Joined by NavInfo's senior executives at their Global User and Partner Conference, the contracts were signed at a traditional signing ceremony to complete the negotations. This new partnership, with China's leading location data business will allow Loqate customers to reach almost 1.5 billion people with premise, or point level data for China, Macau and Hong Kong.
In Chinese business culture a signing ceremony is an important and traditional way to bring two parties together and celebrate new business relationships. After speeches, in both Chinese and English, the Signing Ceremony itself took place followed by a traditional Chinese “banquet”, or dinner which traditionally follows a Signing Ceremony.
But why does this matter to Loqate's customers and partners?
As the leading navigation data company in China, NavInfo have meticulously “mapped” this huge nation, as one of the very few companies licensed by the Chinese Government to do so. NavInfo know everything about the millions of kilometers of roads spreading across China, including premises, buildings, streets, cities, townships, Hamlets, Provinces and Districts. In addition, more than 30 million Points of Interest (POI) are included. Added to this are very detailed and precise geocodes.
Loqate will build this data into our Global Data Repository, and make it available in our next generation of address verification. In turn, this will benefit many of the other GBG solutions.
According to recent research the number of online buyers in China surpassed 560 million in 2018, with the total number projected to reach 634 million in 2020. By 2020, China's eCommerce market is predicted to be larger than those of the UK, U.S, Germany, France and Japan combined. China has developed into a highly connected, mobile first consumer market, and being able to serve detailed, premise level address capture, verification and geocoding services will empower our customers to deliver the best possible customer experience.
We are excited to be working with NavInfo to bring our customers the best data, combined with the best technology the market has to offer.