-
Company strategy focuses on access points for next generation of tech-enabled convenience by merging fintech and big data analytics to gain valuable consumer data
-
GoLogiq will leverage its existing Big Data platform for performance analytics to boost its Vietnamese initiatives, transforming customer data insights into fintech products and services
-
GoLogiq to announce further details as it builds out its hybrid model in Vietnam
GoLogiq, Inc. , a global provider of mobile fintech solutions for digital transformation and consumer data analytics in Southeast Asia, today unveiled its expanded strategy to deploy advanced technologies, next-gen fintech services, and data analytics to the Vietnamese market through convenience retail.
SE Asia and Vietnam: Ideal Markets for FinTech
Southeast Asia is a leader in technology implementation compared with the Western world. Starting in the 1990s, when their economies were transitioning from agrarian to industrial, they bypassed the buildout of national analog copper-wire telephone systems in favor of nationwide cellular systems – pulling hundreds of millions of people directly into the nascent digital age. Today, those consumers demand that retailers utilize the latest technology to create a seamless, fast, one-stop and secure shopping experience.
Vietnam has a population of 104 million, making it the world’s 16th most populous nation. In 2022, it has one of the fastest growing economies in SE Asia with strong GDP growth (forecast to grow 6.5% in 2022 and 6.7% in 2023) based on the recent Asian Development Bank’s Vietnam Report, with projected retail sales growth of 10.13% from 2022 to 2026 led in part by the growing demand for convenience food products.
According to a January 2022 industry analyst report, “With a significantly high proportion of the unbanked and underbanked, together with increasing mobile phone connection (150% of population), Internet penetration (70%), and 3G & 4G registration (45%), Vietnam remains largely an untapped market and a promised land for fintech investors.” Analysts at Bain Capital forecast, ‘If Southeast Asia achieves its full potential, digital financial services could expand to $60 billion in revenues by 2025.’
Read More: Oracle Becomes First Hyperscaler to Open a Cloud Region in Mexico
Provide Hyper-Local Convenience, FinTech for Millions of Growing Middle-Class Consumers
The Vietnamese middle-class is rapidly growing with customer needs shifting towards more frequent shopping, convenience, home delivery, premium brands, healthy prepared foods, and a wider selection of retail offerings. The convenience store industry in Vietnam is under-penetrated with room for rapid growth given the expanding middle-class and shifting consumer demands.
GoLogiq is in active negotiations to partner, acquire, build, or form a business combination to secure a network of brick & mortar convenience stores to create a convenience platform that will serve as its hybrid Direct-to-Consumer (D2C) business model foundation. The Company plans to deploy the solid technological foundation it launched in Singapore and Indonesia to jump-start its tech driven D2C initiative in Vietnam. Its strategy merges next-generation fintech with its existing Big Data AI analytics capability to market directly to consumers through a brick & mortar convenience store distribution platform in Vietnam. The initiative is geared to provide hyper-local convenience for millions of the growing middle-class of consumers desiring an enhanced retail experience.
GoLogiq Customer Data to Enable a Differentiated, Enhanced Consumer Experience
GoLogiq’s strategy is to apply advanced analytics technology to the data aggregated from its brick-and-mortar convenience customers to provide a superior, differentiated retail store experience that can also serve as an entry point for consumers seeking fintech services ranging from financing to alternative digital payment methods.
The real-time processing of increased volumes of consumer transaction data provides valuable insight into consumer behavior patterns that GoLogiq plans to use to improve customer experience, product assortment, supplier relationships and AI predictive inventory management — gaining efficiency, and attracting yet more customers – in a virtuous circle.
GoLogiq’s Suite of Value-Added and Next-Gen Services
GoLogiq is actively planning the integration of several innovative, synergistic services into its convenience store platform to provide an industry-leading suite of services including:
- Biometrics technology, such as facial recognition at the point of purchase, to seamlessly optimize payments, accelerate customer acquisition and increase big data aggregation while offering customers a state-of-the-art experience.
- Convenient financial services for both the consumer and retailer spanning loyalty programs, pre-paid services, cryptocurrency, and alternative digital payment options to bypass credit card interchange fees.
- A logistics system to use these stores as hyper-local “final-mile” warehouses to provide convenient home delivery to customers within hours or minutes of their orders compared to days for standard competitor fulfillment programs.
- Precision just-in-time inventory management, which is critical for lower cost, fresher products and 100 percent in-stock availability to meet the ever-changing product demands of the Vietnamese customer.
- Additional services ranging from specialty retail to health care related products and services.
Read More: SalesTechStar Interview with Doug LaBahn, CMO at Cin7
CEO Commentary
Matt Brent, GoLogiq Chief Executive Officer, said, “Our goal has always been to provide next-gen technology solutions that address the needs of businesses and consumers in Southeast Asia. I am excited to outline highlights of some of the opportunities that we are pursuing in Vietnam with our expanded, hybrid business strategy.
“Our team has extensive operational experience in SE Asia. Since late 2021, we have been analyzing the Vietnamese fintech sector and determined that convenience stores are a popular and underutilized means to connect directly, locally, with potentially millions of geographically diversified customers enabling us to scale our business cost effectively,” he added. “By integrating into internationally recognized retail convenience store brands, we gain a built-in audience for recurring payments and loyalty programs – accelerating our fintech solutions’ growth and substantially lowering our customer acquisition and marketing costs. Our legacy analytics capability enables us to generate valuable insights to enhance our digital service offerings as well as the improved delivery of brick & mortar retail products and services.
“To implement our strategy in Vietnam, we have been evaluating transactions and are in active discussions with prospective strategic partners, senior managers and consultants, and potential growth capital investors,” Mr. Brent concluded. “We anticipate having more substantive updates for our shareholders very soon.”
