Photo - Fave team in KL
Fired by the burgeoning O2O (online to offline) economy in Malaysia and Southeast Asia, Fave has consolidated deals and discount company Groupon Malaysia under the single brand - Fave.
O2O company Fave founder Joel Neoh (who formerly led Groupon Malaysia) confirmed that Fave officially acquired Groupon Malaysia in November 2016.
This new brand consolidation will now eye new prospects in the O2O sector of the fast-growing eCommerce industry in Malaysia and throughout the Southeast Asian region, said Neoh.
He said mobile payment has been identified as one of the critical drivers of the O2O commerce sector, as this brings online customers to physical stores.
The mobile payment transaction value in Malaysia is expected to reach US$927 million in 2021, charting a rapid annual growth rate of 59.8 percent from 2017-2021, added Neoh.
New service model
He said the move also allows Fave "to bring the best of both offerings together, while enabling a new service model in response to the changing customers' lifestyle and needs, as well as the opportunity to help businesses succeed in mobile commerce."
"It is more than just putting a new name to Groupon. Fave is a home-grown brand developed and headquartered in Kuala Lumpur, and it is now used by millions of users and thousands of businesses across Southeast Asia including Jakarta and Singapore," said Neoh.
"Fave will also inherit Groupon's steady base of customers, enabling the brand to serve more than 3 million subscribers combined," he said.
"Customers can not only buy a deal, but also pay the entire bill via Fave as they discover the city and save money at the same time. From family to couples, colleagues to friends, our aspiration is to make Fave their favourite app," said Neoh.
This article first appeared on Computerworld Malaysia 7 March 2017.
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