Quqo, an asset-light B2B distribution platform that connects buyers, suppliers and end-consumers in the FMCG sector in Vietnam, has secured US$1 million in seed funding from Touchstone Partners. 

The funds will enable Quqo to grow its team and customer base and expand its distribution network across the country.

Quqo is an online platform aiming to unlock the full potential of local mom-and-pop store (tap hoa) owners, FMCG suppliers and distributor partners via a broad offering of digital products and services. Its B2B platform and SaaS tool enable store owners to browse for the best product offer through a “simplified and accelerated procurement process”.

The startup entered Vietnam in 2020 and has onboarded over 40 distributors, supporting over 5,000 stores across Ho Chi Minh City. It claims to have grown 11x in GMV since the start of 2022. 

Also Read: Touchstone Partners launches ‘no-frills’ incubation programme in Vietnam

The team plans to expand its reach to Da Nang, Ha Noi, and other major cities in Vietnam in 2023.

Jaime Roldan, CEO and Co-Founder of Quqo, said: “Vietnam’s traditional retail supply chain is made up of over 1.4 million stores. We noticed that distribution in Vietnam’s FMCG sector currently comes at different levels, from manufacturers to retailers, and is overly complex and manual. Our platform connects suppliers and buyers through digitalisation.”

Bobby Liu, Director of EiR at Touchstone Partners, commented: “The tap hoa and local pharmacies are ubiquitous in neighbourhoods in cities and towns across Vietnam. Quqo’s solution gives these small, locally owned businesses an easy-to-use tool to connect them with a network of suppliers and efficiently purchase and manage inventory. Tools like Quqo’s are critical for these small businesses to compete effectively against bigger chain stores and continue to be important cornerstones in their local communities.”

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One of the most notable things about unicorn tech companies in Southeast Asia (SEA) is that their number grew rapidly during the COVID-19 pandemic.

Take a look at Indonesia. As reported by Channel News Asia, while the country’s first generation of unicorns appeared before 2020, their number expanded rapidly at the height of the pandemic in mid-2020 and early 2021. Despite challenges here and there, leading tech companies in Indonesia and the rest of the region continued to raise funding, with more companies inching closer towards securing a unicorn status –proudly claiming the label ‘soonicorn‘.

But these soonicorns are facing a different challenge than their predecessors. While funding continues to stream down to SEA, various global crises have caused investors to be more cautious in allocating their investments. There is also a higher expectation for businesses to perform well in generating revenue. In this new era, they are no longer expected to implement the “growth at all cost” mindset, as they take more deliberate but impactful steps to grow the business. Cash burning is no longer the rule of this game. Together with different players in the regional startup ecosystem, the soonicorns are marching into a different tune in achieving their version of success.

Also Read: Web2 founders, get ready for Web3 before 2025 – Insights from Echelon 2022

So, how exactly can soonicorns get there? What are the alternatives for these hopeful, fresh-faced players? More importantly, what can we do to support them in becoming more sustainable?

To respond to this arising need in the ecosystem, e27 is bringing back Echelon in 2023. 

After a successful comeback in October 2022, we are set to return to Singapore next year. This time, we put the spotlight on soonicorns and their journey to become a strong, sustainable business. We aim to identify and highlight relevant companies, creating a conversation on this topic in public and private settings.

We will also look at how different ecosystem players can work together to achieve greater growth in 2023 and beyond. In addition, this event will be a chance to understand up-and-coming trends such as climate tech and Web3 and how to best tap opportunities in these exciting sectors.

As a member of the regional tech startup ecosystem, we believe that you would like to be part of this conversation.  Your organisation can be part of the effort to achieve greater heights for these soonicorns, bringing home the glory for the companies and your organisation.

Please reach out to Justin Chin at engage@e27.co to see how you can be part of this movement –and how we can build a stronger, more sustainable startup ecosystem, together.

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The rise of technological innovations in recent years has made it possible to perform tasks more conveniently and flexibly. From the office to the home, technology, like apps, systems and gadgets, has evolved to provide smarter features that make daily living easier.

In the same way, these breakthroughs have revolutionised the recruitment process, including how we advertise jobs, track applicants, engage with them, and interview them.

That being said, it is critical to understand the needs that drive such innovations and to keep that resolve to take action toward advancements.

