Look out, Amazon. Asia-based companies such as Coupang are leading the next e-commerce revolution

If you want to understand the future of e-commerce, look to Asia. Today, Coupang went public on the New York Stock Exchange, raising $4.6 billion in the biggest U.S. IPO of the year (so far). The South Korean e-commerce giant’s success is a compelling reminder that many Asian companies are among the world’s leading innovators in digital retailing and beyond. In the U.S., we have all been amazed by the speed, ease, and selection of Amazon. In reality, we are three to five years behind Asia. Americans are familiar with e-commerce giant Alibaba, but a new wave of companies such as Coupang, Pinduoduo, and Bytedance are quickly transforming the online shopping experience for millions of consumers. (Softbank Investment Advisers, my firm, is an investor in Bytedance and Coupang, and Softbank Group is Alibaba’s largest shareholder.) Here are the four prominent e-commerce trends in Asia that I predict will take hold in the U.S. and around the world: From e-commerce to “AllCommerce” using social media Asia’s brick-and-mortar companies were making the transition to digital well before COVID-19 forced businesses to shut their physical footprints. South Korea’s high-density urban landscape, high mobile penetration rate ( 95 percent of adults have smartphones, more than anywhere else in the world), and culture of late-night shopping have enabled the rapid growth and success of e-commerce by connecting local brick-and-mortar businesses to the online world.   In 2020, technology platforms such as Flipkart in India and Tokopedia in Indonesia added new offerings to support the digitization of small businesses and “solopreneurs.” (I am an investor in Tokopedia and backed Flipkart, which Walmart now controls.) Tokopedia launched TokopediaByMe, which allows influencers and individuals to build their own affiliate businesses via social media. These easy-to-use tools brought an extraordinary array of businesses online, from the local warung (family-owned) shop to the neighborhood restaurant. Tokopedia also offers logistics support to help sellers deliver products and services to their customers.   I expect we’ll see more e-commerce companies integrating with social media platforms to make it easier for small merchants to sell their wares without having to build a website or digital storefront. A great example close to home is a new feature from Shopify that adds shopping functions to Facebook and Instagram pages. Look for future marriages of e-commerce tools with social platforms such as Facebook and Bytedance’s TikTok. The upshot is a future in which every social post becomes an opportunity to make a sale. It’s not e-commerce, it’s “AllCommerce.”   Live commerce Though not a term yet familiar to most Americans, live commerce is a very simple but powerful modality that has seen explosive growth in Asia. Live commerce enables purchase engagement between a customer and seller through live video and chat. For Americans of my generation, this format is best understood as the next generation of HSN or QVC on mobile platforms. Read More …

Biden and Trump supporters see two different Facebooks, and here’s proof

The nonprofit news organization The Markup launched a new tool on Thursday that compares side by side the Facebook “filter bubbles” of Biden supporters versus Trump supporters. They are two very different worlds. The new tool, called Split Screen , is one of the first fruits of The Markup’s Citizen Browser Project , in which the group paid 2,601 people to report—via a special browser—the unique mix of content Facebook’s algorithm serves them based on their demographics and political leanings, among many other factors The tool can compare the news posts, group recommendations, and hashtags that are likely to be suggested to Biden voters (on the left) versus Trump voters (on the right): For the Biden crowd, Facebook was more likely to show content from NPR, The New York Times , NBC News, and The Washington Post . It was far more likely to serve the Trump crowd articles from The Daily Wire and Fox News, and somewhat more likely to serve them articles from CNSNews.com and Newsmax . According to Split Screen, Biden voters were far more likely to see recommendations for groups about Star Trek memes compared to Trump voters. The algorithm was modestly more likely to suggest wholesome comedy groups to Trump supporters. Read More …

