BANGKOK (IndoTelko) – N-Squared eCommerce (NSQ) plans to expedite its current presence in Malaysia, Singapore, and the Philippines, while opening new markets like Vietnam and Indonesia by the end of 2019.
NSQ generated 735 million baht in revenue and recorded its 2018 year-end profit of 37 million baht, registering a compound annual growth rate (CAGR) of 246% since 2015. The company is confident that its value in Thailand alone will exceed 1.4 billion baht this year.
Nuttapon Boonpinon, Managing Partner, N-Squared eCommerce Company Limited, said, "The e-commerce market in ASEAN still has a significant opportunity for growth. Currently, e-commerce sales account for only 3% of the overall retail market, compared to China's 30% and the United States' 10%. Hence the tremendous growth opportunity for ASEAN markets. Moreover, one of the main drivers of the current growth is due to the rapid expansion of various eMarketplaces in the past three years."
N-Squared eCommerce is committed to developing proprietary tools and technologies made for the ASEAN markets, including having an omnichannel ERP system that streamlines order fulfillment, stock management, and customer database across multiple platforms. The company also uses big data to understand consumers' behavior better and facilitates decision making on things like promotional mechanics, product bundling, demand forecasting for mega campaigns, or online advertisement targeting.
Social Commerce, or shopping on social media like Facebook, Instagram, and Line, is also on the rising trend, accounting for 51% of the total online sales. We wanted to capture this opportunity and began developing an AI Chatbot solution with end-to-end fulfillment capabilities early in 2019. From our initial testing, our Chatbot has performed extraordinarily well, having sold more than 200,000 orders in less than six months just from selling our house-brands products alone. Given its potential, we look forward to scaling our Social Commerce solution to our current and prospective brand partners, introducing it as a new sales channel.
Nuttapon explained, “I started as a regular online seller with 29 orders on my first month. Since then, I have persevered through and created a household brand name, “HomeHuk,” a leading online-native home & living products brand in Thailand with more than 1,000,000 customers. With this experience, and having sold the most item on Lazada in 2016, I founded N-Squared eCommerce to manage and sell products of leading Thai and international brands. With our accumulated experience, I believe N-Squared eCommerce is now an expert in selling through various online channels and that we operate at the highest efficiency.”
For the expansion plan into the ASEAN market, N-Squared eCommerce has been entrusted by multiple leading brands in the region to manage their online distribution channels. Further leveraging our category knowledge, online commerce experience, technology, and systems to the new markets through our international subsidiaries. The company also sees an excellent opportunity to expand its house-brand, HomeHuk into a regional brand.
“We are on track to more than double our business to over 1.4 billion baht this year from Thailand alone. We are also proud to be able to do this with a sustainable and profitable business through our innovation in technology and effective human resource development. N-Squared eCommerce is ready to be a leader in online distribution and as a turnkey e-commerce solutions provider in ASEAN,” Nuttapon concluded.(es)