Its flagship product, the Nutrilite series of supplements, was the greatest contributor to its overall sales.
It said that the success of its product differentiation strategy, its new incentive scheme, and the use of digital tools, were the key factors fuelling growth.
For instance, the company has introduced an upgraded version of the Nutrilite Double X Phyto Blend of vitamins, minerals, and phytonutrients.
‘Amway Thailand continues to grow with sales expected to exceed our target of 20 billion baht. Thanks to our strategic aim at the people who are young at heart through product innovation and business opportunity, our leadership in health and beauty keeps on,’ said MD Kittawat Ritteerawee.
Into year 2020, he said the firm would focus on developing personalised products, fine-tuning its brand communication to engage the younger generation, and growing its pool of Amway Business Owners (ABOs).
CORE PLUS
In fact, the firm is hopeful of achieving sales of 30 billion baht (US$996m) in the next five years.
In September last year, it launched CORE PLUS+, a new incentive scheme which provides a greater income for ABOs.
The scheme, which enables committed ABOs to enjoy ‘20% to 30% more income’, has boosted new ABO signups by 30% in September and October last year, according to Kittawat.
Social-commerce
Adapting to new consumption patterns, the firm has been exploring social commerce to engage more consumers.
This is also in line with Amway’s global strategy, as announced by the company during its 60th anniversary celebration last year.
“We continuously develop digital tools that coincide with modern-day behaviours of the consumers and equip our ABOs with social media skills for business, focusing on Amway products as part of consumers’ lifestyles,” Kittawat said.
Bangkok Post reported that the firm has set up a digital department and budgeted 100m baht (US$3.3m) for digital expansion.
The local media added that the firm has put in place a 10-year vision to transform its operations to social selling.
Globally, China is Amway’s biggest social commerce market.
According to the firm, in 2018, 70% of the sales from China were made through mobile orders.
Elsewhere in India, the firm has also adopted a ‘digital first’ approach, where e-commerce accounted for almost 35% of the firm’s revenue in the country.