Buzzebees Co, a leading customer relationship management (CRM) and digital engagement platform in Thailand, is expanding its operations internationally and has announced plans to strengthen its CRM and digital engagement ecosystem in Southeast Asia.
The company aims to generate 3.4 billion baht in revenue this year and launch an initial public offering (IPO) on the Stock Exchange of Thailand (SET) in 2024.
Michael Chen, the company's chief executive and co-founder, said the company's vision since its inception 11 years ago has been to connect the world.
Buzzebees built a digital infrastructure through its four core businesses: CRM & loyalty platform development, rewards and privileges management, full-service e-commerce, and retail solutions and e-payment.
The company serves six markets, comprising Thailand, Vietnam, Malaysia, the Philippines, Indonesia and Hong Kong, serving more than 145 million accounts across more than 1,200 partner platforms.
Buzzebees acts as a central connector, enabling various brands to become business partners within its partnership network.
For example, the introduction of ShopDD, a large business-to-business (B2B) marketplace platform, aims to facilitate convenient inventory shopping for retailers and franchises nationwide, offering special-priced products.
The company's launch of mePoint, a pay-with-points innovation, provides the infrastructure that converts accumulated points from credit cards and loyalty programmes into discounts for purchases at participating partner stores.
Nattida Sanguansin, the company's managing director and co-founder, said Buzzebees had achieved continuous growth for the past decade. In 2020, 2021 and 2022, its revenue tallied 921 million baht, 1.14 billion baht and 1.75 billion baht, respectively.
"For 2023, we set a revenue target of 3.4 billion baht. We plan to expand our CRM and digital engagement market coverage internationally. Recently we acquired the business of BenePanda in Hong Kong, aiming to enhance the development model of employee benefits and wellness platform solutions for employees in both Thailand and other countries," said Ms Nattida.
"This acquisition broadens our new target group beyond the consumer-focused loyalty platform. Through this acquisition, Buzzebees will be able to establish a robust and extensive ecosystem-driven marketing technology network in foreign markets."
As part of the new business strategy, the company developed a model focusing on productisation to penetrate the B2B technology implementor and digital agency market. The company allows partners in these sectors to access its solutions and provide them to their own customers.
The company is actively seeking new partners to join forces in driving mutual business growth.
One such collaboration is the C2 Water brand's campaign featuring Jackson Wang as presenter. Buzzebees partnered with Rabbit's Tale, a full-service digital creative agency, to create a loyalty platform where consumers can accumulate points and participate in a lucky draw for a Meet & Greet session with Jackson Wang. The collaboration between Buzzebees and Rabbit's Tale helps meet customer needs comprehensively in both the technology and creative sectors, effectively generating brand awareness and engagement.
Ms Nattida said the company was able to maintain customer retention of more than 90% for its services last year. With merchant partner stores in excess of 30,000 in the rewards and privileges sector, Buzzebees reported growth of more than 700% in online marketing.
After its IPO on the SET, the company hopes to post 10 billion baht in revenue by 2027, Ms Nattida said.
