Must make our strategies more digital-savvy, says Panasonic's Manish Sharma
Making the best out of the current situation, Sharma says he is back on his drawing board, planning for the long-term strategy
- Apr 19, 2020,
- Updated Apr 24, 2020 1:57 PM IST
The Rs 76,400 crore Indian appliance and consumer electronics market grew after almost two flat years in 2019 on rising disposable income and easy credit access. However, the COVID-19 has dampened growth projections. With the outbreak of coronavirus, initially, only supplies were impacted. However, the current nationwide lockdown has dampened the peak summer sale. The lockdown across March-April has significantly impacted sales, and with a very grim picture of the future, consumer durables manufacturers are exploring ways to reach out to their loyal customers. Manish Sharma, Executive Officer, Panasonic, President and CEO, Panasonic India and SA, expressed his thoughts on the matter via a LinkedIn post.
"The onset of summers in India earmarks a crucial period for the ACE (Appliance and Consumer Electronics) industry. In fact, March and April contribute nearly 16 per cent of the sales turnover, giving a jumpstart to the industry. With such a heavy blow due to COVID-19 in March 2020 and now prolonging to April, the industry has already taken a huge setback. Consumer demands have been severely disrupted (more than 50 per cent fall over Q1 projections), employee morale at an all-time low, product/service supplies have been affected and, analysts estimate that the worse is yet to come," writes Sharma.
BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic:
The Rs 76,400 crore Indian appliance and consumer electronics market grew after almost two flat years in 2019 on rising disposable income and easy credit access. However, the COVID-19 has dampened growth projections. With the outbreak of coronavirus, initially, only supplies were impacted. However, the current nationwide lockdown has dampened the peak summer sale. The lockdown across March-April has significantly impacted sales, and with a very grim picture of the future, consumer durables manufacturers are exploring ways to reach out to their loyal customers. Manish Sharma, Executive Officer, Panasonic, President and CEO, Panasonic India and SA, expressed his thoughts on the matter via a LinkedIn post.
"The onset of summers in India earmarks a crucial period for the ACE (Appliance and Consumer Electronics) industry. In fact, March and April contribute nearly 16 per cent of the sales turnover, giving a jumpstart to the industry. With such a heavy blow due to COVID-19 in March 2020 and now prolonging to April, the industry has already taken a huge setback. Consumer demands have been severely disrupted (more than 50 per cent fall over Q1 projections), employee morale at an all-time low, product/service supplies have been affected and, analysts estimate that the worse is yet to come," writes Sharma.
BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic: