Q1 In Review
Over the last quarter our focus has been on fostering strong B2B partnerships, driving WABI token adoption whilst continuing optimisation efforts across our technology stack.
With a growing number of verified partners and an expanding ecosystem of brand and consumer collaborations, we’re pleased that our efforts are paying off. Our consumer-brand ecosystem currently has over 45,000 active users across more than 500 cities in China, growing in adoption every day.
An immense quarter has come to an end. Despite a number of hurdles, not least the occurrence of a global pandemic, we’ve come through another quarter stronger than ever with invaluable partnerships, a growing team and rapid token adoption. After a challenging few months navigating the turmoil surrounding COVID, we are pleased to say that our KOL campaigns are all back on track, deliveries have resumed as scheduled and all tech development efforts are continuing trouble free.
This recap will highlight our key achievements through the months of January, February and March whilst providing an outlook on our expectations for Q2.
Table of Contents
- Q1 In Numbers
- Q1 Milestones
- Q2 Outlook
Q1 In Numbers
Statistics below are gathered from adoption.taelpay.com - our portal for daily adoption statistics.
The first quarter of 2020 continued along the immense growth path of previous quarters. In the first 3 months of 2020 we’ve grown the number of active consumers using Tael technology by 25%, from 37,233 to 46,553. Despite the complications brought around by COVID19 we have successfully grown the reach and adoption of our technology solutions and we are on a path for sustained growth with upcoming partnership announcements.
Number of WABI Token Holders
The average number of WABI points held by our consumers (i.e. non-crypto users) has grown from 46 to 51 - an increase of 10.8% in 3 months. With 46,527 consumers in the ecosystem, this means that over 2.3% of total WABI supply is now locked up.
The split between consumers using Tael and cryptocurrency holders of the WABI token is now 76:24 - a testament to the real-world applicability of our technology. This means that for every wallet containing ERC20 WABI tokens, there are at least 3 consumers using WABI loyalty points. This is a huge testament to our adoption efforts; we are long past the point of existing as a speculative technology and the growth in adoption numbers will continue to prove our use-case each and every day.
WABI Token Holder Split
The consistent growth in adoption numbers comes from the success of our KOL campaigns across China to propagate adoption and understanding of the Tael offerings. This is combined with a dedicated partnership push and the continuous optimisation of the Tael technology stack to improve the user-experience and drive repeat usage and purchasing.
1. Development of 'Project X'
Expanding the reach of the Taeltech ecosystem, from protected products only to all consumer products. Development is well underway and is focused around the following areas:
- User interface v0.1 - capturing data on FMCG products and consumer behaviour.
- Backend data analytics platform set-up.
- New technology product for ecosystem business partners.
- Conducting FMCG stakeholder interviews to uncover key pain points for B2B partners
‘Project X’ provides additional direction and application potential for WABI that reduces user adoption barriers by expanding the Taeltech technology stack to seamlessly integrate across all brands and merchants. This essentially taps into huge markets for WABI, driving token adoption through significant brand partnerships and marketing synergies and making WABI a value-add for the entirety of the FMCG industry.
Studies show that 78% of Chinese families purchase FMCG online, with the average family purchasing 14.5 times per year. Add to this a Chinese FMCG market worth 1.3 trillion Yuan (~$183 billion) and we get a sense of the vast impact and applicability of WABI through ‘Project X’.
This will furthermore allow companies to conduct effective marketing research, via surveys, Q&As and focus groups, directly with our user-base with WABI points as the primary incentive whilst receiving real-time feedback. This acts as an additional avenue for companies to buy Wabis to give them to consumers as rewards.
2. Optimisation of User Interface v0.1
Capturing data on FMCG products and consumer behaviour. Technical development and testing have been completed, the product is now undergoing A/B testing with a small group of consumers before it goes live on a greater scale. Users are able to scan barcodes of any products they purchase and answer additional questions like when/where they bought it and more.
This is an initial feature of ‘Project X’ that allows us to capture multiple consumption behaviour data points to support marketing campaigns optimisation for corporate clients. Needless to say, consumers are incentivised in WABI points to scan and provide this valuable information.
