Sky Chain, director of Garmin Thailand (Garmin Thailand), smiles and shows white teeth when he hears the question. “Do you think it’s too slow? Who decided to open an office in Thailand after doing marketing for more than 20 years?
After the smile rigged Garmin Thailand insists that no word is too slow. Because since 2000 Garmin’s business in Thailand has been able to firmly expand its market base. And every year there is good growth. Including pioneering key partners such as GIS Company Limited, a CDG group company, I’d like Garmin’s parent company to invest more in Thailand during this time.
The main reason for this additional investment is the increasing popularity of smartwatches in Thailand. Today Thailand has 70 million inhabitants, making it the second largest economic area in Southeast Asia. So it’s not surprising that Garmin will be spending more money to help the brand better reach Thai customers. Including the exponential growth of the business
Using the word “spend money” isn’t ironic. But to illustrate, Garmin is a real bold money company today, as of 2016, where 29% of its sales came from in-car sat navs. The company was able to adapt when market conditions for personal navigation devices (PND) were replaced with smartphones and GPS systems that were fully embedded in cars. As a result, 90% of 2020 sales will be driven by gaming, outdoor activities, fitness, marine, and aviation. Overall, Garmin’s revenue increased nearly 40% from 2016.
It’s not just about the company’s adaptability. But I have to admit that Garmin is taking full advantage of changing consumer behavior. Garmin’s new product has become popular as the company has continued to increase its R&D budget for many years. This makes it even stronger when consumers are more interested in outdoor activities. Partly influenced by the COVID-19 outbreak. This resulted in a further 11% increase in annual revenue growth for Garmin, which posted global revenue of $ 4,190 million, or approximately baht 125,700 million, in the fourth quarter. Garmin’s sales grew by a tremendous 23%.
That growth has caused Garmin not to care about the economic impact of COVID-19. On the contrary, companies have paid off their investments in times of a weak Thai economy. At that point, the director of Garmin Thailand announced with confidence that Garmin products would be eligible for marketing following COVID-19.
*** COVID-19 benefits
Outdoor recreational activities camping, running, diving, and boating. They were popular with consumers around the world before and after COVID-19. This popularity has had a positive impact on Garmin smartwatch sales. Because users can get the most out of the GPS navigation system, the sonar technology detects objects in the water that are not offered by other brands. This involved applying the principles of the running of science, which Garmin insisted on being “no one else,” but Garmin did so until consumers could benefit from a wider range of information.
For example, in the era of COVID-19, Garmin emphasized that the growth potential of wearable devices was recognized in Thailand and that Thais wanted a smartwatch that would act as an incentive and encourage exercise or engage in sports and outdoor activities with the ability to Measure results and closely monitor yourself. The outstanding positive factors in the Thai market are: Consumer trends that are more focused on an active and health conscious lifestyle. This can be seen in the growing number of active activities on the Garmin Connect platform.
Statistics show that Garmin users’ indoor activities increased by 55%, with the most popular activities being indoor cardio and yoga, while outdoor activities increased. More than 25% are particularly high in the golf and cycling segments and are clearly reflected in the sales figures of the DESCENT series. With a growth of 80%, sales of the APPROACH series for golf enthusiasts increased by 170%, while sales of the EDGE series for cycling enthusiasts increased by 60%. The profit of the VENU series products increased by 20%.
These statistics are very good compared to the total wearable smart device market in Thailand in 63 years, which grew 7% and totaled sales of 970,000 units. The market is likely to grow again as the survey found 54% of Thais didn’t. You even have a portable IT device. 26% of them have a smartwatch, 11% have a fitness tracker and only 9% have a smartwatch. And fitness stats tracking devices
Overall, the company has no plans to cut 54% of Thai consumers who don’t use wearable smart devices. He argues that because not everything is on a single brand from Garmin, but it’s the industry overview that will improve the consumer mindset picture of how smart tracker devices can help and benefit from their daily lives. What Garmin is going to do is open it up to its customers. And Feel the Real Benefits The goal the company wants to see is getting Garmin right to everyone’s wrists.
*** Good sales, out of stock
The survey also found that Thai consumer demand is shifting from low-end or entry-level models to mid-high-end models. The market share of low-cost models has decreased. In contrast to the high-priced models that are constantly expanding, the demand in the Thai market outside of the sports market is growing. To more women and fashion groups, this is what Garmin’s latest release suggests. The smallest female-friendly case Lily sells so well it’ll sell out in a week.
Garmin looks forward to expanding the market to all areas of opportunity. Both the development of golf equipment. And equipment for diving that also covers markets other than smartwatch For Thailand The official opening of an office in Thailand will allow the company to take advantage of more product sales opportunities after more than 20 years of opening in the Thai market. From now on, Thais will offer Garmin products for sale in 5 divisions of the Central Group. Both power buy Supersport B2S and central department store including sub-shops all over Thailand
The opening of Garmin’s new office in Thailand coincides with Vietnam. This means that Thailand and Vietnam are two of the newest markets Garmin believes are doing business themselves. Investments in these two countries are expected to be similar. Building a marketing team, a sales team, a customer service team, and a customer service team. Creating a shopping experience Garmin Thailand will offer a door-to-door pick-up service (D2D) in conjunction with an in-office call center investment in the first quarter of 2021. Expansion of 300 delivery points across Thailand and working with dealers to expand service even further in the future
Garmin emphasized that it plans to bring new products to market every month. For example, the thinnest watch for women was released last month. Starting in March, a watch for esports players was released. This is the first time esports athletes are able to broadcast their heart rate stats while playing. There is also a clock that allows divers to see the gas level on the screen. All of this is done with the ultimate goal: to surprise customers with new products every month.
You see right? That ‘Garmin Thailand’ took 20 years to be born, definitely not too late.