Starting with a purpose

After spending about seven years in the banking sector, I decided to take a break and explore a new industry. Having always been a people person, starting conversations and making introductions came naturally. It’s no surprise that these skills led to many job referrals for friends who needed jobs in the banking industry.

Fast forward to my 15 years onboard the Human Resources industry, I realised the challenges faced by recruiters are primarily comprised of repetitive administrative tasks. I know many hours are spent manually identifying and contacting potential candidates. This time could have been used for more productive tasks that ensure the recruitment of quality applicants.

At the same time, I also observed that young candidates constantly struggled with deciding what to pursue and ended up job hopping very often, much to the dismay of both the candidates and their employers.

Also Read: How Recruitery plans to help people who affected by tech layoff

Then, I decided I could use my experience to develop something to help address these needs.

The development of OppTy

Understanding how headhunting can be very tedious, I knew that the key was to digitise the process to help cut costs and save time. This is where the value of AI came in, and more than a decade-long experience led to a vision of the OppTy chatbot.

To answer such needs, it was also clear that a platform must be developed to help young individuals identify their career paths at an earlier stage. This would subsequently give them more stability and a better idea of the industry and career path that suits them.

The software algorithm was then strategically designed by collaborating with seasoned HR professionals who contributed valuable insights and understood insightful feedback and who also understood the process changes that had to be made.

Putting it all together

As a two-way talent management platform, OppTy offers multiple tools for both job seekers and recruiters.

For those searching for jobs, the platform provides extensive guidance in resume creation and portfolio maintenance. Oppty’s AI algorithms will recommend relevant skill sets, qualifications, and accomplishments to be included in their Curriculum Vitae (CV).

OppTy also offers a Career Roadmap Assistance – a feature that thoroughly depicts careers candidates can explore based on their current qualifications, skill sets and interests.

Through our Career Compatibility Test, candidates can determine their areas of strengths and weaknesses to determine well-matched careers. The platform also runs passive searches in the background and suggests the best job opportunities in the chosen industry.

On the other hand, talent hunters can manage their entire hiring workflow on OppTy: from candidate search to interviews, hiring, and onboarding. Features such as the automatic interview scheduler and job templates help streamline recruitment. By cutting back on long hours spent on admin work, it is estimated that companies can save up to 90 per cent on their annual hiring costs.

In addition, a Smart Candidate Selection tool is offered to help pool relevant candidates for job openings. Meanwhile, the Potential Candidates Pool allows companies to optimise their talent pipeline so they can hire as needed.

Staying ahead with OppTy

Ultimately, the recruitment process is changing, and OppTy seeks to pioneer this transformation. By tapping into various technologies to smoothen the process for many more recruiters and job seekers, OppTy has made a positive difference for job hunters and hiring managers.

Watch out for more upcoming developments in the next few months as we continue to grow into the thriving smart career ecosystem we envisioned OppTy to be.

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Digitalisation is the name of the game, having experienced a dramatic acceleration during the COVID-19 outbreak. In Asia Pacific, consumers are moving to e-commerce, contactless and electronic payments and in response, many businesses jumped onto the digital bandwagon too – if not, it will be difficult to survive.

The past few years saw significant developments in the payments industry, many spearheaded by fintechs. Fintechs play a significant role in addressing challenges and opportunities in areas like data security, fuelling growth for blockchain and data encryption, and building mobile and tech expertise to answer to consumer demands for convenience and easy navigation.

What are the key opportunities in 2023 for fintechs, and how can you scale your business in tomorrow’s hyper-digitalised world? Here are five trends we think fintechs should absolutely look out for.

Also read: China Mobile International launches iSolutions Carnival

1. Web 3.0
   

   Imagine a universe where payments run on blockchains and digital currencies are used widely to purchase goods and services. The reality isn’t that far away. Innovations are already rapidly scaling up in Web 3.0 and the metaverse, where banking is decentralised and where money can be moved quickly.

   As Web 3.0 comes into maturity and with the rise of the metaverse, more use cases will develop. Connecting and engaging digitally will only become easier and both businesses and consumers will also experience a proliferation of payment methods in virtual reality.

   Other than digital currencies, non-Fungible Tokens (NFT) may also gain wider acceptance as a form of payment, as they are a way to transfer value securely.

