BenQ expects India business to grow 15-20% in 2020
IT peripheral firm BenQ expects around 15-20 per cent growth in India business this year on pick up in sales demand from home segment for monitors and high-definition projectors, according to a top official of the company.
According to BenQ India managing director Rajeev Singh, the company’s institutional sales for flat screen wall and projectors have suffered due to the Covid-19 pandemic, but its impact has been compensated with increase in sales of monitor and projectors by retail customers.
“In terms of percentage, we are definitely looking at a 15 to 20 per cent increase. We are expecting at least three times growth in our monitor business during this year as compared to last year, and we work on a calendar year basis,” Singh told PTI.
He said because of work from home, learning and entertainment at home, the demand for company’s business to consumer (B2C) products has increased, specifically for monitors.
Before Covid-19, two-thirds of BenQ’s business came from sales of projectors and interactive flat panels and one-third of business was being contributed by monitors.
“Now the situation post-COVID has reversed. Now two-thirds of our total business is from monitors and one-third is from projectors and interactive flat panels because there’s a shift from mainly B2B to B2C. We are seeing a net impact that is going to be positive,” Singh said.
According to IDC, the company recorded 163 per cent year-on-year surge in sales of 27 inch monitor segment during April-June quarter in 2020.
Singh said most of the sales for the company are now coming from e-commerce platforms and it is ramping up manpower to handle digital sales.
“I think going forward, things will improve, but a major part of the buying has happened from e-commerce platforms. We have been very active in promoting our products from Amazon.
“Right now, we are planning in a big way for the Diwali sales, and to support this, we are making continuous investments to ramp up our capability in the e-commerce part of the business as well as for digital marketing,” he said.
The company had freezed hiring March 1 onwards, but revoked it on September 1.
“We are again looking at expanding our teams. In terms of a percentage, I can tell you, we plan to add close to a 15 per cent additional manpower in the next six months,” Singh said.
Enter your email to get our daily newsletter in your inbox
- The 15th Finance Commission has recommended that states be given 41 per cent of the divisible tax pool of the Centre during the period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission.
- Here’s a list of some of the tasks which need to be performed by taxpayers before March 31
- In an interaction with members of the Indian Women’s Press Corps (IWPC), Sitharaman said that consumer sentiment about the tax burden on auto fuel was understandable.
- Nearly 1.1 million vaccine doses were administered to people above the age of 60 and those in the 45-59 age group till Thursday.
- Mohapatra said the idea came during Modi’s meeting with Marriott International president and chief executive Arne Sorenson, who complained about the complex regulations in starting and running a hotel in India.
- ICICI Bank’s move comes days after rival lenders such as State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corp. Ltd cut their home loan rates.
- These votes will have to be disclosed to unit holders under existing regulations. Voting will be at the MF level (rather than scheme level).
- Supply of vehicles from Maruti Suzuki India Ltd—as part of the alliance with Suzuki Motor Corp—has helped Toyota increase its domestic market share in the premium hatchback and entry-level SUV segment, where it was not present before.
- The top three states by GVA were Maharashtra, Gujarat, and Tamil Nadu. They had a share of 41% in the total GVA. Rural India added nearly as much GVA (49%) as urban India (51%).
- Using average consumption shares to calculate the burden of an indirect tax has a problem.