LG revamps efforts to lure in customers
LG Electronics is customising its electronic consumer products for Bangladesh and offering the highest range of warranty to lure in customers.
Winning customers' satisfaction and building a connection with them is the main agenda of LG Electronics, Edward Kim, the company's managing director for Bangladesh, said in a recent interview.
LG, a South Korean electronics maker, is offering a warranty of 10 years for its products. The company wants to see itself as the most trustworthy brand in the country, Kim said.
“We have already become the most trustworthy and most durable brand across the world. It's our inspiration. Here in Bangladesh, we are also winning customers' trust.”
Localising its products for Bangladesh, LG Electronics has introduced mosquito-repelling air conditioning systems.
The air-conditioner can generate inaudible ultrasonic wave at a specific frequency of over 30kHz that repels mosquitoes, LG says on its website.
“In Bangladesh, mosquitoes are a big problem and our air-conditioners will make the homes mosquito-free,” Kim said.
“When I first came to Dhaka, I found mosquitoes even at the airport. It was then that I planned to bring a product like this to Bangladesh.”
Kim, who is working with LG for a few years now, joined its Dhaka office in December last year. During his four-year tenure in Bangladesh, he said he would try to improve the lives of people under a slogan -- Life's Good.
The well-known company has also introduced 'games televisions' with five inbuilt games, expanding the use of the electronic device. It launched the OLED (organic light-emitting diode) television in 2013 and 65-inch and 77-inch models in 2014. LG introduced its first internet television in 2007, which was originally branded as the NetCast Entertainment Access device and later renamed LG Smart TV in 2011.
The company's annual turnover was around $100 million last year in Bangladesh and is currently focusing more on 'business to business' rather than 'business to customers'.
Kim said the country's economy is growing fast, which helps them concentrate more on Bangladesh's business opportunity.
“Commercial areas are expanding, bringing new opportunities for us. New infrastructure needs new air conditioners, lightings, security products, televisions and some other electronic products.”
In Bangladesh, LG also leads some of the products. As a refrigerator maker, LG is the second largest player after local brand Walton.
LG accounts for 30 percent of washing-machine sales and 25 percent of air-conditioners, according to Kim. “Our LED lighting and security systems are also attractive.”
“Though we are quite behind in mobile handsets, especially in smartphones, we want to be the market leader in consumer electronics products,” Kim said.
He said there are some strategic gaps and that's why the company missed the smartphone market. Now, LG is refocusing on mobile-device business.
Years back, LG was in a strong position in feature phones and was second globally. In 2015, it released LG G4 globally in late May through early June. With some other home appeals, the company assembles products such as tablet computers and smart watches.
Evaluating the Bangladesh market, Kim said this is a market where people want innovative products.
The company has recently targeted the youth segment, and they are launching digital campaigns and corporate social responsibility programmes.
LG has empowered society by running a digital school in Dhaka, demonstrating the use of several IT-related products.
Although LG began operations in Bangladesh 20 years back, it began promoting its products in 2000.
The company was established in 1958 and has since led the way into the advanced digital era thanks to technological expertise acquired by manufacturing many home appliances such as radios and televisions.
LG has unveiled many new products, applied new technology in the form of mobile devices and digital televisions in the 21st century and continues to reinforce its status as a global company.
The global reputed company plans to establish an assembling factory in Bangladesh but before that, facilities need to be expanded, Kim said.
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