Majid Al Futtaim (MAF), a leading retail and leisure conglomerate with a foothold in the Middle East, Africa, and Asia, has recently launched an exciting new feature that integrates Tabby into the SHARE app, making MAF the largest vendor utilizing BNPL services in the region. MAF’s long-standing partnership with Tabby, a leader in the BNPL revolution in the GCC, began in July 2023. This partnership allowed Tabby to operate within all MAF-owned stores in the UAE malls.
However, with the launch of SHAREPay in partnership with Tabby positions MAF as the largest vendor utilizing BNPL services in the region. By integrating Tabby’s BNPL services into the MAF SHARE app through the SHAREPay feature, the shopping experience is now newly revamped for home and luxury enthusiasts.
With this integration, customers can now indulge in luxury shopping at any MAF mall or furnish their homes with stylish pieces, all while enjoying the financial flexibility that BNPL offers. Data shows that Home and Luxury are the most significant target markets for SHAREPay, highlighting the immense potential for shoppers in these categories.
SHAREPay is MAF’s own digital wallet linked to its SHARE loyalty program, allowing users to accumulate and spend points seamlessly across various MAF brands and partners. By incorporating Tabby into SHAREPay, MAF aims to enhance its shopping ecosystem and offer more flexible payment options to its customers, including the option to ‘Split in 4 – In any store’. With this MAF users can shop at their favorite brands and split their purchases in four interest-free payments with no interest or hidden fees of any kind.
Courtesy of Majid Al Futtaim.
Hosam Arab, CEO and Co-founder of Tabby, “We’re proud of our partnership with MAF and the flexibility we’ve brought to their shoppers. Now we’re taking it a step further with a one-of-a-kind integration with SHAREPay. This provides their shoppers with additional payment choices, and offers the ease, convenience and security of SHAREPay alongside the features users love in Tabby – flexibility, transparency and no hidden fees.”
In the first nine months of the Tabby partnership, MAF processed approximately AED 253 million in BNPL transactions, surpassing the initial Year 1 budget of AED 100 million. This significant increase highlights the strong demand and preference for flexible payment options such as Split in 4 among customers.
The collaboration has unlocked major strategic and financial benefits across the MAF ecosystem, resulting in a 25-50% increase in Average Order Value (AOV) for MAF outlets, with notable uplifts such as Carrefour seeing a 70% increase and Crate and Barrel experiencing a 30% rise. Additionally, there has been a ~45% increase in purchase frequency and repeated engagements globally, alongside a boost in brand loyalty and retention, particularly among younger consumers.
Over 216,000 total orders were placed across MAF brands both online and in-store, with 14% of customers ordering from more than one MAF brand. Additionally, 25% of customers made multiple purchases when using Tabby through MAF brands. Notably, 60% of Tabby shoppers purchasing from MAF brands are women, with a significant AOV of AED 867.
Khalifa Bin Braik, CEO of MAF Asset Management, commented on the partnership, saying: “Our collaboration with Tabby is a pivotal juncture for MAF, as it continues to significantly enhance the customer shopping experience across our malls. By integrating Tabby’s BNPL services into our SHARE app, we are providing our customers with greater financial flexibility and convenience. This partnership underscores our commitment to innovation and excellence, ensuring that we constantly meet the evolving needs of our customers. We are thrilled about the opportunities this collaboration brings and are confident that it will continue to positively impact our business and customer satisfaction in the years to come.
Our H1 2024 financial results reflect our stable performance, supported by a diversified portfolio and strong balance sheet.
Read full details of our results: https://t.co/xMdOh1m134
— Majid Al Futtaim (@MajidAlFuttaim) August 27, 2024
This strategic partnership between MAF shopping malls and Tabby is set to revolutionize the shopping experience in the UAE, making it easier for customers to purchase luxury items, furniture, and more with flexible payment options, and ensuring that shoppers continue to enjoy world-class experiences across all MAF properties.
