Aumake active users surpass 20,000
- Written by Trading Update
Aumake Limited (ASX: AUK, Aumake, or the Company), operator of an online platform that connects Asian influencers with high-quality and authentic Australian brands, is pleased to provide a trading update on active users and Gross Merchandise Value (GMV).
∙ Since the launch of the first stage of its social e-commerce marketplace in October 2020: o Registered active users have grown to more than 20,000
o 85% of active users have mainland China registration details with 63% of users making repeat purchases
o GMV of $3.5m, increasing from $1.9m reported on 23 Dec 2020 despite seasonally quiet period in the lead up to Chinese New Year
o Company is well funded for growth with $9.0m cash at bank (plus a further $0.895m pending shareholder approval for tranche 2)
Executive Chairman, Mr Keong Chan said:
“We are extremely encouraged by the active user growth and GMV momentum leading up to the Chinese New Year holiday, which is traditionally a quieter period for retail. The Company continues to observe strong registration uptake from mainland China, demonstrating active user growth via Asian influencer social networks.
“Leveraging social networks provides us with a significant advantage to our competitors in Australia, and we are increasingly tailoring our brand and product offering to appeal to younger Asian consumers. We believe our social e-commerce marketplace, which taps into the latest Chinese consumer trends such as group-buying, has the potential to change the way Australian brands connect and sell to Asian consumers.
“Since our successful capital raise in late December, we have been extremely active with the realignment of our entire operational team towards the new online business model, including a reduction in non-core labour expenditure and ongoing focus on the divestment of physical stores.
“We are singularly focused on identifying and implementing organic and inorganic initiatives to grow our scale as fast as possible using social network virality to generate network effect.
“Aumake looks forward to updating the market with further developments.”