Fave Reveals 2020 Business Trends With Actionable Insights For Retail Merchants

Fave, one of Southeast Asia’s leading digital merchant platforms released a new report titled: “2020 retail trends in Singapore: The merchant’s guide to profit-boosting strategies & smarter business growth.” The report is based on analytical data compiled from more than 10,000 merchants on Fave’s digital merchant platform, Favebiz between 1 January to 31 December 2019, and is supported with external research on digital payments in Singapore. In line with the country’s transition to a cashless economy, the report delves into the timely topic of empowering offline merchants to recognise the prevalence of digital payments in achieving sustainable growth.

Findings from the research revealed insights into the spending behaviour of customers and the main drivers for cashless transactions in Singapore. Three key emerging retail industry trends identified by the report are:

● Cashless payments accelerate growth: At least one in three Food and Beverage (F&B) outlets in Singapore accepts cashless payments. The rise in mobile Internet usage, e-wallets, and cashless payments is paving the way for digitally empowered merchants. An increasing number of offline merchants across various retail segments is recognising the potential of cashless payments for business growth and is eagerly making the transition to take their business online.

● Customer loyalty builds revenue: Cashback remains one of most popular strategies for building customer loyalty and increasing repeat customers. Research from Fave indicates that cashback drives up to 70% of repeat customers and has the potential to optimise non-peak hours sales figures by up to 2.5x times. Merchants can even slash up to S$20,000 a year in marketing costs with the use of cashback.

● Data drives smarter decisions: Merchants in Singapore are gradually gaining a competitive edge by becoming more data-driven in their business decisions. They are analysing sales trends, customers’ spending habits, and devising promotional strategies to optimise their non-peak hours. 98% of merchants on Favebiz found uses for actionable data insights with one in three merchants being able to correlate insights to their marketing spend and strategy, resulting in higher ROI.

Commenting on the findings, Joel Neoh, Co-Founder and CEO of Fave said, “Our research shows that transformation is occurring across Singapore’s retail in response to changing customer preferences, advancements in technology and the evolution of payment methods. At Fave, we are continuously innovating and pushing our boundaries to evolve and enable our merchants to drive sustainable growth and meet shifting customer needs.”

2019 bore witness to key business milestones across Fave’s platform. Among the key highlights, beauty and wellness, in particular, experienced more significant growth than other verticals. Around 87% of sales for beauty & wellness services such as massage and pedicure were generated through deals showcased on Fave, mostly by women aged 25-34 years, with new customers acquisition driving the highest sales for beauty & wellness outlets on weekends. F&B merchants in Singapore saw more traction from female diners at 63% within six months as compared to male diners at 37%. Return customers contributed to 56% of sales for 2019, making customer loyalty a potential revenue stream. Merchants specialising in healthy food offerings on Fave’s platform witnessed a 2.4x increase in cashless payments with returning customers generating 80% of sales. The highest cashless payments recorded were Raffles Place, Tanjong Pagar and Telok Ayer.

To date, Fave is available across 35 cities in Singapore, Malaysia, and Indonesia with over 30,000 merchants on its platform specialising in F&B, beauty & wellness, retail, services, fitness, travel. Over 4,000 deals go live daily, serving over two million active monthly users regionally. Fave’s focus will be to strengthen its market share through continued merchant partnerships, and expansion of new services ranging from mobile payments, customer loyalty, marketing solutions to financing in 2020.

-END-

About Fave:
Fave is the next generation Digital Merchant Platform that empowers offline merchants to grow and connect with their customers in a whole new way. Fave is on a mission to accelerate the offline world’s transition to the digital economy by putting growth at the centre of our merchants, our customers, our people and our partners because growth is good for everyone.

Fave connects merchants and customers to deliver seamless payment experience and merchant rewards. It serves as a payment aggregator for the most popular cards and e-wallets. Integrated with other strategic partners Fave offers merchants more value-add and more customer exposure through marketing, data, financing and operations. Merchants can now focus on what they do best for their customers; because everything else is taken care of.

Fave operates in 35 cities across Malaysia, Singapore and Indonesia.
For more information, visit www.favebiz.com and www.myfave.com

For Media Enquiries:
PRecious Communications for Fave
T: (65) 6303 0567
E: fave@preciouscomms.com
Fave Singapore: Blog |Instagram |Facebook

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.

5-Luxury-Items-That-Are-Worth-the-Investment

5 Luxury Items That Are Worth the Investment

The world of luxury items is one of elegance and exclusivity, with their value increasing as time passes. They are unattainable and highly coveted by the masses. Plus, luxury products have a Veblen effect on the market—as their price rises, their demand does, too.

How Do You Know When to Give Up on Your Startup?

How Do You Know When to Give Up on Your Startup?

Starting a new business is never an easy task. You put your heart into it and spend countless hours working on what you believe will make someone happy or solve society’s problems. But sometimes, startups don’t work out as planned—this can be both disheartening and discouraging.