LONDON--(BUSINESS WIRE)--LocoSoco Group Plc (“LocoSoco”, “LOCO”), the technology company creating shared wealth from distributing products & technologies that contribute to ESG & Sustainability goals and is listed on the Direct Market segment of the Vienna MTF. LocoSoco is pleased to update the market and shareholders on progress and direction of the company.
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Digital First
LocoSoco are transitioning to a digital first approach and have launched their new website for wholesale and direct to consumer sales. This will serve to increase margins for the group and reduce costs.
The group is restructuring their team to accommodate this new direction and reduce overheads for this next phase of growth and the delivery of their community-led platform OurCommunity.Store (“OCS”)(Formerly MyEco.Site).
With the groups digital first approach they have acquired an extensive range of lifetime software licences to communicate, automate and engage at scale.
OurCommunity.Store
LocoSoco have been further developing OurCommunity.Store to be more feature rich with faster customer, partner and product onboarding along with increased analytics and store management features. It takes just 10 minutes to set up new stores with 100s of products on behalf of schools, charities, places of worship, retailers, sports clubs and community groups allowing them to start fundraising straight away with the launch being January 2023.
The board believes OurCommunity.store will be a key driver for revenue growth in 2023 whilst helping communities combat the cost of living crisis. Harnessing local spend to put to local good and enabling further adoption of LocoSoco’s services into communities.
Payment Integrations
LocoSoco, as an early adopter, are excited to be working with revolutionary payment technology Rvvup. Rvvup allows us to integrate 3 generations of payment gateways into our website checkout process. Pay now with Pay by Bank leveraging instant and secure open banking technology, Buy Now Pay Later and in 2023 we are expecting to be introducing regulatory compliant crypto payments across our platforms through this partnership.
Brands
LocoSoco have on boarded over 100 brand partners equating to more than 800 products within their portfolio and continue to develop their route to market services for brands with drinks, foods, snacks, pet care to personal hygiene and smoking cessation products and more business facing products including fuel conditioners and eco-friendly vehicle maintenance.
With more and more products with purpose coming to market LocoSoco are excited by the increasing opportunities for collaboration as the group builds their distribution channels across retail and community organisations.
Property for waste conversion, carbon reduction and energy generation projects
The board is putting together plans to go to market to expand their assets through the acquisition of land that will allow the group to create leasing opportunities to generate rental yield from the installation of technology innovations in the waste conversion, carbon reduction and energy generation space.
LocoSoco are in discussions with multiple brokers, partners and advisors to establish best in class solutions in these areas of sustainability that can then be deployed onto sites that the group are exploring.
The group are in the process of establishing funding mechanisms that will either allow LocoSoco to own these sites whilst creating joint ventures and other opportunities that utilise feedstock and off take agreements.
Land that the group acquires, converts and gets planning permission on can then be packaged as investment opportunities that will help investors to increase their exposure to ESG opportunities.
LocoSoco’s CEO James Perry Commented, “As our communities face both a cost of living crisis and climate crisis it is key the group takes these challenges head on with a long term view of building value for our customers, our environment our society - solving these issues will drive long term value for shareholders through the sale and delivery of products, technologies and acquisition of land. I look forward to keeping the market updated on our progress.”
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