Driven by customer insights, Godrej has designed safes with multiple security levels, including biometric, digital keypad, and manual override
Pushkar Gokhale. (Photo: By Arrangement)
Godrej Enterprises Group’s Security Solutions Business has been a pioneer in providing innovative security products for homes and businesses. With a strong presence in Telangana and a focus on emerging technologies, Godrej aims to further expand its market share and provide customers with peace of mind. In an exclusive interview with Deccan Chronicle, Pushkar Gokhale, Business Head of Security Solutions, shares insights on Godrej’s Unlocking 7 initiative, market trends, and the company’s vision for the future.
How does Godrej’s Unlocking 7 address customer needs and concerns about security products?
Unlocking 7 is an initiative where we are launching 7 products designed based on customer insights. We have gone to our customers, understood their challenges and problems in securing valuables, and designed products to offer them peace of mind. Additionally, we aim to educate customers about the recent Government of India mandate requiring manufacturers to sell products with the ISI label, adhering to BIS guidelines. We want to create awareness among customers to check for the ISI mark when buying high-security safes or doors, ensuring they are manufactured as per quality standards.
What were the key insights from your customer research that led to the development of new security products?
When we did our research, B2B customers from banking and jewellery sectors had specific needs. Jewellers wanted optimized space inside safes, convenient removal of valuables, and display options. That’s why we designed the Aurum Pro Royal with strong shelves, hidden pockets for gold bars, and a showcase door. We also launched a gold purity testing machine with AERB certification, ensuring safety and accuracy. For homes, customers wanted safes that could be camouflaged, like a floor safe that can be hidden under tiles or carpet. We also designed a drawer safe for easy access, especially for elderly people, and safes with multiple security levels, including biometric, digital keypad, and manual override. These insights drove our product development.
What is Godrej’s market share in the Telangana region, and how do you differentiate your presence in the B2B and B2C segments?
In Telangana, our market share differs between B2B and B2C segments. For commercial safes supplied to banks, NBFCs, and jewellers, our market share is 60%. For home safes and lockers, our market share is 80%. This market is strategically important for us.
Which region in India do you see the highest consumption of your security products?
South India stands out as a region with high consumption of our products, driven by the growing gold loan market and a strong appetite for gold. Companies like Manappuram are expanding in this region, and we see a significant demand for securing gold. The South has the highest share of consumption, reflecting the region’s prosperity.
Tell us about your global export presence, and which countries are most significant for your business?
We export to around 50 countries worldwide, with over 270 certifications for various products. This enables us to have a presence in the US, Europe, Southeast Asia, Africa, and the Middle East. Our largest markets are the US and Europe, followed by the Middle East. We are established in key European countries like France, UK, Belgium, and Germany. In the US, we have more than 3 channel partners, and our business is picking up pace.
What are your plans for incorporating emerging technologies into your security products?
Our next plan is to integrate emerging technologies like AI, IoT, and face recognition into our products. We have already started this journey, but we aim to do more. With customers seeking greater peace of mind, monitoring and tracking features are becoming crucial. We will focus on incorporating these technologies to enhance our security solutions.
What sets Godrej security products apart from others in the market?
When it comes to security, trust is paramount. Godrej’s legacy and experience are key differentiators. We have been manufacturing safes for 125 years, and our commitment to quality, R&D, and technology has kept us ahead of the curve. We are pioneers in incorporating new technologies, and our service network, including a 24x7 call center, ensures customers get help when they need it most.
Tell us about your expansion plans in AP and Telangana?
We are investing in experience centres to educate customers about our products and help them make informed choices. We recently opened an experience center in Vijayawada, where customers can explore our entire range. We already have over 500 retail stores showcasing our products, but the experience centre provides a more immersive experience.
What revenue growth do you expect from your new products?
We are looking at 10-15% growth through market expansion with our new products. With an existing 80% market share in AP and Telangana, our focus is on expanding the market size. We aim to increase our market share to 85% in the next 1-2 years with the new products, driving further growth.
( Source : Deccan Chronicle )
Next Story