By Jirapan Boonnoon
The company also expects to generate revenue growth of over 100 per cent by the end of this year and take in Bt2.5 billion next year.
Nuttapon Boonpinon, managing partner at N-Squared eCommerce, said that the expansion plans for Indonesia and Vietnam would build on its operations in Malaysia, Singapore, the Philippines and Thailand.
“I think that Indonesia and Vietnam have high potential for growth for the running of an online business. The firm therefore will join hands with local partners to develop online shopping to support the market,” said Nuttapon.
He said that the firm now distributes products from more than 60 brands with more than 20,000 items. Around 30 per cent of the product items are from its own brand, with the rest from partners brands such as Tefal, Kleenex and Huawei. The firm expects that next year it will have over 100 partner brands. The firm now has more than 1 million shoppers using its HomeHuk platform.
The firm offers products to the market via https://nsquared.asia under four main categories: home and living, home appliances, health and beauty, and others such as sports and food and beverage products.
“The e-commerce market in Asean still has a significant opportunity for growth. Currently, e-commerce sales account for only 3 per cent of the overall retail market, compared to China with 30 per cent and the USA at around 10 per cent,” said Nuttapon.
To support e-commerce market, the firm has also developed proprietary tools and technologies made for the Asean market, including having an omni-channel, enterprise resource planning (ERP) system that streamlines order fulfilment, stock management, and customer database across multiple platform. The firm also uses Big Data to understand consumers’ behaviour.
He said that the firm by the end of this year expects to generate revenue of around Bt1.4 billion, marking growth of around 100 per cent from last year. In 2020, the firm expects to reach revenue of Bt2.5 billion.