2020 was a crazy year, we all know it.
But let's look back and see how Wabi team managed to turn a year packed with challenges into building a trampoline for growth in 2021:
1. Exchange listings
Liquid, Bithumb global, CEX, Changelly, Stex, Bidesk and Uniswap listed Wabi in 2020 in addition, of course, to Binance having Wabi since 2017
2. Product development and updates
- Project X coming to live and turning into powerful B2B products
- An unparalleled dataset of product safety information
- Mapping industries from consumer consideration sets
- AI driven ads optimisation for WeChat
- Checking any consumer product in China for manufacturing and other violations
- AI driven Deep Social Listening to really understand consumers' needs
- Enhanced authentic consumer surveys
- China KOL analytics
- Product safety analysis for consumers (and this)
- Open Consumer Platform - built for growth
- Scanning APP upgrades
- AI driven product communication analytics
3. Ecosystem development:
- Growing to host over 2000 different products on the marketplace
- Setting up a Japanese subsidiary
- Acquiring a medical license
4. Publications and mentions:
- Rakuten labs (as Techrock)
- Entrepreneur (under name Tael)
- China CCTV 2 channel feature
- CITIC Press
- Community members sharing experience with our products
- Digital Money Lab
- Altcoin Buzz
5. Wabi locking and Users growth
- Started the year with a strong growth push through KOLs. Then focused more on building up engagement and quality of growth
- Boosted engagement with number of transactions going from 70k at beginning of 2020 to over 700k at the end of it
- Overall, added 20k users locking >1m Wabi tokens in consumer wallets (with >3m Wabi tokens locked in total and growing)
6. Partnerships and business development
- Odakyu Department Store (Tokyo)
- Chosen as Finalists of Walmart’s Food Safety Innovation Centre
- Australia Health Products Central (AHPC)
- Chinese University of Hong Kong
2020 summed up: we've laid the foundation for quality growth. It's time to grow.
Overall we expect 2021 to be all about growth. It will be gradually speeding up as we complete our roadmap. Here are the main things we'll be focused on in 2021:
Odakyu department store is a major department store in Tokyo with around 1 billion USD yearly sales. A large share of those sales (in non-covid years) is driven by Chinese tourists. These are hundreds of thousands of tourists from China, all potential users for Wabi ecosystem. We already had all of the promotion events with Odakyu planned out for 2020, but with lockdowns and restriction of travel we couldn't bring these plans to life. So, it will now be happening in 2021 but with improved product from our side (and thus higher conversions).
Moreover, working with Odakyu we've developed a unique model that's already resulted in partnership discussions with other similar institutions.
Tiktok (抖音/Douyin) promotion
We are launching a content stream in the Chinese version of Tiktok (called 抖音 / Douyin) in China. We already have few videos prepared and these are being launched soon (very different in styles).
Open Consumer Platform product
We've recently introduced a new product: Open Consumer Platform. Brands entering or operating in China can add our tracking codes to their products and consumers scan these with WeChat, get registered in our system and see detailed product info. And, of course, get Wabi points right when they register.
Despite being a very new product it's already driving good interest from brands as it offers both logistics insights and, more importantly, powerful marketing benefits. Brands using our system get cross-channel cross-category insights on their consumers and very high engagement rates when they try to learn from users.
We are already in talks with few brands that sell >100m items per year in China. Getting those on board and even a small % conversion rate will be driving a good number of users towards Wabi ecosystem.
Consumer value and P2P growth
During 2020 we've improved the consumer value proposition several-fold: introduced product safety info, nutritional analysis and many other features. We are now improving the P2P referral functionality and ironing out the enrolment flows to remove barriers to entry into the ecosystem. All this will be an additional multiplier to consumer growth and, while this multiplier and number of users grows, the chances of going viral will keep increasing.
We will keep growing marketplace offering and number of available SKUs, including through partnerships similar to Odakyu Department Store.
We are all excited about 2021 as the year of growth and looking forward to what it will bring.
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About Taeltech and Wabi
Taeltech is an authentic consumer insight & engagement ecosystem, built around the Wabi loyalty points, that connects brands with millions of consumers, enabling data-driven marketing. Our suite of products enables brands to build genuine relationships with consumers, boosting brand loyalty, increasing repeat purchasability, and creating the conditions to expand into new product areas. Our ecosystem spans China, Japan, Australia, Singapore, and Europe, and consists of consumers, products and millions of interactions between them. Learn more at www.wabi.io and www.taeltech.com