garrox
3 days ago
NextPlat Expands E-Commerce Program in China to Include Broad Retail Distribution and Adds Digital/Social Media Marketing Capabilities with New Marketing Partner
JULY 02, 2024 8:00AM EDT
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New Marketing Partner to Support the Expanded Sales of OPKO-Branded Products Throughout China on Additional E-Commerce Platforms, in Brick-and-Mortar Retail Locations and Launch In-Country Digital Marketing Programs
COCONUT GROVE, Fla., July 2, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced that it has expanded its e-commerce development program in China through a new agreement with a leading Chinese healthcare and nutritional products marketing and distribution services partner (the "Marketing Partner"). The Marketing Partner will provide NextPlat with a full range of creative content, brand marketing and product sales and distribution services and support the Company's exclusive joint e-commerce development agreement with OPKO Health Europe ("OPKO"), a subsidiary of OPKO Health, Inc. (NASDAQ: OPK).
NextPlat Corp. logo (PRNewsfoto/NextPlat Corp.)
As a marketing specialist in China, the Marketing Partner currently supports international healthcare and nutritional products companies including Nature Made and ITO, and provides logistics, warehousing and distribution services throughout China. The Marketing Partner has successfully developed and executed brand awareness campaigns for healthcare products on dozens of e-commerce sites such as Alibaba's Tmall, JD and Temu, and on digital/social platforms such as TikTok, Xiaohongshu, Weibo, Bilibili and WeChat. The Marketing Partner also supports product distribution into physical stores such as pharmacies, convenience stores and supermarkets, as well as into major U.S.-based retail chains operating in China including Costco and Sam's Club. The Marketing Partner is developing a series of digital product promotion programs for select OPKO products which are expected to contribute to NextPlat's Chinese e-commerce sales later this year. These marketing programs may include utilizing well-known Chinese social media influencers, live videos/broadcasts on social media platforms, and articles and product blogs designed to introduce OPKO products to potentially millions of consumers.
"Our unique e-commerce development program was created to provide American companies with turn-key online sales, marketing and distribution access into the large Chinese consumer market without requiring the significant international infrastructure investments typically required. Through the addition of well-established marketing specialists in China, we believe we can provide our clients with a greater array of value-added services which can help drive product awareness and revenue," said Charles M. Fernandez, Executive Chairman and CEO of NextPlat.
According to TMO Group (Health & Food Supplements, China Market, April 2024), China, with its rapidly growing middle class, shows increasing interest in lifestyle and many non-prescription health options with increases in income levels supporting an emphasis on health and wellness. The report cites data from Euromonitor International, showing that over the past five years, the health supplement market (including vitamins and dietary supplements (VDS), sports nutrition, weight management and wellbeing, and herbal/traditional supplements) in China has steadily increased, reaching approximately 387.9 billion RMB (approximately $53.3 billion) in 2023, with a compound annual growth rate of 9.6%. It is expected that by 2028, the health supplements market in China will exceed 440 billion RMB (approximately $60.5 billion). The TMO Group report also indicates that the online channel is the most important channel for VDS products, especially for cross-border imported products and that in 2023, health supplements from the U.S. and Australia were the first choices for Chinese consumers.
"Today's new healthcare products marketing partnership in China broadens our digital and physical reach, including potentially dozens of additional online platforms as well as brick-and-mortar retailers across the country. Importantly, we can offer a valuable array of digital and social media promotion capabilities provided by a partner who has built a strong client portfolio in China, allowing us to significantly enhance the marketing of our initial OPKO products," said David Phipps, President of NextPlat and CEO of Global Operations.
NextPlat's e-commerce development program, held in coordination with local Florida chambers of commerce, initially aims to help Florida-based businesses and manufacturers market and sell their products to potentially millions of new customers. The development program features NextPlat's turnkey global e-commerce solution and leverages the capabilities and reach of key partners including Alibaba and its Tmall Global platform, and additional in-country marketing and distribution specialists who support cross-border solutions enabling global brands to reach Chinese consumers.
For more information about NextPlat, please visit www.NextPlat.com and connect with us on Facebook and X.
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications division offering voice, data, tracking, and IoT products and services worldwide and pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care Inc. (OTCQB: RXMD).
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional e-commerce platforms, sell healthcare products in China, and its ability to grow and expand as intended, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating), including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
No Offer or Solicitation
This press release is for informational purposes only and is not intended to and shall not constitute an offer to sell or
garrox
4 days ago
Looks like the future has arrived, RXMD should benefit greatly.
CVS, Walgreens, Rite Aid closing stores: a brick and mortar downfall?
The major U.S. pharmacy chains have closed locations around the nation in recent years amid the rise in online pharmacies.
It’s a trend that Jonathan Palmer, senior health care analyst at Bloomberg Intelligence, projected will continue especially as the dependency on online services continues to grow.
Just this week, Walgreens announced that it would close a "significant" number of under performing stores across the U.S. due to ongoing challenges with profitability and declining margins.
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CVS HEALTH TO CLOSE HUNDREDS OF DRUGSTORES
Earlier this month, Rite Aid announced that 27 locations in Michigan and Ohio have been added to the growing number of stores it plans to close while it restructures under Chapter 11 bankruptcy.
The initial list of store closures stood at 154 and has continued to grow throughout the bankruptcy proceedings which involves footprint optimization.
In 2021, CVS announced that it was shuttering 900 of its 10,000 retail locations over a three-year period.
CVS and Walgreens declined to comment on specifics of the closures. Rite Aid has not immediately responded to FOX Business' request for comment.
Palmer told FOX Business that the closures were the result of a culmination of a couple of different things, but online pharmacies have contributed to this downfall.
RITE AID TO CLOSE 53 MORE STORES AMID BANKRUPTCY PROCEEDING
"More consumers buy online than ever before and with next-day delivery in many cases - the value proposition of retail pharmacy isn't as compelling," Palmer said.
He argued that while pharmacies are convenient for household products, they aren't cheap.
"They're at a significant premium to a Walmart or a Target," Palmer said.
On top of that, the "reimbursement for dispensing drugs has been pressured by managed care and payers for years." There have also been more alternatives than ever before, such as the likes of Amazon Pharmacy, GoodRx or Mark Cuban's Cost Plus, he noted.
While suburbia is "relatively safe" from such closures, urban and rural communities won't be. Palmer estimated that they "are likely to face the brunt of the closures."
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This, he believes, should continue "as more and more options gain traction for online prescriptions."
The online channel got a significant boost in demand during the pandemic when consumers were forced to rely on it. However, the trend has persisted ever since.
"Whereas once virtual care wasn't common, suddenly online was the only option and with that adoption of virtual care there was a greater recognition that online pharmacy was also a viable route," Palmer said, adding that "everyday there are more patients who have only lived in a world where online shopping was the norm and that slow demographic shift is also a contributor."
Daniella Genovese is a consumer and business reporter for Fox Business and Fox News Digital.
This material may not be published, broadcast, rewritten, or redistributed.
©2024FOX News Network, LLC. All rights reserved.
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