5 Robinhood Features That Are Good for Business That Restaurateurs Must Know
Services are now semi-officially open for Robinhood, the latest food delivery app from SCB 10X Co., Ltd., a company in the SCB Group. Most recently, the executives said that there are about 16 thousand restaurants who have joined the app (26 October 2020), including small restaurants who haven’t joined other food delivery apps because one of Robinhood’s outstanding points that makes it popular with many people is that it doesn’t collect GP, creating opportunities for small restaurants who can’t afford GP and allowing them to join. Let’s remind ourselves what the interesting points of Robinhood are from a restaurateur’s perspective.
- No fees (GP) for using the platform.
This is one of the long-awaited outstanding features for restaurateurs because during the recent Covid crisis, the appropriateness of the GP rate collected by food delivery app service providers was a widely debated issue. Then Robinhood suddenly announced that it wasn’t going to collect GP because it wants to be a platform that helps the little guys, so any operator can have the opportunity to sell via delivery, which is a rapidly growing channel.
This is both an outstanding point and at the same time a big homework for the app. They have to figure out what to do to compete with the free delivery strategies used by groups that own the market. At any rate, not collecting GP certainly creates good opportunities for restaurants.
- The cash goes into your restaurant within an hour.
If you thought no GP was awesome, this second feature is even better, because cash flow is very important for SME restaurateurs. The app announced in their terms and conditions that the money will be transferred into the restaurant’s account within an hour after the order is delivered to the customer. This is a winning point because transferring and making payments are already easy with a system like SCB’s. They’re using their own group’s strong point to benefit and satisfy operators.
However, we’re not sure whether there are any other terms and conditions for franchise restaurateurs. Nonetheless, you should study all the terms and conditions before using the platform’s services.
- There are teams to help shops use the app.
One of the obstacles preventing small shops from accessing the delivery market, or neighborhood shops, is that the owner lacks the technological know-how. They sigh when they see the complicated sign up and registration steps. Robinhood realizes this problem and has, therefore, prepared a team to help operators. We think you’ll be able to just walk to an SCB branch and ask an official for some help from now on.
That’s not all. The app has prepared a team to help you upload and decorate the pictures of your menu, think of catchy captions and write up a recommended menu that will catch the eye of anyone who happens to see it.
4. There are tools to help boost sales outside of the restaurant’s best-selling hours.
You’re probably wondering how the app can go about doing that. After studying the details, we’ve concluded that the app is using the dynamic delivery pricing strategy to help analyze data and stimulate customers to order outside the restaurant’s best-selling hours by providing incentive such as a special delivery discount or by using other upcoming strategies.
5. Using existing SCB solutions to benefit operators.
This is a win-win situation for the app and the operators. They have linked tools and products to the app so that operators can access the bank’s existing products and services in order to drive forward the digital payment channel. Customers can pay for the food by deducting from their account on SCB EASY or their credit card, debit card or top-up card, making life easier and payment more convenient and, of course, creating an opportunity for a more-easily accessible funding source.
In 2020, the services will cover all areas in Bangkok, Samut Prakan, Nonthaburi and Pathum Thani.
- Only some areas in Samut Sakhon (Mueang and Krathum Baen Districts).
- Only some areas in Nakhon Pathom (Nakhon Chai Si, Phutthamonthon and Bang Len Districts) with an expansion plan under consideration.
If you haven’t signed up with the app, you can learn about the sign-up details at www.robinhood.in.th.
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