Throughout Quarter 2, our focus has been on deploying our newly-optimised tech stack, developing strong B2B partnerships with large merchants and across medicinal and FMCG categories, and further enhancing WABI token adoption through game changing ecosystem expansion. With a strong collection of new partnerships and engagement tools, we have achieved the goals we laid out in our Q2 roadmap and are on track for a successful next quarter.
- WABI transactions up 247% - thanks to our new consumer engagement tools. As of today consumers can receive Wabi points by engaging with ANY product that has a barcode, not only those protected with our tech.
- Odakyu Department Store partnership - one of the largest department stores in Japan with over 50M annual visitors.
- Japanese legal entity established.
- New dual path logistics system for business partners - both D2C (direct to consumer) and cross-border channels: enabling thousands of new products to be added to our marketplace.
- 10% increase in WABI token holders.
- Average WABI holding up 10% to 56 per consumer.
While growing quickly during Q419-Q120 we saw the engagement was not sufficient for long-term success. In line with this, we chose to focus on improving the engagement numbers within the Taeltech ecosystem through the introduction of new tools which let consumers engage more with brands (through surveys, barcode scans, product ratings and more) whilst also expanding the number of products that consumers can engage with from hundreds to millions.
This, combined with an intensive partnership push and organic, engagement-driven growth will be the foundations for our future success, especially over the next quarter.
The number of WABI transactions is up 247% in Q2 of 2020 - from 103,526 to 359,670. This has largely been fuelled by the launch of Project X, expanding our suite of research and consumer engagement tools whilst integrating the WABI token to incentivise micro-behaviours across consumer categories.
With more and more brands using WABI tokens to deploy surveys and user engagement experiments, and with additional consumers using WABI to secure purchases, we expect for transactions to grow along this trajectory through the start of Q3 as well.
Over the previous 3 months, the number of active WABI token holders has increased by 10.93% - from 60,715 to 67,355 - as our safe-product ecosystem has expanded across regions in China and Japan. Of these, 52,719 (representing 78.3% of the total) are consumers actively using WABI to secure and authenticate purchasing decisions, whilst 14,636 (roughly 21.7%) are cryptocurrency-focused token holders with a stake in the growth of our ecosystem.
This is a significant affirmation of the accomplishments of our team and bodes incredibly well for our sustained growth throughout new and existing regions.
This past quarter, the average number of tokens held by active consumers in our ecosystem increased from 51 to 56 by the end of Q2, representing a 9.8% increase from Q1 2020 and a 21.7% increase from Q4 2019.
Statistics above are gathered from WABI.io - our portal for daily adoption statistics.
1. Geographical Expansion: Japanese Growth
This quarter Taeltech, Taeltech partnered with Odakyu Rail & Real Estate Group’s Department Store to allow Odakyu to connect with their Chinese customers and to turn one-time tourist customers into long-term, loyal purchasers. With over 50m visitors a year, Odakyu is one of the largest consumer platforms in the world, and we are therefore proud to operate as their primary extension channel into China, further allowing the retailer to gain a foothold in the Chinese market through Taeltech.
Odakyu Department Store, Tokyo
Shuji Kawate, Business Creation Department General Manager of Odakyu Department Store, commented:
“Odakyu Department Store has roughly 50M visitors per year, a yearly revenue of nearly one billion US dollars and is directly connected to Shinjuku Station, the world’s busiest railway station. Considering the fact that most of our inbound tourism revenue is generated by Chinese tourists, we saw a unique business opportunity, as well as a potential to provide the best customer service, in this partnership with Chenggan by catering to their continued needs, thus expanding the department store experience into China in the future. It is for this reason that we have chosen Chenggan as our partner.”
Odakyu Department Store, Tokyo
Taeltech and Odakyu collaborate to protect all selected Odakyu products within the Taeltech Marketplace with Taeltech’s Smart Packaging anti-counterfeit technology. As a link in this partnership, Odakyu has given Taeltech comprehensive promotional opportunities in prime locations within the department store, as a testament to the growing legitimacy and recognition of Taeltech and the WABI token. For a peak at the official press release, visit Odakyu-dept.co.jp.
In line with our partnership with Odakyu, WABI’s parent company (Taeltech) successfully registered a Japanese entity to accelerate expansion into Japan and thus pave the way for continued business development across Asian markets, and the further adoption of the WABI token that this brings. Taeltech registering as a Japanese entity allows for continued growth across key Japanese markets, with a focus on expanding the usage of our engagement tools by Japanese FMCG businesses. With a local entity now established in Japan Taeltech are in a prime position to integrate with traditional Japanese organisations - including on governmental and state levels - for the continued expansion of the Taeltech and WABI ecosystems.
With Japanese annual exports to China totalling more than $140 billion, and with +50 million visitors a year, Odakyu will provide Taeltech with a fantastic opportunity to integrate within Japanese markets and to further demonstrate the efficacy of our safe-product ecosystem.
2. The Launching of Project X
On May 25th we launched Project X. Project X is a suite of powerful consumer engagement tools for rapid brand experimentation and consumer insights, all underpinned by the WABI token. Project X provides enhanced adoption potential for WABI, reducing regular adoption barriers by expanding our technology stack to seamlessly integrate across all brands and merchants. This has tapped into a huge market for WABI, allowing for further brand partnerships (as evident by our growing partner portfolio) and further driving the WABI transaction count.
