When we launched Terer, our initial focus was on acquiring a large quantity of merchants. As a startup, we believed that the key to success was to onboard as many merchants as possible to attract more users. However, we've since had a realization: having 1000 merchants doesn't equate to having 1000 active participants. It's more beneficial to concentrate on merchants who are genuinely interested in growing with us on the Terer platform. We now understand that sustainable growth is not one-sided but mutually beneficial—a partnership where both parties thrive together.
Terer is a local tech startup on a mission to provide tools for merchants to help increase customer retention and cart value. At the heart of our ethos lie five key value propositions that include
- Upselling to increase customer spending, as customers are buying multiples and redeeming later. For example purchasing 5 cups of coffee for RM40 instead of 4 cups of coffee for RM50. Merchants will enjoy cash up once customers redeem their first coupon.
- Increase customer retention as Merchants lock in customers and automatically turn them into loyal customers who will revisit the outlet. Our statistics shows that a whooping 67% of our users are NOT redeeming their deals all in one go but actually pacing it over a duration of 2-3 weeks.
- Increase market reach as we push new customers to merchants and automatically turn them into loyal based consumers.
- Drive off peak demand as dynamic pricing will help drive sales during off-peak hours and increase foot traffic in store.
- Predict and move inventory as customers purchase multiple products, merchants are able to predict the number of inventory required and increase efficiency and turnovers of perishable goods.
Collaboration is key for merchants, as it highlights the importance of utilizing marketing collateral in their stores. These materials act as silent partners, constantly working to catch the eye of potential customers and drive sales. When merchants strategically place marketing collaterals, they effectively communicate their unique offers and attract more customers. In today's competitive market, where attention is a valuable commodity, collaterals become essential tools for merchants to leave a lasting impression and foster customer loyalty.
When it comes to finding quality merchants who truly align with Terer's mission, it's not just about size—it's about mindset. Whether big corporations or small SMEs, what matters most is their understanding and enthusiasm for what Terer stands for. These are the merchants who recognize the value of fostering lasting relationships with their customers, maximizing every opportunity for growth, and embracing innovation.
At Terer, we've learned the importance of prioritizing quality over quantity in building successful merchant partnerships. Our focus shifted from acquiring numerous merchants to nurturing relationships with those who share our vision of excellence. By collaborating with merchants who embrace innovation and prioritize customer satisfaction, we're shaping the future of commerce—one quality partnership at a time.