NextPlat Expands China E-Commerce Program to Broader Retail Distribution, Adds Digital and Social Media Marketing Capabilities with New Marketing Partners
New marketing partner will support expansion of OPKO branded products across China on additional e-commerce platforms and in-store, launching domestic digital marketing program
COCONUT GROVE, Fla., July 2, 2024 /PRNewswire/ — NextPlat Corp (Nasdaq: NXPL, NXPLW) (“NextPlat” or the “Company”) today announced the expansion of the Company’s e-commerce development program in China through a new agreement with a leading healthcare and nutrition product marketing and distribution services partner in China (the “Marketing Partner”). The Marketing Partner will provide NextPlat with creative content, brand marketing, and a full range of product sales and distribution services in support of the Company’s exclusive collaborative e-commerce development agreement with OPKO Health Europe (“OPKO”), a subsidiary of OPKO Health, Inc. (NASDAQ: OPK).
As marketing experts in China, Marketing Partners currently supports international healthcare and nutritional product companies such as Nature Made and ITO, providing logistics, warehousing and distribution services across China. Marketing Partners 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, as well as digital/social platforms such as TikTok, Xiaohongshu, Weibo, Bilibili, and WeChat. Marketing Partners also supports product distribution to brick-and-mortar stores such as pharmacies, convenience stores, and supermarkets, as well as major US retail chains operating in China such as Costco and Sam's Club. Marketing Partners has developed a series of digital product promotion programs for select OPKO products, which are expected to contribute to NextPlat's China e-commerce sales later this year. These marketing programs may include leveraging well-known Chinese social media influencers, live videos/broadcasts on social media platforms, as well as articles and product blogs aimed at introducing OPKO products to potentially millions of consumers.
“Our unique e-commerce development program was created to provide U.S. companies with turnkey online sales, marketing and distribution access to the massive Chinese consumer market without the large international infrastructure investments typically required. By adding established marketing experts in China, we believe we can offer our clients a broader range of value-added services that will help increase product awareness and revenue,” said Charles M. Fernandez, Chairman of the Board and CEO of NextPlat.
TMO Group (Health foods and supplements, Chinese market, April 2024), with a rapidly growing middle class, rising income levels have led to a greater emphasis on health and wellness in China, leading to increased interest in lifestyle and many non-prescription health options. Citing data from Euromonitor International, the report shows that over the past five years, China's health supplement market (including vitamin and dietary supplements (VDS), sports nutrition, weight management and health, and herbal/traditional supplements) has steadily expanded to reach approximately RMB 387.9 billion (approximately $53.3 billion) in 2023, with a compound annual growth rate of 9.6%. By 2028, China's health supplement market is expected to exceed RMB 440 billion (approximately $60.5 billion). The TMO Group report also shows that online channels are the most important channels for VDS products, especially cross-border imports, and that health supplements from the US and Australia were Chinese consumers' first choice in 2023.
“Today's marketing partnership for our healthcare products in China expands our digital and physical reach, potentially to dozens of additional online platforms and brick-and-mortar retailers across the country. Importantly, it provides us with valuable digital and social media promotion capabilities provided by a partner that has built a strong customer portfolio in China, which will significantly enhance the marketing of our initial OPKO product,” said David Phipps, President and CEO of Global Operations at NextPlat.
NextPlat's e-commerce development program will be implemented in partnership with Florida's local Chamber of Commerce and will initially aim to help Florida-based businesses and manufacturers sell their products to potentially millions of new customers. The development program will feature NextPlat's turnkey global e-commerce solution, leveraging the capabilities and reach of key partners, including Alibaba and its Tmall Global platform, as well as in-country marketing and distribution specialists who support cross-border solutions that enable global brands to reach Chinese consumers.
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About NextPlat Corp
NextPlat is a global e-commerce platform company formed to capitalize on multiple high-growth sectors and markets, including technology and healthcare. Through acquisitions, joint ventures and collaborations, the company hopes to help businesses sell their goods online both domestically and internationally, enabling its customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications division that offers voice, data, tracking and IoT products and services globally, and in the United States, provides pharmacy and healthcare data management services through its subsidiary, Progressive Care Inc. (OTCQB: RXMD).
Forward-Looking Statements
Certain statements in this release are forward-looking statements. These statements include the capabilities and success of our business and our products, services and solutions. Words such as “believe,” “anticipate,” “plan,” “intend,” “expect,” “project,” “should,” “will” and other words, and all statements that 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 our ability to launch additional e-commerce platforms, sell our healthcare products in China and grow and expand as intended. Any of these factors could cause the Company to not achieve some or all of its objectives or the actual results, performance (financial or operating) reported by the Company in any of its previously reported cases, including those expressed or implied by such forward-looking statements. Further information about the Company and risk factors that may affect the realization of forward-looking statements are included in the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available on the SEC's website at www.sec.gov. The Company is under no obligation, and hereby disclaims any obligation, to update the forward-looking statements contained in this press release.
No Offers or Solicitations
This press release is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to sell or buy any securities in connection with the proposed transaction between NextPlat and Progressive Care Inc. (“Progressive Care”), or the solicitation of any proxy, consent, vote or approval with respect to any securities, and is not a substitute for the proxy statement/prospectus or other documents that NextPlat or Progressive Care may file with the SEC or send to shareholders of NextPlat or Progressive Care in connection with the proposed transaction. No offer, sale, issuance or transfer of the securities will be made in any jurisdiction in which such offer, sale, issuance or transfer would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
NextPlat Corp Media and Investor Contact:
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