CONSUMERS have become familiar with buying their goods through digital-lifestyle stores as more of them join the digital-lifestyle trend and adopt digital products into many aspects of their lives.
Aiming to take advantage of this trend and further build its leading position in Thailand’s digital-lifestyle retail sector, Copperwired has plans to grow 15% from last year’s 3 billion baht (RM386.8mil) in revenues.
The company has a strategy to maintain the growth of its retail stores under their three brands – iStudio, iBeat and DotLife. They also aim to increase the growth of their online channels Dotlife.Store and MustLoveMac.Store to fulfil their customers’ shopping journey, and expand their digital solutions arm to serve corporates along with small- and medium-sized enterprises.
Papavee Vitchupreecha, retail director of Copperwired, said the company will increase its own brand-shop, DotLife, to 24 branches in 2019 and 30 branches in 2020. The investment cost per branch starts from 10 million baht to 30 million baht depending on the size.
DotLife is positioned as a shop that allows customers to closely experience digital lifestyle products before buying.
The company has a total 5,000 stock keeping units (SKUs) from 200 brands to sell through physical branches and online channels. The highest growth categories are sports and health, along with smart home products.
“Consumer adoption of digital lifestyle products is going very well. They are more concerned about product quality and service rather than prices and promotion, and that helps increase our revenue growth,” said Papavee.
Apart from iBear, Copperwired also operates digital lifestyle retails under another two brands – iStudio and iBeat. iStudio is an Apple premium reseller while iBeat is an Apple authorised reseller. Both iStudio and iBeat sell only Apple products and accessories related to Apple products, through six iStudio and nine iBeat stores.
The iStudio and iBeat stores offer the same concept but with different sizes, with iStudio boasting at least 180 sq m while iBeat has at least 100 sq m. Moreover, the company has four iServe shops operating as Apple authorised service centres, she notes.
Laksawat Rienjaroensuk, the Copperwired product manager, said DotLife is the leading digital lifestyle store in Thailand, with a distinguished product variety and unique offering of a hands-on customer experience environment as well as well-trained staff.
“The variety of interesting products are the key success factor for DotLife, therefore product sourcing is our key challenge to success,” said Leksawat.
“We have over 200 product brands sourced by Copperwired and its subsidiary company Koan, which is a digital and technology distributor. We are always looking for new and trendy products to offer through our stores.
“Of the 5,000 SKUs, some are new that we added in, some, we deleted from the catalogue and do not sell anymore. We always have new products to add into our product portfolios.”
He said Copperwired started its online stores as an Apple authorised online reseller, with the aim of supporting the company’s omni-channel strategy to facilitate customer experience in the online-to-offline shopping journey.
“For one and a half years, we have operated online stores, and the latest revenue as of December 2018, has increased 1,000 times from day one,” said Laksawat.
Moreover, the company this year plans to expand to provide digital solutions for corporates and SMEs, in addition to private residences such as condos and villages.
It targets to gain 50 million baht in revenue for 2019.
This year, the company also plans to utilise its database of 500,000 members to create precise and personalised marketing to individual customers.
“We have collected a customer database over three years now and have 500,000 members. We had a trial of customised electronic direct marketing to them and found that we had a 40% ‘opening rate’, which is a huge ratio. So, this year we will focus more on using our customer database to do precision marketing,” said Papavee.
She said that because digital products are now blended into people’s lifestyles, consumers have adapted well. They love the experience of trying new products, and prefer an online-to-offline shopping journey when buying digital products. — The Nation/ANN