Polycab India Ltd., the countrys leading manufacturer of wires and cables with FY19 revenues of 7,910 crore, has announced plans to set up 100 Experience Centres in key cities by FY21 to enhance consumer connect with its range of electrical goods and appliances called Fast Moving Electrical Goods (FMEG).
The company which entered into the FMEG segment recently is banking on the Experience Centres to provide millennial home buyers smart aspirational digital solutions of the future. As per the companys understanding consumers these days need ready made made solutions as they do not have time to move around to select electrical goods.
The first ever Polycab Experience Centre in Mumbai and Pune are providing smart home solutions at one-stop depending on the home buyers budgets. The company delivers the products and can install them too, if the consumer so desires. But the supplies happen through the local dealers as the company does not want to eat into the business of its distributors and retailers.
We plan to set up more Polycab Experience Centers across key cities to deepen the connect with direct customers. We will have 25 centres by March 2020 and a 100 by FY21, said Manoj Verma, executive president and Chief Operating Officer for FMEGs, Polycab India.
Manned by the company, these Centres will completely integrated solutions. Every Centre will showcase how electrical gadgets can be fitted into the smart homes and be linked in an automated WiFi enabled platform on the mobile phone.
Polycabs FMEG revenues grew 33% to 643.3 crore in FY19 as against 485.3 crore in FY18. On a half year basis (H1FY20), FMEG segment grew 52% year-on-year driven by portfolio augmentation and distribution expansion, Mr. Verma said.
Stating that Polycabs key focus is energy efficiency, Mr. Verma said Through our intelligent platform, we ensure that energy is consumed only when needed. Fans with automatic sensors and temperature sensors save energy. Todays consumers are looking for one stop shops or solution providers.
Polycab has now transitioned from distribution of power to your home to consuming energy efficiently. Our Consumer business is 4 years old but we are the fastest growing brand in the market. We have become challenger and in 5-7 years, we want to be in Top 3 in all categories, he added.
In a decade, the company wants to become the one-stop-shop solution for everything electrical in a home and could get into washing machines, mixers, grinders, fridges, ACs. Smart linking of electrical gadgets and an intelligent digital home is our focus, Mr. Verma said.