LG Electronics Bets on Innovation, Energy and Power Savings to Grow Market Share in its Home Appliances Division

 Consumer electronics giant LG Electronics is looking at doubling its sales volumes in the Home Appliances division in the next year, thanks to a sustained innovation trajectory and heightened marketing efforts.

The global consumer electronics maker currently controls 35 per cent of the regional Home Appliances market.

The company will be betting on the ability of its appliances in helping consumers make huge savings on power and water in its efforts to maintain the market leadership. Some of the latest appliances can realize up to 70 per cent savings on electricity while the washing machines can save up to 60 per cent on water.

The company is already enjoying a good market run in the region especially on its Home Appliances such as refrigerators and washing machines.

 

Currently an estimated 70 per cent of refrigerators and washing machines in the east and central Africa market are LG products, a situation largely attributed to the company’s flexibility in meeting changing consumer demands.

 

Managing Director for East and Central Africa Mr Josep Kim said the company will continue spending a considerable amount on research, innovation and development to ensure that the company grows and maintains its market leadership both regionally and on the global front.

“A random check among Kenyan and regional households will reveal that about seven out of every 10 refrigerators and washing machines in use are our products. As a company, we take this as strong vote of confidence in our appliances and commit to continue with the innovation journey to meet and even surpass consumer expectations,” said Mr. Kim.

He was speaking at a media event hosted to take stock of the changing regional market trends in the home appliances portfolio. The event comes in the wake of heightened market competition which Mr. Kim is confident that LG Electronics will wither and continue with its market dominance.

 

“The amount of investments we commit to research and development is unmatched. The rising sales volumes are testimony that we are indeed on the pulse of the consumer needs. We will leverage on this going forward,” he said.

 

The company has also made substantial progress in patenting its products in the wake of rising cases of counterfeit goods in the region. Although the company’s Home Appliances category is not seriously affected by the menace, Mr. Kim said the LG Electronics will continue working closely with government anti-counterfeit agencies in concerted efforts to protect the market.

The latest LG refrigerators come with an in-built Low Voltage Stabilizer which guards against power fluctuations while the  Washing Machines exclusively have the  Auto Restart function  which picks from where is stops in case of power outage, this accounts for the huge savings in time and energy. The company’s Microwaves come with intelligent i-sensor function which Cooks and Grills to the consumer’s taste without supervision.

“The I-sensor actually enables the microwave to go off once the food is well done. Basically it’s pre-programmed with preset menus for different foods of the world,” said Angel Bisamaza, the Product Manager in the Home Appliances business unit.

 

According to Mr. Kim, one of the company’s major selling points is the availability of products for various market segments.

 

“This ensures that there is something priced for everyone. The performance however is what sets us from the rest of the competition,” he said.

The company also announced plans to engage in a vigorous consumer education to create awareness on maximizing utility of its various products. This will be done through existing avenues like the customer service centre situated along Ngong Road and Mobile Service Bus which goes round the country attending to customers in remote areas of the country.