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VeChain partners with coffee brand heavyweight to track products – Will VET price explode?

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27
Oct

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  • YongPu will use the VeChain technology to carry out channel management for its products line.
  • YongPu believes adopting the VeChain technology will significantly improve consumer participation and trust.

A leading domestic boutique coffee brand in China, YongPu, has reached out to VeChain technology for a partnership in carrying out commodity traceability and channel management for its whole line of products. By adopting the VeChain technology, YongPu coffee can introduce new ways to manage consumer goods and channels.

According to multiple data, China’s coffee market is currently worth about 100 billion Yuan. However, experts predict the market will have a more than 1 trillion Yuan valuation within the next three years. The analysts also expect that the market will have a 27.2 percent year-on-year increase.

Related: VeChain is the future of China’s Retail Consumer Brand Digital Summit for companies

The recent boom in China’s coffee economy has caused a rise in its market size. It has also caused the emergence and rapid development of new coffee brands. Many new consumer brands have discovered that they can have effective supply chain management when they control their raw materials and the supply chain.

YongPu founder, Tiepi, commented that the foundation of any consumer brand is a solid supply chain and good products. Hence, YongPu is usually involved in all aspects of production (sourcing and processing raw materials, packaging, and distribution.

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Tiepi added that the coffee brand is adopting the VeChain blockchain technology to improve the downstream of the supply chain further and strengthen the management of online and offline sales channels. He further explained that the company would upload data it collects from various stages of production to the chain using the VeChain blockchain technology.

Thus, it can integrate each aspect of product circulation. These stages of production where the company collates data include sourcing and processing of raw materials, warehousing, distribution, logistics, transportation, market inspection, shipping, and delivery to end users.

YongPu believes that uploading this data to the VeChain blockchain technology will prevent the smuggling of goods and confusion in the price system.

Better consumption experience

The YongPu founder also said adopting the VeChain technology will make the brand more trusted by its customers. Also, it improves customer participation and makes marketing operations more open and transparent.

Thus, the company can develop a new way of consumer interaction (if necessary) based on the feedback from these consumers’ participation. Meanwhile, VeChain is about to break out, having stayed in consolidation for about six weeks.

However, it will continue to test the horizontal support and resistance before this breakout happens. It is worth mentioning that the VeChain price is facing a massive decline in on-chain activity based on transaction volumes.

According to Santiment data, transaction volume on VET tokens worth $631.55 million was recorded back in May 2022. However, the transaction volume has declined significantly since then. Only 35.34 million VET tokens have swapped addresses this month.

Thus, there is a diminishing chance for a VeChain price recovery. Nevertheless, the latest Coinmarketcap data shows that the VET token’s price is up 0.39 percent in the last 24 hours and trades at $0.0234.

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