于10月12日在大马交易所创业板上市的七星家居（SSF），许多人都把该公司当作是家具公司。然而，深入了解，就会发现SSF与传统的家具公司不同，其注重的是为顾客提供家居生活的细节和差异。
有别于传统家具公司需要庞大的生产线和资产，SSF也可以算是以数据为导向的公司，其利用数据来了解客户的需求，从而提高客户的回购率。
其中，SSF所推行的会员订阅制度，就为公司带来可观收入。这种会员制度不仅让消费者享受到独特购物优惠，还能够使该公司配合客户的喜好来推荐与之相关的产品。这就好比抖音按照演算法精准地推荐符合使用者喜好的内容。
根据独立市场调查机构的数据，马来西亚家居家具零售行业的市场规模正以9.3%的复合增长率（CAGR）成长。从2023年的503亿令吉扩大到2027年的732亿令吉。截至今年4月份，在庞大的市场中，七星家居的市占率仅为0.4%。这意味著该公司还有庞大的耕耘空间。
目前，SSF有41家门店。上市后，公司放眼耗资超过70%的所筹集资金用作开设更多门店，从而为客户提供便利。该公司门店可分为三种类型，即设在购物中心、商业店铺和独立门店。基于该公司的品牌有相当知名度，所以门店未必需要开设在人流量高的地区。这可以降低开店的成本。相反的，新设立的商场反而需要SSF进驻来贡献人流。
SSF作为一家净现金公司，其上市的目的，不外乎提高公司的可见度和品牌知名度。这能让公司触及更广泛的投资者群体，同时还可以成为吸引客户和合作伙伴的有价值营销工具。
土生土长企业
作为一家“土生土长”的家居生活企业，也意味著SSF能更好地理解本地市场和文化，能够更好地满足当地消费者的需求。这一点我们可以借鉴于2大电召车平台Grab和优步（Uber）在本地竞争激烈的情况。前者是“地头蛇”，而后者是国际巨头。
Grab秉承著本土化的理念，深入了解本地市场和文化，为用户提供了更个性化的服务。Grab曾推出运送榴梿的服务，赢得了许多马来西亚人的青睐。由于Grab更贴近市场需求，使其最终战胜了Uber，并收购Uber的业务，取得了在马来西亚市场的主导地位。这也标志著本土化和深入了解本地市场的重要。
SSF占有“地利”优势外，其在采购时大量订货，能让成本更低，进而享有经济规模效益，这不是每间公司都可以轻易模仿的。
有鉴于该公司净现金流，除了可以用于开展新店以外，也可以用作开拓新的生意模式如租赁（分期付款）。租赁模式为消费者提供了一种便利方式获得高品质的家居产品，同时也为企业带来了新商机。
租赁业务也可鼓励长期客户关系，客户可能会在多次租赁中建立忠诚度。这有助于提高客户留存率，减少客户流失。对投资者而言，租赁模式通常会提供稳定的租金收入，也可提供可预测的现金流。无论如何，本文仅为资讯分享而非投资建议，个人的投资决策还是要基于理解自身可承担的风险和充分的研究与专业谘询。
郑荣信《七星家居：新商业模式》英文版：SSF: A New Business Model
SSF was listed on the ACE Market of Bursa Malaysia on 12th October. The company is often perceived as a furniture company by many. However, a closer examination reveals that SSF differs from traditional furniture companies, focusing on providing customers with details and differentiations in home living.
Unlike traditional furniture companies that require extensive production lines and assets, SSF can be considered a data-driven company. It leverages data to understand customer needs, thereby increasing customer retention rates.
One notable revenue stream for the company is its implemented membership subscription system. This subscription model not only allows customers to enjoy unique shopping privileges but also enables the company to recommend products based on customer preferences, similar to how algorithms precisely recommend content on platforms like TikTok.
According to data from an independent market research agency, the Malaysian home furniture retail industry is growing at a compound annual growth rate (CAGR) of 9.3%, expanding from RM50.3 billion in 2023 to RM73.2 billion in 2027. As of April this year, SSF holds a market share of only 0.4% in this vast market, indicating substantial room for growth.
The company is currently operating 41 stores. After going public, it aims to allocate over 70% of the raised proceeds to open more stores, providing convenience to customers. These stores are categorized into shopping center outlets, commercial storefronts, and independent stores. Given the company's brand recognition, stores do not necessarily need to be located in high-traffic areas, thereby reducing operating costs. On the contrary, new malls might benefit from having SSF as a tenant to contribute to foot traffic.
Being a net cash company, SSF's listing serves the purpose of enhancing visibility and brand recognition. This broader exposure can attract a more diverse group of investors and act as a valuable marketing tool to attract customers and partners.
SSF is a homegrown home living company that allows them to better understand the local market and culture, catering to the needs of local consumers effectively. This parallels the competitive situation of two ride-hailing platforms, Grab and Uber, in the local market. Grab, as the local player, delved into understanding the local market and culture, providing users with more personalized services. Grab's localization efforts, such as offering durian delivery services, gained favor among Malaysians, eventually leading to its dominance over Uber in the Malaysian market.
This illustrates the advantage local companies have with their understanding of the local landscape. Additionally, in terms of barriers of entry, the scale of economies plays a vital role. SSF's bulk ordering during procurement paths way for lower costs, a practice not easily replicable by every company.
Considering the company's net cash flow, it can be utilized not only to open new stores but also to explore new business models such as leasing (installment payments). The leasing model offers consumers a new way to obtain high-quality home products while presenting innovative business opportunities for the company.
Leasing also encourages long-term customer relationships, as customers may build loyalty through multiple leasing transactions. This helps improve customer retention rates and reduce customer churn. For investors, leasing models typically offer stable recurring income and predictable cash flow. Nevertheless, individual investment decisions should be based on an understanding of one's risk tolerance and thorough research, along with seeking professional financial advice. Investment always comes with risks, and prudent and informed investment decisions are key to success.
