Despite the demonetisation drive and the roll out of the Goods and Services Tax (GST) by the Modi government, there has been a considerable rise in demand for consumer appliances. The Government of India has also initiated plans to electrify 100% of the country by the end of 2019, thus increasing the demand for electronics and appliances during the forecast period.
According to reports by the Indian Brand Equity Forum (IBEF), in the discretionary spending category, 70%
respondents from India indicated the next 12 months as being good to buy, which ensures that India leads the global top ten countries on this parameter during the quarter. The IBEF also reports that by 2020, the electronics market in India is expected to increase to $400 billion from $94.2 billion in 2015. The production is expected to reach $104 billion by 2020. By 2025, India would rise from the twelfth to the fifth largest position in the consumer durables market. All this has made global corporations view India as one of the key markets.
Europe-based consumer electronics & appliances company, Truvison entered the Indian market in 2016. Saurabh Kabra, Director, Business Operations India, Truvison, spoke to BE’s Ankita Chakraborty regarding the recent market trends and his company’s plans.
Q. What is the main idea behind Truvison entering the Indian market?
A. Truvison envisions bringing an international feel to the Indian consumers with its quality products at best price. Moving ahead, Truvison aims to expand its leadership role using ground-breaking technology and leading-edge designs for not just the tech-savvy consumers but for everyone who opts for a new-fangled mode of entertainment, comfort, and luxury.
Q. What are the new technologies introduced by Truvison?
A. Truvison provides technology of global standards for each of its product segments. The LED TVs are inbuilt with cornea technology. Through this technology, the viewer experiences a more relaxed movie experience with minimal strain on the eyes. The viewer can easily adjust the brightness for an ultimate experience. The home audio segment is powered by Turbotek technology. Turbotek technology helps in creating a better atmosphere for surround sound systems. The hardware is designed for Turbotek technology to offer a charismatic audio ambience. It lets the user experience brilliant sound quality at all levels. TruAer technology for air conditioners is crafted with eco-friendly measures to keep the AC clean and also aims to save energy. It also comes with a washable or reusable filter. And lastly, the PowerSkrub technology for washing machines is designed to enhance the washing experience. With semi-automatic machines, this technology is intended to simplify the washing process and also enable effective cleanliness for clothes.
Q. How do you foresee the consumer durable industry after the implementation of the GST in India?
A. With the implementation of GST, there has not been a vast difference in the prices of consumer durable products. Though buyers remain remotely affected by this change, companies will have some simplified taxation process and GST will prove to be a boon. Truvison also recently offered a few pre & post GST schemes on their products which received a favourable response.
Q. What are Truvison’s latest launches and how would you target your customers in the Indian market, both in terms of online and offline retail?
A. The smart TV 40, smart TV 32, smart TV 50 and 4K Ultra HD smart TV 55 are among our recently launched products. The company also intends to step up its technology game and introduce Q LED TVs in the near future. The company will be redefining audio experience for its customers with the new releases of its tower speakers and the CA speakers designed especially for parties and large groups. The company is also looking at various home appliances segments to be incorporated into their product portfolio. We plan to conduct BTL and ATL activities and are also focusing on a strong digital presence.