Since StoreHub was founded in 2013, the tech company has enabled more than 15,000 retail and F&B businesses in Southeast Asia to simplify and automate their operations with the company’s “all-in-one” Point Of Sale (POS) system – seemingly staying true and strong on its mission to help small and medium businesses grow successfully by giving them access to the right tech.
What started as just a cloud-based POS system 10 years ago by a then e-commerce business owner and an ex-Engineering Lead at Microsoft is today a full suite of solutions that helps retail and F&B businesses simplify and automate everything from operations and inventory tracking to marketing and beyond. Having recently bagged $13.5mil in a pre-Series B funding round, StoreHub does not seem to be slowing down in its expansion and momentum towards becoming the POS ecosystem of choice in the region.
But behind the shiny and cutting-edge POS ecosystem it is today, how has StoreHub stuck to its mission of helping businesses grow these 10 years? We dive into the milestones across StoreHub’s 10-year journey for a closer look.
2013: The beginning of StoreHub
The idea of StoreHub came in 2013 when Founder, Wai Hong, visited a friend’s lingerie store while taking a short Mandarin course in China. He was shocked to find his friend using a clunky and overpriced POS system that cost thousands of dollars.
Knowing there were POS systems in Western countries that worked better and more efficiently at a fraction of the price, Wai Hong felt that his friend was exploited. Driven to make the needed tech accessible for small business owners like his friend, Wai Hong was determined to build a POS system that was truly “for the business owner”.
Not long after, Wai Hong met his co-Founder and Chief Technology Officer, Congyu Li, at a tech event. She had previously worked with Microsoft.
A casual chat turned into a game-changing exchange of ideas as both of them discussed how to create a POS system that will truly serve the needs of business owners – not just profits.
With Congyu’s expertise in programming and Wai Hong’s experience in marketing and running his own million-dollar e-commerce business in Australia, they developed a POS system that focused on being user-friendly and affordable.
The journey from idea to reality was challenging, but Wai Hong and Congyu did not give up on their mission. In the beginning, they introduced their POS system in China, hoping to make a splash in the huge market there.
However, it was in Malaysia where StoreHub first found success. Business owners saw the value and need for the simplified yet cutting-edge POS that StoreHub introduced, and the rest is history.
More opportunities opened up in StoreHub’s second year of operations, as the Malaysian arm of Starbucks approached the start-up to help them digitalise their POS system.
At that time when the company’s resources were limited, the team had to choose between serving a giant client like Starbucks which will require most if not all of its resources – or the many small and medium businesses in the country. Due to limited resources and a desire to stick to its mission to “serve needs, not just profits”, StoreHub eventually chose to prioritise helping small and medium businesses over Starbucks – despite the more lucrative financial prospects with the latter.
2018: Upgrading the POS experience
In 2018, StoreHub introduced several key software updates to its POS platform, including a customer display system, new payment methods, and an improved inventory management system. The customer display system provides transparency and engagement by allowing customers to view their orders as they’re entered.
StoreHub also added payment options catering to diverse customers’ needs and preferences.
The updated inventory management system offers real-time stock level tracking and low inventory alerts, enabling business owners to make well-informed inventory decisions and avoid stockouts.
2020: New regional headquarters
It wasn’t moving to a spanky 27,000-square-foot regional headquarters in Kuala Lumpur, Malaysia, that was a milestone than the fact that the team needed a bigger space to house a majority of its nearly 300-strong staff which was serving markets in Malaysia, the Philippines, and Thailand.
With a DNA of prioritising productivity and the wellness of its staff, StoreHub had the new regional headquarters designed to be more than just a workspace. With work desks by the windows surrounding over 20 meeting rooms fitted with a smart room-booking system, the Kuala Lumpur office also features a ping pong corner, a fully stocked pantry, as well as a demo centre where the team can easily showcase StoreHub’s latest products to customers.
2020: Beep, a lifeline during lockdown
During the COVID-19 pandemic, StoreHub launched Beep, an online ordering platform that enabled F&B and some retail businesses to stay afloat by reaching customers at a time when physical visits were restricted globally.
Knowing how urgently businesses needed an alternative means to reach customers during the lockdown, the StoreHub team launched Beep, an online ordering platform, in just 48 hours after the Malaysian government announced the Movement Control Order (MCO). By December 2020, Beep helped more than 1,500 F&B businesses, not just in Malaysia but also in the Philippines, and Thailand during lockdown. This helped struggling business owners during that period generate online sales and stay afloat during challenging times.
