AI bridges the gap between Singapore’s retailers and omnichannel shoppers

With today’s consumers spoilt for choice in ways of interacting with retailers, it is not a surprise that the phenomenon of omnichannel retail has become a reality. A recent report commissioned by Amazon on Singapore’s retail trends found that Singapore consumers explore more than five online retailers before settling on a purchase, while 68.3% of shoppers in Singapore utilise both online and brick-and-mortar stores to seek the best value deals¹. Omnichannel retail had been responsible for more than half of retail expenditure in 2022 and is projected to surge by 21.2% by 2026.

Shoppers in Singapore now seamlessly navigate between offline retail and online marketplaces for their needs. As a result, retailers need to attune their efforts to increase customer conversion rates by offering integrated, synchronised buyer journeys. However, apart from the top retailers, many of the 22,000 retailers in Singapore who have both a physical and digital presence, are not leveraging on technologies to do so. With the power of digital solutions, these IMDA Accredited or Spark-powered retail tech companies, Addlly, BeLive, Gimmefy, and Whale, help retailers enhance shopping experiences across the various touch points that consumers will encounter.

Advancing digital transformation in the retail sector

The increasing complexities of winning over today’s consumers means that retailers need a new generation of digital solutions to meet rising customer expectations for personalised, seamless, and convenient shopping experiences. A report by Accenture found that Artificial Intelligence (AI) powered solutions in the retail industry could increase profitability rates by 59% by 2035².

This is in line with Singapore’s Retail Industry Digital Plan, which outlines several areas where Small and Medium Enterprise (SME) retailers can digitally transform with the adoption of digital solutions to support their business needs. And this new wave of retail tech firms is now helping retailers and brands do just that with their offerings, to have a better grasp on meeting consumer expectations.

IMDA has rolled out several initiatives, including IMDA Spark and IMDA Accreditation, to grow tech startups with significant potential to impact the digitalisation of several industries, including retail.

IMDA Spark addresses key challenges of locally based Infocomm and Media (ICM) startups and guides their growth through Government tools and a vibrant, collaborative ecosystem. Participating companies have access to leading industry community partners to support their capabilities and initial growth, along with exciting opportunities to pitch for reference customers in Singapore based on government demand. These companies also become part of a dynamic community of ICM companies, allowing for problem solving and collaboration with other peers and ecosystem partners to accelerate the digital growth of Singapore.

In the same thread, the IMDA Accreditation programme plays a crucial role in developing the local ICM ecosystem, by providing a seal of assurance and heightening the credibility of innovative Singapore-based high-growth ICM product companies in the face of government and large enterprise buyers. Companies undergo a comprehensive financial and technical evaluation, so that they can receive valuable insights into their business, adapt based on these learnings, and scale their operations by seizing new opportunities in the market.

Addlly, BeLive, Gimmefy, and Whale represent a growing cohort of companies that have benefitted from IMDA’s efforts, while helping to solve the myriad of challenges that brands now face trying to win over consumers.

IMDA powered tech companies accelerating retail success

Today, live commerce has become a staple feature of the online shopping landscape. The trend features entertainment integrated with instant purchasing, and has become especially popular in industries like fashion, beauty, and consumer electronics.

BeLive seizes this trend by providing a one-stop shop for enterprise video and live steaming solutions. Together with the company, retailers can develop a customised live streaming platform without needing prior coding knowledge and tap into its pool of resources for end-to-end services from design to production support.

The company was able to break through a crowded marketplace and get the attention of established enterprises such as M1 after attaining IMDA Accreditation. “It was a straightforward decision for us,” said BeLive’s CEO and co-founder Kenneth Tan, of going through the stringent process to be accredited. “As BeLive frequently communicates with both local and global enterprises of scale, IMDA Accreditation has immediately elevated the trust in our company’s technical and team competencies, giving our partners and customers the assurance that our solution operates with great focus on governance and security.”

