Webuy and Ohmyhome Announce Strategic Collaboration to Cross-Sell Products and Services Across Singapore

Rhea-AI Summary

Webuy Global Ltd. (WBUY) and Ohmyhome Ltd. (OMH) announce a strategic collaboration to cross-sell their products and services in Singapore, aiming to enhance customer experience and community engagement. Key initiatives include the integration of Ohmyhome’s services into Webuy communities, Webuy's 'Group Buy' services for Ohmyhome's homeowners, and offline expansion support. As of June 30, 2023, Ohmyhome had transacted over 14,500 properties, with over 5,800 units under management, and around 200,000 monthly active users across mobile applications and websites.

Insights

Market Research Analyst

The strategic partnership between Webuy Global Ltd. and Ohmyhome Ltd. is a significant development in the e-commerce and proptech industries. This collaboration seeks to harness the synergies between Webuy's community-based retail model and Ohmyhome's property technology platform. By cross-selling services, both companies are poised to enhance customer engagement and unlock new revenue streams. The integration of services is expected to create a more cohesive ecosystem, where customers can access a wider range of services conveniently.

Analyzing the customer base and market penetration is crucial. With Ohmyhome's 200,000 monthly active users and a transaction history of over 14,500 properties, the partnership could significantly increase Webuy's reach within the homeowner segment. Conversely, Webuy's 'group buy' service could introduce cost savings and community integration for Ohmyhome's customers. The offline expansion support provided by Ohmyhome to Webuy also indicates a strategic move towards a blended O2O model, potentially increasing physical brand presence and trust among consumers.

Financial Analyst

From a financial perspective, the collaboration between Webuy and Ohmyhome could lead to enhanced operational efficiencies and cost savings. By leveraging Ohmyhome's low 1% commission rate in brokerage services, Webuy may reduce overhead costs associated with property transactions for their Group Leaders. The 'group buy' model's introduction to Ohmyhome's clientele can also lead to economies of scale, further driving down costs and improving margins.

Investors should monitor the impact of this partnership on both companies' financials in subsequent quarters. Increased market share, customer retention and cross-selling opportunities are potential indicators of the partnership's success. However, it is essential to consider the costs associated with the integration of services and the expansion of offline stores, as these could impact short-term profitability.

Economist

The collaboration between Webuy and Ohmyhome reflects a broader trend in the digital economy toward platform integration and community-focused business models. This partnership may serve as a microcosm for the potential economic benefits of such collaborations, including increased consumer choice, market efficiency and localized economic development. The cross-utilization of services can lead to a more resilient and diversified business structure, which might be better positioned to withstand economic downturns.

Additionally, the partnership's focus on community engagement and local store expansion could stimulate job creation and support local economies. However, the long-term economic impact will depend on the execution of the partnership's initiatives and the response from competitors, who may also seek to innovate and offer integrated services.

• Webuy to offer Ohmyhome’s property listing, renovation and other services through its community e-commerce platform and Group Leaders
• Ohmyhome to offer Webuy’s grocery, travel and other services through its expansive network of homeowners

Singapore, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd. (Nasdaq: WBUY, “Webuy”), an emerging community e-commerce retailer with a focus on grocery and travel in Southeast Asia, and Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”), a one-stop-shop property technology platform providing end-to-end property solutions and services to buy, sell, rent, and renovate homes, as well as property management services for condominiums in Singapore, today announced a strategic collaboration to cross-sell both companies’ respective products and services across Singapore.

In a joint launch event held on January 8, 2024, Vincent Xue, CEO and Co-founder of Webuy, and Rhonda Wong, CEO and Co-founder of Ohmyhome, unveiled a series of collaborative partnership initiatives aimed at enhancing the customer experience and community engagement. The event was hosted at the Ohmyhome headquarters at 11 Lorong 3 Toa Payoh, Jackson Square Proptech Innovation Centre Block B, #04-17, Singapore 319579, with the participation of Webuy management and its Group Leaders, who are responsible for a group of customers within their respective geographical communities from Singapore and play an important role in upholding the Company’s community-oriented business model.

