising that their edge slowly eroded, Alameda began to assume highly degenerative leveraged directional bets in crypto.

FTX, Alameda and the multi-billion dollar hole

As the tokens were all traded at thin circulations, it was an easy feat for Alameda to manipulate the price higher on FTX to beef up its balance sheet. Alameda created the illusion of a sizable balance sheet which they leveraged as collateral to borrow heavily and fund directional bets.

As the market plummeted this year, Alameda could not repay the borrowed money as their collateral was illiquid, leading to margin calls. This led to the theft of FTX users’ funds to attempt to put out the fire.

Also Read: ‘From a cybersecurity perspective, the Asian market still uses legacy tools’

Coindesk released an article two weeks ago regarding Alameda’s balance sheet, citing that a huge part of its US$14.6 billion assets is issued by the FTX team itself. In light of revelations regarding Alameda’s balance sheet, CZ announced that Binance would liquidate their entire $FTT holding, which equates to more than US$580 million at that point in time.

As of 7 November 2022, approximately US$450 million worth of stablecoins left the exchange in the past seven days. Herd mentality participated in fear-mongering, inducing a bank run and the bankruptcy of FTX soon after.

Security and custody

As the saying goes, “not your keys, not your coins” security is important. However, there is an apparent lack of security awareness among investors today.

We have identified three key factors to consider when securing your coins:

Ensure they are offline

We have all heard about hackers, viruses, social engineering and more. A simple way to prevent others from stealing your coins is to take them entirely offline and store them in a cold wallet.

This way, your device will never be connected to the internet, and you will never download any malicious files to that device. By connecting your computer to the Internet, you allow yourself to be vulnerable to any form of hacks that could come your way.

Keep your device safe

Any device that you use to store your coins can be lost or damaged. It is important to have backups. A fuss-free example is writing down your seed phrase on a piece of paper.

However, that piece of paper could be burnt during a house fire, misplaced, or read by others.

Bequeathing – Pass them to your loved ones

Estate planning is needed should something happen to you unexpectedly. Many exchanges or banks will not allow the transfer or sale of your crypto holdings and will withhold them until ownership is proven.

Also Read: Strengthening cybersecurity measures in the face of Web 3.0

Proving ownership legally (including the source of wealth and source of funds) is difficult, given the uncertainty of probate in different jurisdictions.

Key lessons

There has been a myriad of catastrophic events in 2022 alone, and the recent one has proven to be the most unsuspecting yet arduous challenge. Security and self-custody are no strangers to anyone in this space by now.

We have seen time and time again how centralised entities halt withdrawals to cope with a potential bank run. Users’ funds that are on the platform are now stuck and plausibly gone forever. Some of them had a majority of their net worth on these platforms.

By working with a licensed fund manager in a major financial jurisdiction, one eliminates most of the regulatory and security risks when investing in Bitcoin.

Fintonia Group is a Singapore-based fund manager regulated by the Monetary Authority of Singapore with a provisional license in the Virtual Assets Regulatory Authority in Dubai.

We comply with strict standards and regulations regarding client funds and with proper due diligence conducted on the management team to ensure adequate experience and qualifications in terms of risk management.

Fintonia Group works with insured and licensed third-party custodians with state-of-the-art security measures where Bitcoins are stored in cold wallets. The client’s funds are segregated and not co-mingled with Fintonia funds, as required by regulations.

Fintonia Group’s institutional-grade funds were created for professional investors looking for direct exposure to Bitcoin, allowing them to gain exposure to Bitcoin and store them in segregated cold storage vaults.

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Singapore-based Ohmyhome has filed for an initial public offering (IPO) in the US at about US$88 million valuation, according to multiple reports.

The property-tech company seeks to raise up to US$16.25 million and offer 3.25 million shares at a price range of US$4-5 apiece.

The shares will be listed on the Nasdaq under the ‘OMH’ ticker.

Spartan Capital Securities is the lead managing underwriter and book-runner for the IPO.

Also read: Ohmyhome aims to tackle lack of transparency, unreliable agents issues in Filipino realty market

In the filing, Ohmyhome said it clocked US$2.4 million in revenue H1 2022 compared to US$1.7 million in H1 2021. Its net loss in H1 2022 doubled to US$700,000 from US$365,000 last year.

