How Prism+ tuned in to D2C strategy for profit

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Hello reader,

I’m not one of those people who claims to be so intellectually high and mighty that they never watch television, but I have to confess that I’ve never bought a TV.

Partially because every apartment I’ve rented has come with one, and partially because I’m cheap and happy to stream on my laptop.

Snapping up a TV feels like a big purchase these days, given that smart TVs are far more complex than what I’m used to from my childhood.

If I were to go out and buy a TV though, I’d probably feel most comfortable doing so directly from the company that made the device, rather than via a middleman.

It seems many others agree with me, judging by Singapore-based Prism+’s success with a direct-to-consumer strategy, which we explore in today’s feature story.

Today we look at:

• How Prism+ built a sustainable business rapidly
• Malaysian golfing platform Deemples eyes regional expansion with new funding
• Other newsy highlights such as GoTo Group’s stock hitting a record low price and Apple unveiling new AI tools.

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Prism+’s recipe for profit

Image credit: Timmy Loen

Prism+ was founded only in 2017, but the consumer electronics retailer has already recorded at least two consecutive years of profit.

The Singapore-based firm has even been paying dividends to its shareholders.

• By the numbers: Prism+’s revenue for the financial year ending March 2023 increased 14.8% from the previous year to hit US$71.2 million. Notably, the company’s net profit margin for the year was double the industry average of 7%.
• Secret sauce: The firm got its start by selling home entertainment electronics but has since expanded to smart home appliances. Founder Jonathan Tan told Vulcan Post last year that the company’s direct-to-consumer strategy and good customer service played a big part in its success. The D2C strategy allows Prism+ to cut out intermediaries and sell to consumers at a third of the cost compared to its competitors.
• Blunders: Though a sustainable business overall, Prism+ has made its fair share of blunders. The durability of the firm’s products has been questioned on online forums, and the company drew the ire of Singapore’s advertising standards watchdog for an ad for air conditioners that included claims the regulator deemed “not acceptable.”

Deemples swings for expansion drive

Be in the room where it happens

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