MUMBAI: A refrigerator with a built-in radio, a foldable bedcum-study , a roti maker and an induction cooker—the innovation pipeline of home-grown Indian companies is bursting with ideas.
The objective is to create stickiness among consumers who could, in the midst of a booming retail environment, stray towards competing brands. To do so, companies like Godrej Appliances, The Living Room and Jaipan Industries are creating differentiated product offerings to attract consumer attention.
Godrej Appliances, as part of Godrej & Boyce Manufacturing Co, has just rolled out a refrigerator which also a radio to entertain the housewife while she dishes out meals for her family day in and day out. "Our market research shows that music is a craze among consumers. We have thought of including this aspect in our products," says George Menezes , chief operating officer, Godrej Appliances.
The refrigerator in question has met with initial success. It has been lapped up by the trade and, going by the consumer demand , the company is ramping up production by 150%. However , another important reason behind Godrej relying on innovation to create a market dissonance is to do with the presence of large multinational competitors in consumer durables. "We have to deal with the might of the MNCs and thus we have to create a differentiator like this refrigerator with a radio to attract consumers," says Menezes.
In some global markets, Korean consumer durable major LG had experimented with a refrigerator with an LCD television . Experts believe that more consumer need-based innovations are coming into the market because of changing lifestyles . The Living Room, a chain of furniture stores based in Mumbai, recently advertised a bed which could be rolled up into a study. The product has been designed to give the owner a sense of space in a small room apartment.
Similarly, Jaipan Industries , which launched a roti maker in 2003, to serve the requirement of the working consumer who has little time at hand, is marketing an induction cooker as well.
"Induction cooker is the future in cooking devices. Seeing the global trend, we wanted to be one of the first movers into this technology. The demand for this product is good. It's a must for all households which have difficulty in accessing LPG," says Atin Agarwal, director , Jaipan Industries.
Agarwal claims that the roti maker too is growing albeit in small numbers. It is available only in metro cities with sales in four digits as per volume . The idea of a roti maker was born when metro cities were at an inflection stage across India. "That's the time when bachelors were working and living alone in the city. Such products are best needed by them," says Agarwal.
Jaipan is now moving into vertical product development, offering customers more variety of designs and features within the same product range.
"With rising affluence, people are consuming many new categories demanding not only convenience but solutions. Marketers need to simplify the consumer's life by providing innovative solutions. In metros, kitchen and room sizes are reducing given the rising real estate prices. The lady of the house has much more now than just kitchen on her plate and she seeks solutions in staying organized . This is leading to some innovative products satisfying space constraint, convenience and staying organized," says Devendra Chawla, head - private brands, Future Group.
Source- Times Of India
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