KUALA LUMPUR – 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 merchants 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.
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.
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.
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.