Godrej Locking plans exclusive products for e-commerce next year
Mumbai: Godrej Locking Solutions and Systems is planning to launch products which are specifically made for e-commerce starting next financial year, to avoid conflict with traditional trade, a top company executive has said.
In the interim period, the company plans to offer those products online which are not sold in traditional trade.
"We are going to create products specially for e-commerce so that there is no conflict of interest between the traditional trade and online," Godrej Locking Solutions and Systems executive vice-president and business head Shyam Motwani told PTI.
"I don't want to antagonise my traditional trade only because I want to go online. Traditional trade, even today, is going to be a dominant contributor to my overall revenues. It will take a little while to get (it done)," he said.
Motwani further said e-commerce will also feature in the companys multi-generation product planning.
They (e-commerce products) will be launched as and when they are ready, starting FY20, going into FY22. In the interim, we will have products that are not sold in traditional trade, and in future we will have products which are specifically only on e-commerce platform, he said.
The total locks market in the country is estimated to be Rs 5,000 crore, of which the organised segment is 40 per cent.
The company enjoys a market share of 45 per cent in the organised segment, according to Motwani.
It is targeting a revenue of Rs 1,000 crore by FY22, on the growth in architectural fittings and premiumisation of some segments of the locks category.
The firm is aiming to clock a revenue of Rs 720-750 crore in FY19, compared with over Rs 600 crore in FY18.
With real estate sector picking up, it expects its business-to-business (B2B) revenues to double over the next three years.