Haier (Thailand) Co, the manufacturer and distributor of Haier home appliances, wants to double its domestic sales to 16 billion baht in three years.
To achieve this lofty plan, the company divided its business unit into four brands to provide clear services to each customer segment.
The Haier brand serves general customers, while the Yudee brand caters to consumers who prefer monthly instalments. The Candy brand targets Gen Y and Gen Z customers.
The fourth brand has not been disclosed as the company plans to launch it in the second half of this year.
"No matter the economic condition of the country or whether there is a pandemic, we will continue to invest in Thailand, which is Haier's strategic country," said Zhang Zhenghui, chief executive of Haier Southeast Asia.
In 2022, Haier plans to spend 330 million baht to expand the production capacity of air conditioners at its Prachin Buri factory to serve original equipment manufacturer brands from the US and Vietnam.
Moreover, the company increased its marketing budget to 850 million baht this year to promote its business, up from 650 million in 2021.
Voraluck Napawongse Na Ayudhya, head of the Yudee brand for Haier Electrical Appliances (Thailand) Co, said the company created a new business model called "Yudee Live Life Smarter", a 0% financing deal for buyers of Haier home appliances who do not want to pay a lump sum upfront.
The Yudee application platform was launched after the company started providing monthly hire-purchases for Haier air conditioners two years ago via its "smart sharing air-conditioner project".
The project has been moved to the Yudee platform, where more product items in different categories such as refrigerators, washing machines, freezers and TVs are available via hire-purchase.
Products sold via the Yudee platform have a "more premium status" than regular Haier items, said Mr Voraluck.
All products that are part of the financing deal are Internet of Things products, he said. Consumers can control repayments by fixed monthly instalments via Yudee.
Mr Voraluck said customers without a credit card can make purchases regardless of their occupation. Approval is free when applying for the Yudee financing deal the first time.
Thanes Bin-a-sun, chief operating officer of Haier Electrical Appliances (Thailand) Co, the marketer of Haier electrical goods, said Haier wants sales to reach 10 billion baht this year. Of that total, 4.33 billion baht is from air conditioners, 2.04 billion from refrigerators, 450 million from commercial air conditioners, and the remainder from washing machines, freezers, TVs, compact home appliances, water heaters and cooking appliances.
Mr Thanes expects overall sales of home appliances in Thailand in 2022 to grow by 10%, from 150 billion baht last year.