From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

In fact, many people will be more curious about my experience of cross-industry entrepreneurship. I first did e-sports and early investment in China, and had a lot of dealings with the supply chain of some brands in Japan and China. After returning to Singapore at the beginning of last year, I have been trapped here because of the epidemic, but found some new business opportunities. These days, I have been paying attention to the development of the entrepreneurial ecology in Southeast Asia.

You will see that various industries in Singapore have new trends due to the epidemic. Some industries have also made major adjustments. For example, the popularity of food delivery and traditional retail start to embrace online. These also give me a lot of interest in Singapore and Southeast Asia. The market also has some new observations and deeper thinking.

Since I have a lot of experience in cooperating with various beauty care brands in China, I will pay more attention to the development of this area in Singapore. I found that the current channels for Singaporean consumers to understand beauty and care products are still relatively single, and many consumers are often confused when faced with so many popular products on the market.

In addition, there is a general problem of information flooding in the beauty care market in Singapore. Most people in Singapore currently learn about related beauty products through Facebook and Instagram, but some brands will bundle them through advertisements. What you receive Information becomes advertising bombardment. There is no third-party player to extract product information and trends in the market and present it to consumers, to tell consumers what kind of products you are suitable for at this stage.

It was precisely in the past year that through the analysis and thinking of the Singapore market, the opportunity for new market demand was discovered, and the Japanese beauty and personal care brand Osakakuma was established through the supply chain and brand resources accumulated in the early years. I am also very happy that my friends in the investment industry have not been stingy with me in the early stage of funding. I am grateful to partners and partners for their support.

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

Data-driven at the core

What we are doing, in short, is to use data analysis to capture the general trend of beauty products and deconstruct user needs. Then combine the two, match users and needs through data matching, and accurately select products for customers.

The reason why I chose to focus on daily makeup in the Singapore market is because there was a wave of Japanese products in Singapore in the early days, and the attention, acceptance and trust of Japanese brands and products are good, such as Japanese convenience stores, Japanese restaurants, and even Japan. Masks produced in Singapore are also more popular. On the basis of a good reputation in the market, there is less resistance to promotion, which has greatly improved our customer acquisition efficiency. At the same time, some Japanese brands and products have also experienced a long economic cycle, and they have a good standard both in the supply chain and in quality control.

Compared with traditional beauty care brands, I am more inclined to position Osakakuma as a data-driven selected service-oriented company. We use technology to create data-driven underlying logic, relying on our own information mining and information. Skills of analyze. Our data team will continue to optimize the effective analysis process of the original data through offline inquiry, e-commerce search, and transaction data precipitation, so that it can be processed from simple numbers to information content and applicable data to penetrate The local beauty care market.

The distinction between e-commerce and physical retail is gradually blurred

With the development of the Internet and the replacement of information transmission methods, as far as the sales model is concerned, I think the boundary between online and offline has been blurred. It is just a different purchase scene.

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

If you think about the iterations of communication tools over the years, it is not difficult to find that young people born after the millennium are no longer online or offline. In the past, whether it was QQ or MSN, there was a closing sentence similar to “I’m down”, but after 00, I should not understand this sentence.

Nowadays, people have developed the living habit of standby on all antennas, so the more critical issue we need to think about is not entanglement between online and offline, but how to serve users in different scenarios more effectively. Although the focus of offline makeup testing is on the sense of experience, and online ordering is more convenient and efficient, it is just that the sales channels are different, and the goal of providing quality services is the same. Therefore, I think this is a mutual influence, there is no need to separate them.

“People-centered” business model and expansion ideas

The sales model of traditional beauty care is mostly centered on goods or venues. They often start with the product and focus on their visibility in the market. Because such a model requires “goods” to find “people”, it also means more advertising and other expenses.

I think the most obvious advantage of this kind of expansion is its adaptability. Traditional makeup brands have fixed categories and items to be promoted, but their popularity is dynamic. At this point, as a selected service provider, we have unique flexibility and adaptability. The supply chain and products can be adjusted according to the preferences and changes of customers, and we can make targeted investments.

