LexinFintech Holdings Ltd. (“Lexin”) (NASDAQ: LX), a leading online consumption and consumer finance platform for educated young professionals in China, is honored to announce that it has been named to Fast Company’s prestigious annual list of 50 Most Innovative Companies in China for 2020 with its membership platform Le Card.
“As China’s first cross-platform membership service, Le Card brings customized services to young Chinese consumers while integrating privileges and perks from numerous online and offline consumption scenarios,” Fast Company commented.
Launched in 2019, Le Card is a digital membership service offering a wide range of benefits and privileges, including video-streaming services, on-demand delivery services, franchised hotels, cinemas, among many other consumption scenarios, as Lexin steps up efforts to tap the broader consumption market on top of its consumer finance business.
As of September, 2020, Le Card has made nearly 5,000 consumer privileges available to its customers by partnering with over 200 renowned brands, including international names such as Walmart, Alibaba’s Taobao, and Costa.
On the consumer end, Le Card aggregates privileges from various different consumer platforms into a single platform, enabling customers to enjoy perks and discounts across platforms without having to sign up as members for each. Leveraging big data technology, Le Card recommends customized products and services to customers based on their identity, preferences, and spending habits.
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On the merchant end, Le Card enables vendors to adjust their operating strategies in a more timely manner based on its data insights, and enables merchants to enhance their operational efficiency and improve sales growth.
Dadi Cinema, one of China’s largest movie theater chains, has seen the number of its members grow by 108% on a month-on-month basis at its locations that partnered with Le Card, an increase that is significantly higher than the locations without the Le Card partnership. During China’s 2020 eight-day National Day holiday, the number of new members signing up for the Le Card-Dadi Cinema joint membership card increased by 60% year-on-year.
Data shows that Le Card members purchase 52% more frequently than non-members on a monthly basis, which mirrors the statistics disclosed by international peers. According to Business Insider, about 40% of Prime members spend more than $200 on Amazon over a 90-day period, as compared to 13% of non-Prime customers.
50 Most Innovative Companies in China is Fast Company’s signature franchise and one of Fast Company’s most highly anticipated awards of the year in China. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy in the country.
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