The country has been in lockdown for more than 9 weeks considering the Covid-19 pandemic. This unprecedented situation forced Company to relook their strategies specially consumer durables manufacturing industry. One of the significant steps under the lockdown was to halt the sale of “non-essential goods” which not only impacted the livelihoods of millions of laborers but also resulted in a loss of around Rs 20,000 crore in the electronics industry, alone. We need to relook our business strategies based on the 3Rs.
Responding to this situation with a phased lockdown protocol was very important but also resulted in shutting down manufacturing units around the country. At a time when the manufacturing industry had the potential to hire 86% more laborers by 2024 (Source), we saw operations shutting down.
A more important step is to reimagine Manufacturing from the perspective of an automation and compliant to the guidelines for the new normal. company Artificial Intelligence(AI) will be a game-changer to improve the accuracy in production and testing, with reducing human interventions.
Content viewership is on a record high on OTT platforms, and affordable smart TVs can lead the road to recovery. 85% of the demand for smart TVs comes through online sales which will continue to flourish as a means of minimal contact and also safe delivery.
We are now on the road to recovery by allowing operations to resume under these new guidelines. In the new business environment, TVs, laptops are no longer “non-essential” in the traditional sense. First-time buyers are exploring. Revenge shopping would help the eCommerce and retail chains expand with new business models, and also provide the impetus for manufacturing to resume under the MakeinIndia and Atmanirbharta impetus provided by the government.