Foxin aims 3X growth by 2024: focuses on strengthening charging & IT segment; Goes aggressive in Online space

Foxin has been successful in creating an extra edge in a highly competitive market of IT Peripherals and Mobility products. During an exclusive interaction with Mobility Magazine, Mr. Bharat Seksaria, (Product Head), Foxin talks in detail about the various achievements of the company and the strategies adopted to create a framework for digital transformation to deliver best and innovative products at the most affordable prices.

a. Discuss the key achievements and how do you bring your learnings to the company?

Foxin has been one of the leading peripherals brand in India with all due credit to its channel partners and being consistent in nurturing the relationship with them. Moreover, the company has ushered into both IT& Mobility products and this is the reason for grand success of the organisation. Our primary focus has always been on Innovation and Quality thereby enhancing the customer experience.

As far as my experience is concerned, we have managed to move the brand’s focus to penetrate into products that are user friendly. We have also been successful in creating a better roadmap by following the best industry practices and create guidelines which are clear to get the maximum level of excellence in the electronic industry.

b. Discuss the Foxin’s strategy to stay competitive?

Foxin’s strategy has been to stay competitive and stay ahead of the curve by affordable pricing, product building and vendor management. Therefore vendor management has been very crucial in keeping Foxin affordably priced. Apart from that the good relations with the vendor and fairly pricing, product development has made Foxin one of the leading electronics brand in India.

c. What has been the most important aspect of Foxin that makes it so unique?

Foxin has always been for the mass appeal and has catered to the pocket friendly pricing appealing to the masses which makes it very different and unique for the brand. We have always understood the pulse of the consumer, their need and market demand. Apart from this Balaji Solutions, its parent company has a network of 25 important cities all over India which includes sales, warehousing and workstation which is also one of the unique aspects of Foxin.

d. Throw light on manufacturing in India and its scope, dependency on the other countries.

Manufacturing in India has kicked off recently in electronics but is still in its nascent stage, as only SKD assembling is being done here. But these initial steps has generated a lot of labour employment and the country has been able to cut imports on finished products as 70-80% SKD assembling is being done here.

The scope of manufacturing is endless as India will mature into manufacturing of products level by level and slowly other countries will start depending on India like its currently depending on China. Recently the Indian government has imposed ban on import of laptops and desktops which is a clear indication of boosting local manufacturing for electronic products.

e. What is the scope of mobile accessories in India and latest trends in wearable consumer tech

The scope of mobile accessories in India is huge as its attached product to anyone using the mobile phone. People can’t ignore as its associated with mobiles and all are connected with each other.
The rapid growth in mobile phone usage has created a thriving market demand for mobile accessories globally.

Latest trends in consumer tech is smart rings as brands have moved into wearables.
Smart rings has been a breakthrough in technology and creates a pool of new opportunities for brands who are now innovating themselves into the wearable space, like it was Neckband, TWS, Smartwatch and now Smart Rings.

f. Elucidate the road ahead- the expected turnover, innovations etc

Brand Foxin plans to register 3X growth in the next financial year. Preplanning has reflected in supply chain and achieve that turnover., so there will be big churn growth. Apart from that there will be innovations like new age products, like recently we have come up with 95W Gan Charger and fast charging power banks, we plan to strengthen TWS and lines of charging segment.

Moreover, we plan to strengthen our line of products like passionately focussing on charging segment and IT segment as well. We have received phenomenal growth in IT memory products such as SSDs. We have also been able to create a strong image by understanding the market, catering to quality and being competitively priced. We aim to cater to the mass appeal and create a consistent brand as we have been doing over the past 20 years.

Further we plan to go robust in online space and establish ourselves in the digital space as well.


Source: https://www.mobilityindia.com/foxin-aims-3x-growth-by-2024-focuses-on-strengthening-charging-it-segment-goes-aggressive-in-online-space/

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