Ramping up in retail
- Two 500-backed data-driven startups have come together in a US$20 million deal. Singapore fashion analytics platform Omnilytics has agreed to acquire Malaysia data training provider Supahands.
- This move is part of Omnilytics’ ongoing acquisition mission to enhance its capabilities in retail tech and expand its product offerings.
- Omnilytics’ market intelligence platform offers real-time competitor analysis and data for retailers to make data-backed decisions. It claims to have over 100 million data points across more than 75,000 retailers and brands. Its clientele includes Zalora, Uniqlo parent company Fast Retailing, and Adidas.
- As part of the agreement, co-founder and CEO of Supahands Mark Koh will join Omnilytics as chief strategy officer. Fellow 500-backed startup Carousell is one of Supahands’ global clients.
- Read the full story on e27 here.
Driven by data
- Another advocate of data management is 500-backed newly minted unicorn Carsome. “It is an important process to gather sales and service information, as well as to understand and predict customers’ buying decisions and evolving mobility needs,” said the startup’s chief data officer Piyush Palkar.
- He shared that it took 10 years to get the internet adoption rate in retail in Southeast Asia to reach 3%. The pandemic accelerated that number to 6% in less than one year.
- The startup cemented its commitment to data management by setting up a data center of excellence. Piyush said combining auction and market data with a machine learning model has helped the team enhance their decision-making abilities and work efficiency.
- Recently, the startup also partnered with Aspirasi, an entity under Axiata Digital that provides micro-financing and micro-insurance. Together, they are offering financing solutions to used car dealers in Malaysia.
- As of April 2021, Carsome reported transaction volumes of over US$700 million.
- Read the full article on Free Malaysia Today here.
Shopping with a purpose
- Millennials care a lot about sustainability. That was the overarching survey finding by 500-backed e-commerce marketplace Carousell and IAB Southeast Asia.
- According to their report, 95% of millennials in South East Asia and Hong Kong felt purchasing pre-owned items is more sustainable, with 50% saying they felt ‘very strongly‘ about the topic.
- Dubbed “recommerce”, JJ Eastwood, the managing director for Carousell Media Group said, “[It] has become synonymous with sustainability and this research demonstrates how important this has become to young people across the region. This presents a unique opportunity for brands to win the hearts and minds of this core consumer segment around issues they care deeply about.”
- But this doesn’t mean that millennials are not attracted to luxury goods. Half of the survey respondents bought luxury items in the past 12 months. Vietnam leads, with 72% having bought at least one and 33% bought more than three.
- Read the full story on The Drum here.