BANGKOK (Thomson Reuters Foundation) – Singapore’s Ebb & Flow Group took an unusual route to creating one of its most popular food items: analysing more than 200,000 data points to predict customer preference and potential demand.
The result, launched shortly before the coronavirus sent the city into lockdown, was Wrap Bstrd – wraps with fillings such as chicken satay rice and beef bulgogi, borne from the insight that customers preferred Asian flavours in a fuss-free fashion.
“We were able to combine advanced behavioural data capabilities and pattern analyses with the expertise of our chefs to create a brand and menu that was specifically tailored for our customers,” said chief executive Lim Kian Chun.
“It is Singapore’s first food and beverage brand that is driven entirely by insights derived from artificial intelligence,” he told the Thomson Reuters Foundation.
Ebb & Flow Group is one of a growing number of companies operating
There are now 2,189 billionaires globally with a combined wealth of $10.2 trillion, as the pandemic-induced stock market rally catapulted the net worth of the world’s uber wealthy to a new high.
As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the region, where billionaire wealth now totals $3.3 trillion, according to Swiss bank UBS’ new Billionaires Insights Report 2020. That compares to 762 (35%) across the Americas and 596 (27%) in Europe, the Middle East and Africa (EMEA).
The findings, based on interviews and data from 2,000 billionaires across 43 markets, saw Asia-Pacific retain its global position as “the engine of wealth growth,” UBS Global Wealth Management’s Anurag Mahesh said at the report’s launch Wednesday.
Mainland China emerged as the region’s top market for wealth creation, with 415