Kuala Lumpur, 4 October 2021 – Saladplate and Food Market Hub (FMH) has signed an MOU to offer a platform that will provide Malaysian F&B businesses the possibility to explore new opportunities by connecting to a globalised database from over 90 countries, for either sourcing of products they need to selling their supplies to a globalised network on a digital marketplace.
Helping Businesses to Brave Through the Pandemic
As Malaysia continues combat the pandemic, F&B businesses in Malaysia remains impacted by the consecutive numbers of lockdowns and reduced patronage. According to a report by the Asian Development Bank, the food supply chain has been disrupted by domestic lockdowns and international port closures. Not only that, food prices have also increased by 7.5% in December 2020, according to the FAO Food Price Index.
Aimed at supporting local F&B businesses to regain a sense of normalcy and embrace digitalisation as a means to drive greater livelihood, was the core reason that led to the partnership between Saladplate and FMH. As a unique industrial partnership for the Malaysian market, the collaboration presents a platform that is specifically for the F&B industry to weather these trying times, be it benefiting from a smart and efficient cost management system, or a new revenue stream opportunity.
Local businesses can now source for items digitally through a wide selection of products supplied across the globe, all through one platform. The platform implements a stringent process to only feature verified brands that are available in Malaysia. This is to ensure a safe digital environment is established, to protect the interest of both suppliers and buyers against possible fraud.
The platform also empowers F&B businesses to manage their business inventory efficiently, powered by an AI-driven feature that will analyse their expenditure, or expand into newer markets via secured communications. Some of the features offered by the platform are:
- An automated cost & inventory management system
Businesses will have access to the platform’s AI-Powered, Cloud-Based Procurement Solution, a proprietary tool embedded with a self-learning feature to help them better manage their inventory and expenditure. This feature enables business owners to be cost-efficient and assist them with making smarter decisions to reduce unnecessary expenditure.
- All-in-one communication platform
The platform provides an all-in-one simplified communication process between businesses and suppliers, whereby all communications, even purchase or delivery orders, to payments can be done within the platform. This streamlines the administrative process for businesses, making it easier for them to keep track of their dealings.
- Global resources to leverage
With the platform’s global digital footprint, local F&B business suppliers can tap into the database of over 3,000 operators and sellers worldwide, providing them the possibility to source unique and interesting products beyond the local market.
Supporting Malaysia’s Largest Food and Hospitality Trade Show
The platform will also be utilised at the upcoming Food & Hotel Malaysia (FHM) exhibition, Malaysia’s largest biennial food and hospitality trade show. In line with the upcoming exhibition taking place in a hybrid format, this platform will serve to support retailers and buyers attending the FHM Virtual Feast, to engage and schedule appointments in advance.
Future of F&B Sector lies in Digital Transformation
Going digital is the way forward for many businesses in Malaysia, including the F&B industry. According to a research by Forrester Research, while only 46% of businesses in Malaysia were on a digital transformation journey in 2020, 34% of firms are intending to start in 2021. The Malaysian government has also executed several initiatives to push digitalisation amongst businesses in Malaysia, with the recent MyDIGITAL initiative to transform Malaysia into a digitally driven nation.
To date, the platform powered by Saladplate and Food Market Hub has enabled notable brands and businesses both locally and globally, such as Kentucky Fried Chicken, Din Tai Fung, The Fish Bowl, Salad Atelier, and others to efficiently scale and be cost efficient. Through the platform, Din Tai Fung was able to establish an effective communication channel between the central kitchen and outlets, enabling the brand to scale a 21% growth Y-o-Y.
A Partnership for the Region
Dave Chan, Founder of Saladplate.com, said, “Food Market Hub perfectly complements Saladplate’s vision of seamlessly connecting global suppliers to local markets, this partnership reflects our desire to collaborate with companies that share our vision of simplifying process for the F&B sector in every step of the way, from product discovery, handling complex import and distribution process, online and offline promotions to efficient management of business spending.”
“We’re extremely excited to form this partnership with Saladplate. The partnership marks a milestone for us, pushing our goal to help businesses grow and expand. Together with Saladplate’s strong network of international and domestic suppliers, combined with Food Market Hub’s clientele comprising local hotel, restaurant and café operators, we are able to deliver to clients the access to a wide network of brands. Through this partnership, we can offer customers and complement Saladplate’s platform with a more comprehensive proprietary platform for a seamless business management user experience, helping businesses in the F&B sector regain normalcy during this current climate, and perhaps scale in the foreseeable future”, said Anthony See, Founder of Food Market Hub.
Leong Tin Fui, Director of FK Supply, a fresh fruit and vegetable supplier in Selangor and KL and user of the platform, said, “We were reluctant at first to embrace the platform as digital transformation is fairly new for us. But in recent months of using this platform, it has helped us tremendously by enabling us to save up to 61% on administrative hiring costs, reduce our documentation error to 0 and efficiently reduce our data entry time by up to 83%. The platform has truly been pivotal in helping our business to keep afloat, especially when this Covid pandemic has reduced our revenue significantly.”
The platform is now available for F&B businesses in Malaysia to bring their brand to the digital space. To find out more about the platform, interested businesses can register for free by creating an account through this link - Saladplate – Register as a buyer .
