RS Mall : Innovation Co-Development with Suppliers
The COVID-19 crisis has driven changes in people behavior around the world especially the online shopping behavior of consumers while Thailand is one of the highest growth countries which is a good sign for the country to move towards digital economy.
Despite high growth for overall online shopping, a large number of operators both old and new have entered the market with discounted prices and sales promotions to attract demand to their channels. Therefore, unique selling points and differentiators from innovation and new technology are considered important alternatives for operators to create new experience and enjoyment for customers during their shopping.
The Company jointly develops innovation with high-potential suppliers like AIS 5G who is a digital life service provider and the expertise in providing 5G mobile network using AR (Augmented Reality) technology and VR (Virtual Reality) technology to create fresh shopping experience for customers. Under this collaboration, V-Avenue.Co was launched as an e-commerce platform in the format of the first virtual mall in the world under 12-month development period to bring 5G technology and VR technology together with simulations of real shops to offer new realistic 360 degrees shopping experience comparable to physical shopping of products and services in department stores.
To attain sustainable business in the long run, only quality products that address needs of consumers might not suffice but it requires partners with high-potential technology and innovation to drive business further. This is the strength of V-Avenue that the Company co-created with its business partner with a shared vision to drive the country towards digital economy in the future.
Note that the number of visits to V-Avenue.Co virtual mall since it was opened in May 2021 until the end of 2021 stood at over 3 million people. This is considered a success resulted from collaboration of leading partners to enhance e-commerce business potential of the Company. Roles of digital technology especially virtual reality or VR are important tools to drive commercial technology in the future. (Source : https://thestandard.co/ais-5g-v-avenue)
This co-development of innovation is according to the growth strategy of the Company to focus its product distribution on online platforms. As a result, at the end of 2021, revenue from online channels grew 3% from the previous year and accounted for 9% of total revenue of commerce business compared to the target proportion of revenue from online channels in 2021 of 10% of total revenue from commerce business.