NocNoc leverages AI for personalised consumer experiences with IPO planned for 2028
NocNoc, the e-marketplace specialising in home products and services, leverages artificial intelligence (AI) to deliver personalised online and offline consumer experiences. The platform is expanding into new lifestyle categories to tap into the home and living market, estimated to be valued at around 450 billion baht. Better Bee Marketplace Co, the firm behind the platform, anticipates an initial public offering (IPO) in 2028.
Chollak Mahasuweerachai, the Chief Executive of Better Bee Marketplace, forecasts a 3% growth in the value of the home and living market this year, from 450 billion baht in 2023. This projection is in line with the growth rate achieved in the previous year. Despite economic adversities, consumers persist in enhancing their homes or purchasing new products, while new residential and commercial property projects continue to be developed upcountry.
The online home and living market is projected to grow 10% this year, outpacing the overall home and living market but slightly below the 11% growth witnessed last year. The online sector is expected to make up 5% of the total market in 2024, an increase from 3.5% in 2023.
This year, NocNoc’s strategy centres around offering a personalised AI-driven service experience on both online and offline platforms, tailoring product offerings to customer preferences. As consumers revert to pre-pandemic norms, the platform’s focus will shift towards the offline channel through its existing pop-up stores and events.
NocNoc’s international presence extends to Cambodia, Indonesia, Laos, and Malaysia. The anticipated IPO launch in 2028 is part of the firm’s strategy to further penetrate the ASEAN market.
The platform reported over 100% sales growth last year, largely attributed to its broad and deep reach into various customer groups and its expansion into residential and commercial markets. The business-to-customer (B2C) market contributes 70% of the company’s revenue, with the remainder generated by the business segment. Additional revenue is derived from commission fees and other services.
Company’s Goal
NocNoc’s gross merchandise value (GMV) surpassed 5 billion baht and is projected to increase to 6.5 billion baht in 2024. The platform boasts 5,000 sellers, 600,000 items, and over 6,000 partners. The average basket size is between 10,000-15,000 baht.
According to Chollak, the company’s goal is not to make short-term profits but to support the ecosystem.
“We will continue to invest in technology to increase efficiency and embrace AI to build a good experience for customers and sellers.”
The company’s Chief Commercial Officer, Anupong Tasaduak, revealed that the majority of NocNoc’s customers are based in Bangkok and its suburbs, typically aged between 25 and 45. However, demand for the company’s products is on the rise nationwide, and the platform attracts 3 million visitors per month.
NocNoc also offers a home solution service, a one-stop consultancy service assisting customers in product selection and design ideas, as well as a business solution service aimed at shops, restaurants, cafes, hotels, and offices. Anupong expressed confidence in NocNoc achieving a 40% sales growth in 2024, equating to sales worth 6.5 billion baht, reported Bangkok Post.
