Enterprise Singapore (ESG), the Infocomm Media Development Authority (IMDA), and the Heartland Enterprise Centre, Singapore (HECS) have announced that they are working together to help businesses in the heartland precincts build digital capabilities in partnership with selected platforms including Fave to adopt a range of available digital technologies and services such as loyalty programs and contactless payment methods.
This initiative is crucial in helping heartland merchants find suitable digital solutions offered at reasonable costs to help their business adapt to current consumer trends. On the other hand, the global pandemic crisis has also heightened the need for these traditional merchants to go digital with some outlets having seen turnover drop by as much as 80 percent, say associations.
Ms. Jane Lim, Assistant Chief Executive, Sectoral Transformation Group, IMDA said,
“COVID-19 has presented many challenges especially for the Food Services and Retail sectors. To help businesses, particularly traditional businesses, we worked with the industry to make digital tools and resources available to help them adapt to the changing environments and consumer trends. We are glad to collaborate with industry partners to support our SMEs to go digital and adapt to the new normal.”
What is the Heartland of Singapore?
The 'Heartland' refers to self-contained suburban estates in Singapore mainly made up of public housing and amenities such as wet markets, shopping malls, cinema complexes, restaurants, and schools available in the vicinity. Some of these heartland areas have even transformed into localised business hubs due to the population density.
The First Three Precincts of the Heartland Initiative.
With businesses impacted by the COVID-19, it is even more crucial now for merchants to adopt digital tools and the initiative will start with three precincts - Ang Mo Kio, Bedok, and Clementi. This is targeted to reach more than 400 merchants and will eventually expand to up to 10 precincts by the end of 2020.
The three precincts are largely made up of shops providing beauty services, hair salons, as well as food and beverage establishments where the rate of digital tool adoption varies within the businesses in each precinct.
With a bulk of these merchants operating through traditional business methods, it is crucial to support them in the adoption of digital tools that will transform their business in order to survive and sustain them through the challenging economy of Singapore adapting and recovering from the effects of COVID-19
If you or any business you know that operate in these three precincts and are struggling due to the lack of digital tool adoption, reach out to Fave or recommend the business by dropping an email at firstname.lastname@example.org or you may drop your inquiries via WhatsApp to know more about the available digital solutions. We will be happy to assist you every step of the way.
Fave as one of the Digital Solution Providers.
Fave has been appointed as a digital solutions provider following a call-for-collaboration in May 2020 by ESG, HECS, and IMDA. With the initiative set forth, Fave is determined to bring these immediate benefits to businesses:
- Safely transact with FavePay contactless payment
- Increase sales revenue through online marketing with FaveDeals
- Get returning customers through Cashback and eCards loyalty programs
- Better adapt to the new normal with an easy-to-use digital merchant platform - FaveBiz
With Fave, traditional businesses can easily perform the on-boarding process themselves in a few simple steps. Fave is not only easy to use but also offers a range of ready-to-use digital tools that will enhance the overall workflow for these businesses and also increase customers’ reach.
Mobile Payments - FavePay
As a mobile payment aggregator, Fave consolidates a variety of mobile payments and this enables merchants to accept multiple payment methods from e-wallets to cards - all at once. This improves payment transactions and removes the complicated process of accepting different contactless payments separately.
Customer Loyalty Program - Cashback
With Fave, merchants will no longer need to build their own customer loyalty program as Fave has offers a customer loyalty program that is proven to retain 70% of customers through cashback. It’s simple and easy as merchants can tap on Fave’s massive existing customers.
Marketing Tool - FaveDeals
Simply by listing their offers on Fave, merchants can reach millions of Fave users online. It's an effortless way to sell their products and experience effective marketing exposure.
Digital Merchant Platform - FaveBiz
To further help merchants make a more well-informed business decision, Fave enables easy transaction tracking and gives businesses access to view the performance of their business at the convenience of their fingertips. Fave gives small to medium businesses access to data that they don’t usually get through FaveBiz Insights. With the feature, businesses no longer need to go through complicated bookkeeping processes to monitor their performance.
Fave emphasizes on delivering services that help provide relief to merchants while empowering growth. Each service is designed to be specifically merchant-friendly and help enhance business operation conveniently.
While adopting digital transformation for traditional businesses is not something easy but it is no longer an option but a necessity. Not only does it improve overall business workflow, in the long run, it also serves as a safety net in possible upcoming unprecedented situations - especially for traditional businesses.