In late 2021, M1 became the first telecommunication company in Singapore to offer Live Entertainment to their viewers. Its live series, That One Show, allowed people to participate in games, product giveaways, and shop while watching. For BeLive, whose Enterprise solution was tapped by M1 for their website, this marked a pivotal moment in establishing live streaming’s presence within the e-commerce ecosystem in Singapore.

“We invested heavily in creating highly interactive video players that allowed viewers to shop, play games and run polls in real-time, and our deployment with M1 utilised the best of these interactive elements,” recalled Tan. The implementation was a success, with a 95% completion rate for live videos averaging 30 mins to an hour in length, and 20 shop clicks per second during live streams. In an age where the average consumer attention span is a meagre seven seconds, the campaign’s results reaffirmed the effectiveness of live streaming in capturing the attention of shoppers.

IMDA Accreditation also supported BeLive to deploy on Government on Commercial Cloud (GCC) and access IMDA’s Tech Acceleration Lab (TAL) Enterprise, both of which have also helped accelerate many of BeLive’s deals.

Since embarking on the programme and landing crucial deals, the BeLive team has observed more trust being established in the medium. “Live video shopping is becoming normalised, with word of mouth spreading about how reliable, affordable, and entertaining buying from a live seller can be,” said Tan.

Credibility to stand out in a saturated market

It is not just the digital realm where retail tech companies are helping retailers do more to serve customers better. Whale, an AI-based retail solutions provider, has been helping a wide range of retailers in Singapore better understand their in-store traffic and what the data means for their business.

“Many retailers struggle to interpret data on entrance traffic, instore traffic, and demographic breakdowns. We guide retailers in using this information to optimise store layouts, refine marketing strategies, and allocate staff more efficiently. By combining AI with footfall data, they can make smarter, data-driven decisions that enhance customer experiences and drive growth across all locations,” said Lafee Wu, Whale’s Head of Globalisation.

There is no shortage of tech companies offering a dizzying array of solutions designed to meet every possible challenge. In such a saturated market, competition is fierce. For Whale, participating in the IMDA Accreditation was a turning point for the company’s growth in Singapore. “We initially learned about it through our network in the local tech ecosystem and saw it as a unique opportunity to fast-track our entry into Singapore’s retail market,” shared Wu. “We found that the accreditation helped us build trust more quickly, accelerating decision-making processes with clients.”

In addition, the connections made through the IMDA network opened doors to strategic partnerships and business opportunities the team hadn’t anticipated.

Addlly AI's journey with IMDA began as a participant in the GenAI Sandbox for SMEs programme, where it onboarded early customers and significantly accelerated their growth. The transition to joining IMDA Spark was a natural next step.

An AI-powered content creation platform, Addlly offers cutting-edge AI tools that process retailers’ own consumer insights, company information and past content, to develop high-quality content adapted to their various needs.

As a young company, securing face time with chief experience officer (CXO)-level executives can be challenging. “The interactions arranged by IMDA have given us unique opportunities to engage with CXOs of leading Singapore-based companies, opening new business avenues and fostering valuable relationships,” said Addlly CEO & Co-Founder, Tina Chopra.

Gimmefy is another firm that has seen a healthy uptake of its solution by Singaporean companies, especially those with minimal marketing resources. Its platform enables marketing teams to manage, brainstorm, and easily generate consistent, personalised content across multiple channels with the help of features such as specialist AI assistants.

“One of the most common benefits that our clients highlight is the amount of time saved. Some of them claim to be saving up to 90% of their previous production/creation time using Gimmefy,” Gimmefy CEO & Co-Founder Shalu Wasu shared.

During its earlier days, Gimmefy came across IMDA Spark, which was touted to be one of the ‘must-have’ certifications by peers and other startups in the ecosystem.

“As an AI startup based in Singapore, we were looking not only for grants but a way to legitimise what we were working on,” said Wasu. “Being part of the programme required us to go through vigorous rounds of audits to put us on par with industry tech requirements. In a way, it’s a proud badge that we wear knowing that we’ve made the cut.”

Play a role in driving digitalisation

If you are a tech startup looking for business growth, network opportunities, and creating a real change through digitalisation in Singapore, find out more about how you can do so with IMDA Accreditation or Spark here.