We're pleased to announce the launch of a new suite of products into the Taeltech ecosystem for our partner companies to enable rapid marketing experimentation and real-time consumer insights whilst furthering the adoption of WABI.
In addition to our existing offerings, Project X brings two new products: User Base Lab and Data Bank allow partners to quickly collect the data they need to inform their marketing strategy and test performance via rapid marketing experimentation, creating a virtuous cycle.
- User Base Lab - consumer engagement tools that allow companies to test and experiment with marketing activity, run surveys and get real-time feedback.
- Data Bank - analytics platform which draws data from wide range of sources across the ecosystem and generates rich consumer behaviour insights.
- Marketplace - maintains unique position as leader for protected product cross-border e-commerce into China.
- Smart Packaging - our NFC-based anti-tamper labels that protect the Marketplace products.
- WABI incentive system - All of these products are underpinned by the WABI incentive system which rewards consumers with our loyalty tokens for actions taken in the ecosystem.
Project X is not specific to one of these products but is the internal name for the work that lead to this product expansion.
Who are these products for?
Any company who wants to understand Chinese customers better or get deeper insight into new demographics and/or new markets.
User Base Lab & Data Bank are also a much easier on-ramp for partners to join the ecosystem!
These products are incredibly powerful as they are valuable to a much wider audience - any organisation that wants to better understand consumer behaviour and sentiment, eg market research, marketing agencies, universities, media outlets etc, as well as those we already work with such as FMCG companies.
The Marketplace itself maintains focus as the leading safe product e-commerce channel for FMCG: consumables, cosmetics, healthcare, alcohol, etc. Our Marketplace is highly complementary to companies using User Base Lab/Data Bank: these companies will reward consumers with WABI for providing feedback and can then make their products available to purchase with WABI on the Marketplace.
How it works:
Brands deploy surveys with WABI rewards using User Base Lab and receive feedback that they can use to inform decisions around product and marketing strategy.
The ecosystem also generates data in a range of other areas: from the Marketplace, from consumer scans of Taeltech labels and so on. Data Bank creates a new data source from consumer submitted barcode scans on target products - even those that aren’t sold in the Marketplace!
Consumers scan barcodes while shopping or once home to provide data: price, competitive analysis, sentiment analysis, etc. The type of feedback asked for can be customised per the needs of the brand. Consumers are rewarded with WABI and can spend these tokens on the Marketplace as usual. This means that any company that needs to find out more about their products can reward consumers with WABI for targeted, specific feedback. This data is unique to the Taeltech ecosystem & WABI incentive system.
Data Bank collects all this data and generates rich analytics, such as trend & sentiment analysis, real-time reactions to new product decisions (eg packaging), and much more. All data sources work in conjunction thanks to Data Bank, providing brands with an end-to-end "360 degree" view of consumption habits. This understanding of consumer behaviour and preferences means our partner brands can quickly uncover how to optimise their strategy in market.
Brands can use User Base Lab & Data Bank for Marketing Experimentation - testing channel-specific marketing strategies and getting feedback in real-time, allowing for rapid iteration to "optimal" strategy for each SKU, geography, etc.
Our Chinese consumers hail from every province in the country, now totalling over 500 sub-regions, which means we have the granularity of data that brands need to demystify their understanding of China.
This differentiation in our consumer base, and therefore the data we generate, is especially important for a country as diverse as China - brand strategy cannot be generalised and must be tailored to local preferences in each region. User Base Lab & Data Bank help companies understand where they should target and what strategies they can use for maximum effect in these regions.
Taeltech’s CEO Alex Busarov has this to say:
“The key to the value of the data generated in our ecosystem is that it is based on actual consumer behaviour, not just what people say they do. The problem with the current norm for consumer research is that they are surveys or online forms submitted by long after the point of purchase, if they ever actually purchased the product at all. This feedback is disconnected from their actual purchasing habits. Our ecosystem engages with consumers before, during and after purchasing, and even at point of consumption thanks to our labels. This is completely unique and far more valuable for consumer-facing companies.”
Our B2B website is www.taeltech.com - all details on the products, partners and news can be found here.
A quick note on new naming conventions:
Taeltech: the name for the ecosystem and the primary B2B contact point. The ecosystem is made up of our consumers, our partner companies, our products and our unique loyalty point incentive system. Our Consumer Insights Reports, ecosystem case studies and so on will be published under the Taeltech name.
WABI: the name for all things crypto-related: such as the Academy and our Telegram group. WABI is, of course, part of the Taeltech ecosystem. The primary crypto contact point will the @wabitoken Twitter account.