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

In this way, we can better establish and maintain our own product selection concept, and lock the long-term repurchase rate of consumers through personalized and dynamic selection, thereby forming trust and stickiness.

We also hope to introduce a membership system that is different from traditional friends. Most of the common membership systems in the market now exist in the form of discounts and cashbacks. To a certain extent, this separates members from non-members and directly affects customers’ consumption habits. Rather than using promotions to increase sales, we want to create a sense of dignity. Our approach is to launch exclusive benefits such as membership lottery trials, beauty and personal care knowledge seminars, after all, knowledge can be shared and spread, especially in Singapore, a market that lacks sufficient knowledge and guidance on beauty products.

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

We also hope to establish an interactive relationship with users, so that users can establish a mechanism similar to “personal relationship” with our platform, shopping guide, and products, so as to continuously empower and operate this community and bring our products , The added value beyond the members is reflected.

Operating user life cycle

Starting from the “people-centered” strategic thinking, we hope to create a long-term and comprehensive service experience through the life cycle of operating users. Because the Singapore market is small, the segmentation positioning cannot form too much scale effect, and more refined operations are needed to tap the potential life cycle of customers. Consumers at different ages, especially female users, have a constantly changing core demand for cosmetics and skin care products.

For example, most of the initial needs of girls for beauty makeup occurred when they first entered the workplace. These young people pay more attention to comfort and fashion perception, and are more willing to pay for fashion trends and sophistication. In the same way, in other life nodes such as newlyweds, new mothers, entering middle age, etc., their focus on product appeals will change, and we manage the life cycle of each customer to achieve long-term and considerate shopping experience.

From E-sports Investment to New Retail: My Cross-Border Entrepreneurship in Southeast Asia

In response to such regular, dynamic, and refined needs, currently, there are six different personas on our website to help customers choose products that suit them. In the long run, the image of our independent third-party assessor can be established in the hearts of the audience. This is a process of gradually creating emotional connections and a sense of trust. It requires sufficient patience and data precipitation.

Future expansion plans in Southeast Asia

Next, we will continue to consolidate Singapore’s position, consolidate the market, and explore more contact points with users. The key to long-term investment and maintenance is the accuracy of our own data framework and business analysis.

However, the Singapore ceiling is obvious. We are planning to expand to Malaysia, the Philippines, Vietnam and other markets. These three markets are deeply connected with products and cultures of China, Japan and South Korea, while the Indonesian market has higher requirements for the localization of foreign products and brands. Some people in these countries have a need for beauty care, but there is no well-matched platform in the local area to play the role of provider. Therefore, there are still plenty of opportunities.

First of all, in Southeast Asia, it is impossible to quickly spread and occupy the market by staking out the land like in China. It is a complex area with different language customs. Secondly, the licensing barriers involved in the beauty care industry are also relatively high. Each country has different policies and regulations, which also increases the difficulty and threshold of expansion to a certain extent. More importantly, the consumption habits and consumption levels of each country are different. In this way, a large amount of data precipitation and analysis is required to accurately match the appropriate consumer audience.

However, various countries in Southeast Asia have some similarities. For example, Vietnam and Malaysia have female user groups with higher spending power, which will be more suitable for our current products and services. At the same time, for the mass market, our matching products will also have certain adjustments, not limited to Japanese products, and even domestic micro plastic surgery and physical therapy can also be considered in our future services. Another point worth noting is that in the new retail market, Singapore’s brands and consumer trends can often guide neighboring countries to a certain extent.

On the whole, for users in different regions, different needs and different consumption levels in Southeast Asia, it is necessary to do a good job analysis of customer needs in different regions through intelligence, data accumulation, and technical support to improve matching efficiency. How to meet the needs of different consumer groups for categories and services is the problem that consumer brands need to think about and solve in the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/from-e-sports-investment-to-new-retail-my-cross-border-entrepreneurship-in-southeast-asia-2/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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