Moshi Moshi Retail Corporation (MOSHI) has envisioned a robust growth in lifestyle retail business in the post-pandemic economic recovery.
The company, which runs the Moshi Moshi store chain, believes it is well positioned to tap the rebound in demand spurred by the end of the Covid-19 restrictions, the tourism recovery and economic stimulus packages.
The outlook for the country's lifestyle retail sector, that deals with the likes of small computer and mobile gadgets, small home appliances, bags and daily-use items, is for an average annual growth of 20.4% in the five years to 2026.
According to Frost & Sullivan, the leading research and consulting company, several positive factors triggered by improved Thai economy are expected to enhance retail spending particularly the lifestyle retail business.
MOSHI is cashing in on the market revival to build on its leadership in this particular segment, the position it has held since 2019 with a market share rising to 37.6% in 2021.
MOSHI also has the largest number of stores of its kind in Thailand, covering 41 provinces with up to 100 stores operating as of 30 June 2022.
MOSHI Chief Executive Officer Sanga Boonsongkor said there is dynamism in this lifestyle retail business that builds around quality and design at an affordable price to respond to the needs of daily life.
MOSHI started in 2016 as a lifestyle retailer offering products with value for money in beautiful, modern and diverse designs.
Its stores are decorated with a modern theme and are constantly stocked with new products which always draw customers even during the Covid-19 time.
However, MOSHI had focussed more on online marketing platforms to better suit the market situation by introducing items in strong demand such as face masks and ATK test kits.
Attuning to the market demand has allowed the company to continue to make profit.
The CEO said MOSHI's success lies on the vision of developing products with emphasis on quality, great designs, competitive prices and responding the daily life of customers.
MOSHI's products are also available online through popular platforms such as Shopee and Lazada, as well as pop-up stores located in the central area of leading department stores across the country.
He noted: "We are aware of the needs of consumers who still like to go the store to appreciate what they are buying.
"So, visual merchandise or in-store display is deployed as one of the sales strategies, which helps to enhance the image of the brand and increase the experience of shopping, and therefore boosts the opportunity to sell more products."
There are exclusive products designed specifically for sale in the Moshi Moshi store.
Every month, there are new products introduced to the store to create an excitement for customers when they return to the store and find something new.
Many of Moshi Moshi's products have gained immense popularity and are periodically mentioned on viral social media.
With this consumer response, the company has flourished with increasing number of branches to cover all consumer needs, he said.
MOSHI has pursued the following strategies to reinforce its leadership in Thailand's major lifestyle retail business:
Supharada Rojwattana, Chief Financial Officer of MOSHI, emphasised that the company has attached great importance to product development and design to respond to the needs of diverse customers and trends.
The company focuses on the development and design of new products in a variety of product categories with interesting and unique patterns that come with quality and at affordable price and serving customers' daily requirement.
She said: "We continue to create an impression and increase the shopping experience of customer at the time of economic recovery which encourages the demand for lifestyle products.
"Though the company's revenue was affected by the Covid-19 pandemic, MOSHI adapted its product mix to match the situation.
"And this kind of business agility has continued to allow the company to remain profitable at tough time."
The company believes that from the current economic situation began to unfold in a positive direction with schools are re-opened, the end of work-from-home regime and celebrations at various festivals will lead to growth of the lifestyle retail business, she concluded.