Started in September 2016 by sisters Rhonda and Race Wong, Ohmyhome connects buyers and sellers directly at no cost. The platform boasts features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience. It operates on a hybrid model — a do-it-yourself (DIY) platform and fully-fledged agency services.

The company has operations in the Philippines, Singapore, and Malaysia.

In August last year, Ohmyhome secured US$5 million in financing from local investor Swettenham Blue. Two years earlier, Ohmyhome raised US$2.9 million in a Series A round led by Golden Equator Capital.

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Much like Singapore, Dubai is an SME-driven economy — or at least it traditionally was. Both countries, even as smaller markets in their own right, open up the gates to much larger markets in their respective regions. Both have been equally obsessed with quickly adopting new technology. 

But the demographic of their population is what starkly sets them apart. Dubai is made up of nearly 90 per cent migrants versus Singapore has about half of that. 

Both compete with each other for the inflow of VC capital, banking HQs and even tech talent in the race to become the best global city in the world. And while there is no one clear winner, Dubai has moved quickly in the Web3 world.

Making Dubai a Web3 favourite

In May 2022, Bloomberg reported that former Singapore MP, investor and entrepreneur Calvin Cheng established an NFT and fan token investment holding company in Dubai. Via the Calvin Cheng Web3 Holdings FZE, he invests in projects to integrate crypto into fashion, media and entertainment.

Also Read: RareSkills to help Web3 engineers harness their potential

At a time when the government in Singapore told crypto players in the country to stop advertising their services to retail investors, along with other regulations; Dubai announced its new Dubai Virtual Asset Regulatory Authority (VARA)– for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories (excluding DIFC), and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law.

VARA is designed as the world’s first participatory-governance model, where industry innovators and market shapers share responsibility with policymakers to create a more democratic and borderless economy. Cheng also said that a regulator like VARA is well-positioned to establish Dubai as the leading global centre for digital assets.

Thus even amidst crypto winter, Web3 entrepreneurs and enthusiasts are looking for places where they are welcome, supported and provided various benefits to develop applications and better use cases on the blockchain. Blockchain investor and founder of TDefi, Gaurav Dubey said Dubai has the upcoming infrastructure, regulation and, most importantly, access to banking for Web3 projects to set up shop in Dubai.

Similar to how India’s Web 2 entrepreneurs registered companies such as Flipkart, Ola, and InMobi, in Singapore, for ease of business, India’s Web3 entrepreneurs are now registering businesses in Dubai. Entrepreneurs have cited advantages such as networking opportunities, no restrictions on innovation, access to global opportunities and access to resources for moving base to Dubai to set up Web3 startups. 

The strength of this move was endorsed by the pioneers of the Web 3.0 economy showcasing at Gitex Global in Dubai in October 2022– like the Thumbay Group’s full-fledged virtual hospital in the metaverse to provide patients with an immersive healthcare experience; The Sandbox co-creating with UAE brands such as Atari to launch gamified experiences etc.

While the recent layoffs and scandals mar the Web3 wave, Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said, “while in some places, you are guilty until proven innocent. In the UAE, you’re innocent until proven guilty,” to display their confidence in this sector and their desire to move ahead.

Attracting tech talent

2.5 billion people live within four hours of flight and two-thirds of the world’s population lives within an eight-hour flight from Dubai. Thus making it a special location to be able to tap into consumers and talent.

Also Read: The future of recruitment in Web3 era

The government is taking a number of steps to try and support SMEs and the venture capital ecosystem. The government has launched funds to invest in SMEs ranging from US$100- US$270 million. Hadi Badri, CEO of the Dubai Department of Economy and Tourism said Dubai’s growth market intends to allow for businesses that have a relatively young track record and tap the public markets under certain guidelines and certain requirements. 

And at the heart of it all is talent.

Abdulla Bin Touq Al Marri, UAE Minister of Economy said the “fuel” for any economy is talent, while the UAE is making investments in research and development and supporting talent development through its focus on science and technology. The ministry is forging a business environment that attracts investments, tourism and talent, and stimulates research, development, and innovation with incentives like the golden visa.

Under the scheme, digital companies get faster business licensing and easier access to banking and financing. Employees can be offered 10-year UAE residency “golden visas” and in some cases, the program– which unifies government bodies, free zones and institutions — helps find accommodation and admissions to schools, said Minister of State for Foreign Trade, Thani Al Zeyoudi said in an interview.

