Vietnamese startup Loship upgrades the customer experience game by combining food delivery and podcasts
Vietnam’s leading one-hour delivery e-commerce startup, Loship, has released its newest feature: Loship Radio. This feature allows users to listen to podcasts and audio-based content right in the Loship app, providing additional sources of entertainment and news to customers while they wait for groceries to be delivered.
In October 2019, Loship had taken out an undisclosed eight-digit financing (in USD) led by Smilegate Investment from South Korea.
The growth potential of the podcasting market
Podcasting is currently considered the fastest growing entertainment medium. According to ResearchAndMarkets.com, the global podcasting market size is projected to reach $ 41.8 billion by 2026.
Experts attribute much of this growth to media accessibility and the rise in home listening during the COVID pandemic.
In Vietnam, awareness of this medium has also increased significantly. A multitude of shows, the popularity of podcast producers like Spotify, and the proliferation of technology have helped the medium flourish. Statistics show that over 50 million Vietnamese people spend an average of 2.5 hours a day consuming digital content on social networks.
About the potential of podcasts in Vietnam, Hamlet Truong – a famous songwriter and content creator who owns a radio station on YouTube, said: “Statistically speaking, the reading rate of the Vietnamese in 2018 is 1 book / year. By 2020 this ratio should drop to 0.08 books / person / year. In neighboring countries like Thailand, people read an average of 30 minutes a day. However, the Vietnamese reading culture is relatively poor and people are more likely to acquire new knowledge through listening than reading. Radio and podcasts therefore still have a certain growth potential. “
The combination of grocery delivery and podcast: the Medici Effect
In the prevailing wave of podcasts, Loship, Vietnam’s fast-growing e-commerce startup, is one of the pioneers in the field of grocery delivery and uses this medium. The startup pioneered the way by integrating radio / podcast listening capabilities right into its delivery app, so users can enjoy mesmerizing audio while they wait for food. The feature called Loship Radio is the first and only podcast feature among all food delivery apps.
This unique combination can be explained as the Medici Effect, which states that more creativity and innovation can be achieved through diversity. In other words, when ideas from different areas are brought together to collaborate, incremental changes can occur.
“Grocery deliveries and podcasts are two seemingly disconnected areas, but together they can have a positive impact on the customer experience. By allowing our customers to listen to the radio while they wait for delivery, we can turn that boring break into something meaningful and exciting. All new ideas are combinations of existing ideas. ” Trung Hoang Nguyen, CEO of Loship.
Promotion of the listening culture in Vietnam
With this in-app radio / podcast function, Loship has attracted a lot of attention from customers and media alike. The Vietnamese startup has worked with well-known podcast producers to integrate exclusive audio-based content into its platform. Some of the partners are Voice FM – an audio book and podcast platform and Hamlet of Truong Radio Led by the Vietnamese songwriter, content creator and bestselling author Hamlet Truong.
Regarding the partnership with Loship Radio, Hamlet Truong noted: “Some podcast apps in Vietnam don’t work because Vietnamese people are not in the habit of actively listening. To change customer behavior, we should start with passive listening, which means we are providing them with the cheapest and most effortless environment to listen. Customers don’t have to look for new platforms to listen to. Let the audio sound come to them most naturally while they do other tasks. Gradually, clients will develop the habit of active listening and develop it into a listening culture. “
Loship Radio Team and Exclusive Content Partner – Hamlet Truong
Trung Hoang Nguyen, CEO of Loship, shared the same sentiment, emphasizing: “When Loship takes on this role, it wants to promote a strong listening culture in Vietnam in addition to the desire to create new and interesting customer experiences. Loship Radio is not just for business purposes or profitability. Some entrepreneurs do business only for profit; others want their business to have a significant impact on society. We are the latter. “
The future of Loship Radio looks bright. Integrating podcasts into the existing food delivery platform would cost much less as there would be no need to set up new networks.
Looking ahead, Loship aims to expand its audio-based content to a wider range of topics, from history, business, spirituality to comedy and technology, to suit diverse customer preferences.
“At Loship we envision a world where everyone can enjoy an effortless and seamless experience from enjoying food to entertainment – and Loship Radio is our starting point for that vision.” Loship CEO closed.
Loship was founded in 2017 to provide Vietnamese customers with an e-commerce platform for one-hour delivery. Since then, more than 70,000 drivers and 200,000 dealers have joined, serving almost 2,000,000 customers.
In the second half of 2020, Loship raised an undisclosed amount in a bridge funding round led by Vulpes Investment Management in Singapore and venture capital firms based in Saudi Arabia, including DAAL Ventures and Wealth Well.
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