Posted May. 09, 2017 07:18,
Updated May. 09, 2017 07:24
LG Electronics has fascinated India, home to 1.3 billion people. May 12th marks the 20th year that LG Electronics entered India, the world's second largest populous nation. LG Electronics' India sales posted 2 billion dollars last year, rising 60 fold from 1997 when it first entered the country. The secret of such accomplishment is thorough localization strategy.
According to LG Electronics on Monday, its cumulative sales of TVs and refrigerators in India stand at 50 million units and 30 million units, respectively. Washing machines sold in India stood at 16 million units and microwave ovens 4 million.
India is the third nation LG has set up an overseas unit in Asia following Indonesia in 1991 and China in 1993. Starting with the first home appliance plant in Noida in 1997, LG set up a software research center in Bangalore in 1998 and the second home appliance plant in Pune in 2004. LG Electronics' local employees in India have increased to more than 3,400 from some 400 in 1997.
LG's success entry to India is due to its strategy to launch India specific products taking into account residential environment and living culture. Key products include a water purifier with enhanced function taking into account bad water quality in India, a refrigerator that maintains cool air for seven hours when electricity is cut, an air conditioner that drives away mosquitos with ultrasonic waves and TVs. LG Electronics was selected as the most trustable brand in 2015 and the most attractive brand in 2016 by local market research firm TRA.
In commemoration of its 20th anniversary of entering India, LG Electronics India is planning various promotion events through the end of the year including a 20-month installment payment without interest and discounts.
"We will continuously offer products that help Indian consumer's living as a No. 1 brand," said Kim Ki-wan, head of LG Electronics India.