IT retailer JIB Computer Group has embraced corporate blockchain technology as it pushes its utility token JBC coin to serve as a new marketing tool and draw the interest of younger generations.
The firm also aims to launch an initial public offering (IPO) by the third quarter of this year.
"For this year, JIB will pursue sustainable growth, reach out to more customers, increase online sales and go beyond the IT business," Somyot Chaowalit, chief executive of JIB, told the Bangkok Post.
The company is investing 10 million baht to develop its JBC blockchain network and JBC coin, which can replace JIB reward points as a new loyalty programme, he said.
"We want to replace reward points with JBC coin by the first quarter," said Mr Somyot.
The use of blockchain technology and virtual coins allows users to transfer coins peer-to-peer, which supports usage flexibility while serving as a marketing tool for JIB, he said.
The JBC coin, which is not listed on an exchange, can be used to support JIB's business ecosystem.
The use of JIB's existing loyalty points is limited as they cannot change hands and sometimes people do not have enough points to redeem for rewards, Mr Somyot said.
"Our coins can be used in a promotional campaign as discounts or to obtain exclusive items," he said.
"Corporations may purchase the coins and give them to target users to buy their products or to be used as discounts."
JIB plans to open 28 new IT product stores this year, bringing the total to 180, Mr Somyot said.
The company wants online revenue to increase from 20% to 25% of the total this year, though physical stores remain important as a service space for customers, he said.
JIB also plans to sell tailor-made gaming desktops via online channels.
Users can pick them up at the stores or have them delivered to their home, said Mr Somyot.
Gaming desktops are a growing segment as gamers tend to upgrade to new devices every 1-1.5 years, compared with 2-3 years for other desktop categories. These desktops can also cater to streaming users and content creators.
He said JIB wants to launch an IPO by the third quarter, with shares traded either by year-end or early 2024.
If the stock market appears unstable, the IPO could be postponed, said Mr Somyot.
The IPO will help JIB to open shops specifically selling smartphones, which is a sizeable market. Around 30-50 of these shops are expected to be opened in the first year.
The company aims to grow its revenue by 15% this year from 9.5 billion baht in 2022, he said.
The "Shop Dee Mee Khuen" tax rebate scheme is expected to help drive sales, said Mr Somyot.
Last year JIB posted a 15% drop in revenue, in line with a weak economy, as consumption sagged from the second quarter.
The decline followed strong growth during 2020-2021, when demand for computers for remote work and online study drove up sales.