Home-grown consumer electronics brand Onida is aiming to join the billion dollar club in the next four years with a six-fold jump in revenue on the back of ‘smart products’ targeting youth, besides focusing on expansion in non-metro markets.
Mirc Electronics, which owns Onida brand, plans to take its dealer count to 9,500 in the next three years focusing north and east regions besides introducing new non-metro centric models with highly optimised features.
“By 2020, Onida will be known for smart products. We will be one among the top 3 choice in young consumers’ mind. We will be doing around USD 1 billion of sales subject of market stability,” Mirc Electronics Chairman and MD, GL Mirchandani said.
In the financial year 2014-15, Mirc Electronics had a revenue of Rs 1,070.62 crore.
“As a strategy, we are moving into more connected devices (Smart devices) product portfolio- where potential is huge in metros,” he added.
Onida plans to introduce 20 new models in its flat panel range in which most would be “Live Genius” range of smart TVs. It is loaded with android platform, Quad core processor and Wi-Fi.
In the segment of air-conditioners, Onida has launched “i Genius” model, which can be controlled from the owner’s smart phone through Wi-Fi.
This summer, it would come up with its Onida Regalio – Smart Wi-fi air conditioners with Inverter technology.
At present, metro markets which include Chennai, Delhi, Kolkata, Mumbai and Bengaluru contribute to 30 per cent sales.
“By default, with e-commerce growth these market’s contribution will be maintained for at least next two years,” Mirchandani said.
As for tapping non-metro markets, he said, “We will be launching distribution models in both LED and Washing machines, where we will introduce models with highly optimised features- where customer is willing to pay for its features.”
To be able to play aggressively in pricing and promotions to attract customers in the rural markets, Mirchandani said the company will offer assurance in the form of additional warranty, value for money products and assistance like consumer finance and easy EMI options.
He further said, in coming year, the company is planning 20 per cent growth in the air-conditioner segment, 30 per cent in flat TV panel and 40 per cent each in washing machine and microwave oven category.
The company would also focus on online channels and modern trade outlets, he said.