One secret weapon against extremism: Google ads promoting mindfulness

How do you pull people out of the rabbit holes that lead to violent extremism, or keep them from falling in? If conspiracy-laced hate is another kind of pandemic pushed by online superspreaders, could we build something like a cure or a vaccine? The deadly Capitol riot on January 6 has set off a fresh scramble to answer these questions, and prompted experts like Vidhya Ramalingam to look for new ways to reach extremists—like search ads for mindfulness. “It’s so counterintuitive, you would just think that those audiences would be turned off by that messaging,” says Ramalingam, cofounder and CEO of Moonshot CVE, a digital counter-extremism company that counts governments like the U.S. and Canada and groups like the Anti-Defamation League (ADL) and Life After Hate among its clients. But Moonshot’s researchers recently found that Americans searching for information about armed groups online were more likely than typical audiences to click on messages that encourage calmness and mindful thinking. “Our team tried it, and it seems to be working,” Ramalingam says. The finding echoes previous evidence suggesting that some violent extremists tend to be more receptive to messages offering mental health support. “And that’s an opening to a conversation with them.” Moonshot co-founders Vidhya Ramalingam (left), CEO, and Ross Frenett [Photo: R. Pucci, courtesy of Moonshot] It’s a promising idea in a growing multimillion-dollar war—an effort that, even decades after 9/11 and especially after 1/6, is still hungry for tools to reach extremists. Old currents of violence and hate , amplified by a virtuous cycle of platforms and propagandists, are straining relationships and communities, draining wallets, and putting new pressure on the U.S. government to steer its anti-terror focus toward homegrown threats. Last month, the Department of Homeland Security said it was granting at least $77 million toward ideas for stopping what the agency says now represents the biggest danger to Americans’ safety: “small groups of individuals who commit acts of violence motivated by domestic extremist ideological beliefs.” The risk of violence is buoyed by a rising tide of conspiracy theories and extremist interest, which Ramalingam says has reached levels comparable to other “high risk” countries like Brazil, Sri Lanka, India, and Myanmar. In terms of indicators of extremism in the U.S., “the numbers are skyrocketing.” How to reach people—and redirect them To get those numbers, Moonshot goes to where the toxicity tends to spread, and where violent far-right groups do much of their recruiting: Twitter, YouTube , Instagram, and Facebook, but also niche platforms like MyMilitia, Zello, and Gab. But core to its strategy is the place where many of us start seeking answers—the most trafficked website of all. “We all live our lives by search engines,” Ramalingam says. From an analysis of U.S. social media and search data by Moonshot and the ADL [Image: courtesy of Moonshot] Social media tends to get the bulk of the attention when it comes to radicalization, but Google is also integral to the extremism on-ramp. And unlike social media, with its posts and shares and filters, a search can feel like a more private, largely unmoderated, experience Read More …

Pfizer’s CEO: 3 key decisions helped it develop a COVID-19 vaccine in record time

Last year, Pfizer was one of several pharmaceutical companies to take on an incredible challenge: make a life-saving vaccine in a fraction of the time it usually takes to do so. Over the course of 2020, Pfizer and others tested vaccine candidates as hundreds of thousands of people died from COVID-19. Pfizer’s success at creating a vaccine with 95% efficacy in record time has landed it, along with its partner BioNTech and fellow vaccine maker Moderna, atop Fast Company ‘s Most Innovative Companies list for 2021 . Bourla and Pfizer’s head of vaccine research Kathrin Jansen , joined Fast Company Editor in Chief Stephanie Mehta at the Most Innovative Companies Summit for a conversation about how Pfizer created an effective vaccine so quickly. “The thing that scientists hate the most is bureaucracy,” says Pfizer CEO Albert Bourla. “Innovation and bureaucracy is oil and water.” When Pfizer began work on a COVID-19 vaccine, one of the first choices Bourla made was to reduce stop decisions from having to go through multiple layers of approval. He also developed a close and trusting relationship with BioNTech’s CEO Uğur Şahin, with whom Pfizer collaborated on the vaccine. Innovation and bureaucracy is oil and water.” Albert Bourla “We had one meeting, we were all there, and we could all decide,” says Bourla. “That meeting was happening twice a week.” He said this was one of the reasons he decided not to take money from any government for their research. It enabled the company to make decisions at the speed of science, he says. “All of the decision makers came together and we made our decisions on the spot. Everything that could slow us down was put to the side.” Bourla also listened to his scientists. When Jansen came to him recommending the mRNA platform for the vaccine, he trusted her advice. “mRNA—if we were going to be successful with it—was not going to be the first COVID vaccine. It would be the first [MRNA] vaccine ever ,” he says Read More …

Why biased AI can be damaging to your health

Artificial intelligence holds great promise for improving human health by helping doctors make accurate diagnoses and treatment decisions. It can also lead to discrimination that can harm minorities, women, and economically disadvantaged people. The question is, when health care algorithms discriminate, what recourse do people have? A prominent example of this kind of discrimination is an algorithm used to refer chronically ill patients to programs that care for high-risk patients Read More …