- Direct selling worldwide led to $189.6 billion in estimated retail sales last year
- Sharing Services saw revenue growth of $8.3 million during five-month period following launch of health and wellness product line this year
- Company recently announced joint venture to expand into Asian markets
- Sharing Services aims to create its own opportunities through “Blue Ocean Strategy” aimed at developing diverse array of subsidiaries
Utah’s state tourism office has gained international attention through its Life Elevated brand, and that identifying slogan could easily apply to the rising star of Sharing Services, Inc. (OTC: SHRV), as well. The Texas-based holdings company aims to help people find improved quality of life through the variety of products and services that its direct selling representatives offer.
Sharing Services’ subsidiaries specialize in a wide range of markets, including health and wellness, travel, auto and home insurance, life and health insurance, energy brokerage and training, offerings which help to ‘elevate entrepreneurship’ by supporting the company’s home-based ‘Elepreneurs’ in preaching the message of happiness through positive psychology.
“We have reached our first milestone by closing out the fiscal year with record-breaking revenues and rapid expansion of our operational capability,” the company’s board chairman, Robert Oblon, stated in a news release announcing SHRV’s first 10K filing (http://nnw.fm/swHI2). “We have exceeded our goals as we continue our record-breaking pace to change the direct-selling industry with best-in-class products and services, and we continue proving the efficacy of our very unique ‘blue ocean’ strategy.”
Blue Ocean Strategy is a term coined by marketing theory authors W. Chan Kim and Renée Mauborgne to address the potential of companies to create their own market spaces that they can capture and control free of competition, as opposed to defined industry “red ocean” parameters, in which companies bloody each other as they compete for available market share (http://nnw.fm/2j1IW). Sharing Services’ strategy involves melding key components of its subsidiary holdings to implement the company’s direct selling mission.
The 10K filing shows the success of the company’s approach. After beginning as a travel media entity specializing in ride sharing, mobile applications, relationship marketing, group travel programs, brick-and-mortar travel agencies and vacation funding (http://nnw.fm/3nNJQ), SHRV expanded its potential with the introduction of its larger range of opportunities for independent representatives — particularly as it began building its health and wellness market for Elepreneurs, enhanced by a recent joint venture agreement with Health Wealth & Happiness Limited (“HWH”) that anticipates market openings throughout Asia.
The newly formed “Elepreneurs Asia Limited” is set for a soft launch later in 2018, and, in June, Sharing Services announced that its wholly owned subsidiary, Elevacity Global, LLC, will launch its product line in Australia and New Zealand this year.
SHRV’s gross sales doubled their year-over-year volume in February, rising to $2.4 million. In April, the company reported a record $3.5 million in monthly revenue and closed out that quarter reporting that the company brought in $8.3 million dollars over the first five months since launching its health and wellness products on December 13, 2017.
In 2017, worldwide direct selling brought in $189.6 billion in estimated retail sales, which was a 1.6 percent increase over 2016 and marked a CAGR of 3.7 percent during the three preceding years, according to Direct Selling News (http://nnw.fm/4XKiY).
According to the report, markets in 24 country reached sales of more than $1 billion in 2017, with Ecuador becoming the newest addition. Similar emerging markets are capturing an increasing share of total world sales from more technologically advanced markets, but the United States and China remain the top two countries ranked for market size. China’s three-year CAGR is seven percent, continually outpacing growth in the United States and giving it the potential to become the largest direct selling market in the world in the near future, justifying Sharing Services’ reach into the Asian region.
For more information, visit the company’s website at www.SharingServicesInc.com
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