apM Coin AMA Highlights 1/2: Celebrating APM/USDT Market Launch on Bittrex Global
After apM Coin token(token symbol: APM) has been listed on APM/BTC market of Bittrex Global in November 2019, the tokens have been listed on APM/USDT market on same exchange on 7 April 2020. To celebrate the APM/USDT market launch, apM Coin held an AMA with Bittrex Global on 9 April in the Bittrex Global Telegram community.
Bittrex Global collected the questions via their Twitter and Telegram community before the AMA. And we were excited to see that many people showed the interests in the project and raised many interesting questions. Even after we finished answering to pre-collected questions during the AMA, so many Telegram users posted live questions about apM Coin, so the host had to restrict chat functions for few minutes. We appreciate your strong attention and supports to apM Coin once again.
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Host: Pavel Jakovlev, Head of Marketing at Bittrex Global
Guest: Richard Seok, CEO of apM Coin
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Summary
This AMA was conducted in real time with Pavel, Richard, and Bittrex Global Telegram community users. There is a lot of information about the project, including naming, the relationship with its partner apM group, technology, business model, token utility, and future plans, including the story of how apM Coin project has started.
Introduction
Q. Please briefly explain about apM Coin project.
A. apM Coin project aims to build a customer rewards management platform for on-/offline business transactions of wholesalers and buyers. The platform aims to enhance the transparency of business transactions, provide a real-time buyer database to sellers of the wholesale market, and improve customer satisfaction and loyalty for sustainable growth of the market.
Our platform will be launched for wholesalers and buyers of apM shopping malls which are the largest B2B clothing shopping malls in Korea. apM shopping malls consist of three shopping malls — apM, apM PLACE and apM Luxe. The malls have 1,300 wholesale brands and more than 10,000 buyers visit the malls every day. Among the buyers, 80% is flying outside of Korea’s neighbouring countries, China, Taiwan, Japan and Vietnam in particular. And most buyers revisit the apM malls every two weeks to place orders, which shows the high customer loyalty towards apM malls.
Q. Twitter user xZcoS8OcTKpZ9Jw — How is apM Coin related to apM Group?
A. apM Coin project is a service provider for apM Group’s customer reward management system. In the beginning stage of our project, we came up with a different name. However, as we are a blockchain application project that delivers actual benefits to users, we thought it is important to cooperate with real-world business.
apM Group had looked for a partner while planning to launch their loyalty program for thousands of loyal customers and 1,300 of wholesale brands. Considering that most customers are global buyers and this B2B market is growing locally and globally, they thought a blockchain-powered customer reward platform will be a great choice for their market. So the project name is set as apM Coin project, because we cannot miss the opportunity to utilize a strong brand presence of apM with loyal customers.
Q. Where is this ‘apM’ name coming from?
A. apM is the combination of AM and PM, designed to present the meaning of ‘the malls that never sleep.’ apM, apM PLACE and apM Luxe have been a centre of the Korean wholesale fashion industry, establishing a solid business base for more than 20 years. In two decades of history, most of 1,300 wholesale brands in three malls have grown their business with apM Group, running their own brands.
As I mentioned in a previous question, the malls’ customers are very loyal to apM malls and their brands. They pay regular visits to the malls, every two weeks in general, and place massive orders for their business. Considering whom to use our platform services, it is decided to adopt the brand name of apM which has a strong brand loyalty from existing consumers, under the objectives to efficiently acquire them as our service users.
Business Strategy
Q. Telegram user paraphan — Which potential of customer reward management market does apM team see on it and why does your team create this project?
A. apM Coin project has started with the objectives to bring digital innovations to the Korean largest wholesale fashion market, for sustainable growth of the market. Customer reward programs can work as an efficient tool for marketing and customer acquisition, by trading customer rewards between buyers and sellers in the programmes. The programs also play an important role to acquire and utilise market and customer data, which will provide a base to improve customer services and business growth strategy.
In this regard, apM Group is planning to adopt our customer rewards management system powered by blockchain. The platform will work not only as a CRM system for 1,300 wholesale brands by collecting dispersed market and customer data efficiently through the fast and secure blockchain network, but also as a loyalty program that 10,000+ daily visitors can enjoy various customer benefits including customer rewards, digital coupons and gift vouchers.
Q. Telegram user Moha Mad — What is your business model? How can it provide benefit to both investor and your project?
A. The project’s core business is a customer reward system with tokenized rewards. We will launch our customer reward system for 1,300 wholesale brands and thousands of buyers of apM malls, by providing benefits to wholesalers and buyers altogether. Buyers can enjoy various benefits through this system by earning and redeeming customer rewards. Also, there will be exclusive benefits for customers who stake a certain amount of tokens. They will receive tiered benefits based on their staked token amounts.
In the meantime, wholesalers of apM malls can have access to massive consumer data of the platform, so that they can pick up some hands-on business insights to enhance their business competitiveness. And we believe that this platform itself will work as a well-organized CRM for sustainable growth of the market. When wholesalers want to use this CRM platform services on apM Coin’s platform, they need to deposit a certain amount of apM Coin tokens too.
Q. Telegram user SURI — What is your strategy to attract users and investors to apM Coin in the long term?
A. First and foremost, providing user-friendly services is our key from the beginning. apM Coin’s customer rewards platform is built based on the state-of-the-art technology including blockchain and cloud network though, users don’t need to understand the technology to use our services. So we’ve tried to develop our end-user services as easy and effortless as possible.
All they need to do to use our services is to install mobile application apM Members on their mobile devices. Using this app, customers can earn and redeem customer rewards, enjoy special benefits for app users and get updated on the latest shopping information. The app will include a digital wallet for our tokens so customers can store apM Coin token as well. In case of wholesalers, they can also provide customer rewards and provide their own customer benefits through this app. They can also access market data on the platform and project tailored business strategies based on the data.
In order to encourage thousands of customers to use our services, we are planning to provide app users with exclusive benefits that meet their needs. There are various facilities and services in the apM malls already, like café, food courts, guest house, shuttle bus, and lockers.
In addition to providing customer rewards in the malls, we will offer various benefits through these facilities for app users only. In the meantime, tiered loyalty benefits will be provided. Customers can earn customer rewards when purchasing fashion goods at apM malls or using the facilities of the malls. A ratio of purchased amounts is converted into customer rewards and accumulated in our platform. The more customer rewards a buyer earns, the more likely the buyer is to acquire loyalty benefits of the apM Coin’s ecosystem.
Also, wholesalers can also have access to massive customer data on the platform, which enables them to develop business strategy following up with trends. Despite more than two decades of market history, Dongdaemun fashion market does not have a well-structured CRM platform which can collect dispersed data of the market. We would like to provide this platform that the wholesalers can pick up valued market insights for agile and sustainable business growth.
Check out the next series for technical details and future plans of the apM Coin.
apM Coin AMA Highlights 2/2: Celebrating APM/USDT Market Launch on Bittrex Global
apM Coin Official Communication Channels
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