In a bid to overcome the slowing growth in the Indian market, Japanese consumer electronic major and camera maker Canon is betting big on the digital SLR camera segment with spotlight, especially, on women and kids segment to boost its market share.
Alok Bharadwaj, executive vice president, Canon India said that the company has been witnessing an interest from women consumers in the digital SLR segment. "Currently, women contribute only 5% to the sales. This is very different from developed countries like Singapore where the women consumer base is 40%. Therefore, we see a huge opportunity from this part of the market."
Canon will be shifting its advertising and communications more towards women, and would also be organising workshop only for women in several cities. Apart from this, Bharadwaj explained that the digital SLR camera which were traditionally more bulky are being made more compact and portable to suit the needs of the women consumers.
It is not just women but even kids that are under Canon's spotlight. "Parents with high disposable income have also been encouraging their kids to take up photography. And so we are also looking at engaging more with the kids. For this, we may even have workshops only for kids. We are also looking at tapping photography clubs that are part of school to connect with more kids," said Bharadwaj.
The fact that the compact camera segment has been steadily declining because of the competition from smart phone, is also nudging players to look at newer consumer base in the DSLR segment.
DSLR, which was only 10% of the entire camera market five years back in India, has now grown to become a Rs 2,000 crore market with 66% share in the camera segment.
Canon has an exceptionally slow growth in the year 2013 and managed to grow at only 3% in the last calendar year. This has been the slowest ever growth for the company in the India market.
"We have never grown lower than 18% in the Indian market. So last year was not good for us. The rupee devaluation, general slowdown in the market and the decline in the compact camera segment took a toll on growth," explained Bharadwaj.
Apart from the camera segment, the company is also looking at several other domains to improve profitability. Areas such as wedding album printing, digital book publishing business, medical equipments, printers are other such areas that the company has begun focusing on.