Nu Skin cuts prices to lure customers
Social media sales part of Thai strategy
Nu Skin Enterprises (Thailand), the USbased direct sales company, is making some product items more affordable to attract a wider base of customers and boost its sales growth this year.
Vipada Tangpakorn, the company’s general manager, said it plans to cut prices of some products by 40-50% in the short term to spur consumer shopping, while launching skincare products such as Nu Skin Glacial Marine Mud in a sachet to lure more customers.
Beauty products are to be offered at more affordable prices and sold online.
“We are confident of the bright future of Nu Skin Thailand after gearing towards social selling,” said Ryan Napierski, president of Nu Skin Enterprises in the US, during his visit to Thailand recently.
Social media sales is among three key elements the company wants to focus on to drive its long-term growth. They include engaging social platforms, enabling products and an empowering programme to continue driving its global revenue growth by 7-9% this year from 3% last year.
Nu Skin’s revenue in 2018 is expected to reach US$2.44-2.49 billion, up from $2.28 billion in 2017. Southeast Asia was third in global sales contributions after China and South Korea.
“We have high expectations from Thailand. We believe Nu Skin here can grow according to plan because the digital platform will make work more efficient,” Mr Napierski said.
He said although there are huge opportunities in new countries, Nu Skin wants to focus on the 50 countries where it already has a presence, with particular attention to the personal care and food supplement segments because there is significant consumer demand.
“Nu Skin is in a blue ocean market. We don’t have direct competitors as our parent company continues to develop products using unique technology,” said Mr Napierski.
Direct sales is a person-to-person business and more responsive to consumer needs, but retail business can be easily disrupted by new technology, he said.