UOB Malaysia partners StoreHub to help F&B biz cut costs


  • Banking
  • Tuesday, 04 Aug 2020

UOB Malaysia partners StoreHub to help F&B biz cut costs. At left is UOB Malaysia executive director and country head of business banking Raymond Chui and StoreHub head and co-founder Fong Wai Hong.

KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd has partnered business technology company StoreHub to help food and beverage (F&B) small businesses reduce operational costs amid the growing demand for online food delivery services.

According to a statement issued on Tuesday, it said the bank’s F&B small business customers can digitalise their food ordering operations and save costs when using StoreHub’s tablet-based retail operating system and online food delivery service, Beep Delivery.

“Businesses will receive a StoreHub digital tablet which has a custom-built point of sale (POS) software system that enables them to manage their online and in-store transactions.

“The all-in-one system helps these F&B businesses keep tap on their menus, stock inventory movements and sales receipts, as well as generate daily sales activity reports conveniently via a sales performance dashboard. There is no need for them to invest in additional equipment or software, ” UOB Malaysia said.

UOB Malaysia executive director and country head of business banking Raymond Chui said the StoreHub collaboration is part of its commitment to help small- and medium-sized enterprises (SMEs) deepen their digital capabilities to overcome challenges and to grow their business.

He said the ongoing Covid-19 pandemic has affected many F&B businesses across the country as people stay home in view of the government’s social distancing requirements.

He added there has been a growing demand for online food delivery services. For small F&B businesses to remain viable and relevant, they need to adapt quickly to customer preferences and demand.

“As such, we have teamed up with StoreHub to help our customers adopt a simple digital solution that enables them to meet the needs of their customers who prefer to order online and to dine in the comfort of their own homes. In transforming and digitalising their operating model, our customers in the F&B sector can achieve long-term cost savings and also stay competitive in the digital economy, ” Chui said.

According to StoreHub’s data, in the first two months since the introduction of the movement control order to contain the spread of the Covid-19 pandemic, revenue from online food orders surged by 300%.

To help its small F&B operators adapt and meet the growing demand for online food delivery services, UOB Malaysia will subsidise its customers’ monthly subscription to StoreHub’s operating system for up to six months so that they can tap this consumer demand.

Subsequently, UOB Malaysia’s customers can continue to subscribe to StoreHub’s operating system at 20 per cent lower than the package’s prevailing subscription fee.

UOB Malaysia’s F&B business customers that subscribe to the tablet operating system will also enjoy access to StoreHub’s customised online food delivery service, Beep Delivery. F&B businesses just need to add to their own website or social media accounts a customised link from Beep Delivery that their customers can click on to order food online.

This enables the businesses to manage their online food delivery services directly, instead of using third-party food delivery marketplaces.

With Beep Delivery’s transaction fees at only two per cent on their online sales, F&B businesses can also save more on costs as compared with using services from food delivery marketplaces that charge up to 30 per cent.

StoreHub’s operating system also has an in-built customer management system that F&B businesses can use to track their customers’ orders and in turn, to learn about their preferences. Such insights will enable F&B businesses to engage their customers more effectively by offering meal options based on their tastes.

In addition, StoreHub’s operating system will help F&B businesses reach a larger number of customers and enable them to adapt better to an operating environment where omni-channel customer engagement is key.

Head and co-founder of StoreHub, Fong Wai Hong said in order to be successful in the new normal, restaurant and retail businesses need to adapt.

“Businesses that thrive are building a database of loyal customers, diversifying their sales channels that include e-commerce, food delivery and in-store, as well as digitalising their store operations, ” he said.

Fong said StoreHub was ready to help these business owners navigate the challenge of running an omni-channel business.

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