UOB and end-to-end F&B digital solutions firm Getz have partnered to help F&B businesses set up their online storefronts quickly while also lowering the cost of delivering food to consumers.
Getz’s food delivery solutions will only need to pay transaction fees capped at a maximum of 4% of their online sales, a discount of up to 50% from the usual rates. For those without an online presence, the partnership will help them set up their online stores, complete with digital payment capabilities, in less than a week.
Getz will also provide some cash flow relief by allowing merchants to receive payments in two business days.Through QR code menus, consumers can browse the menu and order and pay for their meal through a personal mobile device. This will help to provide consumers peace of mind as they minimize the need for physical contact.
Mr Mervyn Koh, Country Head of Business Banking Singapore, UOB, said, “As a result of the business disruptions caused by COVID-19, many F&B companies have suffered significant falls in revenue. Even as many went online, many smaller companies found setting up their online storefront and managing the cost of using food delivery services an added stress during already challenging times.
“As such, we not only wanted to help more of our nation’s restaurants, cafes and hawker stalls generate revenue by going online, but also enable them to retain most of the profits from their toil. Through the collaboration, we not only help F&B businesses overcome their immediate cost challenges but also support them in enhancing their business models for the long term by having multiple revenue streams and a wider customer base.”
Mr Steve Wah, Managing Director, Getz, said, “While more F&B businesses are going digital to cater to the change in consumer dining habits, many are finding it a challenge to stand out and to attract new customers. As such, it is important for them to market their business in order to receive online orders. Our collaboration with UOB enables us to provide our F&B merchants an edge as they will be able to reach an existing pool of consumers who are actively looking for dining options.
“In addition, merchants will also be able to use Getz’s solution to create a digital customer relationship management system. This will help them to market to their customers more easily and cost-effectively, thereby helping to improve customer retention for more sustainable sales growth across their in-store and online channels.”
“Apart from protecting the wellbeing of customers, the ability to digitalise the in-store ordering and payment process also enables F&B businesses to save up to 90 per cent of the time spent on taking orders and receiving payments. They can then use this time to manage other aspects of the business such as improving the customer experience,” Mr Wah added
Mr Sylvester Soon, second-generation owner of Melben Seafood Restaurant said,“While the economy has re-opened gradually, my experience during the circuit breaker period highlighted the importance of having an online sales channel to increase my business’ resilience. Through Getz’s solution, I was able to double my online sales, thus helping to minimize the impact of the circuit breaker on my overall sales revenue. I was also able to manage my online food orders and the delivery processes efficiently and easily.
“I am looking forward to the cost savings that I will be able to gain from fulfilling food deliveries under UOB’s and Getz’s collaboration. The savings will make a big difference in ensuring that it is profitable for me to continue offering food delivery options to my customers in the long run. The collaboration will also give us a boost in our marketing efforts, enabling Melben Seafood Restaurant to reach new customers,”
