A series of innovations such as digitalizing retail infrastructure, upgrading user experience, etc. helped Masan reap many positive numbers.
In 2023, as predicted, consumers will be more cautious in spending due to concerns about the economic outlook. Clearly identifying the challenges and opportunities of consumer trends, Masan has implemented many activities to meet the needs of each customer group. Digitalization activities help businesses reduce at least 10% of hidden costs, increasing the number of Win members to 8 million in 2023.
Digitalizing retail infrastructure
Recognizing the challenges and opportunities of consumer trends in a difficult economic context, Masan has expanded and renovated hundreds of mini supermarkets in rural and urban areas. This work is based on Big Data on consumer and retail preferences to select product groups suitable for each location and store model.
WinCommerce warehouse staff check the automatic goods sorting system. Photo: Masan Group
Specifically, the company has deployed the WinMart+ Premium store model, a high-end supermarket with many new shopping experiences, located in prime locations in large cities such as Hanoi and Ho Chi Minh City. This model targets customers with high income, high education, and busy lives, so it requires many needs at the same point of sale. In parallel, aiming to serve a diverse customer group, this unit also launched the WinMart Urban model in bustling urban areas, and WinMart+ Rural in rural and suburban areas.
Accordingly, the performance of Masan's store models was clearly shown in the company's financial report for the third quarter of 2023. Specifically, WinCommerce's net revenue (a member company of Masan Group) increased by 2.1% in the first 9 months of 2023 and 3.3% in the third quarter compared to the same period thanks to the opening of new stores.
Personalize service, Win member user experience
After much research on increasingly sophisticated customer shopping behavior and psychology, in January 2023, Masan began implementing the Win Membership program. To date, the program has attracted over 8 million members, playing an important role in Masan's digitalization strategy, serving as a platform to connect businesses and consumers.
Staff introduce membership program to customers. Photo: Masan Group
The program, with many improvements, helps consumers receive more value for their basic daily needs while businesses also receive valuable input information to build and optimize products and services to meet the desires of each customer. In addition, Masan also develops the Win AI application through the "Smart POS" system at the store. This system supports cashiers to give appropriate and individual advice to each customer to enhance their shopping experience.
According to the management, Win AI will contribute to changing the business operating model, from supply-oriented to demand-oriented business, helping to reduce at least 10% of hidden costs.
"Go global" by understanding consumers
According to the management board, in 2023, Masan will put into operation a customer understanding center in Ho Chi Minh City to capture the constant changes in the needs, behaviors and tastes of customers in the South.
The center operates on the principle of simulating real life in households so that consumers can contribute ideas to product development, brand building and the formation of successful business models. The simulation model will be organized with the help of experts from Spain in the first period. Data from the simulations will help Masan accelerate strategies, continuously bringing new products to domestic and foreign markets.
In 2023, Masan Consumer will promote the "Go Global - Bringing Vietnamese brands to the world" strategy, aiming for two important goals. One is to contribute 15% of revenue from international business activities by 2027. The other is to develop Chin-Su - Vietnam's leading spice brand, to become an international brand bringing Vietnamese spices to the world.
Chin-Su Chili Sauce has conquered the Japanese market for more than 4 years. Photo: Masan Group
In a year of focusing on the "Go Global" strategy, the Chin-Su brand of this unit has achieved positive results. In March 2023, during its launch at Foodex Japan, the Chin-Su seasoning set immediately took the "spotlight" and attracted diners from the land of cherry blossoms. Just over a month after the event, the seasoning set was on the shelves of Japanese supermarkets and received support from the people and high praise from culinary experts. After Japan, in May 2023, the products continued to "sweep" Seoul Food and attracted the attention of Korean people.
Through digital technology-based business strategies, Masan not only creates maximum value for consumers but also for company shareholders through positive business results.
Thai Anh
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