- The company informed that 90 per cent of these revenues came from the offline channel
- Gizmore has recently forayed into new consumer electronics business verticals in India
Gizmore, an year old smart electrical accessories brand, was able to generate revenues of Rs 50 million during Diwali sales in India. The company informed that these revenue figures were achieved in the month of October this year.
“We started a year ago with smart accessories retail business in India. Recently, we forayed into smart wearables as well. The break even point for us came this festive season as we were able to generate revenues of Rs five crores during October,” shared Sanjay Kumar Kalirona, CEO, Gizmore.
Forayed into home audio category a month ago
While the company has been retailing smart electrical accessories in India for almost an year now, it forayed into the home audio category last month only. As a matter of fact, Gizmore started retailing speakers for homes through the offline channel first here. The company, has yesterday, entered this vertical through online channel as well.
“For a consumer electronics brand to be successful in India, offline channel is of utmost importance. Yes, both the channels are critical, but we are currently emphasizing on the offline channel as that’s a part of our long-term strategy. We will be where our consumers are,” added Sanjay.
The global Bluetooth speaker market, as per a report by Mobility India, was valued at USD 4.62 billion in 2018, and is expected to reach USD 34.56 billion by 2024, at a CAGR of 40.38 per cent, over the forecast period (2019 – 2024). The increasing need for eliminating more than one product in the home and commercial spaces has led to the growth of Bluetooth enabled speakers and sound bars.
Sold 10,000 units of speakers in first month
Gizmore informed that it was able to sell more 10,000+ speaker units in India through the offline channel in its first month of operations in this vertical. The company, yesterday, has introduced different speaker models for offline as well as the online channel.
“We are excited to launch the Home-audio categories ranging into fifteen products during the first phase. Our tie-up with E-commerce giant Flipkart makes the launch even more special,” said Sanjay Kalirona.
Interestingly, the company, as informed by Sanjay, has entered into a strategic partnership with Flipkart. The e-commerce portal was running Gizmore’s creative as a top offer on its website yesterday.
Network in India
Sanjay told EFY Group that Gizmore has a network of more than 300 channel partners in the country at the moment. These include distributors and dealers at different levels.
We are present at more that 10,000 retail outlets in India at the moment. While this is a good number for a brand that’s one year old, what motivated me and the entire Gizmore team is the interest to be present in India at as many retail outlets as possible. Our aim is to serve people with premium products in affordable prices and we are working day and night to achieve that,” added Sanjay.
The wireless audio device market, as per a report by Markets and Markets, is expected to reach USD 31.8 billion by 2023, at a CAGR of 10.06 per cent between 2017 and 2023. Audio and speaker technology has evolved significantly with the advent of wireless communication technologies.
Author – Mukul Yudhveer Singh. An avid reader, Mukul finds peace in books and technology. He’s as passionate about writing as he is about cricket and Playstation. If not writing or reading, you will most likely find him drawing tattoo designs or analyzing political campaigns.