LG Electronics India expects the fast-growing B2B segment to contribute nearly 25 per cent to its overall revenues by 2025.
India is among the key markets for the South Korean consumer products maker globally for the B2B products and solutions business. It is also eyeing growth by offering solutions in new segments such as robotics and cloud kitchens.
Hemendu Sinha, Senior Vice-President and Business Head, Business Solutions at LG Electronics India, said, “The B2B business has been identified as one of the key growth engines. Over the next three years, we expect the B2B business to account for nearly 25 per cent of the overall India revenues. There will also be a strong focus on investments to grow it further.”
He added that India is among the key markets in terms of the B2B business globally for LG Electronics.
B2B business currently contributes about 10-12 per cent to LG India’s revenues. Under the B2B business, the company offers commercial display, and digital signage products & solutions, HVAC solutions (Heating, Ventilation and Air-Conditioning), and IT hardware solutions, among others.
On Friday, the company launched the latest version of LG MAGNIT, a premium Micro LED for offices. “2022 was a watershed year for our B2B business in terms of revenues. After two pandemic years, a lot of projects got completed and that helped us garner strong double-digit growth,” Sinha added.
This year, the company will be sharply focusing on strengthening its existing product portfolio as well as the launch of new solutions.
“We are focusing on making our product portfolio AI and IoT-enabled, given the growing demand for remote management offerings. At the same time, we will also focus on launching a range of robotics solutions in the Indian market. We are also looking to expand our commercial launderette business. We will look at offering solutions for cloud kitchens,” Sinha said.
The company is also adding new experience centres for its B2B customers.
“Currently, we have innovation galleries in Noida, Bengaluru, and Kolkata. We are soon going to open innovation galleries in Mumbai and Hyderabad. By the end of the year, we expect to have seven innovation galleries, where our customers can experience our entire range of B2B solutions,” he added.