Joint Marketing Initiative and New Product Launches
Sydney, May 20, 2014 AEST (ABN Newswire) - Leading Chinese m-commerce company, 99 Wuxian Ltd (ASX:NNW) (99wuxian) provides the following business update.
Pioneering joint marketing initiative with ICBC
Seeking to capitalise on the growing trend towards environmental awareness in China, 99wuxian is launching a joint marketing program with leading Chinese bank ICBC (HKG:1398), one of the China's largest state-owned commercial banks with more than 130 million mobile banking customers.
This joint campaign is a pioneer and not only operates through WeChat, China's leading chat based social media platform in China, but also ICBC's mobile banking APP.
The campaign "ICBC Banking Keep Green with Low-carbon" commenced in May and encourages banking customers to conduct transactions online rather than through the bank branch network.
According to analysis by CFCA (China Financial Certification Authority), every e-transaction would reduce 2kg of carbon emissions, which is significant given the this campaign is expected to reach 20 million transactions during the 9 month duration of the campaign, equating to the saving of 65 million trees and the reduction of 40,000 tonnes of carbon emissions.
The move to increase the propensity of Chinese consumers to conduct their banking needs online is being well received by Chinese banks given the challenges of higher transaction costs for over the counter transactions and the underdeveloped nature of the domestic payment acceptance market. At December 2013, there were 4.3 billion bank cards on issue in China while the number of ATM terminals and POS machines per capita is low comparable to western countries. These dynamics lend well to the low-cost and high-functionality of mobile banking services which 99wuxian is strategically positioned to capitalise on.
New Product Launch - MMS (Marketing Management Service)
MMS is as a dedicated, innovative online marketing management platform which offers banks and financial institutions full control of marketing activities, electronic prizes, real-time tracking of marketing effectiveness, real-time and close interaction with users.
Beijing Rural Commercial Bank will adopt MMS as its e-gift distribution platform from May 2014, in a move to enhance consumer 'stickiness' and encourage new customers. The decision follows cooperation with major financial institutions such as SPD bank (SHA:600000), BOC (HKG:3988), CCB (HKG:0939) and China Unionpay,
99wuxian expects this move will significantly enhance the user experience on the company's platform and lay the foundation for additional co-operative arrangements with additional Chinese banks.
99wuxian has welcomed 2 more merchants in April 2014: Bo Yi Shanghai, which provides household products; and Ya Zhou Guangzhou, a provider of travel goods. While virtual product accounts for the majority of transactions on the 99wuxian marketplace, physical products are still strongly desired by Chinese consumers and meet the demand of a diversified shopping list.
The partnership with Bo Yi Shanghai and Ya Zhou Guangzhou also contributes to the company strategy of increasing the average transaction value and spend per registered user.
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About 99 Wuxian Ltd
99 Wuxian Ltd (ASX:NNW) aggregates over 300 million high quality consumers and 155 leading merchants through a marketplace embedded within the mobile apps of China's leading banks, telecommunications and insurance companies. 99 Wuxian enables increased customer satisfaction, loyalty and retention for its business partners by offering consumers the lifestyle convenience of purchasing virtual and physical goods on a mobile device.
Shanghai Pudong Development Bank Co. Limited
Industrial And Commercial Bank Of China
China Construction Bank Corporation
Bank of China Limited
99 Wuxian Ltd