Consumer electronics co Hyundai Corp to re-enter India - air conditioner accessories

by:HICOOL     2021-10-11
Consumer electronics co Hyundai Corp to re-enter India  -  air conditioner accessories
Korean multinationals have partnered with Akshay Rajkumar Dhoot, who has obtained brand licensing rights for modern companies in the Indian region
After exiting the market more than ten years ago, it entered the field of consumer electronics and household appliances in India.
Korean multinationals have partnered with Akshay Rajkumar Dhoot, who has acquired brand licensing rights in the Indian region, which are updated every five years.
His joint venture Hyundai Electronics India is an independent Indian company, not a subsidiary of a Korean multinational company.
Dhoot, earlier the chief technology officer of video ocon group consumer electronics vertical, joined the family business as early as 2015.
Working with modern companies is Dhoot's own adventure and has no connection with family businesses.
Dhoot said in an interview with DNA Money that the modern e-India business is not associated or connected with video ocon.
"I have been planning to create my own consumer electronics brand for more than a year.
I have contacted Hyundai and they plan to venture into the Indian market and look for partners.
After the initial discussion, they agreed to provide the Indian entity brand license, and we will launch electronics and appliances of modern brands in India together, "said Dhoot, CEO of modern electronics India.
Although the modern company will be responsible for quality control, research and development (R&D)
The Indian Department will focus on marketing, distribution, after-sales service, product selection and market research
Sales service and other related activities.
"Ownership of the Indian sector is owned by me, and the understanding with Hyundai in the brand licensing agreement is that we will sell and distribute all modern electronics and appliances.
"This includes TV, refrigerator, washing machine, air conditioning, kitchen appliances and personal care products such as Shaver, Trimmer, hair dryer, etc," said Dhoot . ".
Dhoot said the new Indian Department will bring a lot of R & D and product differences.
"Our goal is to have a 3% market share in every state in the first year of operation.
This will happen with TVs, refrigerators, washing machines and air conditioning products . "
For middle and high-end consumers, the product features and advanced technology will be very high.
The company's pricing strategy will make Hyundai similar to LG, Samsung, Panasonic and Sony, he said.
"All existing re
Entrants are mainly playing pricing games.
Our pricing strategy will be consistent with market positioning and competitive environment.
In the initial phase, we will adopt a slightly competitive price, but in about 15 months we will be flat with them.
We will focus on product innovation and functionality. rich offerings.
Television, for example (TV)
We will launch artificial intelligence (AI)
Ability to control any settings-
Set-top box, Internet of Things (IoT)-
"Functions and controls are realized by means of voice or mobile phones," he said . ".
Over the past few years, many consumer electronics brands such as BPL, Thomson, Akai, Sharp, and Philips have been re-branded
Enter the Indian market.
In fact, this area is already packed with international and Indian country/region brands competing for the share of Indian electrical and consumer electronics products (ACE)market.
According to the Indian brand asset Foundation (IBEF)
The market reached 2 rupees.
05 lakh crore is expected to grow at a compound annual growth rate of 9% in 2017 (CAGR)to reach Rs 3.
Lakh crore in 2022
In terms of methodology, the Indian Department currently has a lean team of 75 employees in the on-the-job field and does not intend to build manufacturing facilities for future products.
It has outsourced production to third.
Party manufacturers in China.
"We have started production in Maharashtra and Uttar Pradesh/Uttar Pradesh.
The categories currently available include TVs, refrigerators, washing machines and air conditioners.
By the end of January, we will be attending meetings in towns and towns in five states.
West Bengal, Maharashtra, Uttar Pradesh, Uttar Pradesh, Rajasthan and Madhya Pradesh, which account for 40% of India, "said Dhoot, adding that other product categories will be rolled out step by step every quarter and at 12-
The company will cover 80% of the Indian market in 15 months.
Interestingly, Dhoot will rely on dealer partners to deliver modern branded products in thousands of retail stores in five states.
So far, the company has joined 1,800 and will increase by 1,100 in the coming months.
The retail strategy includes working with strong regional chains in the States to sell products.
"In West Bengal, for example, we work with Khosla electronics, while in the Delhi market, Khosla electronics is Naveen electronics.
For the Mumbai market, we will launch a distribution center called Jumbo with over 150 counters throughout the city.
The reason for working with these companies is that they have a better market share.
We will also sell through many independent stores across the country to ensure the maximum distribution range.
"We will not sell online either, mainly because of the discount problem with the channel," said Dhoot . " He added that more than 300 franchisees have been appointed to provide after-sales service
Sales service of modern product series.
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