Appoints Local Sales and Marketing Firm Ventes Avenues as Reseller partner for YuuZoo Products and Services
Key Highlights:
· Indian ecommerce market targeted to reach US$137 billion in 2020.
· Indian e-commerce growth rate claimed to be faster than China during its early stages.
Singapore-listed YuuZoo Corporation Limited (“YuuZoo” SGX: AFC.SI), a leading global third generation social e-commerce company, today announced it is expanding its footprint in India by appointing Ventes Avenues as a reseller partner of YuuZoo’s products and services in the local market of 1.25 billion people.
The move is seen to take advantage of the country’s rapid e-commerce growth, and is another addition to YuuZoo’s advance in the world’s emerging markets. Numerous indicators lead to the claim that India will become the world’s next e-commerce giant[1]. Its growth indicators reflect that of China’s during its early stages, and in fact may be growing at a faster rate. Currently one of the fastest growing markets in Asia, India is targeted to hit US$137 billion in market value by 2020, a steep rise from 2013’s US$11 billion[2]. This massive growth is attributed to the local population’s increasing Internet and smartphone adoption[3], making it the country with the third-largest internet user base in the world[4].
In addition to India’s stellar ecommerce growth potential, the social media scene is extremely promising and fast growing. Statistics show that India’s current social network users of 25 million[5] will rise to 224.2 million by 2018[6]. India’s National Association of Software and Services Companies (NASSCOM)also asserts that the estimated market growth driven by social media, mobile, and other new technologies will be 30 percent or US$1 trillion by 2020[7].India’s booming e-commerce and social networks space is fertile ground for YuuZoo’s recently launched Gamified Social Commerce, a patent-pending offering that enables consumers to earn discounts when they are shopping online by playing engaging games.
Under the terms of the agreement, Mumbai-based Ventes Avenues will market and sell YuuZoo networks to local clients. The company will promote YuuZoo through different marketing channel. YuuZoo will host and manage the social e-commerce networks, as well as the advertising and payment capabilities of each network.
Speaking on their recent appointment, Niloufer Dundh, Founder and CEO of Ventes Avenues remarked, “We are excited to partner with YuuZoo because there is tremendous potential in India, where we are seeing companies go in the direction that YuuZoo is leading.Our market has shown great interest in YuuZoo and we are delighted to be able to offer them its social e-commerce solutions. The gamified social commerce is also seeing great interest because our local market is social media savvy. YuuZoo’s social e-commerce solutions are very much what businesses here need to succeed in this modern age. We always want to be a step ahead of the race and we are happy that YuuZoo is our partner.”
James Sundaram, CEO, YuuZoo said, “India is an e-commerce giant that is about to wake up, and YuuZoo will be there when that happens. That is why we are putting our systems in place through our partnership with Ventes Avenues. The market has traction now so there is no better time to expand our foothold in India. It is also a particularly exciting market because its growth rate today is faster than China’s when China was still in its early stages. The potential is great and I am confident that our unique, patent-pending solutions will be a strong player in India.”