United Overseas Bank (UOB) has announced its collaboration 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. 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 quickly set up their online store, complete with digital payment capabilities.
Alleviating cash flow concerns
Getz’s solution also promises faster payments, enabling 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.
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.
“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,” he continued.
Enabling F&B merchants to attract more customers
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, and offer promotional codes to cardmembers.
Helping F&B merchants go contactless
As consumers make their gradual return to dining-in, F&B merchants will need to make adjustments such as offering contactless ordering through the use of QR code menus. Through Getz’s solution, 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 minimise the need for physical contact.
“Apart from protecting the well-being 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,” said Mr Steve Wah, Managing Director, Getz.
Given the current strain on cash flow and costs, UOB will also work with for F&B businesses to apply for government grants such as the Productivity Solutions Grant. Under the various grants, F&B businesses can reduce their technology adoption costs by more than 90 per cent when they take up digital solutions including those provided by Getz.
Merchants that sign up for Getz will also be eligible for the Digital Resilience Bonus payout of up to $10,000 that is being administered by the Infocomm Media Development Authority.