SCB 10X introduces “Mhao-Mhao,” a one-stop wholesale e-commerce platform connecting manufacturers and online merchants to support Thai SMEs in navigating the New Normal era
SCB 10X keeps developing and innovating, following its key concept of believing in “people” and listening to “customers” about their needs. In line with that philosophy, SCB 10X has recently introduced “Mhao-Mhao (wholesale),” a wholesale e-commerce platform connecting online merchants with manufacturers and brand owners. Via the platform, which is offered free of charge, manufacturers, brand owners, and wholesalers can clear their inventories and reach more online merchants through wholesale, distribution, and zero-inventory management. This is an effort to help Thai SMEs adapt to the New Normal business models, especially small players. A character Nong Mhoo (Little Piggy) has been introduced to promote recognition of the “Mhao-Mhao” platform as a mascot bringing prosperity to merchants, manufacturers, and brand owners. In Thai, the expression “mhoo-mhoo” means easy for target groups and suggesting easy sales and profits via the platform. During a one-month trial period there was a warm welcome from leading manufacturers and brands, including ADVICE IT, AMANDO, ANELLO, ANITECH, BODUM, BOSSINI, ESPRIT, ETAM, FN OUTLET, JOSEPH JOSEPH, MALEE, RADLEY, ZWILLING, DOI KHAM, and small wholesalers. There are now thousands of registered sellers on the “Mhao-Mhao” platform and the number is expected to reach 500,000 by the end of 2020.
From “PartyHaan” to “Mhao-Mhao,” a corporate culture focusing on solving customer paint points
SCB 10X Head Venture Builder Kaweewut Temphuwapat recently said, “SCB 10X have Venture Builder team bringing innovative differences to the banking sector. We place importance on product and service development in response to pain points among consumers and SMEs, as they are the key forces driving the country’s economy. Thanks to an agile SCB10X way of working, we create and learn new things along with our users. Over the past three months the “PartyHaan” app, the first product from the Venture Builder team, has been released and become the number one app for those seeking to find peers to share promotion offers. The app’s latest feature, the “PartyHaan Seller Center”, has been developed to allow merchants to offer products for group buying and buyers to create groups to buy deals and promotions. Currently there are 55,000 users and 200 items on offer on the “PartyHaan” app. As we keep developing new things, we are now ready to introduce “Mhao-Mhao,” a new wholesale e-commerce platform developed based on insights from manufacturers and brand owners and pain points among online merchants. We believe that the “Mhao-Mhao” platform will help SMEs, online merchants, and those seeking second jobs boost their incomes and sales and help them experience exponential growth in the New Normal era of rapid changes in business models and consumer needs.”
Manufacturers’ insights: Online battlegrounds turning into a red ocean
Challenges manufacturers currently face include low traffic and fewer visitors to their online channels, higher and higher advertising fees, narrower reach by in-house advertisements compared to those by agencies, and a large number of rivals in the marketplace. All roads head online, and now there are also rivals from China. Players are searching for new platforms, such as membership-based commerce, a direct sales e-commerce platform featuring subscription membership. But these business models actually focus more on raising income through membership fees than they do on connecting users.
Online merchants’ pain points: working capital, no idea where to start
Online merchant groups have attracted huge interest. Over two million online merchants registered with the government during the COVID-19 pandemic, whereas the actual number of merchants is more like 5 million and growing fast. Through discussions with online merchant groups about their pain points, the SCB 10X team found that many of them have outstanding sales, content writing, and deal closing skills, and their online channels include closed LINE group chats and (not so) closed Facebook groups with regular fans and followers. However, success is not guaranteed for everyone. Their big pain points are working capital and keeping up with new items to offer to their customers. Some groups order stock from popular websites in China, but experience issues with late shipping, scams, and competition from other Chinese merchants on popular marketplaces in Thailand. Other groups turn to Thai manufacturers and brands instead and find late responses, inconvenient purchase orders, or some merchants have no idea where to start to find a Thai manufacturer. There is no Thai one-stop platform helping merchants source and purchase products like those found in China.