2. Global money movement
   

   Cross-border payments will not be unfamiliar to many, from sending remittances, buying or selling in social media platforms or eCommerce, working and getting paid in the gig economy, or simply just travelling abroad, we would have crossed paths with cross-border payments many times before.

   In the coming future, all eyes will be on digitalising supply chain payments and government disbursements, and gaining traction are new buzzwords — Treasury-as-a-Service and Payment-as-a-Service, where banks and other financial institutions offer their customers advanced payment or financial management solutions through cloud platforms.

   These developments matter because it impacts the build of national technical infrastructure to facilitate global money movements.

3. Embedded finance
   

   We are looking at a very near future where individuals nor businesses may never need to interact with a conventional bank ever again. Gone are the days when a bank or financial institution is the place to apply for credit, with embedded finance becoming another talk of the town. Simply put, fintechs are putting payment and finance experiences into a single seamless, convenient, and easy-to-use customer journey.

   Embedded finance embodies the integration of financial services like lending, payment processing, or insurance into non-financial businesses’ platforms. On the consumer end, users will be able to access the services they need wherever and whenever they need it. Imagine being able to shop online and collect consumer loyalty and rewards points on the same platform as you would use to purchase and get credit, buy travel insurance and manage store inventory.

   The evolution of embedded finance will fundamentally change experiences in commerce and impact merchant and consumer behaviour.

4. Merchant and small business enablers
   

   It cannot be understated that small and medium businesses (SMBs) are key drivers of economies globally. They may be small, but they pack a punch — SMBs represent about 90% of businesses and more than 50% of employment worldwide.

   For SMBs to thrive in the digital economy, they must evolve their operations and platforms with new payment experiences that will enhance the customer experience, be it face-to-face or online. Omni-channel retail is essential for businesses of all sizes, because customers expect to be able to seamlessly move from browsing on a mobile device to picking up their ordered item in-store without a hitch.

   With the current economic uncertainty, capital is getting more expensive, with lenders and investors deploying their funds with more scrutiny. With new payment innovations, SMBs can gain access to more efficient working capital that can free up liquidity for other essential business obligations.

5. Open banking

   Open banking has immense potential to enhance user experiences through improved credit decisioning, expedited on-boarding experiences and digital identity, by making crucial financial data accessible to promote more transparent relationships among consumers, businesses, and banks and also allow third parties to offer more customised financial services.

   Regulators across Asia Pacific are also seeing the potential of open data and open banking. Leading the charge in the region is Australia, while other central banks in the region are starting to make good strides in developing open data frameworks that will shape future open banking practices. Think of this as paving the way for more potential new digital bank launches in the future, as well as introduction of more financial solutions embedded into consumer platforms such as marketplaces and super-apps.

Also read: Achieving a sustainable future by harnessing IoT and data

Visa Accelerator Program: A gateway to digital payments

The payments landscape is ever-evolving and opportunities are abound for the year ahead. Startups and fintechs must arm themselves with the right tools and knowledge to maximise their business potential. A wealth of support, resources, and expertise are available through myriad of corporate innovation programs in Asia Pacific to help startups unlock the next big breakthrough in payments.

On the Visa Accelerator Program as one such opportunity for startups and innovators to become a catalyst of change in the payments industry, Kunal Chatterjee, Head of Innovation, Asia Pacific, Visa says, “We want to help startups unlock their growth potential and scale across the Asia Pacific region, and our six-month program is designed with broader market reach, product solutions, technical integration, and rapid commercialisation in mind. In fact, many of our startups have uncovered new commercial opportunities with Visa and our client partners during, and even after completing the program.”

There are many reasons to apply for the program, including rapid testing, access and partnership, exclusive mentorship, and business scaling. During the program, startups will collaborate to address challenges and explore opportunities in the digital payment field. Participants will also have the chance to receive mentorship from experts while co-developing, testing, and iterating new solutions.

Application to the program is ongoing and will run until January 10, 2023. Learn more about the program and how to register here: https://www.visa.com.sg/apaccelerator

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

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.

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Eratani, an Indonesia-based agritech startup that provides end-to-end farm management solutions for local farmers, announces the close of their oversubscribed US$3.8M seed funding round led by Singapore-based VC firm TNB Aura and with commitments from AgFunder, Trihill Capital, and B.I.G. Ventures.

