KUALA LUMPUR, Feb 23 — Fave Group (formerly KFit Group) announced that Groupon Malaysia will be consolidated under a single brand and operate as Fave moving forward, as it inherits Groupon’s steady base of customers, enabling the brand to serve over three million subscribers combined.
Fave founder Joel Neoh — who previously founded Groupon Malaysia — said the move allows Fave to bring the best of both offerings together while enabling a new service model in response to the changing customer lifestyles and needs, as well as the opportunity to help businesses succeed in mobile commerce.
“Fave is a homegrown brand developed and headquartered in KL, and it is now used by millions of users and thousands of businesses across Southeast Asia including Jakarta and Singapore,” he said.
The consolidation follows the company’s acquisition of Groupon Malaysia last November to shape new prospects for the online-to-offline (O2O) economy in Malaysia and across Southeast Asia.
Mobile payment has been identified as one of the critical drivers of the O2O commerce, which brings online customers to physical stores. The mobile payment transaction value in Malaysia is expected to reach US$927 million (RM4.12 billion) in 2021, at an annual growth rate of 59.8 per cent from 2017-2021.
“Fave will be our engine to spur widespread adoption of mobile commerce. In the coming months, we will continue to focus on our progress in developing Fave and rolling out its full-service capabilities,” said Neoh.
Through the transition for existing Groupon subscribers and merchants, customers can immediately enjoy attractive deals and offer on Fave. Customers are also entitled to an extra 15 per cent discount on the first purchase by using the promotional code GOFAVE until February 28.
Nationwide, Fave enlists over 2,000 local businesses including restaurants, spas, fitness centres, and hotels.