Beebag: Making retail more efficient, rewarding, and sustainable

Beebag, a shopping rewards app, is dedicated to empowering shoppers to maximise their savings. By seamlessly integrating innovative technologies, Beebag transforms ordinary shopping trips into opportunities for users to earn rewards from a diverse range of brands and retailers. Notably, Beebag goes beyond traditional rewards apps by incorporating smart reusable technology, encouraging sustainable shopping habits and rewarding users for environmentally friendly practices.

Originating from a university assignment, the original idea of Beebag was conceived by twin brothers, Joshua & Joel Lim, as a solution to combat single-use plastic pollution. Their innovative approach focuses on motivating shoppers to adopt the habit of reusing reusables through positive reinforcement, diverging from conventional punishment measures. The decision to transition this idea into a startup emerged during their final year in university when a lecturer recognized its potential. Driven by their passion for entrepreneurship, the brothers seized the opportunity to create Beebag.

As Beebag expanded, the founders identified the need to deliver enhanced value to both consumers and businesses. This realisation led to the strategic decision to diversify into retail marketing and data analytics, addressing the disconnection FMCG brands face with offline customers. The introduction of offline cashback deals in August 2023 marked a pivotal moment, resulting in Beebag processing over RM200,000 worth of offline purchase data and achieving a remarkable 35% month-over-month user growth.

In response to the evolving business landscape, Beebag is poised to undergo a rebranding process, reflecting its new direction and commitment to innovation. The originality of Beebag's concept lies in its status as the first of its kind in the Southeast Asia region, combining modern IoT technology with traditional products like reusable bags. With NFC chips and QR codes seamlessly integrated, Beebag allows shoppers to effortlessly convert reuses into rewards, setting it apart from other rewards apps by providing continuous benefits throughout the entire shopping journey.

In 2023, Beebag forged partnerships with prominent entities, including government agencies like MyCC & Cradle Fund, and public listed companies such as Sunway Group and KLK Group. Looking ahead to 2024, Beebag aims to intensify its impact by investing in sales initiatives to collaborate with more businesses and government agencies, contributing to their partners' Environmental, Social, and Governance (ESG) scores. The company's proactive engagement in competitions and accelerator programs, including winning the 3rd place in the ASEAN SEDP 2.0 program and participating in the Cyberview accelerator program, underscores its commitment to continuous growth and innovation.

Beebag's technological prowess is evident in its utilisation of cutting-edge tools like machine learning, OCR, and IoT. Joshua emphasises the app's use of machine learning and OCR to enhance the user experience and operational efficiency. The incorporation of IoT technologies (NFC & QR) powers the smart reusables feature, reinforcing Beebag's commitment to delivering a seamless and rewarding shopping experience.

Looking forward to 2024, Beebag's expansion plans involve reaching new markets, specifically Singapore, and focusing on strengthening its back-end technology. This strategic move aims to facilitate B2B partnerships with other consumer apps, further solidifying Beebag's position as a leader in the rewards app industry.

A notable achievement for Beebag in 2023 was its participation in the MICA challenge, which provided not only financial support from UNICEF & MICA but also invaluable mentorship and publicity. The project developed for the challenge has evolved into a long-term initiative, enabling Beebag to make a meaningful impact on society and foster new partnerships with corporate entities. The MICA challenge has become a pivotal moment in Beebag's journey, propelling the company to new heights and emphasising its commitment to positive change.

This article is provided by Elliot & Co.

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