In a press statement, Eratani said that with the new funding, it aims to further scale its operations as they continue to digitise agricultural processes, perfect its farming management programs to best suit farmers’ needs, strengthen the team’s core operations, and expand to new areas in Indonesia.

Eratani will also be maximising its ongoing collaborations with the government. Through their involvement with the Ministry of Communications and Informatics’ Startup Studio Indonesia and through their partnership with the Agricultural Ministry of Indonesia and the Indonesian State Logistics Agency (BULOG), the team is set to receive further support in developing Indonesia’s agricultural ecosystem, strengthening their mission to enable food independence in Indonesia.

Through this funding, it projects to empower more than 50,000 fostered farmers by the end of 2024.

“It has been amazing to see the impact Eratani is already making in the lives of our very own farmers. With the traction, funding, and support we’ve received, the Eratani team is eager to continue our journey in building the ecosystem our country’s farmers deserve,” stated Eratani CEO Andrew Soeherman.

Also Read: The opportunities and challenges Singapore’s agritech sector faces

The startup said that the agricultural sector in Indonesia remains highly fragmented, with farmers still managing their own farmland while working with limited access to finances, quality supplies, and the market. Locally, according to the Indonesian Central Bureau of Statistics, around 75 per cent of Indonesia’s farmers continue to practice traditional cultivation methods.

Eratani was founded by Soeherman, Kevin Laksono, and Angles Gani.

It accompanies farmers from the beginning to the end of their farming process. Using field data statistics collected by the Eratani team, they are able to help increase farmers’ productivity. This data-driven farming management technology includes scientific agri-inputs instruction, agricultural education with selected agronomists, and the distribution of their agri-output for commerce.

Vicknesh R Pillay, Founding Partner of TNB Aura, said that “due to the highly fragmented nature of the agri value chain in the region, TNB Aura believes Eratani’s farmer-centric approach led by a mission-driven team is key to accelerate the transformation of sustainable food security in Indonesia.”

Since its 2021 launch, Eratani said that it has managed to onboard more than 10,000 fostered farmers across the island of Java, managing a total of 8,000 hectares of land and supporting the production of more than 52,000 tons of rice within a year of operating.

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

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Handprint, a Singapore-based technology platform that is building the regeneration infrastructure for the digital world, today announced that it had secured further investment from Singtel Innov8, the corporate venture capital fund of Singtel.

The additional investment takes Handprint’s total seed funding to over USD$3 million. The seed funding was first announced in March 2022.

In a statement, the company said that the new funding would enable Handprint to continue building technologies that help companies create certified, positive impact and turn sustainability into a competitive advantage which it dubbed as a revolution in corporate sustainability as we transition towards a regenerative economy.

In addition to announcing the funding round, Handprint also announced the launch of its new product Handprint for Impact Partners, a SaaS platform designed to make it easier for NGOs of all sizes to digitise their regenerative efforts, promote their impact projects to corporates and measure and report their verified impact in just one platform.

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

The platform will empower NGOs to manage and report the impact they create in a quantified way, providing continuous assurance to the businesses that back them.

It also enables NGOs to receive recurring funding, with no upfront cost, and digitise their processes for more transparent reporting of their impact and finances.

Handprint said that earlier this year, the World Economic Forum identified 15 key limitations to well-intentioned corporate sustainability pledges. Among them were the lack of trust in the verifiability of projects and their reported impact, as well as the over-focus on decarbonization and offsets at the expense of other important environmental challenges, like the depletion of species and destruction of natural habitats.

Launched in 2020, the Handprint platform was created to solve these challenges. Through the Handprint platform, companies can select from a range of verified climate, nature and social projects and embed that positive impact into their products and services, helping companies become truly planet positive.

Handprint said that its platform can also cut up to 80 per cent of the intermediary costs traditionally associated with impact projects thanks to the use of technologies like satellite imagery and machine learning for verification, solving for two key challenges facing companies and NGOs: value and trust.

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

Image Credit: Handprint

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Digital Entertainment Asset (DEA), operator of the PlayMining NFT gaming platform, announced that it had raised a US$10 million investment from Los Angeles-based LDA Capital, a global alternative investment group.

The funding was meant to further accelerate its business and market expansion and to help optimise the development of PlayMining.

“DEA is very pleased to receive funding from LDA Capital, especially in the current bear market conditions,” said DEA co-founder and co-CEO Naohito Yoshida.

