Check out this great article I read on WIRED: “Google Wants China. Will Chinese Users Want Google?” www.wired.com/story/google-wants-china-will-chinese-users-want-google/?mbid=email_onsiteshare
New Report on Peer to Peer (P2P) Insurance Market Report Status And Forecast With Potential Business Opportunities, Future Prospects with Leading Key Players like Allied Peers, Axieme, Bandboo, besure, BitPark, Broodfunds, CommonEasy, Cycle Syndicate
Peer-to-Peer (P2P) insurance is a risk sharing network where a group of individuals pool their premiums together to insure against a risk. Peer-to-Peer Insurance mitigates the conflict that inherently arises between a traditional insurer and a policyholder when an insurer keeps the premiums that it doesn’t pay out in claims. P2P insurance may also be referred to as “social insurance.”
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A comprehensive analysis of the Global Peer to Peer Insurance Market has been conducted in this intelligence report. It includes the investigations carried out on the historical progressions, ongoing market scenarios, and future prospects. An accurate data of the products, strategies and market shares of leading companies in this particular market has been mentioned. This report presents a comprehensive overview of the competitive scenario of the global market. The report further projects the size and valuation of the global market throughout the forecast period. The report also presents a thorough qualitative and quantitative data affecting the projected impact of these factors on future prospects of the market.
Top Companies Profiled in this report includes, Allied Peers, Axieme, Bandboo, besure, BitPark, Broodfunds, CommonEasy, Cycle Syndicate, Darwinsurance, First Club Insurance, Friendsurance, Gaggel, goBundl, Guevara, Huddle Insurance, InsurePal, Intercare, Jointly, KarmaCoverage, Laka, Lemonade, Naked Insurance, P2P Protect, PeerCover, PeersMutual Protection, PeerSure, Pineapple, Prince Insure, Quark Alliance, SHAcom, and others.
Leading players in this Peer to Peer Insurance market are outlined in the report to apprehend their role in the market and to also analyze their upcoming strategies. The manufacturing base of each important player and their minimum share in the market have been labelled in the report. It turned out be very informative. Numerous marketing channel and strategies are likely reap what they sowed in the 2018 – 2025 period and have rendered in the data report to help patrons articulate their winning strategies.
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Peer to Peer Insurance industry report emphases on the competitive landscape and abides the persuasive development policies and plans that will decide the market’s trail in the forecast period. An exploration of the major players functioning in the Peer to Peer Insurance market is included in the report, segmenting and unfolding them on the constraints of manufacturing procedures and business strategies, information related to product classification and profit margins regarding the same. The cost dynamics of the market are also scrutinized and related to the ample breakdown of the market’s competitive landscape which provides a complete generous range of price dynamics in the Peer to Peer Insurance industry for the readers to comprehend it clearly.
Table of Contents
Global Peer to Peer Insurance Market Research Report 2018
Chapter 1 Global Peer to Peer Insurance Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Market Forecast
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This release was published on openPR.
Google Unveils Dataset Search to Boost Search Market Share finance.yahoo.com/news/google-unveils-dataset-search-boost-150503320.html?soc_src=community&soc_trk=ma
FinTech and Crypto Startup Robinhood Preparing for an IPO
On Thursday (6 September 2018), Baiju Prafulkumar Bhatt, the co-founder and co-CEO of Robinhood, the FinTech startup that launched a zero-commission crypto trading service (“Robinhood Crypto”) in February, said (during an interview at the TechCrunch Disrupt SF 2018 event in San Francisco) that his firm is preparing for an Initial Public Offering (IPO).
The Californian company, which was founded in 2013 by two former Stanford University students, Baiju Bhatt and Vlad Tenev, was named by LinkedIn on Thursday as the sixth best startup in the U.S. According to CNBC, “investors in its latest $363 million fundraising round included Sequoia, Google’s venture capital fund Capital G, DST Global and Iconiq, boosting its valuation to $5.6 billion”; in total, Robinhood has raised $539 million.
Robinhood lets customers in the U.S. to trade commission-free stocks, options, ETFs, and crypto. It makes money in three ways:
- Earning interest on funds held in customer accounts.
- Selling order flow to exchnages wanting additional liquidity.
- Selling subscriptions to “Robinhood Gold”, which costs $10 – $200 per month, and allows margin trading.
Bhatt says that Robinhood’s over five million customers use Robinhood’s website and/or mobile app ten times a day, and that over the past few years, Robinhood has transacted over $150 billion through its platform, saving its customers over a billion dollars in trading commissions.