Key initiatives include:

• Integration of Ohmyhome’s Services into Webuy Communities: Ohmyhome's service offerings and property listings will be integrated into Webuy communities through its Group Leaders. This collaboration will facilitate off-market listings and provide exclusive benefits for Webuy’s customers and Group Leaders, including Ohmyhome’s brokerage and renovation services.
• Webuy's 'Group Buy' Services for Ohmyhome's Homeowners: Webuy will introduce its unique “group buy” service, offering a diverse range of daily products such as groceries and travel, to thousands of homeowners serviced by Ohmyhome. This initiative aims to provide convenience and value while helping new homeowners integrate into their local communities. As of June 30, 2023, Ohmyhome had transacted over 14,500 properties, with over 5,800 units under management, and around 200,000 monthly active users across mobile applications and websites.
• Offline Expansion Support: Ohmyhome, leveraging its expertise and network, will support Webuy and its Group Leaders in sourcing new storefronts. This collaborative effort aligns with Webuy's plans to open 100 offline stores strategically positioned around major communities in Singapore, marking a significant step in Webuy’s Online-to-Offline (“O2O”) business model.

Commenting on this collaboration, Vincent Xue, CEO and Co-founder of Webuy, stated, “We are excited to partner with Ohmyhome, as it aligns with our mission of maximizing value within our communities. Ohmyhome has a proven track record, offering its suite of brokerage services at a 1% commission rate, which will result in significant cost savings for our customers. In addition, we plan to leverage their brokerage service to assist our Group Leaders as they expand their offline retail footprint across Singapore. Moreover, we look forward to offering our full suite of services to their expansive customer base. Together, our goal is to make a wider range of services become more accessible to homeowners and communities, while fostering a sense of unity and support within local neighborhoods.”

Likewise, Rhonda Wong, CEO and Co-founder of Ohmyhome, added, “This collaboration allows both companies to leverage on our respective broad customer bases, thereby increasing our reach and complementing each other’s service offerings centered around homes and communities. Webuy’s ‘group buy’ model provides great opportunities for our customers to interact within their communities as they move from one home to their next.”

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/

About Ohmyhome

Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services to buy, sell, rent, and renovate homes, as well as property management services for condominiums in Singapore. Since its launch in 2016, Ohmyhome has transacted over 14,500 properties, and has over 5,800 units under management as of June 30, 2023. It is also the highest-rated property transaction platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.

Ohmyhome is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive property solution for everyone.

For more information, visit: https://ohmyhome.com/en-sg/

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. 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.

Contact:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: wbuy@crescendo-ir.com

FAQ

What is the strategic collaboration announced by Webuy Global Ltd. (WBUY) and Ohmyhome Ltd. (OMH)?

The strategic collaboration aims to cross-sell both companies’ respective products and services in Singapore to enhance customer experience and community engagement.

What are the key initiatives of the collaboration between Webuy Global Ltd. (WBUY) and Ohmyhome Ltd. (OMH)?

The key initiatives include the integration of Ohmyhome’s services into Webuy communities, Webuy's 'Group Buy' services for Ohmyhome's homeowners, and offline expansion support.

What are the statistics about Ohmyhome as of June 30, 2023?

As of June 30, 2023, Ohmyhome had transacted over 14,500 properties, with over 5,800 units under management, and around 200,000 monthly active users across mobile applications and websites.

What is the mission of Webuy Global Ltd. (WBUY) according to Vincent Xue, CEO and Co-founder?

Vincent Xue, CEO and Co-founder of Webuy, stated that their mission is to maximize value within their communities through the collaboration with Ohmyhome.

What is the goal of the collaboration according to Rhonda Wong, CEO and Co-founder of Ohmyhome?

Rhonda Wong, CEO and Co-founder of Ohmyhome, mentioned that the goal of the collaboration is to make a wider range of services more accessible to homeowners and communities while fostering a sense of unity and support within local neighborhoods.