“We have been rapidly building out our catalogue of Play-and-Earn (P&E) NFT games, now enjoyed by 2.6 million users. This fresh funding will help develop our platform and drive market expansion even further, as we continue to actively form more strategic partnerships that broaden our ecosystem and to consolidate a leading position in the Web3 entertainment landscape.”

DEA is a Singapore-based global Web3 entertainment company launched in 2018. It manages intellectual property (IP) monetisation for content creators and operates the PlayMining platform, which comprises a growing selection of P&E games, the PlayMining NFT marketplace, the in-development PlayMining Verse metaverse and the DEAPcoin ($DEP) token.

Also Read: Singapore gets an NFT-gated Web3 co-working space Metacamp

LDA Capital is a global alternative investment group with expertise in complex cross-border transactions. Founded in 2018, it provides dynamic financing solutions to high-growth and capital-intensive businesses.

The LDA Capital team has collectively executed over 250 transactions across the capital structure in both public and private markets across 43 countries with aggregate transaction values of over US$11 billion.

Last month, DEA raised a minority investment from Rakuten Capital, the corporate venture capital arm of Japanese e-commerce and internet services giant Rakuten Group.

A separate Web3 partnership was also signed which sees the two companies.

DEA has users from all over the world, but has an especially large stake in Japan, with DEP being the first P&E token officially approved by Japan’s Financial Service Agency.

DEA also recently entered a business alliance with Japanese television station TV Tokyo to collaborate on content that educates the mainstream Japanese audience about Web3 technology.

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

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We are in the final lap of 2022 and look forward to a brand new year.

If you’re thinking about starting an e-commerce business, now may be a perfect time. But how do you know where to start? I’ve got your back.

Here are 10 great ideas for e-commerce businesses in 2023.

Dropshipping store

Dropshipping is an e-commerce business model wherein entrepreneurs do not need to hold the physical inventory of the products sold on their website or social marketplace. As a Dropshipper, you will work closely with a supplier, who will be responsible for procuring, packing, and shipping the products to your customers on your behalf.

Here’s how you can start your Dropshipping store from scratch.

Top Dropshipping niches to consider for 2023:

• Coffee
• Pet supplies
• Gaming accessories
• Baby products
• Oxidised jewellery
• Beauty products
• Gifts for all occasions

Artisanal foods

This is a hot trend that’s only going to get hotter.

Unlike mainstream and mass-produced foods, they are made using traditional methods, often by hand, in limited quantities. Artisan food is crafted without ‘nasties’ — ingredients that include preservatives, colourants, or chemicals, which can make them a healthier alternative.

Artisanal products are also highly sought, and there is massive scope for growth.

The market for artisanal foods in Australia is worth over US$1 billion and is predicted to grow by 20 per cent per year in the next five years.

Consumers are looking for quality and transparency, and food is no exception. Start an online store selling locally sourced artisanal foods and beverages.

Print-on-demand store

Print-on-demand, or POD, is an order fulfilment method where designs are printed on items as soon as an order is received. While POD stores share many similarities with Dropshipping businesses, the vastness of the business requires it to be categorised separately.

You can start on-demand printing services without needing to hold any inventory in reserve. You don’t even need the printing machinery to start a POD store. Tie up with a fulfilment partner like Printful or Printify, and you are good to go.

Fashion or costume jewellery

This is another hot category that has a lot of potential. Shoulder dusters, drip earrings, sculptured silver, Hammered dangle earrings, Shells, crystals, and rhinestones are all popular jewellery items that have dazzled in Spring 2023.

Also Read: A walk through the growth of e-commerce in Singapore

Whether you want to start selling fashion or costume jewellery, if this is the market you’re looking for, then it’s worth considering starting an e-commerce business in 2023.

Natural organic products

Consumers have become more conscious about their life choices, and hence they have become increasingly interested in natural, organic products.

The market for natural organic products is expected to reach US$87 billion by 2024.

Start selling daily items for cleaning, beauty, and personal hygiene using clean and safe ingredients. If you like to formulate safe, organic cosmetics partnering with a private-label manufacturer is ideal.

Virtual assistant services

E-commerce business is not just limited to selling products and items, it also includes selling services.

Virtual personal assistant services help business owners, executives and entrepreneurs outsource their time-consuming tasks and responsibilities.

