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OpenDNA Limited (ASX:OPN) is and AI/Machine Learning development and as e-commerce marketing Australian firm. On 12 March, the company announced that it has entered into the binding agreement with EVE Investmentâs (ASX:EVE) Meluka Honey, to lead its entry into Chinese market, and to drive online sales for its honey products in China through OPNâs RooLife platform.
As per the agreement, OPN is expected to generate income by provide market entry assistance, digital marketing offerings and the commissions on the sales via RooLife platform of the company.
The term for distribution of products of Meluka Honey is for the beginning 12 months, with an option to further extend the distribution for another 12 months. The collaboration complements OPNâs business strategy to sell/market authentic Australian products to specifically cater to growing Chinese consumer demand for natural products. Meluka Honey is anticipated to have a high demand in China. The statistics state that since 2013, a consistent growth was observed in the consumption of natural honey in China, which has increased by 112.5%.
RooLife e-Commerce platform involves refining the products offered to clients based on their customer needs, with the integration of the Artificial Intelligence System of OpenDNA, At the same time, it would be able to collect information about the customers preferences and buying habits of the customers.
Mr Bryan Carr, who is the CEO of OpenDNA stated that it is a win-win situation for both the companies. He further highlighted that High-quality Australian honey is highly demanded in China. With the unique properties of Meluka Honey, OPN believes that it would be able to get differentiated in the market. He also stated that it would be a source of attraction to consumers, since it not only tasted good, but it also had anti-oxidant and sustained anti-microbial qualities.
This agreement between OpenDNA and EVE Investmentâs Meluka Honey is also a significant step, towards establishing the Meluka Honey brand in the Asian markets. The two key driving factors of the product in the Chinese market, are the strong belief of the end users in the natural medicinal properties of honey, and the trust in terms of quality and safety of the Australian made products.
The projection for the year 2024, by various Global Industry Analysts, Inc. USA, stated that honey consumption would exceed 2.8 tonnes around the world.
On 27 February, OpenDNA had signed a binding agreement with Better Nature Australia (producer/seller of naturally sources products) to drive its market entry and online sales/marketing in China.
On 25 February 2019, the company secured a supply channel agreement with NNM Services for marketing and distributing the products from NNM suppliers into China.
In the last six months, the stock has generated a return of 42.86%. By the end of the trading period on the 12 March 2019, the shares of OPN closed at A$0.050, which was, down by 3.846%. Today (13 March, 12:50 PM AEST), the stock is trading flat at A$0.050. The company has a market capitalization of A$10.34 million with approximately 206.87 million outstanding shares.
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