48% Month-on-Month Increase in Turnover, and a 4% Bump in Revenue
- Written by Newsfile
Tashkent, Uzbekistan--(Newsfile Corp. - October 13, 2022) - In August, the Humans super-app changed the cost of its services: it introduced a lower transfer fee, and added the ability to earn more cashback and transfer it to friends. As a result, the service experienced 48% turnover growth month-to-date, while top-ups of Humans accounts have increased by 32% compared to the same period last month. Daily purchases increased by almost a quarter, while revenue growth for the last month was 4%. Despite the fact that Humans is Uzbekistan's first national super-app, Uzbeks quickly mastered the new product and continue to actively use it.
Humans unveils growth
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8822/140440_c4c96ed674a388a1_001full.jpg[1]
Humans has announced its initial business indicators for autumn 2022: in many areas, the super-app managed monthly growth of up to 30%, and in the first days of October turnover grew by 48% compared to the same period last month. The main driver of this growth was the new terms introduced by Humans in August and September. The team discussed which products help businesses grow faster while simultaneously benefiting customers.
Lower fees and increased customer activity
An important step was to increase service availability. Back in the summer, the company reduced the transfer fee to 0.25% for UzCard and Humo cardholders. At the same time, fees were dropped for in-app transfers between Humo customers, and transfers between Humans VISA cardholders remain free. The new terms were announced on August 25. The company notes that it has not spent a lot of resources on promotion: it has pushed notifications to customers, made social media posts, and published news items on 3-4 Uzbek Telegram channels for news. The small investment in marketing paid off quickly-many times over.
This can be seen in the figures in the latest report: the volume of transfers from Humans VISA bank cards to third-party cards increased by 21% over the last week alone, and transfers from UzCard cards to UzCard and HUMO are up by 32%. What's more, the volume of transfers from HUMO cards to HUMO and UzCard cards increased by 111% in the first days of October in comparison with the same period last month.
According to Vlad Dobrynin, the founder and CEO of Humans Group, Uzbekistan has many convenient payment services, but most of them charge high transfer fees. Humans offered clients an alternative, and the reasonable transfer rate made the service popular.
Reaching the client through cashback
Humans is considered Uzbekistan's only super-app. The app combines the functionality of a mobile carrier, a fintech service, and an online payment system. Clients can communicate, pay for purchases by Visa bank card, transfer money, and earn cashback on a single platform. Using multiple services at the same time yields additional benefits. For example, enjoy free mobile communications or exchange[2] cashback for a smartphone.
One of the key indicators for any super-app is the demand for its services in combination rather than in isolation. Cashback encourages customers to perform more in-app transactions in order to earn rewards. The innovation of the last two months is increased cashback for certain categories of purchases. For example, when paying for groceries at a Korzinka supermarket, the customer receives 5% of the total[3] in the form of cashback. And when paying for an annual subscription to the web version of Kundalik, an online student record system, the entire amount - 8,000 soums - is returned[4] as cashback.
On October 4 alone, the volume of purchases made using the Humans VISA card amounted to 1.2 billion soums. This is 40% higher than the average daily value last week, and month-on-month growth reached 98%. According to Vlad Dobrynin, the experiment was a success - on October 4 alone, cashback amounting to 199.3 million soums was credited to customers, which is 16% higher than the average daily value last week.
"The Korzinka example shows that customers understand how cashback works and have learned how to benefit from it. We plan to connect even more partners with increased cashback, and offer new ways to earn and spend it. For example, the range of gadgets you can get in exchange for cashback will expand", says the founder of Humans.
Not only can cashback be saved, it can also be transferred to friends. This option also appeared recently. In the first days of October, Humans users already transferred 158 million soums of cashback to one another, which is 55% more than in the first days of September.
In general, cashback has prompted customers to start using Humans services more actively. For example, on October 4 alone, they spent 1.15 billion soums on in-app purchases of telecommunication services, which is 23% more than in the same period in September.
The new terms had a positive impact on daily turnover: now it stands at 7.2 billion soums, which is 18% higher than the average daily value last week. From October 1 to 4, turnover amounted to 23 billion soums, which is 48% more than in the same period in September.
"We expanded the range of opportunities for our clients and achieved the desired result. There has never been anything like this on the Uzbek market. We radically changed the user experience. And now we can confidently say that clients have learned to get the most from Humans. But we aren't forcing the client to make additional efforts to receive quality services at competitive prices. By using several of our services in a single app, clients can save money - and the potential is unlimited. The 4% growth in Humans' revenue over the past month only indicates that customers like the service and are actively using it", notes Vlad Dobrynin.
About Humans
The Humans Group is developing an ecosystem of services in finance, telecommunications, and employee search, to meet primary motivators and needs common to all people. Currently, the Humans Group includes three projects:- Humans.uz[5] fintech platform, the first and only super app in Uzbekistan- Humans.de[6] all-in-one super app in Germany, that combines a fintech service, mobile services, and an online payment system with a cashback function. The launch is scheduled for 2022- Humans.net[7] employee search platform in the US
Group offices are located in the USA, Singapore, Germany, Poland and Uzbekistan. The company employs over 850 people.
Press contact:Natasha IkonnikovaUzbekistan, Tashkentnatasha.ikonnikova@humans.net[8]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140440[9]
References
- ^ https://images.newsfilecorp.com/files/8822/140440_c4c96ed674a388a1_001full.jpg (images.newsfilecorp.com)
- ^ exchange (www.newsfilecorp.com)
- ^ 5% of the total (www.newsfilecorp.com)
- ^ returned (www.newsfilecorp.com)
- ^ Humans.uz (www.newsfilecorp.com)
- ^ Humans.de (www.newsfilecorp.com)
- ^ Humans.net (www.newsfilecorp.com)
- ^ natasha.ikonnikova@humans.net (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/140440 (www.newsfilecorp.com)