Central Retail Corporation (CRC), the SET-listed retail arm of Central Group and the country's biggest mall operator, vows to raise the bar in terms of its retail competitiveness next year, particularly through the omnichannel platform.
Nicolo Galante, the company's president, said on Wednesday the company wants to become Thailand's No.1 omnichannel platform for lifestyle brands.
It plans to double the number of product offerings via online channels to 2 million items in 2021, and expand to 2-3 million items in 2022.
In addition, the company plans to launch Central App, a shopping application that puts all of Central Group's business units under a single omnichannel platform.
Customers of Central, Robinson department store and PowerBuy will be able to shop using a single application by next March, with Supersport, B2S and Tops to be added in 2022, he said.
The company intends to elevate customers' unique omnichannel experiences by combining the best in offline and online shopping and by increasing the number of new sales channels.
"Using new business strategies, we expect to be able to boost our omnichannel business to grow much faster in 2021 and be stronger and better in terms of profitability," Mr Galante said. "We want to become No.1 in omnichannel shopping for lifestyle brands."
Omnichannel is a new way of doing business, and he believes many retailers will adopt this strategy.
Customers can use the omnichannel platform both in-store and via the online channels of the PowerBuy, Supersport and Thai Watsadu business units.
Roughly 50% of fashion-related items from Central and Robinson department stores are available via the omnichannel platform.
Mr Galante said 3% of Central customers used the omnichannel platform in 2019, with the number expected to increase to 10% this year. With active promotions for the platform, the company expects the ratio of customers shopping via omnichannel to increase to 15-20% next year.
He said consumers have become even more discerning in terms of how they use their time and money, becoming more important, with mobile phones seen by customers as a key tool in this optimisation.
"CRC is reinventing businesses, combining the advantages of using mobile phones with the leverage of the stores," said Mr Galante.
Central's omnichannel business recorded a minimal loss last year, but should start making a profit next year, he said.
Mr Galante said the pandemic has hit the overall retail business hard because of the temporary loss of international tourists.
The coronavirus situation also accelerated a shift towards more online shopping.
CRC experienced 300% growth in its digital sales during the second quarter this year, Mr Galante said.
To address the current challenges, CRC wants to revisit and reinvent its business in light of shifting lifestyles and trends in shopping.
The company aims to adapt even more quickly than it had planned to previously, Mr Galante said.