Customer centric approach: the prime mantra WE CARE WE SHARE
Greetings from the VOXCO team…. An recent analysis of five CRISIL-rated paint makers, which accounted for~95% of the organised sector revenue has shown that for the first time in a decade, revenue of the domestic paint sector, is expected to de-grow this fiscal – by as much as 8-10% due to the Covid-19 pandemic economic fallout. This compares with a compound annual growth rate of 13% seen between fiscals 2011 and 2020. As much as 75% of the sector’s revenue comes from the decorative segment and the rest from the industrial segment. Within decorative, repainting accounts for 70% of revenue. Steady demand from the rural and semi-urban markets has helped cushion the impact of low urban sales of decorative paints and curb the segment’s revenue decline to 6- 8%. But the industrial segment saw a sharper fall of 14-16% because of the second consecutive fiscal of slack demand. However recently the Indian industry leader, Asian Paints, has reported an increase of 5.9% in their Q2 consolidated revenue from their operations. Amit Syngle, Managing Director & CEO, Asian Paints Limited has in a press statement said that “All the business segments continued to witness improving demand conditions on a progressive basis during the second quarter of this financial year. The Decorative business segment registered good volume growths for each of the months and therefore a healthy double digit volume growth for the quarter with demand picking up across regions. The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also experienced improving trends in line with the phased out re-opening of the economy. The International business portfolio did well supported by favourable market conditions in Middle East, Africa and Asia, with the exception of Nepal, which continued to witness challenging business conditions due to the pandemic.” Thus it can be seen that the industry is slowly and steadily recovering strongly amidst all problems buffeting it due to the Covid-10 pandemic
Customer centric Today, organizations and business leaders need to focus more on customer attention than ever before, because of the distinct advantage it provides in an increasingly competitive landscape. Companies understand that to be successful, they need to attract and retain customers who have ever-easier access to reviews, rankings, and other information that helps them make informed choices. While adopting newer technologies one has to make sure that investing in them should ultimately transform the company into a truly customer-centric business. Successful customer-centric companies focus on open and transparent communication in the workplace and have leaders who build rapport with their employees. We at VOXCO take pride in following these tenets which are enshrined in our core values and further reiterate our commitment to prioritize in fulfilling customer needs in everything that we do.