Evolving Systems, Inc. (EVOL) stock prices were up a significant 19.64% as of the market closing on July 6th, 2021, bringing the price per share up to USD$2.68 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock dip by 10.44%, bringing it down to USD$2.40.
Partnership with Cellcard
June 15th, 2021 saw the company announce that Cellcard Cambodia had finalized plans to upgrade to the new Evolution platform, in the interest of enhancing its loyalty program, Cellcard Club. This move will facilitate the driving of more personalized and relevant offers to subscribers through various digital media in real-time. Cellcard has a customer base that is 4 million strong and the company is in the process of rolling out 5G services.
Cellcard Club
The company has made use of its Cellcard Club platform to provide a program that rewards consumer loyalty while also engaging customers with the unparalleled customer experience and personalized value propositions. The decision to upgrade will see the company launching a myriad of new features. These include the use of machine learning to deliver highly personalized and relevant Next Best Offer recommendations, delivered through an omni-channel experience; the rewarding of roadmap items like Achievement Badges; the chance to spend loyalty points in a shopping catalogue; and a new premium paid Loyalty Club subscriptions.
Scope of Partnership
Existing stellar results include a monthly growth in Club membership of 16%, with 50% of members engaged in the digital games offered by the program. 25% already participate in redemptions, with the number steadily rising as more customers accumulate more loyalty points. The upgrade to EVOL’s platform will serve to bolster this success and drive in further growth by reducing churn, drive acquisition and enhance the program’s appeal among the key youth market in Cambodia. This will be done by elevating the digital lifestyle brand to actively engage with customers.
Promising Financials
Total revenue for the first quarter of 2021 was reported at USD$6.5 million, up to USD$0.2 million from the revenue reported for the same time period of the prior year. This year-over-year difference was largely attributable to revenues from existing client work on new projects and upgrades, as well as projects from new clients.
Future Outlook for EVOL
Armed with an expansive partnership, EVOL is poised to capitalize on the opportunities afforded to it in light of the agreement. With the added resources for each company, both are keen to leverage their combined capital in order to facilitate sustained and significant growth.