It allows foreigners to work, live and study without needing a UAE work sponsor in a country where expatriate residents, which in the current recession-struck environment can prove to be handy; especially when it doesn’t have to worry about protection from local workers like Singapore.

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Image credit: DTE

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With the constant advancements in medical technology, it is no secret that the medical industry, as a whole, has been able to combat more diseases and administer more demanding surgical procedures, such as orthopaedic, neurological, and even cardiovascular corrective implants.

However, with greater complexity in procedures comes the heightened risk of side effects that may be costly to remedy. In the case of implant-supported corrective surgeries, the body’s immune system may view the implants as foreign or harmful and subsequently develop a hypersensitive allergy to them, beginning with post-surgery complications like impaired wound healing, infections, effusions, or loosened implants altogether.

Immunosuppressive drugs or therapy are the most common stopgap measures for acute bodily reactions to implants. Long-term dependence on these drugs to fully overcome these complications, however, is detrimental and far from sustainable.

Also Read: Healthtech data: The race for new oil in Southeast Asia

This prolonged recovery process leads not only to increased post-surgery follow-up workloads for doctors and healthcare providers but also places great mental and financial strain on patients.

The good news is that the risk of rejections occurring can be significantly reduced by replacing artificial implants with tissue regeneration technology. Before delving further into the benefits of said technology, it is important to first understand what it means.

Tissue regeneration: Understanding what it means

Tissue regeneration is the process in which new tissue is guided to naturally grow or renew itself to replace those that are damaged from disease. Over the past 30 years, the medical sector has been hard at work to unlock the potential of tissue engineering and has seen some notable breakthroughs, allowing for even the growth of an entire skull after a cranioplasty.

Today, tissue engineering can either be done in-vitro (inserting fabricated tissue into the affected area) or stimulated in-situ (harnessing the body’s regenerative abilities to rebuild lost or damaged tissues).

One of the most common applications of tissue engineering is through 3D-printed biomaterial scaffolds that are installed in the body to encourage tissue and bone growth in the surrounding area.

This is achieved by replicating the microstructure that is representative of native bone while also imitating the interconnected pores necessary to facilitate the stages of tissue healing. Hence, a conducive environment for bone cells and blood vessels to grow is created.

Once the tissue and bones are successfully regrown, the scaffolds are designed to dissolve into water and carbon dioxide, leaving behind nothing but a fully healed body part.

This allows patients to rest assured that no foreign materials are left in their bodies for any longer than necessary, in contrast to conventional implants that might need to stay in the body for a lifetime.

Implementing the tissue regeneration technology

This technology has been successfully implemented in the region by Osteopore, a regenerative solutions provider headquartered in Singapore that also operates on Malaysian shores. Their implants are made of a bioresorbable polymer, chosen specifically for its versatility to be applied across various applications in craniofacial, orthopaedic, oral maxillofacial, and dental surgery.

Also Read: Innovating medical devices towards better dental patient care

This material will then degrade over a period of 18 to 24 months, leaving the only natural, healthy bone in its place. Osteopore’s tissue regeneration procedures conducted in Malaysia have so far reported zero rejections, a testament to the viability and effectiveness of regenerative technology.

The reduced risk of post-surgery complications has, in turn, helped decrease the number of follow-up visits to only two-three years of follow-up visits with doctors, as compared to a lifetime of visits normally. Additionally, a re-replacement surgery will be equivalent to the cost of the recent surgery (excluding inflation and the cost of new technology).

This means the total cost is doubled or more to the healthcare system per patient that require re-replacement surgery, not to mention the risk of surgery does increase with age. Furthermore, 3D printing has been reported to produce between 70 to 90 per cent less waste compared to traditional manufacturing methods.

Clearly, tissue regeneration technology is making its mark on the local and global healthcare industry. The financial and medical benefits garnered through the combination of regenerative medicine and 3D printing techniques have proven that tissue engineering is not only an increasingly feasible alternative to traditional implants but that this technology is here to stay.

As such, it is more timely than ever for doctors and stakeholders in the healthcare industry to encourage more widespread adoption of regenerative technology.

Enhancements on a larger scale, such as through increased government funding and greater accessibility to this technology for everyday patients, can go a long way towards ensuring a better future for the local medical industry and, in the long run, positioning Malaysia as a regional leader in championing regenerative medicine.

