Series of technology solutions to help F&B businesses optimize management and operations.08/05/2023
Following the strategic collaboration announcement in October 2022, MoMo and iPOS.vn have recently launched a series of new technological solutions and features aimed at businesses in the F&B sector.
In a press release issued over the weekend, MoMo and iPOS announced that the two companies had jointly set up a booth for the first time at the Cafe Show 2023 (held from April 13-15, 2023 in Ho Chi Minh City). The event marked a milestone in the strategic partnership that was announced by MoMo and iPOS.vn in October 2022.
Working towards the “Smart Restaurant” model
In addition to interactive activities and real-world experiences at the booth, at Cafe Show 2023, MoMo and iPOS.vn also brought a range of technological solutions to help F&B businesses connect more effectively with their customer base, improve the efficiency of their operations, and enhance their store’s performance on a scalable level.
First among these solutions is the integration of MoMo as a payment method within iPOS.vn’s point-of-sale (POS) and scanner devices. This not only allows businesses to offer an alternative payment method to customers who prefer cashless payments and facilitates easy reconciliation of incoming and outgoing payments, better cash flow management, increased operational efficiency, and cost optimization.
Not stopping at smart payment processing, the solutions being developed by MoMo and iPOS.vn are aimed at the “Smart Restaurant” model in the F&B industry. Here, in addition to automated payment processing, customers can also enjoy the convenience of ordering via electronic menus. Meanwhile, business owners and managers can efficiently manage and operate their systems.
Starting from the end of 2022, the two brands will launch complete financial solutions tailored for small and medium-sized F&B businesses – a popular segment in the market. The aim of iPOS.vn and MoMo is to allow businesses to experience flexible payment solutions, including 0% interest installment payments through the MoMo super app when purchasing iPOS.vn’s products.
Starting in March 2023, MoMo pioneered the exclusive feature “Gift Card Distribution on MoMo” for all iPOS.vn customers. With this feature, businesses can proactively issue their own free promotional programs on MoMo. Simultaneously, MoMo with its modern technology platform and AI application will distribute gift cards to the right customers, meeting their specific needs, thereby increasing business efficiency.
To date, over 1,000 partners including coffee shops, milk tea shops, and restaurants have used this feature. Businesses can save costs by utilizing the technology platform while still being able to quickly access tens of millions of MoMo users
Desire to appear at every touchpoint of F&B businesses
In addition to proactively distributing gift cards, F&B businesses are also supported in creating free Official Accounts (OA) pages directly on MoMo. This is a crucial bridge between stores and diners, contributing significantly to effective customer acquisition, retention, and care, thereby increasing brand recognition and sales.
Nguyen Linh Trang, Director of MoMo’s Payment and Daily Services Center, said that this is a pioneering platform in Vietnam that allows SMEs to proactively launch their own promotion programs completely free of charge. Compared to traditional processes, this feature helps minimize the process of issuing gift cards on online platforms for restaurant owners.
A business report on F&B technology solutions by iPOS.vn recently released figures from Euromonitor showing that Vietnam has about 338,600 restaurants/cafes operating at various scales and segments. Despite the heavy impact of Covid-19 in 2021-2022, the F&B industry still witnessed consistent growth rates. The F&B industry revenue scale in 2022 reached nearly VND 610,000 billion, an increase of 39% compared to 2021. The report also pointed out that in 2022, up to 99% of F&B businesses encountered operational issues. Nearly 50% of businesses faced difficulties in managing revenue and expenses, as well as material losses. Following that, 37.3% of businesses encountered difficulties in marketing and communications.
In that context, MoMo – with strengths in technology platform and understanding of end-user customer groups – combined with iPOS.vn – with a deep understanding of the F&B market and management knowledge – is expected to bring a comprehensive technological solution that solves the challenges facing F&B businesses.
Representatives from MoMo and iPOS.vn also emphasized that the solutions the two companies are aiming for will be capable of meeting diverse needs of many different segments of businesses, aiming to appear on every touchpoint of SMEs in this particular business field.”
Source: Cafe F