Webuy Launches Travel Business in Indonesia
On May 15, 2024, Webuy Global announced the launch of its travel business in Indonesia, aiming to tap into the country's growing middle class, projected to make up 80% of the population by 2045. This new venture seeks to integrate online and offline elements to meet the rising demand for high-quality travel experiences. The Mitra Referral Program simplifies the connection process between travelers and Webuy's services, offering tour consultants to ensure personalized travel experiences. The initiative's first tour, a six-day, four-night trip to Korea, received 100% customer satisfaction, indicating strong initial success.
CEO Vincent Xue Bin expressed enthusiasm for the travel service's positive start, emphasizing the company's goal to expand in the Southeast Asian tourism market and deliver sustainable shareholder value.
- Launch in Indonesia targets a growing middle class projected to be 80% of the population by 2045.
- Mitra Referral Program simplifies the referral process and adds income potential for travel agents.
- Initial tour in Korea received 100% customer satisfaction.
- Aiming to further penetrate the Southeast Asian tourism market.
- Seasoned tour consultants provide personalized travel solutions.
- Potential to deliver sustainable shareholder value.
- No detailed financial data on the investment or expected returns.
- Potential risks in entering a new market are not addressed.
- Reliance on the burgeoning middle class, which could be affected by economic fluctuations.
Singapore, May 15, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ: WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announced the launch of its travel business in Indonesia, as it expands its presence in the growing Southeast Asian tourism market.
Indonesia’s burgeoning middle class, which, according to data from the World Bank, is projected to make up
Webuy's unique approach, which aims to seamlessly integrate online and offline elements, is ideally suited to cater to this emerging demand. For example, the Company's recently launched Mitra Referral Program ("Mitra") makes the referral process to connect to Mitra agents, who are similar to the Company’s group leaders, more straightforward, and facilitates streamlined connections between potential travelers and Webuy’s services. Once a referral is made, Webuy's dedicated team of tour consultants ensures that each customer's travel needs are met and their clients enjoy exceptional travel experiences customized to their individual preferences. Travel agents also benefit from a simplified referral process and receive an additional source of income.
The Company's travel business' inaugural trip was a six-day, four-night tour in Korea, which garnered an exceedingly positive response from its participants. A post-tour survey revealed
Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, commented, "I am delighted to see the positive trajectory of our travel service. We are capitalizing on the momentum of our successful package tour business in Singapore to further penetrate the rapidly expanding Southeast Asian tourism market. Our team of seasoned tour consultants and professionals provide exceptional support to referred clients, ensuring they receive excellent service and personalized solutions. Going forward, we will build on our momentum to further develop our community network and deliver sustainable shareholder value."
About Webuy Global Ltd
Webuy Global Ltd (Nasdaq: WBUY) is an innovative, technology-focused company with the 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. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in U.S., Singapore and Indonesia and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: Webuy.IR@icrinc.com
Phone: +1 (646) 880-9057
FAQ
What is Webuy's new venture announced on May 15, 2024?
What is the projected market size for Webuy's travel business in Indonesia?
What is the Mitra Referral Program in Webuy's travel business?
How did Webuy's inaugural tour in Indonesia perform?
What is the stock symbol for Webuy Global?
Who commented on the travel service's launch and future plans?
