The Durable World of Indian Consumers

By Nidhi Markanday, Head - CDIT, Intex Technologies

Nidhi Markanday, Head - CDIT, Intex Technologies

Intex Technologies is a smartphone manufacturer based out of New Delhi. Founded in 1996, the company has a portfolio of more than 15 product categories.

In the realm of modern technology, however we see this, our worlds are gradually converging. Greater synergies are making room for astounding collaboration between various technologies. We as consumers are not far from the day where we wake up to the alarm clock that triggers the coffee machine and toaster which then switches on the television in our rooms. As we walk into the kitchen to grab something from the refrigerator, it gives us a list of all the items that need a re-fill and as we wind up our breakfast, the house slowly senses our departure and unlocks the car to make the daily commute. All this at the touch of a button. The consumer durable segment today finds itself at a pivotal point, capable of creating technological history if steered on the correct path. Given its demographics, India as a market remains untapped, desperately waiting on the edge for a holy key to unlock the treasure that is a world of unseen, unheard and endless possibilities. We pride ourselves as the first country to reach the Mars orbit in the first attempt while making this space mission as the most cost-effective one ever witnessed by mankind. Let us align ourselves a little closer to the subject here, India is expected to clinch the 5th spot all the way from the 12th as the largest consumer durable market by 2025 and this market is expected to reach $12.5 billion by FY'15. Thus, a world of opportunities await this great nation as it gradually widens its foot print in the arena of global consumerism.

Each category in this segment is growing at an astonishing pace, FMCG revenues are expected to be at $47.3 billion by 2015 fiscal while the consumer electronics market hopes to reach the $400 billion milestone by 2020. Such exponential growth in all areas are contributing to a bigger, better and stronger Indian economy. Corporations worldwide seem to have received a bullish response from the Indian market as consumers of all age groups - young and old continue to show purchasing promise when it comes to acquiring new technologies. This in itself has generated an atmosphere of remarkable optimism to operate and expand businesses in our country. In addition to this, investor sentiments are tilting in India's favour allowing us to constantly strengthen our R&D base and re-inforce this belief of a better quality of life by achieving economic superiority.

Having said all this, there is an aroma of uncertainty that is dragged into this economy by these opportunities. Surging cost of raw materials, constantly fluctuating consumer preferences/loyalty, lack of skilled man power for providing customer service, policy bottlenecks, etc. But, we can relieve ourselves with the thought of having one less and considerably critical challenge being addressed, the newly formed government has brought with itself, a bundle of overwhelming presents namely expediting reforms and excise duty schemes thereby opening up the policy bottlenecks created earlier, EPCG and EHTP schemes, National Electronic Policy, FDI support in single and multi-brand retail etc. These are some of the vital ingredients that are indispensable to boost our country's growth by encouraging domestic manufacturing and increasing consumer purchasing power.

In line with all these factors, we at Intex Technologies are constantly looking to innovate and offer our customers products that are technically superior yet economically feasible. In the coming years, we see an emerging trend around LCD / LED TVs, washing machines and multimedia speakers. The Consumer Durables and IT industry is set to witness immense growth in these verticals. Therefore, in order to capitalize on this opportunity we plan on investing heavily in these segments with some exciting product launches coming in this quarter. In addition to this, we shall align our focus on strengthening distribution channels and marketing strategies. Lastly, from a manufacturing stand point, we are building on the current base by exploring market opportunities in the space of Consumer Durables such as LED TVs, speakers and others. This along with increasing the number of production units in India shall give a boost to our capabilities in the near future.

All in all, the story that has been woven up till now, looks to be nothing short of fascinating. However, it is imperative that we strive to build a future where technology has proven to be the axis on which this economy rotates and transforms itself. A step closer to our goals, realising a dream of epic proportions solely by opening up avenues and exploring newer demographics for business in this country. Investing in the future by allocating funds for stronger distribution channels, developing energy efficient and environment friendly products and increasing the affordability factor for Indian consumers. Rest assured, if we do incorporate these strategies, India would have successfully swung the pendulum in its favour and the world of consumer durables would look up to this great nation as the epicentre of consumer technology and innovation.

 

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