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Singapore-based customised IoT solutions company UnaBiz has secured an undisclosed sum in fresh funding led by Japan’s SPARX Group to close the ongoing Series B round at over US$50 million.

G K Goh Holdings and Optimal Investment also participated.

This development comes just over a year after UnaBiz bagged over US$25 million in funding led by the Toyota-backed SPARX.

Launched in 2016 by Henri Bong, UnaBiz aims to provide scalable, energy-efficient IoT solutions for firms in critical verticals, such as aerospace, facilities management, F&B, healthcare, logistics, supply chain and smart cities.

Its unique selling point lies in its advances in hardware designs and the company’s deep connection to Singapore and Taiwan’s supply chain and innovative ecosystem.

The company operates with sales offices in Tokyo, Paris, Madrid and Rotterdam, and has two R&D centres in Taipei and Labège.

Also read: How to firm up your IoT strategy to combat online risks

UnaBiz counts Nippon Gas (Japan), Shin Kong Communications(Taiwan), and UEMS (Singapore) among its clients.

Earlier this year, the company acquired the Sigfox 0G technology that powers the global public 0G Network and connects over 10 million sensors for 1,500+ B2B customers through 70+ national 0G operators worldwide.

Post-acquisition, UnaBiz doubled its office locations and tripled in headcount. The company currently employs over 240 employees worldwide.

“Aside from the investments already planned to support business development in strategic markets, we will also use the fresh funds in research and development to further enhance the core low-power 0G capabilities and enable cost-effective long-range connectivity dedicated to very low-value assets,” said Philippe Chiu, Co-Founder and Co-CEO of UnaBiz.

“Our product portfolio will also be expanded to integrate more LPWAN and satellite technologies, ultimately providing aggregated and clean data through UnaConnect service. The proliferation of new solutions aimed at a broader market will allow our customers to enjoy economies of scale and the freedom of choice when collecting data from physical assets – that is what the Technology Convergence movement is about,” Chiu added.

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A long list of five-star reviews and positive customer survey results may look good, but they are meaningless if customers feel pressure to always leave positive feedback.

Negative feedback is necessary; otherwise, you’ll never understand how your customers feel or the areas where your business can legitimately improve. Constructive criticism may be tough to hear, but it’s the only way to learn and grow as a business.

Why do most businesses get inflated positive feedback

If you’ve ever measured your customer satisfaction, do you suspect they are being “too nice” or that your score is somehow “too good”? You are likely receiving inflated feedback from your customers. When you expect to get high ratings and push your customers to give them to you, you lose the value of receiving feedback.

An article in the Los Angeles Times pointed out that customers give 5-star reviews because they are coached to give 5-star reviews.

It’s time you asked yourself if your business is really searching for feedback from your customers or just asking for another 5-star result.

Also Read: Customer retention strategies are getting trickier. Can you keep up?

There’s a natural psychological bias among customers who wish to be perceived as nice people. People giving feedback have no wish for a hard-working employee to get into trouble on their account.

Customers also want to do what’s easy. They may not want to give poor ratings because then they might be asked to answer follow-up questions.

The dangers of inflated customer feedback

Receiving inflated reviews is not only unrealistic, but it’s also dangerous. Customer feedback is supposed to serve a purpose: It’s designed to help you improve your business practices based on data from your customers.

Inflated scores may feel nice and look good in reports, but they aren’t giving you any value.

 You need to truly know how your customers feel about your business in order to make positive changes.

Why you need critical/negative customer feedback

Inflation isn’t the only problem.

You need to receive negative feedback in order to learn from it. Criticism is a healthy part of growth. Without it, you’re left carrying on with business as usual, eyes wide shut to all of the ways you could be improving your processes and outcomes.

Your business must receive negative feedback to determine what areas need improvements. If you receive the equivalent of 5-star reviews across the board in all areas, the data you collect won’t tell you much about how you are actually doing. 

Remember, most customers aren’t going to give you these critical reviews naturally. They’ve been conditioned and trained for years to give positive reviews so they can move on with their day.

On the other hand, you don’t want to wait until you have an angry customer to start receiving some criticism. Chances are this angry reviewer isn’t leaving you constructive feedback with their hot-tempered one-star rating.

