NEW YORK, July 15, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce and fintech business enablement solutions, has renamed its fast-growing eCommerce-focused subsidiary from Push Interactive to Logiq.
The new name reflects the evolution of Logiq from a direct-to-consumer eCommerce managed services company to a provider of data-driven consumer intelligence. The LogiqX™ data engine, powered by proprietary methodologies and AI systems, delivers valuable consumer insights that can dramatically enhance the effectiveness, reach, and ROI of online marketing spend of enterprises and brands.
Logiq offers online sellers a valuable layer of first-party data and intelligence based on actual consumer intent. That is, an individual consumer’s mindset that directs their decision toward a particular purchase event, and in the precise moment they begin to look for information, products or services with the thought, “I want to buy this today.”
“Marketers who rely solely on demographics to reach consumers can risk missing more than 70% of shoppers interested in buying their products or services,” noted Logiq’s chief marketing officer, Chris Jahnke. “This is because demographics rarely tell the whole story. Understanding consumer intent, knowing what they are looking for in the moment or place they are looking to find it, is much more powerful. Starting with intent can help you reach more of the right people at the right time than demographics alone.”
The way Jahnke sees it, intent beats identity and immediacy trumps loyalty: “Today, when someone has a want or need, they immediately turn to online for help. They do a search to look for answers, discover new things, and help make purchase decisions. We see these as intent-filled moments. They represent the best opportunity for marketers to connect with people at that critical junction when and where they are ready to purchase. Understanding consumer intent is the key to winning in today’s competitive online marketplace.”
Logiq’s multiple in-house, high-traffic consumer sites provide ideal venues to deliver custom content and marketing strategies that address virtually any consumer niche. Its LogiqX data engine captures and directs consumer intent to promote engagement and conversion. The company also promotes products on top-tier content sites through direct placements and sponsored content.
The platform supports multiple diverse verticals, from green energy and home improvement to Medicare and entertainment, and continually adjusts to the latest market trends and interests, like politics, health insurance and employment. This approach provides the flexibility to meet evolving client requirements and ensures the capture of high-intent consumers from a variety of traffic sources.
Logiq constantly acquires new consumer profiles and refreshes existing profiles with quality scoring and data enrichment to provide its clients the most complete and current intelligence. Combined with quality scoring and data enrichment services, Logiq customers benefit from top-tier data and comprehensive consumer profiles. Logiq’s unique ability to add the right “logic” to its first-party consumer data makes it highly effective at this task.
Drawing from its first-party data, the company can build custom audiences for advertising using its deep pool of consumer intelligence, and assemble these audiences using hundreds of potential points of consumer interest. Further, by managing the end-to-end consumer experience for its live data feeds, Logiq can rapidly generate highly effective conversion funnels that generate high ROI on marketing spend.
According to Logiq’s chief technology officer, Tom Furukawa: “Our proprietary consumer engagement and scoring model has been essential to our success, attracting high-value customers and brands across a diverse range of industries. Working closely with our clients to understand the type of intent they would like to capture, we can craft custom consumer experiences that produce highly targeted results.”
Logiq’s customer relationships currently range from small-and-medium sized businesses (SMBs) to publicly traded Fortune 500 companies. Marquee accounts include Home Advisor, QuinStreet and Sunrun.
The success of Logiq’s transition to a data-driven model is reflected in its rapid growth. For the second quarter, it sees revenues climbing 255% over the same year-ago period to $3.6 million. This was mostly driven by a surge in customer activity in June, with revenues up 22% over May to more than $1.4 million. The growth momentum has created an annualized revenue run-rate of more than $16.8 million and put Logiq on track to meet or exceed its previous guidance of $13 million to $15 million in 2020.
“We’re excited about our aggressive growth strategy that is already showing tremendous success despite COVID-19,” said Logiq co-founder and CEO, Haig Newton. “To survive and hopefully thrive during these turbulent times, all companies, especially small-to-medium sized businesses, need to find a more efficient and cost-effective way to reach online consumers and convert them into buyers. As more companies turn to digital consumer acquisition, we are well positioned to capitalize on this trend and monetize our first-party data at a premium.”
About Logiq
As the e-Commerce platform of Weyland Tech, Logiq, Inc. offers comprehensive customer acquisition capabilities, highly productive media and channel strategies, along with well-tuned product promotion and messaging, sales funnel development and optimization. Its direct-to-consumer platform provides an end-to-end solution for SMBs, large corporations and major brands, allowing them to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment. Post-sale, Logiq supports fulfillment, customer relationship management, and further customer monetization through re-engagement and remarketing toolsets that enhance customer lifetime value (LTV). For more information, visit www.logiq.com.
About Weyland Tech
Weyland Tech is a developer and global provider of mobile business software applications. The company operates its CreateApp™ platform-as-a-service (PaaS) across three continents and 10 countries, including some of the fastest-growing emerging markets in Southeast Asia. The platform provides a mobile presence for small-and-medium sized businesses (SMBs) that is supported locally by distributor partnerships.
Offered in 14 languages, CreateApp enables SMBs to create and deploy native mobile applications for Apple iOS and Google Android without technical knowledge or background. The technology empowers SMBs to increase sales, reach more customers, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. For more information, visit weyland-tech.com.
Important Cautions Regarding Forward Looking Statements
This release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the ability of the Company to successfully integrate the assets of Logiq (formerly Push interactive), the continued growth of the eCommerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; the ability to find a strategic alternative and successfully execute such plan; the continued use and success of AtozGo and AtozPay; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
LogiqX is a trademark of Logiq, Inc. All rights reserved.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA Investor & Media Relations
Tel (949) 432-7566
WEYL@cma.team
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/195f7b5e-6363-43fc-a377-b5ffd4580e09