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YuuZoo to develop social e-commerce network for China's JW Lottedi malls
MAINBOARD-LISTED YuuZoo Corporation on Friday said it has entered into an exclusive partnership with JW Lottedi Mega Malls in China to develop a social e-commerce network for the malls.
The network specially developed for Mega Malls will sit within YuuZoo's social e-commerce virtual shopping mall. JW Lottedi is part of Jingwei Group, which is involved in property management, assets appraisal, real estate development and microfinance services.
The first of the Mega Malls, which are based on a new Korean-style shopping, entertainment and leisure mall concept, will be completed in August this year. A 120,000-square metre complex, it will have some 600 merchants.They will be able to provide their products to 700 million customers through YuuZoo China's virtual shopping mall through the latter's tie-up with Great Sports Media, YuuZoo Corporation said.
These networks will also be extensively marketed through television advertising, banner advertisements on television, QR codes and studio host announcements, and also in the brick-and-mortar Mega Malls themselves.
Said YuuZoo's CEO and chairman Thomas Zillicaus: "Through YuuZoo, Mega Mall is extending its presence online in China and through the offline-to-online model, YuuZoo is offering its customers a unique buying experience wherein they can touch and try the products in the mall, then buy exclusive merchandise they like from the comfort of their home, or alternatively view the products online then buy them in the mall.
"This offline-to-online model is pioneered in China through the partnership between YuuZoo and Mega Mall. It is an exciting new development of our business in China, and we expect it to show significant new revenues very soon."
YuuZoo's business model allows the mall developer to expand into the e-commerce market, said Jingwei Group managing director Yuandong Qu. "YuuZoo is giving us the perfect platform to expand our reach in China and even the rest of the world through its unique social e-commerce platform and huge franchise and partner network. We are investing 3 billion RMB (US$480 million or S$645 million) in new properties and we intend to grow our business bigger by bringing it to the Internet through YuuZoo."