Also Read: Customer frustrations: How and when to respond

So how do you flip the script to receive negative feedback and valuable criticism from your customers?

Strategies: How to get critical feedback from customers

Ask for negative feedback

Let your customers know it’s okay to be critical.

You want them to be critical. Simply asking your customers for negative feedback will make a difference. If they aren’t completely thrilled with everything your business is doing, you want to hear about it. Let them know that it’s okay to give a negative review and how much it will help your business improve if they take the time to be critical.

Survey timing

Switch up your survey timing to ensure your customers don’t feel like their feedback is connected with a specific agent.

As long as they are happy enough, people don’t want someone they work with to get in trouble with their account. Quarterly NPS surveys will help customers feel like the feedback they give is not centred around one person but the company as a whole.

Increase the rating scale

An increased rating scale will allow your customers to rate your services more freely. If you only have a one-three scale, a two might seem too harsh. With a one-five scale, the three and four-star ratings don’t seem too bad to the customer while still providing your business with valuable insight. 

Forced ordering

Ordering your services or best attributes from top to bottom forces the customer to decide what you do best and what you need to improve. Make the customer rank their favourite parts of your service, so you always end up with something toward the bottom of the list.

This will help you see what you can do better without making the customer feel awkward if they’re uncomfortable criticizing your business.

“One thing to improve”

Ask the user what the one thing your business could do to improve. This works well, sandwiched among other questions, as it reduces friction. Ask for one good thing, one bad thing, and one thing to improve.

Follow up

Forgetting to follow up could push your customers away from leaving criticism again in the future.

If a customer leaves critical feedback that nobody addresses, they could feel like nobody is listening. What’s the point of providing feedback if no one is doing anything about it?

Always follow up to show your customers you care and how much you appreciate them taking the time to give you feedback. If you can, tell them what you are doing with their feedback and if there are any changes your business will be making.

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The ShopBack Group, which runs a shopping and rewards platform across Asia Pacific, has raised US$30 million in strategic investment from Australia’s Westpac Banking Corporation to close the Series F round at US$200 million.

This follows the Singapore-based group’s earlier announcement of its US$160 million Series F tranche from Asia Partners and Temasek-owned 65 Equity Partners, together with commitments from other new and existing investors.

The raise will support ShopBack’s growth efforts across the Asia Pacific as it gears up for the public markets. The group will use the fresh capital to launch new shopping products for users, develop growth and payments solutions for merchant partners, extend its services to more markets, and build capabilities for public market readiness.

As part of the equity investment, ShopBack will enable Westpac customers to access exclusive offers and deals when they shop via ShopBack.

Also Read: ShopBack banks US$80M Series F funding to deepen its presence in Asia Pacific

“With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels,” said Steve Rubenstein, MD (Consumer Finance) at Westpac.

ShopBack, founded in 2014, offers shopping deals, rewards and payment methods at the users’ fingertips. The group claims it serves over 35 million shoppers across ten markets and powers over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners.

In 2022, ShopBack launched ShopBack Pay and PayLater.

The group has made significant advances in product innovation and regional expansion this year. In January, it launched ShopBack Pay, allowing two million users in Singapore and Australia to check out conveniently at more than 5,000 merchant outlets.

Last December, ShopBack acquired hoolah, a leading buy-now-pay-later player in Southeast Asia. In August, it launched its cashback service in Hong Kong.

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Due to the tremendous surge in online orders in recent years, the logistics of enabling last-mile delivery has become a very important differentiation factor for e-commerce retailers. Defined as the movement of goods from a transportation hub to the final delivery location (usually a personal residence or office), the focus on delivering items to the end user as fast as possible has led to a significant evolution in  the way retailers approach last-mile delivery.

Consumers today expect affordable and fast delivery, forcing companies to improve logistical efficiency to  enable the quickest last-mile delivery at the most competitive price point. Last-mile delivery costs comprise 53% of total delivery costs and play a major role in customer satisfaction and loyalty. But it’s not always easy to meet customer requirements. Standard last-mile delivery services for large-volume retailers usually take around three days. Conversely, most last-mile delivery services that offer same-day delivery are unable to service large volumes of deliveries or offer fast processing turnaround.