3. Consumer Scanning Application
Successful launch of an optimised Taeltech Consumer Scanning App for IOS and Android.
The new scanning applications are live and include improved designs and initial steps of the user communications centre. These apps are growing from being pure authentication utility apps into authentic user engagement powerhouses to further facilitate development of comprehensive consumer-brand environments built around mutual value-add.
4. WeChat Mini-app Improvements
We continue to optimise our WeChat Mini-app to deliver continuous improvements of user experience. This app allows users to order protected products, check loyalty points, and pay for goods (with fiat money and/or WABI points) simply through scanning a QR code.
Our most recent app improvements include:
- An optimised user experience to accommodate vast portfolio expansion.
- Smart search functionality is live and we’ve built a new recommendation engine to help consumers navigate easier and further grow usage of the marketplace through improved return rates, repeat purchasing and more.
- We are continuously working on the integration of gamification and reward features to develop an increasingly immersive brand and consumer ecosystem.
Our integration with WeChat, the most widely-used app amongst Chinese consumers, has been incredibly helpful for making consumer adoption as easy as possible. We are immensely proud of our progress to date. As always, we will continue to make improvements and roll out unique features as we progress through Q2.
1. Class II Medical Devices License Acquisition
In February of this year we were very excited to announce our acquisition of a medical license which allowed us to expand our product range and develop relationships in a range of untapped industries. We have already begun work to safeguard this industry that is exceptionally prone to counterfeiting.
“The acquisition of a Class II medical devices license is the first step in a significant expansion. This will see us tapping into not just new product categories but a new industry altogether. Protecting consumers through our technology has always been our primary goal and it will be fantastic to extend this protection to a whole new industry.” - Alex Busarov, CEO.
The first products across these novel categories have already been on-boarded and we look forward to unveiling new partnerships across unique brand categories over the course of the coming weeks.
2. KOL Growth Campaigns
As cross-border trade has slowly opened back up in China, we've engaged with new KOLs to help us grow our consumer user base further. We're already seeing great results, evident by the growing numbers available on adoption.taelpay.com.
In the previous three months we have added 11 new KOLs to our Asia-based programme, enhancing our reach by roughly 200k consumers throughout the Shanghai, Zhejiang and Jiangsu provinces.
3. Partnership Expansion Campaign
Later this month we will excitedly announce the successful on-boarding of a new major retail partner with a dedicated ‘Zone’ within the Taeltech marketplace. After successfully integrating this partner onto the marketplace, the planned launch and press activities were put on hold due to virus developments, but will be kicking off very soon.
Each product carried by the retail partner will be protected with our anti-counterfeit technology, ensuring verifiable authenticity. We forecast that this integration will facilitate significant consumer growth for Taeltech throughout Asia, specifically Japan. In addition to this, the partnership ushers in a new era of visibility for WABI, allowing us to seamlessly connect with our target market both domestically and abroad through increase digital and in-store promotions and brand collaborations.
Amongst other things, the partnership includes:
- Exclusive in-store promotion of Taeltech marketplace and Wabi points to more than 50m physical visitors per year;
- Complete technology integration to facilitate use of WABI loyalty points;
The partnership is part of a larger sweep of Japan-based partnerships, following our launches with Rakuten and Wakatsuru, and participation in the Mitsubishi UFJ Business Accelerator.
4. Rakuten Blockchain Case Study Feature
Taeltech and the WABI token was covered as part of a Rakuten Blockchain Case Study included in a proposal sent to the IT Minister of Japan by the Japan Association of New Economy (JANE) on the usability and potential of blockchain technology. Within the blockchain report, JANE expands upon the ingenuity of blockchain capabilities, such as Taeltech’s, relative to legacy counterparts.
Specifically, the report touches upon the use of blockchain to nullify the need for trust in organisational transactions, together with the ability to connect globally diverse node-providing partners without the need to make adjustments for technical integrations. Within this context, the report touches upon the resilience and security of the Taeltech network and its credibility due to its array of node partners (including Rakuten).
