To develop unlimited products and services for commercial clients under its “Going Upside Down” strategy, Siam Commercial Bank has teamed up with Villa Market JP Co Ltd to launch two digital platforms for Villa clients: the VPlus Wallet application and shoponline.villamarket.com.
The new business model jointly developed by both organisations has the common aim of reshaping retail businesses, particularly the supermarket segment, to cater to the lifestyles of all consumer groups and boost efforts toward achieving a cashless society.
SCB corporate banking head Wasin Saiyawan said the current business strategy adopted by the bank is to help develop and support client businesses whenever there is an opportunity to enhance their competitiveness. From now on the bank will not just focus on loan support or financial transaction services, Wasin said.
The move was in line with the government’s policy of boosting Thailand’s transition to a cashless society, the SCB chief added. The platforms will provide Villa Market clients with added convenience in purchasing products, accumulating points and exercising benefits under marketing promotions flexibly and effortlessly, Wasin added.
Villa Market would benefit from enhanced sales, reduced cash management costs and increased channels for quick and efficient communications with clients.
Villa Market CEO Pisit Poosanakhom said the cooperative effort would modernise the supermarket's channels to cater to the needs of consumers in the Thailand 4.0 era.
VPlus Wallet is the first Thai supermarket app enabling clients to top up money and accumulate loyalty points for the redemption of benefits, Pisit said.
Shoponline.villamarket.com allows clients to buy goods from Villa Market around the clock and choose to receive the goods through delivery or at the supermarkets.
“Currently, Villa Market has 250,000 VPlus Card members. They are gradually entering into our membership system on the digital platform. We target tapping over 100,000 new card members, adding 20,000 top-up clients through VPlus Wallet, and increasing the number of those shopping via the Villa website by 50,000. It will grow Villa Market’s e-commerce and outlet sales 2018 by 10 per cent year on year,” he said.