Today, e-commerce companies need a service that can offer on-demand same-day delivery in a customisable model that can support large volumes of parcels whilst also accommodating changing business needs and traffic fluctuations. That’s where a service like Lalamove’s new Customised Solutions can help merchants: by taking advantage of solutions tailored to their operational needs, vendors can now deliver volumes on-demand with shortened turnaround time. 

A game changer in logistics

Lalamove, known for specialising in on-demand same-day delivery service, is a logistics platform that enables users to conveniently source for drivers and vehicles to meet their delivery needs within minutes.

The company has 61,000 driver-partners ready for activation across Singapore, enabled by technical innovations like API integrations and e-commerce plug-ins that allow Lalamove to offer business owners services that can help them automate delivery workflows and simplify ordering processes. Despite being a leader in the on-demand delivery service space, Lalamove recognises that this is not always suitable for businesses that need to make large-volume deliveries daily.

Also read: Gamifiying education: Soqqle takes schooling to the metaverse

Ms Zarifah Zulkifli, Business Development Manager at Lalamove Singapore, discussed their new offering: Customised Solutions allows merchants to design and tailor according to their business delivery needs. “We have always been known for our on-demand delivery service. To remain relevant and thrive in the post-pandemic market, we have ventured into customising our product to meet our merchants’ needs,” she explained.

The perks of Lalamove’s new offering

“Lalamove’s new Customised Solutions give merchants the added advantage of fixed contract pricing, a trained driver fleet, flexible delivery procedures, and dedicated operation and account management support,” explained Zulkifli.

Lalamove’s Customised Solutions also present a seamless user journey experience beginning in the onboarding phase. Upon qualifying for the service, the Lalamove team will propose a tailor-made pricing and operation model and grant access to the Customised Solutions Portal.

Creating orders is even easier. After submitting an order through the Customised Solutions Portal, Lalamove’s ops team will generate planned routes and assignments for drivers, and a routing list to be shared to the client. From there, drivers will pick up orders from the client’s assigned pick up location and deliver directly to the recipients following the operations flow. Delivery statuses can also be accessed through the same Portal where users can generate an EOD report at any time.

With this new offering, business owners can focus on more lucrative tasks, like engaging with customers and developing new products, whilst Lalamove oversees their last-mile delivery processes as an affordable personalised service.

Also read: Safeguarding digital assets through cybersecurity innovations

Lalamove’s new solution is best suited to businesses with high order density and delivery volume that also require flexible same-day or scheduled deliveries. “This is especially beneficial for e-commerce businesses without storage facilities and in need of same-day deliveries to reduce costs and increase productivity,” elaborated Zulkifli. “Furthermore, if you have specific requirements and processes, this solution is most suitable for you as it is based on the fundamental concept of being customisable to one’s own business needs,” Zulkifli added. 

Compared to the average 3PL logistics provider, same-day delivery is a game changer for the logistics industry because traditional 3PL models typically take around one to three business days for the items to be sorted and delivered. ”With Lalamove’s Customised Solutions , your customers can expect the items to be delivered within the same day upon order placement,” said Zulkifli.

Lalamove’s custom offering enables a faster and more personalised delivery solution for businesses while handling large volumes of delivery. The new solution ensures parcel-level tracking, alongside several other personalised services such as flexible payment plans, which allow both big and small players to compete in the new digital retail environment.

Meeting the demand of the e-commerce age

Alex Lin, Managing Director of Lalamove Singapore, explained how the new service reflects a new trend in the logistics industry. “The last-mile delivery process helps merchants to enhance the overall customer experience. With the ability to aggregate demand with flexible and personalised same-day delivery at a fixed contract pricing, we can expect a shorter turnaround time for consumers when it comes to delivery,” Lin explained 

“We foresee higher sales revenue from the clients as they can now close the gap when it comes to expectation between what the customer wants when it comes to delivery and what they can provide,” she remarked. “With the new launch, we will further understand the pain points of both our merchants and their end customers. This will allow us to further improve our product which will in turn elevate the customer experience,” he continued.

Also read: RareSkills to help Web3 engineers harness their potential

Lalamove recognises that most retailers have specific requirements and processes unique to their business. By combining Lalamove’s technology-driven logistics service with the added flexibility of custom pricing, parcel-level tracking, and account management support, Lalamove hopes its new service sets a new standard for the whole last-mile delivery services industry. 

If you want to explore this new offering further, visit Lalamove.

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

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