Epson Thailand, the local operating unit of the Japanese printing technology firm, has outlined five strategies to ensure sustainable growth.
The strategies are new S-curve, new target, new business model, new service and new experience.
The company expects the strategies to increase the contribution from the corporate market segment to 50% of total revenue by 2025, up from 35% now, amid a decline in consumer printing.
The consumer segment currently accounts for 65% of total revenue.
Yunyong Muneemongkoltorn, managing director of Epson Thailand, said the company aims for 10% growth in fiscal 2023, which begins in April, after posting 10% growth the past three years.
Under the S-curve strategy, the company recently introduced the WorkForce Enterprise AM series high-speed multi-function inkjet printer with heat-free technology as the highlight. This model consumes a moderate amount of power and requires low maintenance.
"In Thailand we decided to terminate the sale of laser printers by year-end, but we will still sell ink supplies for the next five years as we believe inkjet technology will help customers reduce their costs and it can be environmentally friendly," Mr Yunyong said.
Other promising products for the company include commercial and industrial printers, direct-to-fabric printers and high-brightness projectors, he said.
The new target strategy refers to Epson's plan to capitalise on its wide range of product models.
The company's high-speed inkjet printers, which are positioned as alternatives to office photocopiers, should enhance the product lineup and boost sales opportunities, said Mr Yunyong.
Epson plans to roll out a new service based on its "Print AnyWhere" concept in the near future.
Designed to support consumer behaviour during the post-pandemic period and the growing trend of hybrid work, the service aims to make it more convenient for people and organisations to print from various locations, such as the head office, co-working spaces or coffee shops.
The service allows customers to print documents from any Epson device in its network via the cloud, he said.
"In this mode, users can order a print job and pick up the documents from anyone who has an Epson printer. The service can generate money for the owner of the printer," said Mr Yunyong.
"We're still in discussions with partners and preparing the payment gateway to serve the Epson iPrint AnyWhere service. Thailand will be the second country for the launch of the service model after Singapore."
He said this service and the subscription model are crucial for ensuring recurring revenue, helping to offset a decline in hardware sales in the consumer printer market.
According to research house GFK, Thailand's printer market value contracted 5% in 2022 to 2.8 billion baht, with sales dipping 8% to 717,000 units, mainly attributed to the decline in demand for printing.
Mr Yunyong said this year the Thai printer market could grow 2-3% or contract 2-3%, with a six-percentage-point swing.
Epson Thailand plans to open its new solution centre for product demonstrations in the third quarter this year, he said.
The company also wants to increase the number of its business-to-business service centres from 122 to 130 this year, in line with its expansion to provincial markets, said Mr Yunyong.