You can set up various services, including bookkeeping, email management, social media engagement, and more. These services can be especially helpful for small business owners who don’t have the resources or time to devote to these tasks themselves.

For busy entrepreneurs, you can also help with administrative tasks such as scheduling appointments, booking travel, and researching information.

Now, isn’t that a good idea?

Sell NFTs

NFTs or Non-fungible tokens can represent ownership of unique items such as art, collectibles, or even real estate. Simply put, NFTs are digital files that can be bought and sold online.

You can use your online store to sell your NFT projects under various categories:

• Games
• Concept arts
• Videos
• Music
• Photos
• Event tickets, and more…

Sell ebooks

Do you have a flair for spinning stories? eBooks cover a variety of categories, from non-fiction to fiction content. If you are a blogger and specialise in writing about gadgets and other tech products, you can curate all your helpful articles and self-publish an eBook that could prove beneficial for your readers.

eBooks can be published on giant publishing portals like Amazon’s kindle direct publishing, more commonly known as KDP, or you can sell the eBooks directly on your e-store as a downloadable product.

Meal delivery

You can start a meal delivery service without even creating a website. If you are selling home-cooked food, all you need is a direct channel like WhatsApp for businesses to receive orders from your customers and keep them informed about the delivery timeline.

Here are some ideas for meal delivery services to get you started:

• Mid-night food delivery
• Healthy meals delivery
• Daily essentials delivery
• Food delivery for pets
• Meal kits or set meals

Wedding services

No. We are not asking you to play cupid. When we say wedding services, we mean bringing all vendors to your website or platform to provide a comprehensive wedding planning service.

From event planners, photographers to caterers, and decorators, you can bring all your local vendors under one roof.

Also Read: Why do most online stores fall flat and how you can improve it?

And there you have it! 10 viable e-commerce business ideas that you can start in 2023. Before you are on your way to starting your online business, think about how you can stand out from the millions of other e-commerce players.

Tips to scale your e-commerce store sustainably

Upgrade your digital experience

Customers don’t just land in a store, purchase an item and leave. They take their time, explore their options and find out everything they need to before adding an item to the cart. Take the opportunity to proactively engage with these shoppers and guide them through the buying process in your store.

Don’t rush the customers. Add a CTA button under the product description page to allow your customers to connect with product experts who could assist them over live chat, call, or even video call.

Tailor product pages to match customers’ needs

Improve product page experience to match your customers’ expectations from your store. Here are some tips for doing that:

• Use high-quality product images, write descriptive information about your product, and allow your customers to see the product from all angles.

• If possible, make use of AR or augmented reality and allow the customer to experience the product in their regular environment. For example, IKEA allows users to virtually place a true-to-scale 3D model of their furniture in their environment.

• Provide real-time stock updates to your customers. If an item is out of stock, then place a ‘notify me’ CTA button to alert the customers when the product is back in stock.

Create a seamless omnichannel experience

Your customers are everywhere. Just updating your social media feed with daily promotional posts isn’t going to cut it. You also need to open the channels for dialogue to flow seamlessly between your customers and your business.

From Facebook Messenger and Live Chat on the website to providing self-assistance through IVR and the option to reach your customer support team over the call or video, you need to be equipped with the right CX solution to create opportunities for your business.

Personalise customer experience

Most businesses fail to make a personal connection with their customers as they adopt the town crier’s communication approach of carpet bombing their customers with announcements and promotions without opening the door for dialogue.

Your website may receive thousands of website visitors, but it is imperative for your business to create an individualised experience for every one of those visitors to stand a chance to retain their interest.

You can do this by engaging with your customers proactively, optimising their buying experience, providing real-time personalised communication through live chat, and offering additional discounts via pop-ups that get automatically triggered when a visitor decides to bounce or abandon the cart.

Final thoughts

You don’t need to be a millionaire to start an online venture. You can easily monetise your skills or work with third-party suppliers and vendors to fulfil on-demand orders and run a functional e-commerce store from the comfort of your home.

This leaves you more time to concentrate on your core competencies and create exceptional shopping experiences for your customers.

–

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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

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The collapse of several high-profile exchanges and the contagion effect that followed them have plunged the crypto industry into a longer, deeper winter. When the FTX house of cards came tumbling down, they destroyed whatever minute hopes many of us might have harboured about the crypto market being well on its way to recovery.

