With more and more economic sectors reopening their doors to operate again, small-and-medium-sized enterprises will be left to deal with the struggle to recover from the damage inflicted during the pandemic. To address this issue, Fave as an official e-commerce partner of the short-term Economic Recovery Plan (PENJANA) is launching an e-Cashback incentive under the Micro and SME e-commerce campaign.
Micro and SME E-Commerce Campaign
The Micro and SME E-Commerce campaign is an initiative under the Economic Recovery Plan that aims to help micro and SMEs expedite recovery and accelerate growth by encouraging e-commerce adoption to reach a wider set of audiences and focusing on driving consumers’ spending.
Through the Micro and SME E-Commerce campaign, Fave is investing up to RM 10,000 per merchant for their marketing expenses with the PENJANA program matching the fund that will go directly to merchants’ customers to accelerate spending at Fave merchants locations
Eligible Fave merchants that currently have active FavePay with Cashback, FaveDeals, and/or eCards will be automatically enrolled in the MSMEs E-commerce Campaign to ensure a seamless enrollment process.
The limited-time campaign started on the 1st of July and will end on the 30th of September 2020 and all eligible businesses are encouraged to register on the Fave platform as early as possible to claim the allocated budget for them earlier to start enjoying more sales. Find out more here.
On top of the allocated budget, newly on boarded merchants will be able to access the FaveBiz platform for free. The merchant-centered platform offers a variety of ready-to-use digital solutions which include business insights, cashless payment options, and many more services designed to acquire and retain customers as well as increase sales.
What is e-Cashback?
What is e-Cashback? And how is it different from the Partner Cashback? e-Cashback is a newly-launched co-sponsored incentive by Fave and MDEC that serves as an additional marketing budget for merchants in the form of promotion codes. This initiative aims to help amplify sales volumes and attract more customers by incentivizing their spending through Cashback rewards.
What makes e-Cashback different from the Partner Cashback is that it is an additional Cashback given on top of the existing Partner Cashback. With every transaction done via FavePay, Fave will grant double the amount of Cashback to customers in the form of e-Cashback.
For example, if a merchant chooses to set up 10% Cashback, Fave and MDEC will match the amount by giving 10% e-Cashback so the consumers will get to enjoy a total of 20% cashback.
The more customers spend, the more cashback they will earn. What makes it even better is that customers can use the e-Cashback earned to redeem online vouchers and gift cards on the Fave platform. As the campaign will only be available for a limited period of time, this will not only spur higher sales volume for merchants but also increase purchase frequency in a shorter period of time. This way merchants will be able to cover the losses incurred during the pandemic and regain back their momentum at a quicker rate.
Why Should You Join the Micro and SME Campaign with Fave?
Aside from the massive budget allocation from Fave and MDEC, here are a few more reasons why you as a business should join the campaign and be a merchant on Fave.
Increased sales for all Fave merchants are projected to grow 10x times, with an estimated amount of RM200 million in sales within the next three months with the retail, F&B, and services sectors expected to show the most immediate.
Get Maximum Exposure
Benefit from Fave’s existing users and get immediate exposure from the 5 million customers on the Fave’s platform that will be eager to spend and earn more e-Cashback.
Make Your New Customers Return
Acquire new customers and leverage on Fave’s customer loyalty program to enjoy 70% more return customers as they come back to utilize your cashback and redeem e-Cashback on your eCards or deals.
Expedite Recovery with Minimal Effort
This campaign specifically helps merchants like you reduce the amount of labor required to earn sales, reach more customers in a shorter period of time, and help speed up recovery by 2x times more through adopting simple yet powerful digital tools.
Who Can Sign Up
All local micro and small-to-medium enterprises are welcome to join this campaign to facilitate their recovery and collectively contribute to building the economy. You may go to SMEs corp’s website here to understand more about the definition of Micro and SME.
As the Malaysian economy consists of almost 99% of SMEs where they contribute almost 40% to the country's GDP, the MSME E-commerce Campaign aims to help micro and small-to-medium merchants take on new digital opportunities to progress in-line with the nation’s focus on shifting towards the digital economy.