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 about 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 a 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.”
Q: What is your say on Singapore markets?
A: Home to a most sophisticated, huge international customer base with
Q: Why LMF Asia is special this year over last year?
A: Growing e-commerce market size and its growth potential, staggering internet penetration and growing m-commerce are the key drivers for the growth retail & e-commerce 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
Q: What do you think are the key takeaways from the LMF Asia-2016?
A: Well the industry experts and the stalwarts discussed on the cross-border e-commerce, growing Logistics & Supply Chain, Omni-channel strategy, Payment Infrastructure, Technology solutions & providers.
Q: According to Forrester Research, 60% of Singapore’s e-commerce sales come from cross-border orders, how do you see the things in the coming by?
A: 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.
Q: With the e-commerce boom growing exponentially, do you think things logistics & supply chain companies have to tighten their belts and focus on the quality of service?
A: 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.
Q: What Omni-channel strategy should companies adapt to survive this e-commerce wave?
A: 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 omnichannel retailing would be around:
Q: What is your say on payment options in the last mile?
A: 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 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.
Q: With the rise in e-commerce & logistics., the market size for workforce management solutions have also increased heaps and bounds. How are you helping your clients Zalora, DTDC, Safexpress
A: Enterprises today have to strike a balance between workforce management, customer experience and streamlining operations. To do this., technology acts as a game-changer for today’s logistics & e-commerce. 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.
Q: Lastly, do you have anything to say for the LMF Team?
A: 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 e-commerce-logistics, looking forward to the discussions at LMF India.
Within a short time, items under reverse logistics can transform into a parasite that feeds on an organization’s profitability. In the US alone, Statista highlights that return deliveries will cost $550 billion by 2020, 75.2 percent more than four years prior.
90% of customers expect to be able to intervene after providing an incorrect address for delivery. Over 50% expect the ability to reroute a package to a different address or request an in-store pick-up, while the item is in transit.
FarEye has launched its flagship product - Drop&Pick. This parcel shop technology has already been incorporated by various businesses to facilitate paperless, high speed and secure delivery and pick up of parcels through its service points including DHL, Blue Dart and First Flight.