The blockchain case study report can be located here, with Techrock and the WABI Loyalty Token mentioned in Case 13 (pages 70-73).
1. Launch of WABI Academy
Last week we launched the WABI Academy - a community initiative to drive awareness of Tael whilst rewarding those dedicated to following our progress. The WABI Academy is a quiz-based platform where users can learn about our project, test their knowledge and receive a range of WABI-based rewards. The Academy focuses on the fundamental parts of the Tael Ecosystem, our adoption statistics, tokenomics and technology.
The initiative was a big success, receiving hundreds of submissions within the first days and thus spreading the vision of Tael and the WABI token further. We will be adding new quizzes and rewards as the initiative grows!
To access the Academy, click here.
2. Expanding Token Exchange & Liquidity Infrastructure
A comprehensive exchange push has seen us rapidly grow the liquidity and accessibility infrastructure surrounding the WABI token. Over the course of the past 3 months we’ve added Bithumb, Liquid, Kyber, Changelly, STEX, Bidesk and Pionex, with numerous other high-quality exchanges to be unveiled over the next 3 months.
Our goal here is to improve and streamline liquidity of our token to improve awareness, participation and adoption.
3. Launch Of Redeveloped Website
We have completed a full redesign of the Taeltech website, optimising our digital touchpoints to better convey the power of Tael technology to B2B partners.
In addition to a revamped Taeltech website, we are incredibly pleased to be able to announce that we are building a dedicated WABI token website to function as a one stop shop for our crypto community. This includes real-time price, volume and token usage statistics, long-term growth trends, adoption numbers and much more.
A dedicated ‘token relations’ hub will contain all vital token information, including a tokenomics breakdown, key developments, a roadmap, calendar and an overview of all prior quarterly reports.
Our overarching objective is to take token transparency to a level not yet witnessed within the digital asset space, and we’re excited by the prospect of providing the WABI community with unparalleled information access.
These two websites will work in tandem to allow us to better serve these two major stakeholder groups: B2B prospects and partners, and our crypto community.
4. Continued Tael Team Growth
Over the previous 3 months we’ve added 5 people to the Tael team, including a marketing director, a product developer, an exchange liaison, a content developer and a developer.
We are in a strong position to expand our team and we are eager to realise the benefits and opportunities achievable through a systematic and effective growth campaign.
Interested in the idea of working with blockchain and state-of-the-art RFID technology? We’re actively hiring for a suite of new positions, including Digital Marketing, Social Media Management, Logistics & Sourcing, Development, and Product Management. View the full overview of positions here.
Q2 Outlook: What's to Come
1. Launch of ‘Project X ’
- Expanding the application of WABI from protected products only to interactivity with all consumer products.
- Launch of the consumer analytics and promotion platform for partners.
- 3rd party FMCG products: data integration and analysis.
- Launch of ‘User Interface v1.0’ - heterogeneous product data: provenance, ingredients, safety level.
- Continued blockchain development and performance optimization.
2. WeChat Mini-app Improvements
- Launch of the ‘Recommendation Engine v2’
- Streamlining the ‘Zone within a Zone’ concept for an improved user experience.
- Developing Proof of Concept projects with new Project X partners. We plan to launch several pilots for Project X with existing and new partners to cement Taeltech as the go-to solution for FMCG product authentication.
- Expanding integration by European and Korean businesses.
- Reaching over 650 SKUs protected by Taeltech and available with WABI points.
- Further cooperation with medical devices companies as an extension of our license acquisition
- Ongoing growth through nurturing of new and existing brand partnerships.
- Continued team expansion to further grow business across all functions.
- Further WABI Academy initiatives to grow community engagement.
- Expanding exchange infrastructure and liquidity networks for token holders.
- Regular, exciting community engagement activities, competitions and more - as always!
More information will follow on our outlook and milestones for Q2 in the coming week in the form of a ‘Q2 Roadmap Report’. We’re incredibly excited by our progress and the interaction we get from the WABI community.