Group CEO Message
Worldwide governments have observed market changes due to the COVID-19 pandemic. The crisis revealed an unprecedented dependency on digital connections, especially when physical interactions became limited. As the world confined itself, the digital realm became indispensable.
We’re now filled with a mix of apprehension and hope for the future. However, our primary sentiment is readiness for the unforeseen. The ongoing crisis presents tangible threats.
To alter perceptions and leverage a sluggish market, rigorous effort is essential. Even with the weight of expectations to adeptly guide through evolving markets, adopting a resilient mindset in these shifting times is crucial.
As we transition to the post-pandemic era, we’re molding ourselves for what’s next. Already, our thoughts and plans for this future indicate:
- A dive into new ventures, aligning with emerging market trends. We're ready to embrace opportunities beyond our customary domain.
- Innovative approaches to enhance value for our stakeholders. We're looking at refining product quality, efficacy, and our overarching strategies.
- An amplified digital thrust. Enhancing our online visibility through product webinars and optimizing operations via digital tools is a priority.
Assessing the efficacy of our systems in regional branches is vital to solidify our organizational framework across Southeast Asia. Our establishment of subsidiaries in Vietnam (March 2020) and Thailand (June 2020) marks our dedication to develop strategies tailored to regional nuances.
China and Southeast Asia are distinctive markets, primarily because of their localized service expectations influenced by factors like industry dynamics and service principles. Establishing a localized business model steered by a robust in-country management team is advantageous. This strategy ensures we design the best product strategies for each market and amplifies our revenue potential therein.
PURSUING MARKET EXPANSION IN THAILAND
Our newly established office in Thailand is centered on the sale and design of interior furnishings, as well as their construction. We’re committed to deepening our footprint in the local market, capitalizing on Sangetsu’s expanding brand presence. Wallpaper, a favored decorative choice in hotels, is one of our focus areas. We’re intensifying our efforts in design, construction, and application to bolster sales for the broader community of interior designers. Despite the travel limitations due to COVID-19, our team adeptly maintained operations through virtual engagements.
TAILORING PRODUCT STRATEGIES TO EACH NATION'S MARKET NEEDS
Goodrich Group traditionally curates product lines at its Singapore headquarters, then distributes them throughout Southeast Asia via its branches. This approach is under reassessment, as we’re advocating for unified sample books for products retailed across the Group. We’ve stationed product development managers in every nation, honing in on local products with promising sales potential. Our goal is to efficiently utilize sample books by striking a balance between inventory of shared Group products and local products.
The refined sample book, applicable across all Goodrich Group-serviced nations, brings several advantages:
- Efficient inventory management with shared stock across countries.
- Cross-national specification activities, ensuring product range meets each nation's design criteria.
- Execution of country-specific sales tactics, like premium offerings in Hong Kong and bespoke products in China.
Besides fortifying our customer and partner bonds, we’re also committed to environmental sustainability in our operations. Our support for corporate social initiatives in our operational communities remains steadfast.
We’re also persistently evaluating our safety protocols, ensuring no oversights and that premier safety benchmarks are maintained in every project.
To elevate our business, we’re devoted to addressing the evolving, intricate demands of our clientele, adapting product strategies to resonate with distinct local preferences.
Even as we seek novel business terrains, our unwavering mission of enhancing society through our interior furnishing expertise persists.
To sum up, adapting to shifts and progressing collectively is vital. Securing our clientele’s and stakeholders’ trust is crucial. Driven by our people-first ethos, our foundational values of innovation, collaboration, and honesty remain at our core.