Growth of Indian Consumer Electronics Industry

The demand for the latest electronic devices has been trending for many years and will grow for many more. According to Market Watch, electronics exports from India may potentially hit $180 billion by 2025 from just $11.28 billion in 2019-20. Westinghouse India mission is to power people by providing sustainable energy and reliable appliances, lighting and electronics for home. Westinghouse India products are designed with Innovative and functional features that create value and a reliable user experience for customers and partners worldwide.

CXOToday in conversation with Westinghouse India Brand Consultant Shipra Dubey

How do you see the boom in the electronic export market?

• The ongoing war, border dispute, export tariffs, pandemic, all these factors combined have made the entire world realize that the dependency should never be on one country for supply of electronics and in fact all the other items as well. Hence countries which were earlier dependent only on China for supply of raw and finished goods have started seeking alternatives. India hence, has a lot of scope if it can cater to the current global demands. The veterans in the electronic industry have already started coming together to have inhouse manufacturing and sort shortage issues of chips, panels, and semiconductors. We are not just setting up our own manufacturing units but also will be producing goods to cater to requirements of other countries as well. The Electronics and Computer Software Export Promotion Council (ESC) has already stated that the electronics exports from India may potentially hit $180 billion by 2025 from just $11.28 billion in 2019-20.

What strategies have you devised to understand customer behaviour in the current challenging economic environment.

• Our main focus is to bring the 130-year-old American legacy to India in an Affordable Luxury segment. We plan to become a household name making life better with technology. For that we are primarily depending on data and customers’ feedback. How would you know what sells more, what the customer wants, what’s the sweet price point spot to details like which day should be your sale day, when to start offers to attract customers this and many more detailed demand-oriented product offering can be attained by following the data. It not only gives you a competitive edge but also gives you a way to provide personalised experience and curated assortment to your loyal customers. This can certainly go a long way in setting a long term vision and giving enhanced shopping experience.

Electronics is a competitive segment in India. How do you design to meet the competition?

• Though being more than a century old company, we are still new to India market and then there are existing players already. However, what works in our favor is people are aware about our century old legacy so entering retail is not much of a difficulty however, we would want to take our time to make the right choice in terms of having a retail partner. Westinghouse has a long-term strategy for India market, and we would want to focus on a steady growth. We are not here to compete with other brands in market, however we plan to focus on creating a segment of consumer electronic products keeping the demand of every Indian household in mind. We also are aware that there are not many American Electronic brands in India and we plan to fulfil that gap.

What is your Say on the growing electronics components market In India?

• While the Electronic sector is on a growth path the existing manufacturers and retailers can actually benefit a lot due to shift in paradigm. The best lesson that we all learned from the pandemic was we need to have inhouse manufacturing units. Due to pandemic and trades being shut, several manufacturers and retailers found it hard to keep up with demand. For instance, semiconductors and panels were so scarce in India that the Television industry had months of backlog as parts were not available. Manufacturing units are already being established to cater to the demands inhouse. If they could up their scale and be quick to grab the coming opportunities to cater to global demands as well, this could become their next big thing.

What Role does the pro-manufacturing ecosystem play in making consumer electronics affordable.

• While the consumer is adopting to latest technologies, the government is working as an enabler by helping to create the required ecosystem. It’s focusing on future technologies along with renewal energy, sustainable manufacturing using local products, reduced taxes or even exempted, in certain segments, for the initial few years. A lot of big manufacturers are looking at India as a great option to invest. The conducive environment will lead to increase in manufacturing. Government through its PLI Scheme tax exemptions and Make in India initiative is giving a boost to the manufacturing ecosystem in India. The results can already be seen, India is now one of the largest telecom manufacturers. Manufacturing growth in various electronic segments has provided a wide range of products at different price points from entry level to premium to luxury. The pro- manufacturing has certainly made consumer electronics more affordable as there is not much relying on trade tariffs, high duty being added.

How do you see international brands to be trusted in India.

• Consumers, today, are not only the early adopter but also spend considerable time understanding the latest technologies. In the age of globalisation, nothing remains in oblivion for them. The consumer products in electronic segment are a category where people want to only go with very selective brands. Having said that there were the same top names which were till now available in this space. However, seeing the boom in the segment several international brands are now eyeing the India market in partnership mode. For Indian Consumer trust is an important factor. Dell, Colgate, Maggi still hold the largest share in their respective segments being an international brand because now there is a trust that has developed. That comes from consistency and quality. The International brands entering India Market which can sustain along with providing quality product will definitely gain trust of the Indian consumer.

What is Westinghouse India doing to prepare for future growth?

• The consumer today is well travelled, well read, tech friendly and more aware in terms of his needs and demands. Brand value is definitely important for them but more important is quality, features and usage. Though being 130-year-old company, we are still new to India market. What works in our favor is people are aware about our century old legacy so entering retail is not much of a difficulty and we already are in conversation with leading companies. However, we would want to take our time to make the right choice in terms of having a retail partner. Westinghouse has a long-term strategy for India market, and we would want to focus on a steady growth. As the company who developed the modern power grid over 100 years ago, we strive to improve everyday life with products that bring people together for the moments that matter.