Lotus’s takes home two wins at Retail Asia Awards 2024 

It has enhanced consumer experience and improved brand image through its initiatives.

Retail chain company Lotus’s secured two major titles at the coveted Retail Asia Awards 2024  for its utilisation of artificial intelligence (AI) technology that has changed value perception for customers, as well as its transformation of New Year celebrations that have uplifted brand image.

In the third quarter of 2023, customers have become increasingly cautious with their finances, avoiding unnecessary spending and prioritising value in their purchases. As such, Lotus’s has leveraged AI technology to ensure that the right items are offered at the right prices, enhancing value perception through strategic pricing optimisation campaigns.

Utilising advanced predictive AI models across extensive internal and external data sources allows the company to identify the most crucial items for all Thais, recognising the significance of affordability to customers. It also guarantees a dynamic daily pricing that meets customers’ expectations.

Cutting-edge AI algorithms also allow the company to monitor items highlighted on competitors' social platforms. It can swiftly respond by matching competitor prices and retargeting audiences, reinforcing the overarching value perception. 

Through a comprehensive launch strategy aimed at nationwide awareness and consideration, coupled with targeted efforts to drive traffic conversion in proximity store areas, significant results have been achieved. 

Lotus’s has witnessed a surge in market share by 13.2%. Whilst there has been a noteworthy 100 bps increase in incremental growth of value perception compared to the stagnant performance of the last two quarters, its media performance metrics speak volumes, with a total impression of 147 million, a total reach of 42.4 million, and a remarkable viewability rate of 97%.

This initiative has facilitated 12,662 installations of the My Lotus's app.

For the successful implementation of AI technology, Lotus’s has received the Domestic Retailer of the Year - Thailand category win. “We firmly believe that our AI-enabled solutions empower Lotus’s to assist Thai customers in accessing the best price items, thereby assisting them in navigating challenging financial situations until they regain stability and return to normalcy,” the company said.

Meanwhile, Lotus’s desire in transforming New Year celebrations has been a product of brand perception challenges. Perceived as merely a destination for value-driven household essentials, its stores lack appeal in aspirational gifting and party offerings, limiting its ability to engage families, seniors, and youth in terms of New Year celebrations.

To bridge this gap and establish itself as the premier destination for comprehensive celebration solutions, Lotus's has initiated a strategic transformation centred on three pillars.

The first pillar is providing a revolutionary product range for all occasions. Expanded by over 400 new and exclusive products, Lotus’s range caters to traditional and modern preferences, offering a diverse selection from local to international styles across key gifting and party categories.

It also includes maximising an extensive store network for unprecedented consumer reach. With a network spanning over 2,100 stores nationwide, the company is uniquely positioned to provide accessible New Year products, giving it a significant edge over competitors with limited outlets of around 200 stores.

This reach allows Lotus’s to connect with a wider spectrum of consumers than ever before, facilitated through its hypermarket branches, Go Fresh convenient stores, and innovative apps.

At the same time, the retail chain has also transformed its digital experiences and brand touchpoints. It has partnered with a renowned influencer to tackle young generations' gift-giving challenges. It has also delivered surprise moments in store through celebrity appearances, crafting in-store PR stunts and elevating the consumers’ shopping experience.

With this strategic initiative, Lotus’s has achieved significant sales growth of over 11%, with its Hypermarket and Go Fresh formats reaching an increase of 12% and 11%, respectively. It has also gained blast awareness, reaching 36.7 million people, and increasing engagement by 150.6% in the last year.

The company brought home the Hypermarket of the Year - Thailand category win for this venture.

Retail Asia Awards honours companies that have recently launched innovative retail projects or initiatives, as well as industry leaders that have propelled their respective brands to maintain a competitive edge.

The Retail Asia Awards is presented by Retail Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's exceptional products or initiatives in the Retail industry, please contact Jane Patiag at [email protected].