Fave Launches E-Cashback, Allocates RM10,000 Per Merchant
This is to help MSMEs recover under the Malaysian government PENJANA programme
- Fave is tasked as an official e-commerce partner for PENJANA 2020 to help micro-enterprises and SMEs in Malaysia.
- “e-Cashback” marketing budget allocated for merchants to accelerate business recovery and strengthen the nation’s economy by adopting digitalisation.
- As part of Fave’s merchant recovery plan, RM200 million growth in sales projected for SMEs within three months.
In an effort to restart the economy and accelerate business growth, Fave has been tasked as the official e-commerce partner of the Government’s short-term Economic Recovery Plan (PENJANA) 2020. In partnership with the Malaysia Digital Economy Corporation (MDEC), Fave will co-fund the newly launched Micro and SMEs E-commerce Campaign (MSME E-commerce Campaign) aimed to encourage and enable e-commerce adoption, help widen their reach and drive growth.
For this Campaign, the Government has allocated RM70 million for the local businesses operating on the participating e-commerce partners under PENJANA to spur the recovery of local businesses. As a home-grown brand, Fave is co-funding the government’s budget and providing additional marketing funding of RM10,000 per merchant in the form of promotion codes and e-Cashback incentives to merchants’ customers. This in turn will support merchants’ marketing expenses, help them drive sales and attract more customers. Additionally, the newly issued e-Cashback used by customers to purchase online vouchers and gift cards on the Fave platform will increase merchants’ cash flow and grow their e-commerce sales.
Increased sales for all Fave merchants are projected to grow 10 times, with an estimated economic growth of RM200 million in sales within the next three months with immediate uptick expected in the retail, F&B and service sectors. In addition, merchants will receive immediate exposure to the 5 million customers on Fave’s platform through the co-sponsored budget.
All eligible MSME Fave merchants that have active services of FavePay with Cashback, FaveDeals and/or eCards are automatically enrolled in the SMEs E-commerce Campaign to scale up their business. Starting from July 1st 2020 onwards, customers who have saved the promo codes of their preferred merchant during this campaign will be able to receive additional sponsored e-Cashback up to 20% and spend it again on any digital vouchers (FaveDeals) and gift cards (eCards) on Fave platform from over 15,000 merchants across Malaysia.
The campaign will run up until 30th September 2020 and all merchants are encouraged to register on the Fave platform during the month of July to reap benefits from the co-sponsored marketing budget. Additionally, newly onboarded merchants will have free access to the FaveBiz digital merchant platform, its digital solutions and cashless payment options, designed to attract new customers, retain current customers and increase sales.
“With the recent recovery movement control order being implemented, the MSME E-commerce Campaign couldn’t have come at a better time in helping save jobs and stabilise those businesses most at risk. With the support of the Government, the PENJANA plan is an opportunity for us to drive economic support and growth for the merchants who have been most affected by the crisis,” said Jason Wong, General Manager, Growth and Operations for Fave Malaysia.
He added, “The pandemic has badly affected the retail, F&B and services sectors, and in turn, affecting other industries. We are committed to better ensure business growth is supported. Malaysian SMEs and micro-enterprises are key to economic recovery as they contribute to employment and growth. Supporting SMEs with the funding injection by the Ministry of Finance will preserve our economy’s growth and help businesses become more resilient, dynamic and innovative.”
MDEC’s Chief Executive Officer Surina Shukri said, “By transitioning to the online marketplace and embracing e-commerce, MSMEs are better positioned to strengthen their agility and build resilience against future aftershocks. While the intended key beneficiaries of this campaign are the local businesses and individuals with and without businesses registrations, the spillover effect will also benefit other local e-commerce players in the ecosystem such as digital marketing, delivery and e-payment services. Through the MSME Campaign under PENJANA, the MSMEs’ transition to e-commerce will support a growing and sustainable MSME ecosystem, in line with our national digital transformation agenda.”
With the SME sector contributing to more than two-thirds of total employment in Malaysia and almost 40% to the economy (by GDP), the MSME E-commerce Campaign is expected to increase the confidence of all merchant players in Malaysia as they are empowered to take on new digital opportunities and grow along with the nation in the new digital economy.
“The Covid-19 pandemic has had a big impact on my restaurant as we dealt with high overheads, staff salaries, and the biggest challenge for us to recover has been the expenses. The RM10,000 funding will help us relaunch business operations, from covering marketing and advertising, to increasing sales and digitizing our operations. It is a timely initiative carried out by the Government and Fave to help us protect our long-term growth!” said Jun Kit, Co-Founder of Down To Bones.
How Fave & PENJANA MSME E-commerce Campaign Works:
For new micro and SME businesses:
- Register here.
- Set up QR payment with Cashback, digital voucher and gift card on Fave.
- Benefit from up to RM10,000 co-funded by Fave and government additional e-Cashback up to 20% for all your customers. Customers will be able to use e-Cashback for their next online purchase on the Fave platform.
- Download Fave app.
- Save promo codes available here.
- Shop at over 15,000 merchants (retail, F&B and services) across Malaysia.
- Get additional savings of up to 20%.