Aumake’s new online platform connecting Asian influencers with high-quality and authentic Australian brands has grown registered active users to more than 20,000 in less than four months.
In a trading update to the ASX, Aumake said 85 percent of users have mainland China registration details and 63% have made more than purchase through the platform. This has delivered Gross Merchandise Value (GMV) of $3.5 million, up from $1.9 million on 23 December.
Aumake launched the first stage of its social e-commerce marketplace in October last year as the business moves away from its traditional bricks and mortar stores, which were heavily reliant on inbound Asian tourists.
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.”
The Company is well funded for growth with $9 million on the balance sheet following a $7 million capital raise late last year.