Masan actively implements many innovations to serve consumers.
Technology and convenience are increasingly becoming top concerns for consumers. Anticipating this trend, Masan and its member companies are committed to innovation and making a difference in every product and service throughout their journey of serving consumers.
Optimizing the consumer experience and convenience.
One of the key components in Masan's consumer ecosystem, delivering innovative and market-leading products, is Masan Consumer – the group's subsidiary specializing in branded consumer goods.
In the first nine months of 2024, new products, including self-heating hot pot and self-cooking rice, generated VND 1.518 billion in revenue, contributing 7% to Masan Consumer's total revenue. This represents a 47% increase compared to the same period last year.
Self-heating hot pot and self-cooking rice are two products in the restaurant meal replacement (RMR) category under the Omachi brand. With these new products, the company plans to expand its target market from $1 billion in the instant noodle category to $17 billion in the RMR category.
The company's new premium products will bring a "breath of fresh air," exciting experiences for consumers along with convenience. For example, Masan Consumer's self-cooking rice product has integrated 7 leading-edge technologies from around the world.
Firstly, there's the technology that allows rice grains to be reconstituted within 15 minutes using a regular bottle of water; secondly, there's the preservation technology that allows for up to 6 months of storage. Masan Consumer has developed this technology over 20 years to produce delicious salmon and beef in sauce, maintaining their flavor throughout the preservation process; thirdly, there's the vacuum freeze-drying technology, which dries the soup cubes so that when water is added, consumers get a delicious bowl of soup.
Fourth, there's the technology for fermenting vegetables, including the common water spinach (Bồn Bồn), which Masan Consumer has fermented to create a sour flavor that pairs well with rice, offering consumers a new experience. Fifth, there's the snack technology that keeps fried anchovies crispy for up to six months. Sixth, there's the technology for making teriyaki sauce for salmon and ponzu sauce for beef stew, preserving their delicious flavor. Seventh, there's the self-heating technology, like a portable stove that can be taken along on trips anytime; just add water and it's ready in 15 minutes. This is a simple and safe way to reheat food.
In the coming period, Masan Consumer plans to continue launching more innovative products to fully meet the diverse needs of consumers.
Understanding consumers means Vietnamese people understand Vietnamese people.
Masan's innovative products not only rely on its research and development (R&D) capabilities to continuously introduce quality products to consumers, but also stem from a deep understanding of consumers. This is the catalyst for Masan's superiority over the market: "We are Vietnamese, and we understand the tastes of Vietnamese people to the fullest."
Why are Nam Ngu fish sauce products with Ly Son chili and garlic so popular among housewives? Because we know where the chili comes from, Ly Son garlic is the best in Vietnam, and we use modern technology to perfect the product and satisfy consumers,” a representative from Masan Consumer stated.
To keep up with consumer trends and offer suitable products, retail businesses have many approaches and can learn from consumer purchase history. However, doing so requires serious investment in data collection infrastructure and technology to predict consumer trends. Masan Group, with its strong financial resources, has the formula for understanding this consumer behavior.
Masan launched its Consumer Innovation Center in June 2023, with a mission to listen to and understand consumers. This center acts as a bridge connecting product creators with the "Consumers in love" community – those who trust and use the products – to seek innovative ideas and address unmet needs, leading to the development of new innovations to serve consumers. In addition, a team of leading R&D experts continuously updates advanced technologies to bring exciting new products to market.
Understanding the increasingly sophisticated shopping behavior and psychology of consumers, Masan Group piloted the WIN Membership Program in late 2022 and launched it nationwide in early 2023. This program has been boosting member spending and beginning to generate revenue through advertising and consumer insights solutions for brands. To date, 10 million members have registered, the program's customer acquisition costs remain zero, and the value of members' shopping carts doubles compared to non-members. On average, members shop four times per month.
This loyalty program offers consumers year-round promotions on fresh produce, along with monthly and weekly offers, thereby increasing customer appeal.
The WIN Membership Program is positioned as a "win-win" initiative, where consumers receive more value for their basic daily needs, while businesses receive valuable input to build and optimize products and services to meet the desires of each customer.
This is seen as the beginning of a journey to apply technology to deliver superior consumer experiences, starting from a deep understanding of customers and a desire to provide innovative and groundbreaking products from a leading enterprise in the consumer retail sector in Vietnam.