In our series, "CEO Speaks" we had a chance to have a word with Mr. Kushal Nahata, Co-Founder & CEO of FarEye regarding LMF Asia and his trip to Singapore. Here is a snapshot of the conversation with him on the interesting insights & the key takeaways from LMF Asia: 2016.
“Thank you Jeong and the entire LMF Asia & Singex team for pulling off such a marvelous event. Not only was the show ideated well but you guys went out of your way to assist your participants and delegates at every step - right from picking a booth to the resolving admin issues. I personally witnessed it when I faced the last minute visa glitch that you helped resolve from your end and I am grateful for that. It would have been disheartening to not be able to participate at this Forum.
As a participant and speaker at LMF Asia I can most confidently say that this is great platform to bring together everybody associated with last mile fulfillment - right from logistics players to technology providers to thought leaders to aspiring start-ups on one platform.”
What is your say on Singapore markets?
Home to a most sophisticated, huge international customer base with highest disposable income in the APAC region, Singapore enjoys the honour of being the established e-commerce marketplace in the region. Higher connectivity to other regional markets and major chunk of revenues through cross border e-commerce makes it an ideal gateway into Asia-Pacific e-commerce sector. The entire world specially the media, logistics, ecommerce & retail world is looking forward to invest and bank on the huge opportunity that lies ahead of them.
Why LMF Asia is special this year over last year?
Growing ecommerce market size and its growth potential, staggering internet penetration and growing m-commerce are the key drivers for the growth retail & ecommerce investments from global players.
Jeong and Team were successful in bringing together all the retailers, ecommerce & fulfillment companies globally to connect, share knowledge and explore business opportunities in Asia. Much bigger than 2015., LMF Asia showcased the latest products, innovations and solutions by international, regional and domestic players across the entire fulfillment ecosystem making it a definitive one-stop marketplace. With different school of thoughts flowing in from the stalwarts of different industries these are five key takeaways from LMF Asia-2016.
What do you think are the key takeaways from the LMF Asia-2016?
Well the industry experts and the stalwarts discussed on the cross border ecommerce, growing Logistics & Supply Chain, Omni-channel strategy, Payment Infrastructure, Technology solutions & providers.
According to Forrester Research, 60% of Singapore’s ecommerce sales come from cross-border orders, how do you see the things in the coming by?
If we look at the broader perspective., Asia’s cross border e commerce is undergoing an exponential growth and is estimated to be worth US 34.5bn. Singapore’s cross-border commerce is higher than the other countries like Malaysia (40%), Japan (18%) and South Korea (25%). Singapore and Malaysia represent the largest e-commerce industries of Southeast Asia. According to Euromonitor, these two countries generate almost half of total online retail sales in this region, even though Malaysia and Singapore only account for 8% of the Southeast Asian population. Both countries are expected to show double digit growth over the next years.
With the ecommerce boom growing exponentially, do you think things logistics & supply chain companies have to tighten their belts and focus on quality of service?
With the rising cross border e commerce & m-commerce along with the increasing purchasing power over the APAC region., this year’s LMF is hosted the stalwarts of Logistics and would be an amazing discussion on the key push factors like timeliness for deliveries, its efficiency and quality of infrastructure as well as its mature network of logistics service providers.
What Omni-channel strategy should companies adopt to survive this ecommerce wave?
If we look at the ever increasing customer base they are connected via mobile devices. To reach out to these audiences on the go, retailers need to implement shopping experiences that connect the online & offline channels from marketing to order fulfillment. The key factors in the omni-channel retailing would be around:
(i) cross-channel inventory visibility
(ii) Integration of offline and online retailers
(iii) In-store pickups & returns
(iv) collaborative fulfillment centres
What is your say on payment options in last mile?
It is a well-known fact that payments are a challenging process of the online customer journey. Emerging technology players like FarEye would be discussing about the trends. Sales through credit cards and the bank transfer, Cash-on-Delivery, Card-on-Delivery but not as commonly used as in other countries.
With the rise in ecommerce & logistics., the market size for workforce management solutions have also increased heaps and bounds. How are you helping your clients Zalora, DTDC, Safexpress and Acommerce in managing their workforce ?
Enterprises today have to strike a balance between workforce management, customer experience and streamlining operations. To do this., technology acts like a game-changer for today’s logistics & ecommerce. We are integrating with the existing ERP’s and CRM’s of the companies, automate the entire processes and gives detailed insights on what is going on the field. Currently we are doing more than 2 million transactions on our platform.
.Lastly, do you have anything to say for the LMF Team?
With the boundaries between each industry becoming thinner day-by-day and with the huge business opportunity lying in the retail-logistics and with the increasing size of ecommerce-logistics, looking forward for the discussions at LMF India.