Mohammed Imam, Vice President, Commercial Head of Hyke, explains how HYKE helps connect all B2B parties and run their processes seamlessly.
Please introduce HYKE to our readers.
HYKE is an app-based digital distribution platform designed using AI and machine learning to provide instrumental assistance, and in-depth market research along with real-time data visibility, and efficient communication tools to all B2B parties – manufacturers, retailers, and distributors – which, in turn, helps them connect and run their processes seamlessly.
The HYKE app-based platform is an uncomplicated system that allows its users to access the benefits of technology, customized supply chain infrastructure, and relevant market reach that they require in just a few simple clicks. It caters to a wide range of interests and provides all stakeholders with a proper channel that puts them in an advantageous position.
Retailers with HYKE enjoy the copious benefits of a single location where they can access all suppliers and categories, simple ordering procedures, interact with customers and communicate, and pay without any hassle.
Manufacturers with Hyke get a bird’s-eye view of the entire value chain with real-time knowledge on sales and inventory, as well as support for maintaining consistent quality of operations and data access across all markets. In addition, HYKE offers its partners access to a wide range of credit options to help them move ahead faster.
Hyke has also launched its B2B Marketplace, which enables retailers to list and distribute their products using the Hyke App across UAE & KSA. We are currently working with the telecom and FMCG sectors, with a view of expanding to consumer electronics and IoT products in the future.
How did you arrive upon this idea and how did you manage funding it?
We saw a need for suppliers wanting to digitalize their products and have an online presence so they could reach a wider audience. At the same time, we saw how the traditional distribution model was becoming increasingly inefficient, with products often taking months or even years to reach market shelves. We knew there had to be a better way to connect suppliers and retailers while ensuring the availability of products and real-time data. That’s when we decided to launch HYKE. HYKE has been designed as a state-of-the-art technology platform, powered by emerging technologies with extensive use of AI, Machine Learning, and predictive analytics, all of which is complemented by a powerful supply chain that balances efficiency and speed.
What were the initial challenges you faced and how did you overcome them?
Retailers’ adaptation and transformation from the traditional model to HYKE’s digital distribution model was not an easy feat. There were many challenges that had to be overcome in order for the transition to be successful. The biggest challenge was undoubtedly changing the mindset of the retailer from a brick-and-mortar store to an online platform.
Hyke invested heavily in training its team members and in hiring experienced professionals. To address the challenge of attracting users to the platform and convincing them to stay, Hyke designed a lucrative rewards program for its partners. Technological challenges related to ensuring that the platform was secure and easy to use were overcome by working with experienced developers and by constantly testing the platform.
Despite the challenges, Hyke was successfully launched and quickly became a popular digital distribution platform. Thanks to its commitment to offering a sophisticated business experience, Hyke has won the loyalty of many B2B players in the market now and continues to grow.
How have the retailers across the Middle East adopted to the digitalization spree?
The adoption of digital technologies by retailers in the Middle East has been nothing short of impressive. In a relatively short period of time, they have managed to adapt to and avail the benefits of sophisticated online platforms like HYKE and offer a wide range of products and services. HYKE recently signed popular entities in the region like Saudi Arabia Telecom Company (STC), Zain Telecom, OPPO, and Realme, to name a few, who are accessing enhanced operational efficiency through our effective and intelligent supply chain infrastructure. This has allowed them to tap into new markets and reach new customers. HYKE has over ten thousand active retailers in KSA and the UAE, and records over fifty thousand orders on an average in a month.
What are the new emerging trends that can make the distribution process more seamless and more efficient?
The distribution process is constantly evolving and becoming more efficient as new technologies are developed. One of the latest trends that is making it more seamless and efficient is the use of artificial intelligence to make distribution processes even simpler. This is being used to track and predict customer demand, automate stock replenishment, and even route optimization. By using these technologies, retailers can reduce their costs and improve their service levels. Another trend that is making the distribution process more efficient is blockchain technology. This innovative new technology can help to streamline the entire process by providing a secure and transparent way to track shipments and make payments. It also has the potential to reduce costs and improve efficiency by eliminating the need for intermediaries.
Where do you see yourself in the next 2-3 years?
As our vision is to build the business landscape of tomorrow, we see ourselves as the leading digital distribution platform in the MENA region. Our goal is to continue to grow and expand our reach so that we can help more businesses go digital and tap into new markets. In the next 2-to 3 years, we plan to further strengthen our position as a preferred digital distribution platform in the region and continue to invest in new technologies that will make the distribution process even more efficient.
What advice have you to offer to the other aspiring entrepreneurs, who have such similar disruptive innovative ideas?
The most important piece of advice that I can offer to other entrepreneurs is to believe in your idea and take risks. It is often the case that the most successful businesses are those that are willing to take risks and innovate. This means that you should not be afraid to try new things or to fail. Instead, you should view failure as an opportunity to learn and improve. Additionally, it is important to study the market and understand what consumers want. This will help you to create a product or service that meets their needs and wants. By doing this, you will be more likely to succeed in the long term.