Vijay Sales, a consumer electronics retailer’s a major growth driver is the kitchen segment, following the wearables segments which include smartwatches, fitness trackers and other wearable devices.
The Indian wearables market reported 80.9 per cent year-on-year (YoY) growth in first quarter of the year 2023.
While talking about the growing wearable market in India, Nilesh Gupta, Director, of Vijay Sales says that the demand for wearables has increased significantly in recent times. Consumers are now purchasing multiple types of wearables.
“We have seen consumers coming in who are now buying multiple wearables. When asked about the reason behind buying all three at once, they cite different reasons for each product. Like, while traveling or listening at home for a prolonged period, the headphone will be a comfort for the ears. Similarly, when working out, a neckband will be more suitable as it won’t drop off and stay securely in place,” says Gupta
Likewise for working hours in the office, an AirPod or true wireless will prove to be more convenient for the consumers, he added.
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Additionally, smartwatches have seen the largest growth in the past year and their demand is rapidly growing month over month and it is going to multiply in the coming years as well, Gupta says.
The company is expecting to grow 50 per cent YoY in its wearables segments in this fiscal year. Vijay Sales is also expecting significant growth in its online store sales compared to its current turnover.
“Online sales will keep on growing because we’re not burning money on our online portals. If you lower the cost of the products there, you’ll naturally get more customers and increase sales,” the director explains.
Adding, “Secondly, our consumers prefer going to walk-in stores, where they can touch and feel the products and gain knowledge from the sales executive before making a purchase. Despite this, online shopping is here to stay, and we expect a 20-30 per cent growth in sales for our product range as we expand our online presence,” he states.
Looking ahead, the company plans to open 15 to 20 new retail stores in the cities across India this fiscal year. However, these stores will only be inaugurated in the existing cities where Vijay Sales are already present and not in any new cities in India.
