Tapping quickly on market demand: Caterer closes 25% more sales after spotting spike in orders on banking app

When Mr Nigel Kok, the general manager of RichFood Catering – a buffet and packed meal caterer – saw an unusual spike in sales last December, he recognised it as more than just another data point. He needed to determine the cause of this unexpected rise and decide swiftly how to seize a potential opportunity.

Mr Kok immediately contacted his sales manager, who revealed that a seasonal menu was unexpectedly winning the hearts of clients.

With this information, he ramped up the marketing budget specifically for the popular menu. This resulted in an impressive additional 20 to 25 per cent in sales for December 2022.

Mr Kok noticed the uptick in sales via the OCBC Business app, which keeps track of the company’s monthly spending, sales and cash flow. He would have lost the opportunity to increase revenue without it.

Such insights help Mr Kok make informed business decisions to thrive in the competitive food and beverage (F&B) industry.

RichFood Catering has been an OCBC customer since 2009 and it values the mobile app for the convenience and data it offers, particularly for SMEs that operate without large administrative departments.

The OCBC Business app also functions as a vigilant assistant for SME owners, as it sends alerts on foreign currency rates, incoming funds and more. As the app adds new features with each update, SME owners can look forward to more tools to manage and run their operations effectively.

With the OCBC Business app, SME owners like Mr Kok in the F&B industry can instantly pinpoint their top five expenses, helping them identify where their funds are spent. This is useful for businesses like Mr Kok’s which often struggle with fluctuating ingredient prices and keeping up with suppliers.

Small business owners could also navigate the ebb and flow of their operations using the app's intuitive sales trend charts. With Singapore’s fast-changing food trends, these visual guides can enable F&B businesses to stay agile in the face of changing consumer demands. With these monthly sales patterns at a glance, business owners can identify opportunities to engage with top customers and fine-tune their strategy amidst these challenges.

The seamless, user-friendly interface of the OCBC Business app provides a clear, real-time map of money inflows and outflows. For businesses that might be operating on thin margins due to volatile ingredient prices, timely cash flow insights are essential.

With the OCBC Business app, SME owners can make strategic decisions swiftly and confidently with up-to-date data in real time.

For serial entrepreneurs like Mr Kok who operate several businesses, the OCBC Business app offers a consolidated view across the multiple businesses, across different countries.

Mr Kok's commercial banking relationship manager at OCBC facilitated his new cross-border company account with OCBC Malaysia, which was used to pay the Malaysia entity's suppliers and vendors.

For SME owners who have operations in multiple locations, the ability to track and optimise processes through a single app conveniently streamlines operations.

In the next two to three years, RichFood, which started as a caterer for TCM-based confinement food, is looking to set up a halal kitchen to reach a broader market.

It’s clear that the OCBC Business app will continue to be a useful on-the-go tool for Mr Kok as he continues to expand his group of business. 

In the dynamic F&B industry, companies like RichFood Catering continuously innovate their menus, stay alert to emerging trends and monitor new competition to sustain their growth. For Mr Kok, he sees the OCBC Business app as his guide to recognising new opportunities for continued scaling.

“Real-time and actionable insights on my business’ finances will be even more critical in the future,” says Mr Kok.