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TFWA i.lab sponsors: Blynk BW Confidential China Trading Desk Dayholi E23 – NEW Elba Group Helios Worldwide – NEW Jing Daily – NEW Retail+ – NEW STHRIVE – NEW Uber Advertising – NEW utu – NEW Voiceback Analytics TFWA i.lab participants u tu leverages extensive experience in the duty free, tax-free, and rewards sectors to optimise the tourist shopping journey. Its innovative technology addresses the billions of Euros in VAT refund value leaving airports by enabling tourists to transform those VAT refunds into valuable rewards at partner travel retail locations, particularly duty free shops. “This win-win model boosts sales for retailers, helps countries retain valuable tourism revenue, and enhances the overall shopping experience for travellers,” says Ameer Jumabhoy, Co-founder, utu. The company’s strategy revolves around two key objectives. “Firstly, we aim to tap into the untapped potential within the tax-free shopping industry by empowering tourists to unlock additional value from their VAT refunds abroad,” Jumabhoy explains. “Secondly, we bridge the gap between city-side tax-free shopping and duty free, traditionally separate entities – by integrating duty free into the broader tourist shopping journey ensuring it becomes an integral part of the traveller’s experience.” utu’s ground-breaking pilot programwith Avolta in Milan continues to successfully showcase the effectiveness of its solution. utu: transforming VAT refunds into valuable rewards at partner travel retail locations “Tourists using utu can increase their VAT refund value by 25% in the form of vouchers to spend within the duty free shop,” Jumabhoy shares. “We’re excited about the potential to scale this model across Avolta’s global network and the broader industry.” By participating in the TFWA i.lab, utu aims to connect with industry leaders, demonstrate its platform’s capabilities, and explore potential partnerships. “We’re particularly interested in expanding our network of retailers and airports to extend utu’s benefits to a wider audience of travellers,” Jumabhoy adds. Ameer Jumabhoy, Co-founder, utu: “Our USP lies in our ability to upsize VAT refunds into different types of targeted spend opportunities within an airport retail ecosystem, benefitting everyone from duty free retailers to even F&B operators.” Monday 30 September 2024 20 T F W A D A I L Y