AI helps Singapore’s Grab woo tough Southeast Asian crowd, exceed expectations
The company has promoted more affordable offerings to woo customers grappling with higher costs of living triggered by soaring fuel prices
With oil and gas prices soaring due to the war in the Middle East, the company has also promoted more affordable offerings, including a “saver” option, to woo customers grappling with higher costs of living.
About 35 per cent of its users are on the “saver” programme, opting for cheaper deliveries, CFO Peter Oey said.
“It is a very good balance between the price-sensitive customers and for those who are less price-sensitive. That gives us the levers also to continue to make sure that our margin for our delivery business continues to improve,” he said.
Deliveries revenue increased 23 per cent to US$510 million, while mobility revenue was up 19 per cent at US$337 million.