KUALA LUMPUR: Senheng New Retail Berhad reported a 53.7% growth in online sales to RM32.5 million for the third quarter ended Sept 30, 2024 (3Q24) from RM21.2 million in the previous corresponding quarter, demonstrating the strength of its omnichannel strategy.
The Group’s online sales reached RM32.5 million in 3Q24 from RM21.2 million previously, contributing 11.7% to group revenue from 6.8% earlier. The improved online performance highlights the success of Senheng’s omnichannel strategy and growing online presence.
Senheng had also, in October 2024, unveiled its refreshed brand positioning with the new tagline “My Rewards, My Choice”. The refreshed positioning builds upon the Senheng Ecosystem, allowing customers access through both the Senheng App and physical stores. It offers customers unparalleled flexibility and personalisation in rewards redemption, with expanded access to over 2,000+ reward products and services redeemable with S-Coin cashback.
Senheng New Retail Berhad executive chairman, Lim Kim Heng said: “Our strong online sales demonstrate Senheng’s commitment to digital innovation. The improvements reflect the strength of our omnichannel strategy and adaptability to latest consumer behaviours. We are actively enhancing our digital platforms and expanding our online offerings to provide an even more seamless and rewarding customer experience.”
He added that they are seeing strong momentum in customer engagement and are confident that this will translate into continued growth in the coming quarters.
“This positive trajectory is further supported by our relaunched brand positioning with the new tagline “My Rewards, My Choice”, enabling customers to engage in a new rewards experience across the widest range of consumer electronics, as well as attractive lifestyle products and services,” he said.
Furthermore, he remarked that their continued investments in both online and offline presence will strengthen their position as Malaysia’s leading omnichannel retailer.
The strong online sales partially mitigated the impact of weaker consumer sentiment on the Group’s performance. Group revenue reached RM279.0 million in 3Q24 from RM312.8 million previously, while net profit also stood lower at RM3.6 million in 3Q24 versus RM5.2 million earlier.
Similarly, for the nine months ended Sept 30, 2024 (9M24), Senheng reported net profit of RM13.5 million compared to RM17.9 million in the previous corresponding period. Group revenue remained resilient at RM908.6 compared to RM956.5 million previously.
Despite market challenges, Senheng continues to invest in its physical store network through the “Territory Champion” programme, focused on enhancing in-store experiences and optimising store locations.
“Our physical stores provide a unique opportunity to connect with our customers on a personal level,” said Lim. “They are an integral part of our omnichannel strategy, offering a tangible and engaging experience that complements our online presence. Customers are provided with personalised service, expert advice, and the opportunity to experience products firsthand.”
At the same time, Senheng continues to enhance its e-commerce platform and expand its digital marketing efforts to drive online growth. This includes strategic collaborations with major brands and suppliers, targeted social media campaigns, and engaging livestream events.
