e-Commerce company RooLife Group (ASX: RLG) expects its revenue for the March quarter will be 40% higher than its previous market guidance.
RooLife now estimates its revenue for the March quarter will reach $3.5 million – up from the earlier $2.5 million forecast that was released at the end of January.
This has bumped RooLife’s year-to-date income to $5.75 million, which is a 70% increase on FY 2020 which generated $3.4 million.
RooLife noted there was further upside for more revenue growth with three months remaining in the current 2021 financial year, which ends in June.
Managing director Bryan Carr attributed the higher-than-expected income to accelerating product sales across a range of the company’s contracts.
Mr Carr previously pointed out the company had also upped its investment in sales resources both in Australia and internationally. This has been supported by increased marketing and advertising.
RooLife technology provides gateway into China’s market
RooLife says its platform provides an “international gateway” for companies to shoulder into the China’s $2.2 trillion online shopping market with their products and services.
The company’s revenue comes from a mixture of service fees and commissions on the products it sells.
Currently, RooLife represents and drives sales for a number of brands arising from Australian, New Zealand, the US, Europe, UK and South America.
Brands are from a variety of sectors with several new ones within the health and wellbeing market, including New Zealand-based AFT Pharmaceuticals (ASX: AFP), BLIS Technologies and Essano; Nuria Beauty (US); Total Beauty Network, Reid Fruits and Murray River Organics Group (ASX: MRG) (Australia); SLG Brands (United Kingdom); Kadalys (France); and FRUTEEC (South America).
RooLife also has a partnership with Chinese buy now pay later (BNPL) platform Alipay. Under this partnership, RooLife provides online store and coupon management and marketing services for merchants, while driving online Chinese consumer engagement and facilitating payments.