Wooboard launches into the $50+ billion corporate wellness market with a new app
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Wooboard’s development & launch of its new wellness app during the quarter marks its entrance into the $50+ billion corporate wellness market.
Welltech platform Wooboard (ASX:WOO) has made transformational progress during the quarter, launching a new platform and venturing into the multi-billion dollar corporate wellness market.
The Wooboard app launched during the quarter is aimed at the fast growing global corporate wellness market, which has risen significantly as a result of the pandemic.
The new platform will provide automated oversight of an employee’s wellbeing, when an employer is not able to be physically present with the employee.
The app does the check-in for employees, and provides them with suggestions of activities to improve their wellness.
With the app’s launch, WOO has continued to build its portfolio of products around health and wellness, as more challenges associated with remote work arise globally.
The fast-growing shift to remote work environments has been accelerated by the pandemic, and has created an increasing need for corporations to not only reward employees, but also improve their health and wellbeing.
A study by the Global Workplace Analytics predicts that we will see 25% to 30% of the workforce working at home multiple days per week by the end of this year.
This shift has resulted in the global corporate wellness market being valued at ~US$53 billion in 2020, which is expected to expand at a compound annual growth rate (CAGR) of 7% from 2021 to 2028.
Based on extensive feedback with a number of large multinational corporations and SMEs following the launch of Wooboard 2.0, the company has identified a significant opportunity to leverage the Wooboard platform into the corporate wellness market.
This led to the launch of the mobile wellness app, capable of seamlessly integrating with businesses who may have already established their own reward and recognition platforms.
For those businesses, the new WOO platform simply provides additional functionality and support tools for their employees who require work flexibility and/or only have access to a mobile device.
The new Wooboard app supports large corporations and SMEs who recognise their employees may need additional health and wellness support due to the various challenges associated with remote work.
Specifically, the app equips managers with additional support tools to keep in touch with their teams, and provide support for those individuals who are working remotely.
The app is full of in-depth features and metrics for both employers and employees, with features such as team goals, journaling reminders and surveys.
It will also suggest wellness activities for employees, and will be focused around fitness and stretching, nutrition and healthy snacks.
In addition, surveys and dynamic dashboards will be used by employers to provide meaningful wellness metrics about their employees.
Wooboard is also exploring the potential of using the core technology of the B2B app to build out a B2C version in the upcoming quarter.
The company believes there is a growing field of wellness in non-business consumers to capitalise on.
During the quarter, Wooboard has engaged with industry leading consultants to further improve its lead generation capabilities and go-to-market digital strategies.
The Company is initially targeting the USA and APAC regions which currently account for more than 80% of wellness app spends globally.
Wooboard says it will continue to respond to the growing market demand for employee engagement and wellbeing products within the enterprise and corporate market.
The company will work on enhancing the app’s product features to ensure a seamless integration with companies that already have an engagement or reward platform.
WOO has also appointed expert consultants during the quarter, and will continue to grow its internal team to ensure it is well placed to execute on growth opportunities.
The company is well funded, and maintains a strong cash position of $3.47 million at 30 June 2021.
This article was developed in collaboration with Wooboard Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.