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Groundbreaking technology trends in Asia

  

Groundbreaking technology trends in Asia

Over the past few decades, Asia has undergone a colossal economic and technological growth.

Thanks to its middle class growing in prominence, technology adoption and information consumption has exponential grown within the last decades. What used to be a technological market that mirrored the West, Asian tech companies are fast becoming the leading players at the cutting edge of technology in the world.
Over 552 million consuming household living in urbanised areas - chiefly based in China, India and Indonesia, according to a 2015 McKinsey report for the Singapore Summit. This situation has fueled the rise of “disruptors” championed by tech companies across Asia, such as Alibaba, Tencent, Flipkart and Grab (photo), now well over $10 billion valuation. These tech companies are labelled as “disruptors” for operating within the realm of disruptive technologies and generating innovations that are drastically changing the rules of business and redefining the market.
According to Edward Tse - author of “China's Disruptors” and leading global strategy consultant who has spent over two decades working with senior Chinese executives - the market has changed rapidly as homegrown companies lead by innovative, competitive entrepreneurs have taken the place of more cumbersome government-linked organisations.
This has resulted in a new generation of Asian tech companies that rival those from the US and Europe. Here are some of the innovative technology trends across the region:
Online shopping and virtual payment
Internet has changed the we shop. With the technological revolution and a growing number of people buying their products online, companies operating in the retail industry has have to adapt to these changes. This change has become more dramatic with the smartphone as people can virtually buy anything from anywhere and anytime. That plus the fact that a growing number of people have internet access and a mobile device, the landscape has changed considerably within the last decades.
Alibaba - Asian's biggest player in the industry - understood the opportunities of online shopping and made the most of it in 2014 when it had an initial public offering worth US$21.8 billion. Founded by Jack Ma, the company started as a business-to-business (B2B) online marketplace and then launched Taobao as its consumer-to-consumer (C2C) arm, which made it a competitor up against one giant in the industry - eBay.
Since Alibaba knew the market, it didn't follow in the steps of eBay as it suspected that the low popularity of credit cards and the charging of transaction fees wouldn't be appealing to Chinese customers. Therefore, they came up with an easy-to-use free online payment system for Taobao, which drove its market share to 70% in 2006, and then there was no competition, the game was won.
The payment method they devised - known as Alipay - now dominates 50% of China's online payment and it has prompted other companies throughout the region to mirror this scheme. Ever since, Alibaba has widened its horizons and is expanding its dominance globally.
“The success of these endeavours resulted from their willingness to understand and adapt to previous e-commerce models to the local setting.”
Automated Stores
Although we have seen that online shopping is on the rise, there's still a market for physical stores. With technological changes, on the rise, however, physical stores has had to adapt. JD.com - a Beijing-based company - has devised automated stores where you walk into a shop with no cashiers and no retailers, only aisles of products. Then you walk up to an item, scan its QR code and automatically proceed to make a purchase. Founded by Liu Qiangdong, JD.com has taken it a step further and aims to create a fleet of automated drones to deliver your parcels.
App for Everything
Tencent's WeChat, a messaging app that has revolutionised the industry in China and has massad 980 million active users so far. This powerful app is a combination of WhatsApp with some features of Facebook, Instagram, Google, Spotify and even Uber. This all-powerful app allows you to share images and music with friends, make bookings for restaurants or spas, and even make online payments.
Ride Sharing
Just like Uber in the West, ride-sharing companies have revolutionised public transportation in Asia. Particularly Grab, which is a major player in Southeast Asia. This app dates back to 2011 when Anthony Tan pitched a taxi-booking app at the Harvard Business Plan Competition. The popular app allows users to hire rides from licensed partners, instead of flagging down a taxi. It became an effective way to combat peak-hour shortages of public transportation.
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