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RNS Number : 9161E
Two Shields Investments PLC
09 July 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Two Shields Investments plc
("TSI", "Two Shields" or the "Company")
Update on WeShop Limited
Two Shields Investments plc, the AIM quoted investment company
with a strategy focused on building a portfolio of investments in
to fast growing disruptive markets including technology metals,
cyber security, e-commerce and technology enabled businesses, is
pleased to provide an update to shareholders on its investee
company WeShop Limited ("WeShop"), following receipt of a
shareholder update.
TSI owns 301,918 shares in WeShop representing approximately 6.7
per cent. of the issued share capital of WeShop.
A summary of the update from WeShop is set out below:
Introduction
WeShop is pleased to update shareholders on the further progress
that has been made since the last announcement in March 2019.
The last quarter has seen considerable momentum in finalising
the product and proposition for user acquisition later this summer.
Some significant commercial and product agreements, and
integrations have also been completed that drive further
competitive advantage versus other social commerce, social network
and e-commerce platforms. These include:
1. Amazon license agreement to pay WeShop for user purchases
facilitated by WeShop, and to enable Amazon inventory to be
available on the WeShop platform.
2. Instagram integration license: functionality to enable WeShop
users to import existing content from Instagram to post on
WeShop.
3. Apple iTunes (Apple Services) partner agreement to pay WeShop
for user purchases facilitated by WeShop, and to enable iTunes
inventory of all music, video, books and other media to be
available on the WeShop platform.
Additionally, WeShop has completed the implementation of
powerful functionality that strengthens its user proposition
through an enhanced product and merchant inventory:
-- Increases WeShop retailer count from 3,000 to 9,000+
-- Increases UK product count from circa 5m to up to 150m+,
making WeShop the largest online retailer by product count
-- Includes the Amazon product feed of c.80m products
-- A global product feed of c.1.6bn products in 12 countries
-- Global retailer count of over 20,000 merchants
-- Estimated UK coverage of up to 80% of all online products
This huge depth and breadth of inventory gives consumers the
fundamental choice of which merchant they buy a product from, and
at what price point. This is a key milestone in delivering the best
possible experience and proposition to our users. The commercial
agreement with Apple Services ensures that users can share and
recommend products and media across the full range of their
interests and lifestyle, and not just fashion, like most social
commerce platforms. WeShop will look to expand its product offering
even further with hotel and travel inventory later this year.
Instagram and Social Commerce
There has been recent press about the strategic direction that
Instagram is pursuing. WeShop is pleased to provide some commentary
around what this means, and how this further strengthens our
confidence in the direction that WeShop has always pursued, and
continues to pursue, relentlessly.
Instagram has recently introduced its 'Check-out' functionality,
that allows users to buy directly from a limited selection of 26
brands and circa 55 influencers, with the check-out taking place
inapp. Whilst we are pleased with the growing awareness and
conversation around Social Commerce that this is generating, it
also serves to highlight the key differences, and we believe -
competitive advantage - between WeShop and Instagram.
Instagram has enabled direct to consumer commerce, where brands
can sell direct to customers through its social platform, as
another distribution channel. WeShop's mission continues to be
about enabling anyone to recommend a product and make it shoppable,
based on the key premise that a "word of mouth" recommendation from
a friend is the most important form of influence on a consumer's
purchasing decision. Social commerce, at the most basic level, is
based on brands selling through social channels, but in its
powerful format, like the WeShop social commerce model, is based on
authentic, shoppable user to user recommendations. WeShop
digitalises "word of mouth" marketing, where everyone is an
"influencer" in their own right, and we are excited about further
validating this at scale later this year. The statistics are
compelling, as people are 4x more likely to purchase a product that
has been recommended by a friend (Nielson).
WeCoin(TM) ecosystem rewards programme
WeShop has launched phase 1 of its new rewards programme,
designed to drive ongoing engagement and retention of users by
enabling them to earn WeCoins(TM) for creation and distribution of
quality content, shopping through WeShop verified merchants, and
browsing. The WeCoins(TM) can be redeemed with over 100+ redemption
partners, including Uber, Spotify, Just Eat, Amazon, Starbucks and
many others. Phase 1 allows users to redeem their WeCoins(TM) for a
digital voucher. Phase 2 will allow users to redeem their live
WeCoin(TM) balance against products on WeShop, in combination with
cash. This creates a true ecosystem where WeCoins(TM) are earned
and redeemed within the platform. As part of our continuous drive
to deliver users choice and an open platform, WeShop is also
working on a potential offline tie up with a global payments
service provider, to enable WeCoins(TM) to be loaded onto a
physical or virtual WeShop card, that allows users to spend their
WeCoins(TM), on anything they like offline or online. WeShop is
fully aware of the benefits and opportunities that blockchain and
crypto-currencies present, and some of the company's major
shareholders are firmly embedded within this area, supporting the
business on exploring how the initial rewards eco-system can be
globally rolled out.
User acquisition
There are clear and defined plans for mass user acquisition and
engagement. Further updates will be provided over the following
quarters.
James Sowerby, WeShop's CEO, commented:
"Very significant progress has been made over the last quarter
to ensure that the product and proposition are ready for user
testing at scale over the Summer. We are very proud of how strong
the product is now, and the competitive advantage we have developed
versus other platforms which exist in this space. We continue to
build a platform with our users, for our users. I genuinely believe
that WeShop's original vision, is more compelling, powerful and
relevant today than it ever has been.
"I would like to take the opportunity to thank all of my
co-directors, colleagues, partners and investors who have supported
the business, with their belief in social commerce. As a result of
all the support and hard work, we now find ourselves in a very
unique position."
For further information please visit https://twoshields.co.uk/
or contact:
Two Shields Investments +44 (0) 20 7236
Andrew Lawley plc 1177
Spark Advisory Partners
Ltd +44 (0) 20 3368
Neil Baldwin / Andrew Emmott (Nominated Adviser) 3554
+44 (0) 20 3621
Andy Thacker Turner Pope Investments 4120
Ltd
(Brokers)
Graham Herring / Miles Nolan +44 (0) 20 3934
/ Zach Cohen IFC Advisory Ltd 6630
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END
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