Consumer Durable: At the cusp of innovative revolution
The consumer durable space has been buzzing in India with steady growth, new launches and latest technology. According to IBEF (Indian Brand Equity Foundation), the revenue growth from consumer durable sector in India is growing at around 14-15 per cent CAGR and is likely to reach US$20.6 billion by 2020. This clearly indicates that the Indian consumer industry is growing at a fast pace and holds a strong growth potential. With exponential growth in the durable sector, the segment is also witnessing significant technological change. The focus, from now on wards, will move towards bringing innovative and cutting-edge techniques; and future technology is expected to revolve around bringing holistic consumer experience. As the industry makes progress, the trend in consumer durables sector will see smart convergence of data technologies and personalization leading to “smart” appliances that will shift the focus to unique solutions. We will soon witness influx of technologies that can work on the fingertips and can be operated through mobile apps or other related features.
Going ahead, increasing demands from rural areas, upward shift in the life style, 24x7 electrifications and higher purchasing power
of consumers will open up new avenues of growth.
The innovation drive of a consumer durable company will also need to identify unaddressed requirements and deliver products which are relevant to the targeted segment. The innovation in the consumer durable space has to be directly proportional to convenience that customers demand.
In order to imbibe this paradigm shift, Whirlpool is trying to be relevant in the consumer space by offering technology that is intelligent, intuitive and innovative. The products should be intelligent in their design; intuitive in the sense that anybody can operate the appliance easily; and be innovative enough to bring something new that is also relevant to the customer. The principles of intelligent innovation are at the core of the products. The purpose is to incorporate innovation to improve the daily life of the consumers without making the features too complicated. The essence of technological advancement, new features and ease of use should have been imbibed in the principle design approach. The renewed focus on R&D is not only being aimed at improving the performance of the products but the effort is to improve its utility for consumers.
The consumer durables industry in India is set for a sustained growth. The challenge lies in keeping up with the changing trend, making life simpler and carefully analyzing the future requirements of the consumers. There is a visible trend towards premiumization of consumer goods industry, especially in metro and urban areas. Growing personal income, lifestyle changes, and a thrust on consumerism would lead to more demand for consumer goods. Consumers will demand latest technology and product upgrades across categories. It is an opportunity for all the industry players to strengthen their presence in the market. If success is to be achieved, the product and approach to market need to be customized.
The innovation drive of a consumer durable company will also need to identify unaddressed requirements and deliver products which are relevant to the targeted segment. The innovation in the consumer durable space has to be directly proportional to convenience that customers demand.
As the industry progresses, the consumer durables sector will see smart convergence of data technologies and personalization leading to 'smart' appliances that will shift the focus to unique solutions
In order to imbibe this paradigm shift, Whirlpool is trying to be relevant in the consumer space by offering technology that is intelligent, intuitive and innovative. The products should be intelligent in their design; intuitive in the sense that anybody can operate the appliance easily; and be innovative enough to bring something new that is also relevant to the customer. The principles of intelligent innovation are at the core of the products. The purpose is to incorporate innovation to improve the daily life of the consumers without making the features too complicated. The essence of technological advancement, new features and ease of use should have been imbibed in the principle design approach. The renewed focus on R&D is not only being aimed at improving the performance of the products but the effort is to improve its utility for consumers.
The consumer durables industry in India is set for a sustained growth. The challenge lies in keeping up with the changing trend, making life simpler and carefully analyzing the future requirements of the consumers. There is a visible trend towards premiumization of consumer goods industry, especially in metro and urban areas. Growing personal income, lifestyle changes, and a thrust on consumerism would lead to more demand for consumer goods. Consumers will demand latest technology and product upgrades across categories. It is an opportunity for all the industry players to strengthen their presence in the market. If success is to be achieved, the product and approach to market need to be customized.
