United Overseas Bank (UOB) today announced it is collaborating with Getz, an end-to-end food and beverage (F&B) digital solution provider, to help F&B businesses set up their online storefronts quickly while also lowering the cost of delivering food to consumers.
With almost seven in 10 consumers saying that they will continue to order food online even as COVID-19 restrictions are eased, UOB has tied-up with Getz to help F&B businesses provide home delivery services more cost effectively. Under the collaboration, F&B merchants using Getz’s food delivery solution will only need to pay transaction fees capped at a maximum of four per cent of their online sales - a discount of up to 50 per cent from Getz’s usual rates. This enables them to retain more income from each online food order they have delivered through Getz’s network of logistics providers.
For F&B merchants without an online presence, the UOB-Getz tie-up will also enable them to set up their online store, complete with digital payment capabilities, in less than a week.
Getz’s solution also enables F&B operators to overcome their cash flow concerns, a top concern for more than one in two small businesses in Singapore (55 per cent), according to a UOB survey. Using the Getz solution, they will receive payment in just two business days, thereby providing some cash flow relief.
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.”
Under the collaboration, UOB will also support F&B merchants who are using Getz’s solution with their marketing efforts. The Bank will feature these F&B merchants on UOB’s The Dining Advisor online marketplace which attracts more than 43,000 diners monthly. The Bank will also offer UOB cardmembers promotional codes to order from these merchants, helping them attract new customers and build customer loyalty. These promotional codes will be featured on The Dining Advisor and the Bank’s all-in-one mobile banking app, UOB Mighty.
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.”
A F&B business who has taken up the solution is Mr Sylvester Soon, second-generation owner of Melben Seafood Restaurant. “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 minimise 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,” Mr Soon said.