The restaurant owner tells! 5 advantages of selling food on the Robinhood app
Ordering food to eat at home is a common practice today, forcing stores that used to only sell offline to keep up with consumer behavior. Even more, the COVID crisis is the catalyst for faster change. People running a restaurant business that will cost a bit will go to open a restaurant on the food delivery platform. But the problem is that it is not as profitable as you think, as it costs about 30% of the commission to the platform. For example, sell 2 bags of noodles at a price of 80 baht, must pay a commission, known as the GP fee, to the platform at 24 baht, the shop gets 56 baht for noodles. When this happens, a small shop of small people who do not have enough funds to open a restaurant on the food delivery platform. But today, Robinhood, a Thai food delivery platform by Purple Ventures Company Limited, under SCB10X, is developed to help restaurant operators, especially small ones, in increasing sales opportunities. What are some of the advantages of opening an online food store on the Robinhood platform?
1. Reduce costs, increase sales channels Help expand customer base
In a sluggish economy, opening an online store is a way to escape. The more a restaurant is, there are many costs, in addition to the raw materials that are the main cost, there is also a rental fee. Decoration cost Wages, employees, and other miscellaneous things. Selling online is the best cost reduction because it doesn't consider the location or location of the store, saving you the cost of renting or decorating. There is no need to build a big shop, just have a small booth. Or made at home, can be sold online. Plus, you don't have to worry about opening-closing time Don't waste money to hire a waiter. There is no need to wash the dishes. But when switching to online sales, it will help reduce costs in this area a lot. In addition, the customer base can be expanded even more widely than before, only to people in the neighborhood, it can be sold throughout the district where food delivery is delivered.
2. Do not pay a high commission to the platform.
Food delivery applications typically incur a commission that restaurants pay to order apps, known as GP (Gross Profit) fees. The store normally charges 20-30% of the GP, but Robinhood does not charge a fee to use the platform. No application fee, no GP fee (Gross Profit). In addition, the store can choose to participate in the promotion to give customers an 8% discount. The restaurant earns every baht every penny, making it possible to sell food that has the right quality and quantity. The discount will not enter the platform at all but will be delivered directly to the customer as a discount on the food on the order ordered, which this 8% discount will increase the sales opportunities. Return profits back to customers and build long-term customer relationships.
3. Cash enters the store immediately within 1 hour, resulting in a flow of cash to extend the business.
In most platforms clearing funds between the store and the merchant, the reimbursement system is a billing cycle. Each billing cycle will be cut differently, for example at the end of each month. But Robinhood has made a system of clearing money for food orders within an hour, so small restaurants who want to use their working capital to buy ingredients daily can have the cash to spend in restaurants. And Robinhood only accepts payments through the system. (No cash), so it can clear money for restaurants and delivery people within 1 hour.
4. Help merchants increase income outside the good selling period.
Usually, stores on the food delivery platform have two bestselling times: Lunch (11:00 - 1:00 PM) and Dinner (5:00 PM - 7:00 PM). For the remainder of the time, sales will drop, so Robinhood is incorporating dynamic delivery pricing to help increase sales opportunities. This means that if you order food during the non-peak hours of the day, the delivery price will be lower. This is one technique to stimulate sales for customers to order food at other times as well.
5. Shopkeepers have easier access to bank loans to expand their businesses.
Smaller merchants often face the problem of limited access to business credit in the commercial banking system. Because there is no proof of exact income as most restaurants accept cash, there is a lack of evidence of bank statement income. But if you open a shop on the Robinhood platform, it will increase your chances of accessing banking loans. Because Robinhood focuses on cashless payments that are 100% digital payments, merchants have a bank statement that can be used as evidence for more convenience to apply for a loan with a commercial bank.
Robinhood also has a store support and assistance team to bring the store to its online platform. Especially for small-sized stores that have never had an online store experience or lack the expertise to use a platform-wide app. Including helping and recommending interesting food content to restaurants. If a restaurant is interested in opening an online store at Robinhood, you can sign up by downloading the Robinhood Shop app (available on both App Store and Play Store). In the case of an ordinary person, you can verify your identity via the SCB Application to start using immediately. For legal entities, download the Robinhood Shop application and fill out the information. Application documents will be sent via e-mail. More details can be found at https://www.robinhood.in.th/merchant/