Name of the competition: YCH x NTU Innovation Challenge 2018: Reinventing the Supply Chain
About the Competition: The competition challenged participants to 1) identify supply chain inefficiencies in the ASEAN region or a city, 2) design and propose innovative solutions that businesses can adopt in their supply chain to support growing consumer demand and expectations. Solutions generated addressed multiple dimensions of strategic operational, technological, and human resource challenges.
Date of the competition: 15 October 2018
Achievement: 1st Place
REP Students: Ng Kai Chin, Tan Yong Kang, Tan Zhen Yuan and team
Product/Proposal: Vui: an e-commerce payment platform in Vietnam
Description: Vietnam’s young population and growing economy makes its e-commerce industry fertile ground for firms wishing to gain a foothold in the country. Yet, 80% of the industry’s sales are still reliant on Cash-on-Delivery payment methods, which induces inefficiencies that impede streamlining of the e-commerce supply chain. Current e-payment platforms fail to fully address market realities like low credit card and bank account penetration rates. The solution proposed, Vui, will allow customers to top-up their credits using cash at major convenience stores and petrol kiosks, leveraging on existing trips made by the Vietnamese consumers, thus providing a seamless integration into their lifestyles and habits. Vui-credits can be used to purchase goods by partnered e-commerce retailers and in-store.