NUFFNANG LIVE COMMERCE BUSINESS AND STRATEGY UPDATE: MONTHLY VOLUME +65%
04 Mar 2021NETCCENTRIC DELIVERS STRONG FINANCIAL, OPERATIONAL AND STRATEGIC PROGRESS INCLUDING NEW OMNICOM PARTNERSHIP
15 Apr 2021
HIGHLIGHTS
- Netccentric subsidiary, Nuffnang Live Commerce has successfully completed
an integration with Shopify, allowing more than a million Shopify merchants to
sell their products via live video streaming - Nuffnang Live Commerce is a live commerce automation system aiming to
provide merchants and their customers with a seamless Facebook livestream
shopping experience. The system is built to automate and reduce workload for
merchants when conducting live selling - Netccentric plans to integrate Nuffnang Live Commerce with several additional
eCommerce platforms, thus enabling merchants to livestream on multiple online
channels from a single source
Social commerce platform provider Netccentric Ltd (ASX: NCL, “Netccentric” or “the Group”) is pleased to announce the integration of its Nuffnang Live Commerce application with Shopify.
Background
In 2020 the Group launched Nuffnang Live Commerce, a platform which helps merchants to convert social media comments into sales with an automated back-end solution designed for livestream selling. A user can simply comment “+1”, “+2” etc to be immediately directed to a shopping cart with their item(s) added and ready for check-out.
The platform provides a seamless shopping experience by navigating viewers from awareness to the purchase stage instantaneously, as viewers can use their devices to immediately purchase promoted products as mentioned in the live video stream.
The Group developed and launched this innovative platform to further tap into the booming social commerce industry.
Shopify Integration
Shopify Inc. (TSX: SHOP) is a multinational eCommerce company that allows merchants to start, grow and manage an online and physical business. Shopify powers more than 1 million businesses across 175 countries, generated US$2.93 billion in revenue in calendar year 2020 from US$120 billion in gross merchandise volume, and is currently the largest Canadian company by market capitalisation.
The Nuffnang Live Commerce integration with Shopify will provide merchants with an automated approach for capturing new orders, customer details and crucial information from live streaming selling sessions, immediately syncing this information back to Shopify’s backend upon completion of payment by customers.
This integration is expected to enable Nuffnang Live Commerce to increase its merchant base through which revenue opportunities should be possible through transaction fees which are currently charged to merchants and subscription fees which are expected to be charged in the future.
Shopify merchants should also soon gain the ability to select products from their Shopify catalogue and directly sell through live streaming.
Netccentric has identified the potential to further boost engagement and “stickiness” with Nuffnang Live Commerce by facilitating its integration with large existing eCommerce platforms. The Shopify integration initiative is the first of several eCommerce platform integrations planned.
Netccentric Executive Chairman, Ganesh Kumar Bangah, said:
“After a sustained period of platform development in 2020, we are now exposing Nuffnang Live Commerce to as many merchants, brands and businesses as quickly as possible. With the Nuffnang Live Commerce Shopify integration, we are making it easier for merchants on the Shopify platform to leverage live social video selling in a way that is quick to get started with an easy and seamless integration.”
This announcement was approved for release by the Netccentric Board of Directors.
For further information, please contact:
Ms Angeline Chiam
Chief Financial Officer, Netccentric Limited
Email: angeline@netccentric.com
Mr Tim Dohrmann
Investor Enquiries
Email: tim@nwrcommunications.com.au
About Netccentric Ltd
Netccentric Ltd (ASX: NCL) is a pioneering and established provider of social media influencer marketing solutions.
The Company provides its diverse client base of leading brands with results-focused growth strategies backed by
1 https://news.shopify.com/now-powering-over-1-million-merchants-shopify-debuts-global-economic-impact-report
2 https://news.shopify.com/shopify-announces-fourth-quarter-and-full-year-2020-financial-results
3 https://companiesmarketcap.com/canada/largest-companies-in-canada-by-market-cap/
end-to-end expertise spanning Influencer Marketing, Social Media Marketing, Performance Marketing, Video and Content Creation and Social Commerce.
Listed on the Australian Securities Exchange and based in Malaysia with offices in Malaysia and Taiwan, Netccentric is rapidly commercialising an innovative social commerce platform which turns the engagement between social media influencers and followers into revenue and sales.