Fave accelerates business momentum in Malaysia
By Digital News Asia July 8, 2019
- During Ramadan 2019, over RM1 million in cashback was given by merchants
- Fave currently collaborates with more than 10,000 businesses across Malaysia
FOCUSED on digitising Malaysia’s F&B and retail merchants, Fave, a Southeast Asian mobile platform has reported a growth of 276% year-on-year (y-o-y) savings through merchant cashback.
Fave will supercharge its merchant app platform to offer more solutions across mobile payments, customer acquisition, loyalty programmes, receipt reconciliation, store operational analytics, table ordering, and merchant financing.
During the month of Ramadan in 2019, more than RM1 million in cashback was rewarded by merchants to their customers on the Fave platform. The cashback system is the most popular loyalty programme today, designed to encourage customer loyalty with their favourite merchants. Malaysians also saved over RM2 million in total during the month of Ramadan via savings through purchased vouchers.
Fave currently collaborates with more than 10,000 businesses across key Malaysian cities such as Johor Bahru, Kuala Lumpur, Ipoh, Kuching, Kota Kinabalu and Penang to offer a variety of mobile services and tools to better engage and retain over 2.5 million Malaysians who are subscribed to Fave’s app on their mobile phones.
Some of the brands on Fave include Auntie Anne’s, Juice Works, Boat Noodle, Kyochon, Healthland, Nam Heong, The Alley, Starbucks, Kenny Rogers, Durian King and Xixili.
Given the high smartphone penetration and mobile data usage in Malaysia at 76% , app payments are now evolving at a rapid pace with new features and payment tools. In fact, a total of 25.126 million mobile payment transactions worth RM725.8 million have been recorded in the first quarter of this year, according to the Ministry of Finance Malaysia.
This shift precipitates a need for merchants to adapt towards fast, simple and secure mobile payments. With Fave’s merchant-focused platform, the weight on business owners’ shoulders is eased with less fragmented options; more curated solutions to enable e-wallet payments, marketing, operations, financing and data analytics.
Fave’s merchant platform, Favebiz aims to provide a solution that powers the next generation of merchants in Southeast Asia through acceptance of low-cost payments, growth products for merchants’ businesses and transform operations in a cost-effective way.
Fave has also launched Growth Malaysia alongside Grab, Maybank and Funding Societies to help 100,000 restaurants across Malaysia to grow digitally by 2020.
Recently, Fave announced that it has ‘acquihired’ CutQ and FoodTime, two startups specialising in F&B Table Ordering and Takeaway pre-ordering.
These two startups’ technology has been integrated onto Fave’s platform, leveraging on both their knowledge base and leadership across Malaysia and Singapore.
Table Ordering is already available at over 50 F&B merchants such as Murni Discovery, Naughty Nuri’s, Frisky Goat Bakery Cafe and Home Noodle and is expected to increase during the 3rd and 4th quarters of 2019.
“Being a merchant-first platform that is orientated towards consumer needs has forever been seen as a ‘glue’ that can create a win-win solution within the Fave ecosystem,” said Fave co-founder Joel Neoh.
“We want to make it easy to offer solutions across the merchant pool. At Fave, we prioritise collaboration over competition as seen with the recent acquihire of FoodTime co-founder Ahmad Daleen who joined Fave’s team early this year.
“This enhances our merchant solutions by acquiring technology from FoodTime, while the FoodTime app continues to operate and provide services to their customers in Malaysia. Going forward, Fave aims to democratise the mobile payments scene in Malaysia and be seen as a driving force behind the loyalty and payments platform.”
“I love how Fave is becoming the go-to platform that enables us to view our business on a more holistic level,” said XIXILI chief marketing officer Tara Tan.
“We are experiencing an amazing 67% increase in returning customers since partnering with them in early 2018 and we have achieved so much together, from driving customer loyalty to providing business analytics that enables us to identify gaps areas of improvements in our business, we enjoy working closely with Fave to address and fulfill any opportunities that come our way.”
“By working with Fave, we were not only able to build a loyal base of customers but drive increase in sales. Up to 33% of our Fave customers are now repeat customers, with every RM1 cashback we give to customers generating up to 15x in sales,” said Unique Seafood owner Wong Keong Fook.