Eureka Forbes eyes doubling of group revenue by 2019
Home appliances maker Eureka Forbes aims to double its group revenue by 2019 from the current Rs 3,200 crore with a major shift in strategy from a purely direct sales company to an omni-channel business. "By 2019, we are looking at doubling our group revenues with a shift in strategy to focus on omni-channel," Senior General Manager (Marketing) Eureka Forbes Shashank Sinha told PTI. "In the last fiscal, our market share was 58 per cent and we aim to increase this to 67 per cent by the end of this fiscal buoyed by retail store sales", he said.
He pointed out that sales of their water purifier Aquaguard had "quadrupled" since March with its introduction in retail outlets. Besides direct sales, the company is also using e-commerce, tele-booking and in-shop promotions to sell its products, under the omni-channel strategy. Eureka Forbes clocked revenues of Rs 20 crore from the digital route and plans to take the number to Rs 100 crore this year, Sinha said.
The company hopes that by 2019 the new business would contribute about 25 per cent of its revenues. The company is also looking to increase its reach to 25,000 outlets from 18,000 and 1,500 towns by the end of the fiscal. "We are making significant investments on strengthening our customer service and response management", Sinha said.
"By the end of December, we hope to service 95 per cent of our 15 million odd customers within eight hours of the request", he added. Parallel to Aquaguard, the company is also in the process of restructuring its air purifiers business changing the brand name from EuroAir to Aeroguard, and introducing a fresh range of products.
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