When asked if Robinhood was planning to go public, Bhatt replied:
“Absolutely. It’s something that we are thinking about in the medium to long term, and actually to that point, one thing that we’re excited to mention in this is that we’re actively looking for a CFO right now. It’s something that we think is very much in the future for Robinhood. Being a public company aligns very closely with our mission as well, and is definitely on the horizon.”
He added Robinhood is undergoing constant audits from FINRA, the U.S. SEC, and its security team to make sure that it is doing everything correctly:
“As a financial institution that is regulated by FINRA, the SEC, regular dialog with the Treasury, every financial regulator in the U.S., you name it, we work with them pretty closely… Has really given our business a really strong sort of audit and financial governance set of requirements to meet well before being a public company, and so our fiancials are audited every year, our security practices are audited every year…”
With regard to their crypto trading service, Bhatt was told that when it launched in February 2018, Ether (ETH) was trading around $849, and now (on September 6th, when the interview was taking place) it was at $286, and asked if he felt any “moral pangs or sense of regret about opening crypto to mainstream investors”. Bhatt answered:
“So, on the topic of price, looking at the price of cryptocurrencies, very candidly, [it] is not something I do on a day to day basis. We opened up Robinhood Crypto to customers in the U.S. because we thought that this was a big change that is coming to the financial system, and we wanted to make sure that if this was something customers were going to do, that yesterday’s business model didn’t follow tomorrow’s financial system… And whether the price goes up or down, we still believe that this is something that is going to matter long term. So, we feel strong about our offering here.”
Last month, as covered by CryptoGlobe, Robinhood announced that it was adding support for trading Etherium Classic (ETC) to Robinhood Crypto, meaning that customers could now invest commission-free in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Ethereum Classic.
Our cover this week considers Silicon Valley, which has become a victim of its own success
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Pinduoduo: A close look at the fastest growing app in China
Chinese da ma (literally meaning “big mamas”) are budget-savvy shoppers who are eager to snap up a good deal. They do most of the shopping for the family and know just the place to score bargain prices on everyday items.
But these discounts come with one condition: whip up enough friends on WeChat to order the items in bulk, directly from the manufacturer. After all, the deal is so good that it deserves a spot on everyone’s Moments (the equivalent of Facebook’s news feed).
The place to find these kinds of deals is Pinduoduo, a leading Chinese app for social ecommerce and the fastest growing app in the history of Chinese internet.
Let’s take a close look.
How fast is Pinduoduo growing?
Pinduoduo has seen explosive growth since its launch in 2015, becoming one of the largest ecommerce apps in China.
The shop-with-friends app combines a group-buying strategy with cheap products and social media. It is now the fastest growing ecommerce platform with 13.85 percent YoY growth.
The usage rate of the platform among Chinese internet users has grown from under 2 percent to 19.4 percent over the course of 2018 (this leaves it right behind JD at 20.6 percent, but still far behind Taobao with a 53.3 percent usage rate).
Pinduoduo also benefits from the best retention rate (seven days after installation) from all Chinese ecommerce platforms.
Users changing phones are, however, more likely to install Taobao or JD than Pinduoduo.
The company reported having 114 million active users in January 2018 and is behind only Taobao (425 million) and JD (145 million). It boasts a 300 million-strong user base, with 65 percent of its users coming from third-tier cities and beyond.
In fact, a large proportion of their users are female, above 40 years old, and living in smaller Chinese cities.
Pursuing a significant but often overlooked market
The lure of Pinduoduo is not just the incredibly low prices but the satisfaction of getting a good deal and scoring massive discounts. This hit home with the low-income segment in China’s more remote towns and villages.
As ecommerce giants competed for affluent customers in urban areas, Pinduoduo focused on sourcing fresh produce from local growers to build an initial user base.
The platform scaled quickly and has since expanded their product range to include household items like groceries, fashion, beauty, and electronics.
The company claims that over the course of two years, about 1,000 factories have opened to sell on the platform.
Focusing on producing just a few items in colossal quantities, these “pin factories” (拼工厂) are able to achieve and handle order volumes that have grown exponentially.
An example is Chinese tissue manufacturer CoRou and ZhiHu (also known as Botare), whose factories have collectively completed more than 9.3 million Pinduoduo orders.
The sheer volume of each group order leaves sellers more room to cut prices, and the incredibly cheap prices attract even more customers, creating a positive ecommerce cycle.
But as one might accurately assume, Pinduoduo is not known for quality. Last year alone, the platform took down 10 million “problematic listings” and set up a RMB 150 million fund (roughly US$22.4 million) to compensate users for shoddy goods, rotten fruits, and difficulties in getting refunds.
A de facto substitute for Taobao?