“Mhao-Mhao,” a wholesale e-commerce platform connecting manufacturers, brands, and online merchants
Manoje Prutthisathaporn from SCB 10X, the product owner in charge of “Mhao-Mhao” talked about this latest platform on www.mhao-mhao.com, “Our aim is to connect Thai manufacturers with online merchants with exceptional sales skills to boost sales volume and help online merchants conveniently reach wholesale manufacturers and brands in one place to generate income during the COVID-19 pandemic when online shopping has become so popular among consumers. After discussions and field studies about pain points with both manufacturers and merchants, our 5-member team with technology and start-up backgrounds took three months to develop “Mhao-Mhao” as a free platform connecting millions of online merchants with wholesale manufacturers, whether they are looking for wholesalers, distributors, representatives, zero-inventory sales, or clearance sales to keep up with current online demand.”
“Mhao-Mhao is a new online platform for “manufacturers”, providing them with marketing help, so there is no need to compete for advertising and they can save advertising fees and use the funds to offer discounts to online “merchants” instead. Merchants are required to register for a manufacturer’s approval to use the platform’s features and options. There are options for minimum order settings and discounts by item purchased, customer type, and purchase amount. The platform also has a system for banning users using price-cutting tactics. During a limited one-month trial period there was a warm welcome from leading manufacturers and brands, including ADVICE IT, AMADO, ANELLO, ANITECH, BODUM, BOSSINI, ESPRIT, ETAM, FN OUTLET, JOSEPH JOSEPH, MALEE, RADLEY, ZWILLING, DOI KHAM, and small wholesalers. There are now thousands of registered sellers on the “Mhao-Mhao” platform. Top product categories that merchants are interested in are home decorations, beauty products, dietary supplements, women’s fashion, and electrical appliances. Promising product categories include discounted items from popular brands, items that can be sold just with images, and under-the-radar good quality items with high returns.” Manoje added.
Why “Mhao-Mhao” and “Mhoo-Mhoo”?
The word “mhao” in Thai means wholesale. It suits the platform, because “Mhao-Mhao” is easy to remember and clearly suggests a business model. The expression “mhoo” (pig) in Thai means easy and convenient, no obstacles, hence the character “Nong Mhoo” (Little Piggy) promotes recognition of the “Mhao-Mhao” platform’s one-stop convenience and user-friendliness with convenient payment options for manufacturers, brand owners, distributors, and retailers. The pig is believed by sellers to be a mascot bringing luck and prosperity, so the “Nong Mhoo” character is a wish for luck and prosperity for merchants, manufacturers, and brand owners on the “Mhao-Mhao” platform.
Aspire to be the “biggest brand and manufacturer center in Thailand”
“The SCB 10X team, as the platform owner and developer, hopes “Mhao-Mhao” will help Thai SMEs and online merchants generate income, grow profits, and gain strength during the New Normal era. As for a short-term target, we expect to see some 500,000 users on the platform by the end of 2020. Our long-term goal is to keep developing “Mhao-Mhao” to be the biggest brand and manufacturer center in Thailand, growing along with Thai SMEs and online merchants.” Kaweewut said.
Register as a manufacturer, brand owner, distributor, or merchant now at www.mhao-mhao.com For more information, contact Line OA: @mhaomhaosupplier
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About SCB 10X
SCB 10X is a subsidiary of Siam Commercial Bank (SCB) with the mission to create long-term value through investing in exponential technologies, championing passionate entrepreneurs, empowering the long tail underserved, and building successful partnerships. Since its launch, the fund has deployed capital worldwide to expand our know-how in forefront technologies ranging from big data analytics, blockchain, machine learning, location positioning to quantum computing. SCB 10X is based in Bangkok Thailand.