Canon experiences double-digit growth across major segments in India

The Japanese electronics major Canon Inc. has witnessed enormous growth across all verticals in India amidst the COVID-19 pandemic.  This can be attributed to the growing partnerships in the booming OTT, ed-tech space, as well as the rising number of content creators using the company products, sources confirmed.

The growth can be seen predominately in the segments that have become popular during the pandemic. This includes content creators, vloggers, OTT segment, virtual classrooms, where Canon has managed to acquire important leads for the cinematography range of its products including the EOS C70.

The company has also witnessed substantial demand for their home office range of inkjet printers. In this context, Manabu Yamazaki, Canon India President, and CEO mentioned that India is the largest frontier market for the company and one of the most prominent markets in Asia.

The new products launched by Canon India have demonstrated exponential growth of late, witnessing over 1.5 times the growth compared to last year in the Mirrorless camera category, the CEO added. Canon has also seen a notable spike in their solutions business of around 35% as compared to the previous records.

For the coming financial year, Yamazaki expects the business to grow by at least 15%, while the overall office automation business will witness around 15 % growth.

Amid the growing demand for its products, Canon has also launched a new marketing concept across its physical stores. The first store with this new format, coined as CIS 4.0 was recently opened in Mumbai, with additional plans of launching 50 more similar stores in the coming five years.

For those unaware, the CIS 4.0 concept aims to offer an engaging retail experience for customers by making Canon products relevant to new applications. These stores will comprise four interactive zones mainly designed for customers to have comprehensive knowledge and experience genre-specific photography needs.

The four zones are wildlife, vlogging, wedding, and family, further allowing the customers to simply enter these stores and understand the specialized solutions offered.

Source Credits –

https://www.thehindubusinessline.com/companies/canon-sees-double-digit-growth-in-key-segments-in-india/article36931767.ece