A subtle relationship exists between Pinduoduo and Taobao: 50 percent of the users that uninstalled the latter installed the former a month later.
Pinduoduo is by far the most common substitute for Taobao.
On the other hand, 78 percent of the Pinduoduo uninstalls are followed by Taobao app downloads in the following month, according to QuestMobile’s November and December 2017 data. Taobao is still leading the fight.
There are two words that come to mind when thinking of Pinduoduo: addictive and viral. And the app combines a bunch of tactics to achieve these results.
The core function of the app is group buying (each item has an official price and a group-buy discounted price). In order to get the discounted price, people will need to find friends to join the group-buy deal.
The app offers a range of products for free. You just have to get enough new users to follow the Pinduoduo official account, install the app, and sign up via WeChat.
One app install will get you a small box of candy, for example. I wanted to try this, so I went for the promotion that will get me a 1.3kg bag of nuts for nine app installs.
My awesome WeChat friends helped out and installed the app, and on the next day…
This can sound like a crazy strategy, but it’s not. The package sells for RMB 99 full price and RMB 79 in group buying. But Three Squirrels (the brand that makes the nuts) makes a heavy margin on this, and most likely only charges Pinduoduo around RMB 20 to 30 to ship the free product.
That’s RMB 3 per high-quality app install linked with a WeChat social account.
This is exactly the kind of strategy that propelled Pinduoduo onto the top of the app stores.
Pinduoduo offers coupons, which is nothing special in China. However, the company’s coupons have exceptionally short durations: usually only two hours.
The message is clear: don’t linger around or hesitate.
Ask friends to “bargain”
Another way Pinduoduo creates viral incentives is by asking friends to help “bargain” for a cheaper price.
It works like this: You can share a product with friends, and each time a friend volunteers to help you bargain, the price decreases a bit. Eventually, you can get the product for free.
This trick may seem costly, but it can be worthwhile for brands.
For example, to get a cooking pot worth RMB 150 (which may only be worth RMB 50), you’ll need 25 friends to log in to the WeChat shop. In doing so, you’ve told your friends that you really care about this product, giving the brand strong “social proof.”
Red envelopes + leaderboard
Using cash/red envelopes to reward users for inviting friends is another old trick of viral marketing. Pinduoduo rewards users a cash red envelope between RMB 5 to RMB 20 (US$0.75 to US$3).
But Pinduoduo takes it a step further. Not only do they reward users but also display a leaderboard of the users who made the most money from inviting friends.
The top user made RMB 2,940 (~US$430) from sharing with 290 friends. Many of us have thousands of WeChat friends, and it’s easy to imagine earning similar amounts from sharing on our Moments.
One more viral mechanism from Pinduoduo is the use of lotteries. Typically, users have to pay a small entry fee (RMB 0.01) to get into a lottery. For the lottery to be active, they must also invite enough friends to join it within a specific period of time.
If they get enough friends to join, users can then get a chance to win the product for only the entry fee.
It’s also not clear how many users in total will join the lottery and what the chances of winning are. The interface is also tricky, as it looks like any other group-buy. And, if you don’t win the lottery, the app offers you a refund with a coupon to buy more stuff on the app.
Customer service messages
These are customizable messages that can be sent 48 hours after the user followed the account or interacted with it.
Most of the accounts only use these messages to welcome users or for customer service requests. But Pinduoduo does more: they use these messages to continually recommend new products to the user.
Unlike the “broadcast” messages that are limited (four per month for service accounts), these messages are unlimited, can be customized for each user, and are the perfect way to make recommendations based on order history.
We received an average of five messages every 24 hours after subscribing, and these are very visible messages sent from a WeChat service account!
Moreover, if users click a menu item on the WeChat official account (for instance to check their order status), the 48-hour window is reopened and Pinduoduo can keep messaging them.
The first time you pay, the app enables “password-less payments” by default. After this first purchase, you won’t have to enter your password anymore and will be able to do one-click payments.
This is an amazing way to increase impulse purchases, which are the bread and butter of Pinduoduo.
Ecommerce is hyper-competitive, especially in China. It is important for new players to stand out with unique offerings that attract customers, and Pinduoduo is one such case, crafting a convergence between social and commerce that discovers and capitalizes on a new source of user in lower-tiered cities.
As internet access in China’s rural areas continues to improve, it is likely that the bargain hunting app will sustain growth as its service reaches remote areas.
Although this trajectory is unique, a lot of brands and platforms can take cues from Pinduoduo’s success. By applying some of these tactics to your own business, you too can have more users with stronger levels of engagement.
Converted from Chinese Yuan. Rate: US$1 = RMB 6.69.
This article was first published on WalktheChat.