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Wednesday, June 29, 2022

Wrapp Hits Asian Markets Starting in Taiwan

I swear this is the last Wrapp expansion story (okay, at least until they launch in the U.S.) but it’s been interesting to track their growth against the Rocket Internet competitor – Dropgifts. Wrapp is now launching in Taiwan, which heads their first expansion outside of Europe. Wrapp is already present in Sweden, the UK, and Norway, and will soon be live in Germany, France, and the United States. Everyone has their heads turned to Wrapp’s U.S. expansion, where gift cards are a huge $100 billion market, but looking east Wrapp can take advantage of the huge gift giving culture present in Asia. Most gift cards in the States are exchanged on major holidays and birthdays, but in Asia Wrapp can possibly see a steady churn from more day-to-day use.

“Taiwan is Wrapp’s beachhead for introducing our unique social gifting service to Asian markets where gift giving is culturally an everyday event,” said Bruce Chen, Wrapp’s country manager based in Taipei. “Since we don’t own ecommerce businesses – and promise to never start one – we can assure Asian retailers a conflict-free, long lasting relationship built on innovation and real value creation.”

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Since mid-November when Wrapp began its commercial introduction some 160,000 people have given their friends more than 1.3 million gift cards that can be redeemed in stores operated by over 50 major retailers.

Japan looks like it may be up there on the list. Carl Fritjofsson, COO of Wrapp (and guest on Unfair Advantage, our podcast), was recently in Japan on business.

Wrapp has also hired a Business Development guy in Manhattan, whatever you can take from that.

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