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Thomson Eyeing 7% Market Share By The End Of FY21: CEO, Avneet Singh Marwah
Nationwide lockdown due to coronavirus has disrupted the whole electronics industry. In fact, the industry has already lost Rs. 20,000 crore. However, the companies have started their production lines, and now they are launching their products in the country.
Recently, Realme and OnePlus have launched their smart TVs at affordable prices to mark their presence in the segment. This seems good from the consumer's side as they will have more options to buy products. But still, this has increased the competition amongst smart television players. Meanwhile, we interacted with Thomson CEO, Avneet Singh Marwah to know about the company's strategy and investment plans.
How much has coronavirus and lockdown impacted your business and the Indian television market?
We like everyone else had to halt the sale of "non-essential goods" which impacted the livelihoods of millions of laborers, but also resulted in a loss of Rs. 20,000 crore in the electronics industry, alone. But, now, the demand is good.
What do you think about the current market scenario as the government has lifted the lockdown?
We expect a surge in demand by the Indian consumer, and we are fully equipped with stocks and backend to achieve the same. Post unlock, we are seeing a rise of the Make in India sentiment. Also, whatever target we were planning to achieve in the next 10 years we may achieve in the next three years.
Please tell us about your investment plans and your market share?
We have recently expanded our portfolio to home appliances, and we will be investing Rs. 1000 crore in the division in the next three years. As far as market share is concerned, we have five percent share and we are expecting more than seven percent share by the end of the financial year.
How are you dealing with the competition as all are targeting affordable segment?
Earlier, we were only into the affordable segment, but now we are expanding into ultra-premium products. We have already seen a spike in our sales with the newly launched models, and these products can easily be compared to the top three brands. As for the competition, we are happy that other brands are expanding into the affordable segment. This will only help Thomson grow its market share.
How would you compete against other brands apart from the pricing element?
We have been investing in technologies like AI and smart homes. For the last one year, we have only been launching technology-driven products. Even Oath PRO comes with fully loaded features. We will be playing more on specifications and technology.
Who makes your display panels, and who is your important partner in terms of hardware that are being used in your TVs?
For the displays, we are dedicated to Samsung, and for the rest, we rely on panel manufacturers like LG, AOU, and BOE. Besides, we are working with chipmaker Amlogic for the hardware.
What do you think users are compromising with when they buy budget TVs under Rs. 20,000 price point?
Today the user makes a wise decision when it comes to picking the right technology. The other biggest concern for the top three brands is now is customers are shifting to affordable brands after realizing that they are paying extra money for just the brand's name when they can get the same technology at affordable prices.
The Anti-China sentiments are going to help Thomson and other homegrown smart TV players as people are looking for options. Besides, Thomson is known for offering good features at affordable prices. So, in our opinion, there are high chances that the company will achieve its target soon, and expanding its portfolio this time seems a good move.