Since its acquisition by Midea Group, Toshiba Life Electric Co., Ltd. (Toshiba White) has undergone a one-and-a-half-year reform under its empowerment, and today Toshiba White is seeking a second expansion in overseas markets.
As a first step in expansion, Toshiba White has opened a new headquarters in Thailand this month to run its business in Southeast Asia. The new headquarters will be responsible for developing products and developing sales strategies for the Southeast Asian market, which previously required Toshiba White's decision at the headquarters in Kawasaki, Japan.
Toshiba New International Headquarters, located on the outskirts of Bangkok, is part of Toshiba Consumer Products (Thailand). Toshiba White hopes that the Thai headquarters will be closer to the core markets in Southeast Asia, including Malaysia and Vietnam, and will have better performance in the innovation of refrigerators, washing machines and other home appliances according to local needs.
"We will cooperate with the United States to provide new products from the center of Southeast Asia," said Toshiba Life Electric Co., Ltd. President Shi Dumin, at a press conference held in Bangkok on December 15.
Deep farming in Southeast Asia
By December 2017, only 30% of Toshiba White's sales came from overseas, and Ishida Toro hopes to increase this figure to 50% by 2020. Toshiba White's Thailand headquarters will have extensive decision-making power and is committed to increasing Toshiba White's market share in Southeast Asia – Southeast Asia accounts for nearly two-thirds of Toshiba's overseas sales.
“Thailand is a good place to track regional market trends and consumer preferences,†said Toshiba Hiroshi, head of Toshiba’s overseas business. In addition to exporting home appliances, Toshiba White's Thailand headquarters will also import products from Japanese and Chinese factories to supply Southeast Asia.
However, due to differences in lifestyle and income levels, Toshiba also faces unique marketing challenges in Southeast Asia.
For example, in most Southeast Asian countries, the common washing machines are double-barrel washing machines and drum washing machines, but there are significant differences in individual markets. In Thailand, because housing is often large, consumers are more likely to buy large washing machines with a washing capacity of 12 kg. In Indonesia, the average living standard is relatively low, and consumers tend to buy washing capacity of 6 kg. Small washing machine.
Toda Takahiro said that Toshiba White will also produce Toshiba brand products developed by Midea, and will also supply high-end home appliances sold in Japan to wealthy consumers in Southeast Asia. At the end of this month, Toshiba White will launch a dishwasher and a large refrigerator jointly developed with Midea.
These products will not only be sold in the three key markets of Thailand, Malaysia and Vietnam, but also in Hong Kong, Taiwan, and Southeast Asian countries such as Cambodia and Laos.
Toshiba White is trying to gain insight into the unique needs of specific markets. Before being acquired by Midea, Toshiba White Power developed a washing machine equipped with a special filter. This washing machine solves the pain points that consumers must face when washing clothes. The result is very popular in the Southeast Asian market.
Toshiba White has the largest market share in the Thai washing machine market and is also in the top three market positions in the refrigerator and microwave oven markets in Thailand and Malaysia. At present, Toshiba White is competing for South East's market share with South Korea's LG Electronics, China's Haier and Japan's Panasonic.
To date, in order to better develop products for the Southeast Asian market, Toshiba White has sent staff from the Japanese headquarters to learn from local salespeople in Southeast Asia. In addition, Toshiba White has hired local companies to conduct market research. However, Entian Guihong pointed out that it is difficult for a distant headquarters to grasp the nuances of consumer preferences in different markets. For example, in each country, several refrigerators are the most popular.
Toshiba White's Bangkok headquarters has about 20 employees, including employees of local subsidiaries. They will visit customers frequently to learn how to upgrade their products.
Toshiba White's vision
In 2016, sales of white goods in the Southeast Asian market were 537 million units. According to the Japanese market research company Fuji Economic Forecast, this number is expected to increase by 9.2% by 2021. Compared with Japan, Southeast Asia has become a larger consumer electronics market, and its market growth rate is higher than mature markets such as Japan, Europe and the United States.
In 2017, Toshiba White's home appliance sales in Southeast Asia grew by more than 5%, and Entian Guihong hopes to maintain this momentum.
In 2016, when Midea Group acquired Toshiba White Power, Toshiba White Power lost nearly 60 billion yen in the fiscal year ending March 2016, but Midea Group is looking at Toshiba's brand value. Under the empowerment of Midea Group, Toshiba White Power took reform measures to improve profitability, such as joint procurement of parts and components, and these reforms helped Toshiba White Power quickly turn losses. In the first half of 2016, Toshiba White Power achieved sales of 120.4 billion yen and achieved small profits. Toshiba White is also expected to continue to be profitable in FY2017.
Shidu Minlang said that the cooperation with the United States can use its global sales network, which makes Toshiba White Power "have the opportunity to compete with global brands."
Last fall, Toshiba White launched a new product: a wireless vacuum cleaner. According to its new growth strategy, Toshiba White will launch its dishwasher and water dispenser business in Southeast Asia. In addition, Toshiba White is also launching its second effort to open up the Chinese market, which shows that Toshiba White has rekindled its enthusiasm for growth.
For Toshiba White, the biggest worry is the huge damage caused by the former Toshiba nuclear power business of the parent company to the Toshiba brand. Shidu Minlang said that the financial difficulties of Toshiba in Japan have been widely known in Southeast Asia, which has caused consumers to worry about Toshiba products.
However, restoring profitability is boosting the morale of Toshiba White, prompting many people to commit to supporting the Toshiba brand. The main challenge for Toshiba White is whether it can launch innovative and high value-added products in Japan and other Asian countries.
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