So far over 30,000 SKUs have been scanned by Taeltech users, as a feature that was launched very recently, as a testament to the huge potential and applicability of WABI and the Taeltech tech stack through ‘Project X’.
Taeltech barcode scan functionality
Project X introduces a number of new products into the Taeltech family, resulting in a portfolio of:
- Userbase 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 a 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.
These products allow for integration with any organisation that wants to improve their understanding of consumer behaviours, thus opening up our adoption potential across an incredibly wide audience.
3. Integration Across Medical Categories
In February of this year we excitedly announced our acquisition of a Class II Medical Devices License, allowing us to seamlessly tap into a particularly vulnerable set of product categories.
Medicinal products are typically a heavily counterfeited category in dire need of a protective solution like the one provided by Taeltech. By utilising state-of-the-art RFID & blockchain technology to protect medicinal consumers from product tampering, we are proud to extend our services to this industry.
In Q2 we unveiled our first partnership in this category - Smilemakers. Our agreement with Smilemakers allows them to grow a larger presence in China, Smilemakers products are added to our marketplace and protected with Taeltech’s proprietary anti-counterfeit technology. Building on this, Smilemakers provides Taeltech with a fantastic array of marketing opportunities whilst growing our range of protective healthcare products.
We are incredibly pleased with our expansion into this category and we greatly look forward to presenting further partnerships in the months to come.
4. Taeltech’s D2C Delivery System
This quarter we also launched our D2C delivery system, decentralising the global supply chain and bringing thousands of verified products directly to users across China. We’ve added a number of suppliers to this and we’re excited to share further development progress on this novel frontier.
We now run a dual-path logistics system: cross-border and D2C. Through cross-border logistics, Taeltech will store our partners most popular products in our warehouse for rapid delivery. Through our D2C delivery system, brands send their products directly to the consumer from their home warehouse, with support from our logistics partners or using their own channels. The D2C channel has a slightly longer delivery time but allows for brands to offer all of their products for sale in our marketplace and benefit from the protection of our safe-product technology, our marketplace capabilities and our associated user base. Brands benefit from quick fulfilment for their highest demand products while also offering their full catalogue, and have access to our insights & engagement tools to improve their consumer interactions.
5. WABI Academy & Liquidity Expansion
WABI listed on CEX.IO on May 14th with USD, EUR and GBP trading pairs following an intensive listing due-diligence process. CEX.IO analysed WABI across a number of key metrics and found it to be of high value. With under 25 assets listed on CEX.IO, we are proud to have made it through their selective criteria. In an extension of this listing, we launched the WABI Academy initiative with CEX to grow token awareness and further grow understanding of our initiatives and developments. We are excited about this listing and look forward to further liquidity expansion for WABI to serve our community of token holders and traders.
As evident by the growing adoption numbers, the WABI token is rapidly cementing itself as a highly respected token within the safe-product ecosystem, and the trading volumes of the token further indicate this. With daily trading volumes consistently surpassing $2 million across a number of established exchanges, WABI is now a highly-integrated member of the digital asset ecosystem.
What’s To Come?
Our focus moving forwards will be on cultivating further B2B partnerships across medical and FMCG industries, continuing integration of our survey tools to improve B2C engagement tools and WABI adoption and further expanding the community and liquidity infrastructure surrounding our token. With a number of successful initiatives to draw inspiration from through Q1 and Q2, we are in a prime position for continued growth moving forward.
We have a number of key medical partnerships lined up to further the reach of WABI and Taeltech technology across particularly vulnerable product categories and we are eager to progress along this path.
Last quarter we slowed down users growth to focus on engagement and genuine user interactions. With engagement now much higher, we plan to turn the growth engine back on in Q3, with a focus on organic and high-quality user acquisition. In the next quarter we are launching a range of B2B experimentation products to the public, allowing for e.g. A/B testing for FMCG surveys, furthering the use-cases for WABI and integrating further features to drive B2B collaboration. Additionally, we are rapidly expanding the suite of products available for purchase with WABI points - from hundreds into thousands - due to our D2C delivery system. This will continue to drive transactional counts of WABI and allow us to continue to grow our user on-boarding capabilities.
Add to this, we are in the process of moving into the predictive analytics and ad targeting space, thoroughly leveraging the data obtained through the WABI incentivisation program. This will allow us to bring significantly more benefits and insights to the brands we collaborate with.
A post-COVID economy will bring further benefits to WABI and Taeltech as the effects of our Odakyu partnership will show its true face with tourism and general shopping habits will return to normal.
The Taeltech team continues to grow and we are excitedly expanding our team across all functions. With consistent growth throughout the last two quarters, in the face of COVID19 and more, we are immensely proud of our team and look forward to welcoming more team members. To join us on our mission of developing a transparent product ecosystem, reach out to us here.
Thank you for your continued support - we look forward to presenting you with further updates as we continue along these milestones.
In the coming days we will present you with a comprehensive Q3 Roadmap, together with a scheduled Q&A for our community members to ask any questions which may have arisen.
Stay tuned till then!
- The WABI Team