Digital Commerce Intelligence (DCI), a Singapore-based AI startup offering real-time e-commerce data, announced that it has secured SGD 1 million (USD 706,000) from Athens-based Velocity Partners to scale its services across Southeast Asia.
According to the company, there are more than 2 million independent sellers operating across the region who can collectively trade over 50% of a brand’s total e-commerce sales. However, many operate without the brands’ knowledge, making commercial planning and brand management more challenging.
The COVID-19 crisis amplified this problem, as demand for certain products do not necessarily reflect the demand from forecasting.
Founded in 2018, DCI uses data science and AI to provide e-commerce market performance insights and intelligence for consumer goods brands and retailers in Southeast Asia. It aggregates online product data across e-commerce platforms and uses AI algorithm to identify market trends, establish benchmarks among key competitors, and produce commercial insights.
The company said the solution enables brands to act fast and plan their productions to ensure adequate inventory across their supply chains. By keeping track of e-commerce performance fundamentals, brands can also gain insights into their e-commerce market share and retailers’ dynamics, as well as monitor competitors’ strategies.
“What makes a brand a leader is often the wise use of data,” said Kyriakos Zannikos, founder and CEO of DCI. “This is particularly true in e-commerce, where the pace and dynamics of trade are so much faster than any other commercial channel.”
DCI also has an office in Greece, Athens, according to its website.
This article first appeared in Tech in Asia.