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LG Bets Big on IoT Based Products

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LG India’s top executive shared that the company has major plans to introduce products based on Internet of Things (IoT) technology in the home appliances segment by early next year.

LG Electronics India (LGEI) is in talks with several mobile network service operators to form a partnership to roll out IoT-based products.

“May be by the end of this year or early next year our first IoT product would be introduced in India,” said Ki Wan Kim, Managing Director, LGEI .

He said that while the company’s parent has already been selling such products in Korea, in India the wait is due to the need of partnerships with telecom service providers for data connectivity.

“Here the telephone operators are studying it. If they are ready, we would combine it… We are in negotiations with the stakeholders,” he said when asked if LG has made progress with its talks with telecom operators.

By partnering with a telecom operator, LGEI is looking to address the requirement for a network provider to connect with different appliances in a household.

LGEI plans to introduce appliances equipped with features such as LG HomeChat and SmartThinQ that enable consumers to control and operate home appliances through smartphones. These appliances are connected through the Internet.

“This would be in home appliances first as washing machine, air conditioners and refrigerators, which would be IOT enabled there and controlled,” Kim added.

Last year, LGEI had clocked sales of Rs 22,000 crore and is among leaders in various appliances segments here. The company has two manufacturing units here at Greater Noida and Pune.

When asked about the company’s mobile handset business, where it has struggled in India, Kim said: “There is slow progress but we are working hard to revive our mobile phone business and the primary chunk is coming up with the compelling products.”

Smartphone models such as Q6, which has face recognition system, are being introduced in India as part of the strategy, he said.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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