72-year-old hotel tycoon cautions against a major character flaw in successful people:

                        

                   Building a business is not for the faint of heart, and many of those who
                   dare to take the chance share one trait: self-confidence.

That’s according to hotel tycoon Ho Kwon Ping, 72, the founder and executive chairman of Banyan Group, a hospitality company with a portfolio of about 80 resorts and hotels in 22 countries.

The company, which is listed on the Singapore Stock Exchange, generated about $328 million Singapore dollars (about $240 million) in revenue in 2023.

Ho is also the executive chairman of food and beverage manufacturing business Thai Wah Public Company as well as the founding chairman of Singapore Management University.

He attributes his success in part to being headstrong since he was young.

“Headstrongness and self-confidence are related. If you’re not, to some extent, headstrong ... then you’re going to be basically a risk-averse person,” Ho told CNBC Make It. “You need [to be] a bit headstrong if you want to be an entrepreneur. You also need a bit of self-confidence.”

‘Know where the line is drawn’

But there is a fine line between confidence and hubris, and while the former is important for starting and running a business, the latter can be “a recipe for disaster,” Ho warns.

“My wife has said I’m the bloody most optimistic person she’s known, because I fail in everything [but] I still pick up and go on, so you need self-confidence. But, if you have too much of it, it becomes hubris. So you need to know where the line is drawn,” he said.

Create your own fantastic PR, but don’t ever believe a word of it.

Ho Kwon Ping

FOUNDER AND EXECUTIVE CHAIRMAN, BANYAN GROUP

One common mistake with hubris is that it can cause companies or founders to “over-expand” or take on more risk than they should, but in business, conditions are not always favorable, he explained.

As an entrepreneur, “you always have to be prepared for the worst, because nobody’s going to help you when things are bad,” he added. Rather than thinking about how much money you can make when starting a new project or business, one should think about how much they can afford to lose, he said.

“Never get caught by excessive pride (hubris) into thinking you are great,” he said. “The saying I use ... is create your own fantastic PR, but don’t ever believe a word of it.”

The Rise of Contactless Retail

In recent years, the retail landscape has undergone a dramatic transformation with the advent of contactless store technologies. Spearheaded by Amazon Go, this innovative shopping experience eliminates the need for traditional checkout processes, allowing customers to simply walk in, grab what they need, and leave.

The Concept of Contactless Shopping

Contactless shopping technology leverages a combination of advanced artificial intelligence, sensors, and cameras to track store inventory and customers’ selections in real-time. This seamless integration ensures a frictionless shopping experience, reducing wait times and enhancing consumer convenience. Here’s how the technology typically works:

– Entry: Customers scan their apps or use facial recognition to enter the store.
– Shopping: AI-driven systems monitor the items picked up or put back on the shelves.
– Exit: Customers leave the store, and the total cost of their items is automatically deducted from their accounts.

Pioneers of the Contactless Revolution

 

• Amazon Go: The Trailblazer

Amazon Go set the standard for contactless stores. Launched in 2018, its “Just Walk Out” technology captivated the world by transforming the shopping experience. With over two dozen stores, Amazon Go has not only tackled the U.S. market but also ventured into international territories to showcase the viability of contactless technology on a larger scale.

• Industry Giants Joining the Fray

7-Eleven and Walmart were quick to recognize the potential of contactless stores. Both companies have implemented pilot programs to test the waters. These initiatives underscore a shift towards more streamlined and efficient shopping models, almost certainly a response to the changing consumer preferences post-pandemic.

• Standard Cognition and Zippin

These startups have been key players in delivering contactless solutions to retailers who are eager to adopt this technology. By offering systems that are flexible and easy to implement, they enable smaller businesses to compete with retail giants.

• European Innovation: Sensei

While many companies are making headway, Portuguese startup Sensei stands out in Europe. Sensei provides a cutting-edge contactless platform that empowers retailers with AI-driven real-time data, optimizing inventory management and enhancing customer interactions within the store.

“Sensei’s goal is not just to eliminate the cashier,” explains [CEO], “but to revolutionize how data and AI can transform whole retail environments, making them smarter and more responsive.”

• AiFi and Trigo

Both AiFi and Trigo are focusing on scalability and adaptability, providing modular systems that can be customized for stores of varying sizes. These startups are essential for expanding these solutions beyond flagship urban locations to everyday neighborhood stores.

The Benefits of Contactless Retail

Adopting contactless technology presents myriad benefits for both consumers and retailers. Here’s a look at some of the key advantages:

– Reduced Queues: No more waiting in lines; enhances the overall shopping experience.
– Higher Accuracy: Automated inventory tracking reduces human error.
– Enhanced Security: Decreases risk of theft and fraud with robust monitoring systems.
– Data Insights: Real-time data helps manage stock, predict trends, and personalize offers for customers.

Challenges and Considerations

Despite its benefits, the transition to contactless retail presents challenges that need addressing:

– Infrastructure Costs: Implementing the technology requires initial capital investment which may be prohibitive for small retailers.
– Privacy Concerns: Customers may worry about data collection and facial recognition technologies.
– Technical Glitches: As with any emerging technology, initial bugs and issues may occur.

It’s critical for retailers adopting contactless solutions to consider these challenges and work collaboratively with technology providers to ensure seamless integrations.

Future of Retail: An Evolution Driven by Tech

As technology continues to evolve, the retail sector is poised for continual advancements. With startups like Sensei and established companies embedding contactless systems into their operations, the traditional shopping model is bound to change profoundly. From boosting efficiency and customer satisfaction to offering robust analytics for informed decision-making, contactless technology heralds a new era.