Globally, India is now the third largest market for the company behind China and the United States of America, he added.
“This year, India has become the largest market by revenue for us in the APAC region on the back of increase in consumer demand. We have been focused on India and over the past three years, doubled our team in the country,” Liang said. He added that he is optimistic about India sustaining the growth momentum over the next few years as well.
BenQ sells monitors, projectors, and interactive front panels in the country for both consumer and enterprise use. The company is focused on the mid to high segment customer with presence across e-commerce portals, and physical retail at stores like Croma, and Reliance Digital.
“The pandemic shifted a lot of consumer habits which have resulted in increasing preference for good quality monitors and home projectors. We adapted to these changing trends and as a result, have seen 50% revenue growth year on year for the past couple of years, and are on track to repeat the performance,” BenQ’s managing director for the India market Rajeev Singh said.
In a concerted effort to be present at as many consumer touchpoints as possible, the firm has recently launched its own direct to consumer sales platform as well.Singh added that currently, the firm sees equal contribution from its consumer and enterprise businesses, though it was not always the case. “Pre-COVID, 70% of our business was B2B but during COVID, nearly 80% of our business came from the consumer segment,” he said.Among the enterprise avenues, BenQ has identified education as a key growth driver as more schools and colleges get digitized.
Aside from capturing evolving consumer trends, the firm also researches niches it can occupy. “For example, our research said there is no monitor catering to coder and programmer needs, and so we went to market with one,” Singh said.
Liang added that the ‘made for India’ strategy has contributed to the market’s growth for BenQ as well. “In India people want utility together with value for money and so it becomes important to make products for the market, rather than try and sell global products,” he said.