While it may be tempting to demonise now crypto’s volatility and the space’s lack of regulation, we must bear in mind that FTX’s collapse was caused not by crypto as an asset class but by the company’s shocking lack of transparency and corporate governance. 

The full extent of the damage caused by FTX’s demise is still unknown, but one thing is for sure: the industry now has to work much harder to regain both retail and institutional investors’ trust.

So, is winter the best time to do so? For us at Bitstamp, there is no doubt the answer is a yes. 

Warming up to regulators

With spooked investors pulling funds from crypto, analysts are saying that more pain is bound to come our way. In short, the “crypto winter” is about to get even more bitter.

However, some say that this winter is also doing the industry a favour: flushing out players who have taken advantage of their customers’ trust in them to misuse funds and who have little to no regard for risk.  

The FTX saga demonstrated the importance of consistently placing your customers first. At Bitstamp, customer assets are held separately from corporate assets, and we do not, and will never, lend or stake any funds without our customers’ permission.

As the crypto winter draws on, we at the world’s longest-standing crypto exchange believe it is time for crypto players to reassess their values and implement more compliant and transparent business practices.

Crypto is growing, and to solidify its investment use case within the ranks of securities, properties, and other investment-grade assets, working with regulators becomes inevitable.

For firms that are serious about their offering and how they can drive mainstream adoption of crypto, there is a lot of incentive to innovate and work within regulatory frameworks designed to create a level playing field for a market to thrive.

Also Read:  Temasek says FTX could have duped it

To deliver top-rated crypto services, it certainly helps to have a global regulatory footprint and the appetite to invest in growing one. This has always been a major investment for Bitstamp. In our 11 years in business, we have always sought out licenses in the markets we operate in and currently have 50 licenses globally.

Deliver on your education agenda

Even as regulators worldwide are increasing their scrutiny of crypto, market participants must not think that regulation equals a sure return on their investment.

It is worthwhile mentioning here that retail participants need to have a balanced view of regulation, how it mitigates some of the risks they face, and what self-responsibility they also need to take.

Crypto education goes beyond basic investment know-how and the fundamentals of blockchain technology. It is also about understanding what regulations can and cannot achieve. When discussing crypto literacy, we must also consider inculcating the right frame of mind towards the asset class.

To achieve consumer protection outcomes, it is essential to help customers be aware of the risks and understand the investment thesis.

Many investors may have entered the market under the wrong impression that crypto could be their ticket to getting rich quickly. Crypto companies must correct this.

In Bitstamp’s last Crypto Pulse survey, 38 per cent of retail investors cited “they really don’t know enough to get started” as a barrier to entering the market.

Crypto and Web3 should not be an exclusive playground for the tech-savvy or investors from a certain demographic. At the end of the day, the company that succeeds in educating the average person on the street about crypto will win because education drives trust, and trust drives adoption.

Turn on your crypto now

When the market is down, running and taking cover is tempting. However, one cannot ignore the macro shift happening before our eyes. Increasingly institutions include crypto as part of their offerings to their clients. Those who wish to be part of this growing movement should undoubtedly take the opportunity to build their crypto capabilities. 

Also Read: What you should know about the correlation between crypto and the macro environment

The journey to operationalising your crypto business can be daunting and resource-heavy, from tech to KYC processes and regulatory requirements. But it doesn’t have to be that way. Access to crypto can be easily achieved with white-label solutions that include KYC capabilities and the necessary licenses. 

And here’s where it is important to find the right partner. When looking for a crypto partner, it’s important to identify one with a proven track record, strong compliance history, and a customer-centric approach.

By adopting the right white-label solution, companies can continue evolving their capabilities while owning the customer relationship. 

It’ll be too late if your business waits until the next bull market to start building your crypto offering. Don’t underestimate the time and effort it will take to create products and services that are safe, secure, and user-friendly.

Adopting a plug-and-play solution such as Bitstamp-as-a-Service could dramatically speed up your institution’s crypto adoption. 

The road ahead is long, but…

We must remember that markets, including the crypto market, are cyclical. That means that when the markets are down, it’s time to build. Business leaders should be preparing to meet the demand for Web3’s next boom.

By investing in a compliance-forward strategy, building out your capabilities, and educating your customers, you’ll be well-positioned to emerge from this crypto winter stronger and better able to capture new markets in the months and years ahead.

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