The rise of e-commerce companies in recent years has made it easy to forget about in-store retail. But, in many parts of the world, physical stores still make up for the lion’s share of money spent. Fave, a startup based in Kuala Lumpur, is looking to connect the two industries by offering offline retailers new-age tools that historically have been only available to online businesses.
Pulling from his experience running Groupon in Asia Pacific, Fave founder and CEO Joel Neoh set out to build a company that would equip these offline retailers with what they need to thrive in the modern age. “We saw mobile payment adoption in our market growing quite quickly,” says Neoh. “Existing merchants, however, were getting the shorter end of the stick, as they couldn’t easily adapt to the digitization of commerce.” Operating in Malaysia, Indonesia, and Singapore, Fave offers them a platform to manage everything from vouchers to loyalty programs, payments, and even financing.