MEAN WELL Launches Incentives Program To Stimulate Industrial Economy
Aiming to spur economic recovery, Taiwanese power supply provider MEAN WELL is launching a new rewards incentive program for its partners.
To stimulate industrial growth in the COVID-19 pandemic, MEAN WELL will issue credits on purchases made by its distribution partners through the end of this year. The Taiwan-headquartered power supply manufacturer has over 200 authorized distribution partners around the world, according to its website.
The promotion period runs from October 1, 2020, to December 31, 2020. The rewards model is as follows:
- MEAN WELL’s customers will receive a 3% credit on purchases made in the fourth quarter of 2020. Companies must publicize proof of participation and agree to pass the discount on to their customers.
- MEAN WELL will issue a 20% credit to companies that have increased their amount of purchases in Q4 2020 from the same time last year.
- MEAN WELL will credit 50% towards purchases on new models bought after September 30, 2020.
For its part, MEAN WELL and its branches will contribute 3% of Q4 2020 sales revenue to the program and donate the remaining unclaimed reward balance to a local charity.
In announcing the “Stimulation Plan” program, MEAN WELL stated that it aims to apply the “power of stability” to assist economic recovery in the power supply industry, and it encourages other companies to join and promote the effort.
Since January 30, MEAN WELL Group has provided near-weekly coronavirus updates across all of its branches worldwide. In addition to its global headquarters in New Taipei, Taiwan, the company has branches and sales offices in China, the U.S., and the Netherlands, as well as four production facilities in New Taipei City and in China’s Suzhou City and Guangzhou province.
In the latest COVID-19 update, dated September 29, the head of MEAN WELL’s Taiwan headquarters stated that operations are continuing with a new assembly line opening in October. MEAN WELL Taiwan Associate General Manager Alex Tsai added that with orders from mainland factories, the headquarters operation has “begun to quickly replenish inventory in October, in response to the Q4 market demand and rapidly increasing the two-day delivery rate.”
Global COVID-19 cases surpassed 34 million on October 1, with more than 1 million total deaths. As reflected in recent earnings trends, the power electronics industry at-large is slowly recovering from a steep drop in sales and supply chain production, particularly in the automotive market.
On the marketing side, MEAN WELL has found creative ways to showcase its AC/DC power supply products, DC/AC inverters, DC/DC converters, battery chargers and LED drivers for industrial, medical and building automation applications. With in-person trade shows canceled or postponed, MEAN WELL hosted an "always-on" virtual expo in September to showcase new products and promote its existing power supply lines.
Historically, MEAN WELL’s combined revenue has trended upward in recent years, from $783 million USD in 2016 and approximately $774 million USD in 2017 to just over $1 billion USD in both 2018 and 2019.