LG India bets big on ru­ral mar­kets

Rural & Marketing - - UPDATES -

Com­plet­ing 20 years in India, LG Elec­tron­ics is giv­ing spe­cial fo­cus on ru­ral growth, health-con­scious prod­ucts, be­sides fo­cus­ing on pre­mium prod­ucts, such as smarter ap­pli­ances with IoT func­tion­al­i­ties for its next phase of growth.

Ac­cord­ing to LG, it con­tin­ued to aim for dou­ble-digit growth on the back of in­no­va­tive prod­ucts and fo­cus on strength­en­ing prod­uct leadership, be­sides op­er­a­tions ex­cel­lence. India is among the top five strate­gic mar­kets for LG glob­ally.

Kim Ki Wan, Manag­ing Direc­tor, LG Elec­tron­ics India, “Un­like some of the global mar­kets, India has con­tin­ued to show po­ten­tial for growth in the last cou­ple of years. So, there are a lot of ex­pec­ta­tions from the In­dian mar­ket. India has the po­ten­tial to be among the top two key mar­kets for us, be­sides China. We be­lieve that the cur­rent gov­ern­ment’s push to boost the ru­ral econ­omy will fur­ther ex­pand this mar­ket.”

Kim agreed that fac­tors like de­mon­eti­sa­tion did impact the dy­nam­ics of the In­dian mar­ket.

“India is not a simple Mar­ket. In­dian con­sumers are very so­phis­ti­cated and eval­u­ate var­i­ous as­pects of prod­ucts com­pre­hen­sively be­fore they make a pur­chase de­ci­sion. This year, we will com­plete 20 years in India, and this means we have ac­cu­mu­lated the knowl­edge and deep un­der­stand­ing about this mar­ket. This is the rea­son why we have com­par­a­tively seen higher growth than our com­peti­tors last year,” he added.

On ru­ral growth, Kim said, “With the gov­ern­ment’s ini­tia­tives such as elec­tri­fi­ca­tion of vil­lages and in­vest­ment in in­fra­struc­ture in ru­ral ar­eas, ru­ral de­mand for con­sumer durables will grow sig­nif­i­cantly. But these prod­ucts will need to be sim­pler and tar­geted at first-term buy­ers.”

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