|Surpass one million customer accounts in Malaysia||2018-12-20|
- Attained one million customer accounts in December 2018 since launching the first rental service in Malaysia in 2007
On December 20, Coway announced that the number of customer accounts surpassed one million in Malaysia.
The number of customer accounts of Malaysia subsidiary, established in 2006, has surpassed 4 thousand in 2007, 52 thousand in 2010, 124 thousand in 2012, 293 thousand in 2015, and 680 thousand in 2017. For 11 years, the CAGR reached approximately 70%. In December 2018, it exceeded one million.
This remarkable accomplishment resulted mainly from the success of localization strategies – first introduction of rental service to Malaysian market in 2007, obtainment of the halal certification for water purifier for the first time in 2010, dramatic expansion of the CODY members in 2015, launch of the Coway Run Marathon Tournament in 2017, and operation of the Pure Zone in airports in 2018. These customized strategies have become a driving force of rapid growth.
Coway has shifted the paradigm in the Malaysian water purifier market by initiating rental service and CODY service in 2007, and now demonstrates the largest market share. The company also started the rental service of air purifier and bidet in Malaysia and plans to introduce mattress rental service in the near future. Moreover, professional CODY service is considered as strong competitiveness against late comers.
In 2010, Coway became the first player to obtain the halal certification in the Malaysian water purifier market, thereby succeeding in captivating Muslim customers. As a result, the number of customer accounts of Malaysia subsidiary in 2010 soared 160% year-on-year, the largest ever annual growth rate.
Malaysia subsidiary also contributed to creating more local jobs by recruiting a large number of CODY members in 2015. Currently, more than 123 thousand CODYs (service specialists) and health planners (sales specialists) are working in Malaysia. The CODY is recognized as one of jobs which are most preferred by local housewives.
The Coway Run Marathon Tournament, launched in the previous year with the aim of delivering the value of clean water to local people, has helped the company secure high reliability and friendliness in the market.
The “Live Pure” campaign was initiated this year to boost air purifier business based on the trust established in the local water purifier market. As part of this, Coway installed a total of 73 water purifiers throughout the Kuala Lumpur International Airport to help global people experience clean water. Prior to this, Coway has been installed air purifiers throughout the airport since 2011 and currently a total of 100 air purifiers are operating.
Going forward, Malaysia subsidiary will focus on expanding product lineup to secure more competitiveness and strengthening brand marketing activities. Moreover, Coway will use the success in Malaysia as a steppingstone toward business expansion to neighboring countries including Indonesia and Vietnam, thereby preoccupying the Southeast Asian market.
Hae-sun Lee, the CEO of Coway, said, “We proved our dominant position in the Malaysian market by achieving more than one million customer accounts. By continuously launching innovative products customized for local needs and offering differentiated professional maintenance services, Coway will emerge into the No.1 brand in the Southeast Asian market beyond Malaysia.”
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