2020-2021: Fundraising success
Since day 1, StoreHub’s growth has been made possible by the unwavering support and belief of investors. In the company’s Series A+ funding round, which was led by Vertex Ventures Southeast Asia & India, StoreHub successfully attracted investors who believed in the company’s potential for growth and development, helping it raise $8.9 million.
The company’s vision and potential continued securing the confidence of the investor community in 2021 when StoreHub secured $13.5 million in a pre-Series B funding round led by venture capital firm, 500 Global. Existing investors such as Vertex Ventures Southeast Asia & India and OSK also participated, reaffirming their confidence in the tech company’s growth potential.
The funds raised have enabled StoreHub to continually innovate its platform, expand its customer base, and strengthen its current markets in Malaysia, the Philippines, and Thailand.
2021: Redefining the dining experience with QR Order and Pay in a post-COVID world
In 2021 when Malaysia was facing manpower shortages, StoreHub launched QR Order and Pay, an integrated feature which allows diners to place orders and make payments directly from their smartphones by scanning a unique QR code – eliminating the need for waiters and cashiers to take orders or serve the bills at the end of every meal.
The QR Order & Pay feature has helped F&B businesses save on hiring whilst improving dine-in efficiencies and table turnover. Apart from cutting down on hiring costs, some merchants have recorded an increase in table turnover by up to 20X.
For context on the manpower struggle faced by F&B businesses, in Malaysia alone, a large number of foreign staff had left the country at the start of the pandemic in 2020 due to the freeze on hiring foreign workers.
The manpower shortage issue was so critical that it reportedly led to the closure of over 2,000 mamak restaurants.
When the lockdown rule was relaxed in 2022, enticing these workers back was challenging due to temporary recruitment suspensions and other reported challenges in the hiring process.
StoreHub’s QR Order & Pay reduces the need for F&B staff to take customers’ orders and process their payments. Customers can use their smartphones to scan the QR codes placed in restaurants, order from online menus, and pay using a wide variety of payment options.
By digitalising the order and payment process, QR Order & Pay enables F&B businesses to operate with fewer staff while also improving order accuracy.
More importantly, these restaurants and cafes were able to serve their customers, stay in business, and sustain their livelihoods at a time when competition was also stiff.
2022: StoreHub Engage, an automated SMS marketing tool
With rising competition and an increase in the cost of raw materials during the post-pandemic era, staying ahead of the competition becomes more important than ever for small and medium businesses.
With an ever-increasing number of retail and F&B businesses entering the Malaysian, Filipino, and Thai markets, business owners are striving to provide quality products and services, as well as cater to fast-changing customer preferences.
Consumers have many options available to them when selecting a restaurant, store, or other businesses to meet their wants and needs.
To assist businesses, StoreHub introduced Engage – an automated SMS marketing tool that helps retail and F&B business owners solve a major issue: getting their customers to keep coming back.
With StoreHub Engage, business owners can send automated and personalised SMS reminders with cashback, birthday treats, and other offers to their customers. It makes customers feel appreciated and excited to return to their restaurants, cafes, or stores.
This tool has been particularly valuable for SMEs, helping them increase customer retention rates by up to 25 times, resulting in a significant boost in revenue.
Beyond 2023: What F&B and Retail Business Owners Can Expect
Throughout StoreHub’s 10-year journey, the team has remained committed to enabling small and medium businesses to grow successfully through easy-to-use tech. Whether you’re a small mom-and-pop shop or a large restaurant chain, StoreHub’s all-in-one platform has everything you need to help you streamline your operations, engage with customers, and grow your business into a successful one.
Moving forward, business owners can expect more innovative features like Engage and QR Order & Pay that can truly help their business stay ahead of the game. Integrated into the all-in-one POS platform, these features are designed to be easy-to-use and help businesses grow successfully – whether it is by simplifying ordering and payment, streamlining operations, or automating customer engagement through SMS marketing.
If you are a business owner or an aspiring one, getting an all-in-one platform like StoreHub will really make a difference because it helps you take care of everything from operations and inventory to customer loyalty and beyond.
Want to start simplifying your business operations and automate with an all-in-one POS platform? Schedule a free demo today!
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