Webuy Achieves Record $2.9 Million in Sales within Just Three Days at NATAS Fair 2024

Rhea-AI Summary

Webuy (Nasdaq: WBUY), a Southeast Asian community e-commerce retailer, announced it achieved record sales of $2.9 million over three days at the NATAS Fair 2024. The event, held in Singapore, is one of Southeast Asia's largest travel and consumer fairs, attracting approximately 100,000 visitors. The sales surge was driven by Webuy's 'Travel with Webuy' tour packages. CEO Vincent Xue Bin expressed satisfaction with the positive reception, attributing the success to their unique social e-commerce platform and group leader sales model. Webuy plans to expand its high-margin travel offerings within the estimated US$30 billion Southeast Asia travel and tourism market.

Positive

• Record $2.9 million in sales within three days at NATAS Fair 2024.
• Strong reception of 'Travel with Webuy' tour packages.
• Plans to expand high-margin travel offerings in the US$30 billion Southeast Asia market.

Negative

• None.

Singapore, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd. (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today announced it generated a record $2.9 million in sales over three days at this year’s NATAS Fair 2024, driven by its "Travel with Webuy" tour packages.

Webuy team at NATAS 2024

The NATAS Fair, organized by the National Association of Travel Agents Singapore (NATAS), is one of the largest and most influential travel and consumer fairs in Southeast Asia, regularly drawing around 100,000 visitors per event.

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, stated, “We are extremely pleased with the positive reception and strong sales of our tour packages at the NATAS Fair 2024—illustrated by our unprecedented $2.9 million in sales within just three days. Building on our momentum from the NATAS Fair, we are aggressively expanding our high-margin travel offerings within the US$30 billion Southeast Asia travel and tourism market (Statista Market Insights). We remain extremely confident in the prospects for sales growth within this and other key product categories given our unique social e-commerce platform and group leader sales model, which provides us a cost-effective and highly scalable platform to drive significant returns for shareholders.”

About Webuy Global Ltd

Webuy Global Ltd. (Nasdaq: WBUY) is an innovative, technology-focused company with a goal of building the most trusted retail brand and advanced e-commerce platform in Southeast Asia, designed to leverage data in order to provide a community-driven experience for consumers. The Company's unique 'group buy' business model is set to revolutionize traditional shopping practices by offering substantial cost savings to customers through an efficient purchasing model and community-centric approach. Akin to group purchases and bulk orders, this approach simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the Company’s business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model. The Company’s vision is to enable the ten million families in Southeast Asia to live a healthier, higher-quality lifestyle. Additional information about the Company is available at http://webuy.global/.

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. These risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company’s registration statement on Form F-1 related to the public offering (SEC File No. 333-271604) and annual report on Form 20-F. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

FAQ

What record did Webuy (WBUY) achieve at the NATAS Fair 2024?

Webuy achieved record sales of $2.9 million over three days at the NATAS Fair 2024.

Which product drove Webuy's (WBUY) sales at the NATAS Fair 2024?

Webuy's 'Travel with Webuy' tour packages drove the record sales.

What is Webuy's (WBUY) strategy following the NATAS Fair 2024?

Webuy plans to expand its high-margin travel offerings within the US$30 billion Southeast Asia travel and tourism market.

How many visitors does the NATAS Fair typically attract?

The NATAS Fair regularly draws around 100,000 visitors per event.