Power Buy to capitalise on appliances
Power Buy Co Ltd, Thailand’s leading retailer of electrical appliances, vows to double its investment next year to 650 million baht to capitalise on promising domestic electrical appliance prospects.
President Laurent Pauze said of the total investment, about two-thirds will be used to renovate existing stores and open new Power Buy stores, while the remaining budget will be spent on IT systems and supporting the company’s omni-channel development.
The company plans to open 10-15 new Power Buy stores next year, up from six new branches this year.
“Power Buy’s market outlook for electrical appliances and electronic goods in 2017 is positive despite flat growth prospects for the whole market,” he said.
The company is upbeat because of the government’s shopping tax breaks, which are expected to boost sales of electrical appliances and technological goods. Other supporting factors include the continued expansion of the residential sector and higher production of electrical goods and electronic devices that feature new technology and innovation at more affordable prices.
Thai consumers want products with modern design that are connected to the internet and make their life more comfortable, said Mr Pauze.
He predicted the better outlook for electrical appliances will continue to next year.
Mr Pauze said the company expects its sales to grow by 10% to 18.78 billion baht next year, driven by new stores and omnichannel shopping.
Customers are eligible to use an online multi-function self-service kiosk to experience digital-platform shopping while searching for information on a variety of the company’s products, he said.
Customers in more than 10 branches across the country are able to use the online kiosk, while the company plans to expand the number of online kiosks to cover all 92 Power Buy branches by the end of this year.
The company started offering online shopping at Power Buy six months ago.
“We are quite surprised with Power Buy’s online growth after the store combined its online and offline platforms to facilitate seamless shopping,” Mr Pauze said.
The company expects sales of Power Buy online shopping to contribute about 5% of the company’s total sales next year, and will increase to 10% within 2020.
“Power Buy will no longer be a store that only sells electrical appliances and devices. It is moving ahead in developing total solution services to customers,” he said.
Sales of Power Buy are expected to reach 17.08 billion baht in 2017, an 8% growth compared with 2016.