Robinhood, an alternative food delivery app, developed by Purple Ventures Co., Ltd, a subsidiary of SCB 10X, aimed to support at least 16,000 small restaurants and merchants to adopt digital platform supporting sales and help reduce high cost from joining online platforms. Robinhood does not charge Gross Profit (GP) fees, bundled with hourly sales settlement, making fund available in merchants’ accounts within one hour.
This boosts merchants’ liquidity to help them with their next-day operations during the current economic crisis. At the same time help provide jobs for another 10,000 riders during a time of increasing unemployment.
With the app’s 100% digital cashless payment platform, Robinhood riders can earn money without having to advance their own cash for customer food orders. Customers can directly pay merchants via direct debit on the SCB EASY app, or credit, debit, and cash cards. Customers can also enjoy a wider variety of famous food from small neighborhood vendors as well as those available exclusively on the app.
Purple Ventures aims to continuously improve Robinhood app from feedback and suggestions from all parties. The app’s soft launch will take place on October 26, 2020 for food delivery in Bangkok and vicinity before its official launch in early 2021.
Highlights of Robinhood, the alternative player food delivery app developed in Thailand
- No gross profit (GP) fees charged
- The app aims to help merchants boost their incomes and profits in addition to their shop-front or dining-in sales with no additional costs incurred using the online platform, while customers can enjoy food at the same quality, prices, and portions as dining-in options.
- Supports the online presence of merchants.
- Robinhood has a support team to help merchants, especially small vendors unfamiliar with using food delivery apps, to take orders via online platform and make their food more interesting with eye-catching menus and food descriptions.
- Cash availability within an hour after delivery is completed
- Cash will be available in merchant accounts within one hour after each food delivery is completed. This helps boost their liquidity and working capital for smoother business operations.
- More orders for merchants during off-peak hours
- Peak hours for merchants on food delivery platforms are usually during lunch time (11:00 am – 1:00 pm) and dinner time (5:00 pm – 7:00 pm), with food orders dropping during off-peak hours. By adopting a dynamic delivery pricing mechanism, the Robinhood app helps boost food orders and sales with delivery fee promotions.
- An 8% voluntary discount from merchants directly to consumers
- This allows merchants to pass on the discount to customers to increase more sales opportunities, offer them a bonus, and establish long-term customer engagement.
- With a focus on customer needs and experiences, Robinhood was designed with a simple food order function requiring just 3 clicks. AI is applied to user personalization and recommendations to match each customer’s preference.
- Promotes cashless society.
- The app offers digital cashless payment options via direct debit on the SCB EASY app and credit, debit, or cash cards for a seamless customer payment experience.
- Creates jobs and fair income for riders.
- Riders can earn money without worrying about advancing money for customer food orders. An accident insurance and covid-19 insurance are provided for riders until 31 December 2020.
- Offers job opportunities for those who want to be riders for the app.
- In early 2021 the app will offer more job opportunities for riders who don’t have their own motorcycles with motorcycle rental and daily hire. (Provided by Robinhood partners)
- New features readily available in early 2021
- In the pipeline are new features for the app’s official launch in early 2021, such as multiple orders – for customers ordering food from more than one merchant without having to wait for the previous order to complete, multiple pick up – allowing customers to place orders from several shops in the same area, credit card point redemption and Robinhood wallet as an additional payment option, etc.
“The Robinhood app’s goal is to act as a bridge between 16,000 small merchants and customers. Merchants can earn more money via the Robinhood platform, while customers can enjoy variety of food at the same quality, prices, and portions as dining-in options. Through this connection we aim to create jobs that offer fair incomes for tens of thousands of riders and share happiness between merchants and customers.
More food options are now available from merchants that were previously unable to join food delivery platforms due to their limited resources, as well as legendary and hidden gems never available on other platforms.”
Announcing the news, Purple Ventures Chairman of the Board of Director Thana Thienachariya said that, “Merchants and consumers are welcome to join the Robinhood app and give us feedback for continued platform development and improvement to benefit both merchants and riders during this economic crisis together.”