Group CEO Message
Governments globally have witnessed shifts in market dynamics due to the COVID-19 pandemic. During this time, the need for digital connections surged as communities had to remain physically distant. With physical interactions restricted, digital links became paramount.
As we look forward, we harbour both apprehensions and hopes. However, our primary stance is one of preparedness. The challenges stemming from the crisis are palpable.
Adapting to the changing market and leveraging it to our benefit demands rigorous effort. As the market landscape alters, not only is there pressure to steer our perception successfully, but we also need to adopt a resilient mindset to thrive amidst these changes.
As we transition into the post-pandemic phase, we’re acclimating to a novel landscape, but we’re actively strategizing for it. We anticipate that the forthcoming era will:
- Delve into new ventures by aligning with emerging market tendencies, readying ourselves to harness opportunities beyond our conventional business.
- Seek inventive avenues to elevate value for our clientele and associates, while enhancing our product range, efficacy, and tactics.
- Ride a significant digital tide, amplifying our online footprint through product seminars and refining operations via digitization.
It’s crucial to assess the current systems in our regional branches for performance and projected growth, especially to solidify our organizational framework across Southeast Asia. With our expansion vision, we initiated local subsidiaries in Vietnam in March 2020 and Thailand in June 2020, ensuring our strategies resonate with the region’s nuances.
The markets in China and Southeast Asia are distinct, given their indigenous operational norms and service expectations. Factors such as industry frameworks and service quality play pivotal roles. Crafting a region-centric business model led by a proficient management team within each country benefits us, allowing for the creation of market-specific product strategies. Through this approach, we aspire to augment our revenue streams in these markets.
TARGETING EXPANSION IN THAILAND'S MARKET
Our newly established office in Thailand emphasizes the sale of interior decor products and services, encompassing design and construction. With Sangetsu’s expanding market footprint, we’re committed to deepening our reach in the local landscape. Wallpaper, a favoured decorative choice in hotels, is in our purview. We are enhancing our product features, from design and construction to application, to cater to the broader interior design community. Despite the travel constraints imposed by COVID-19, our team efficiently maintained operations through virtual engagements.
REFINE PRODUCT TACTICS FOR EACH NATIONAL MARKET
Goodrich Group traditionally selects prominent product lines at its Singapore headquarters and then introduces them to Southeast Asian nations via its branches. However, we’re re-evaluating this approach, aiming to create sample books for universally popular products within the Group. In every nation, we’ve appointed product development specialists to tailor offerings with higher local appeal. By harmonizing inventory between group-wide and localized products, we aim for efficient sample book utilization.
The revamped sample book, usable across all countries served by Goodrich Group, ensures:
- Streamlined inventory management with common stock across nations.
- Cross-country specification initiatives, formulating products that meet every nation's design criteria.
- Tailored sales strategies per country; for instance, luxury items in Hong Kong and bespoke products in China.
While enhancing our customer and partner relations, we’re also keen on lessening our environmental impact. Our commitment extends to championing social causes in communities where we’re present.
Safety remains paramount; we constantly assess our protocols, ensuring every project meets the pinnacle of safety standards.
Our focus is on meeting the evolving, intricate demands of our clients by refining product strategies, acknowledging each country’s distinct market. As we explore fresh business domains, our core mission remains: to elevate society with our interior furnishing prowess.
To wrap up, adapting to the ever-changing landscape and moving cohesively as a unit is essential. Winning the confidence of our clientele and stakeholders is crucial. With a people-first mindset, we remain devoted to our foundational values: entrepreneurship, teamwork, and unwavering integrity.