Smart TV industry is poised for even more ground-breaking innovations
OKIE, as importers and factory assemblers of smart phones, feature phones, LED TV’s, and sound systems for many years and has been committed to providing customers with innovative & excellent quality products with independent intellectual property rights. Their aim is to create the best quality products and to provide maximum value for customers.
The company was founded in the year 2011 and has rapidly grown, making Okie a renowned brand in India. Their high-quality Smart Led TV’s have already made inroads in the industry, attracting lots of new customers every month.
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Mr. Jitin Masand, Founder & Managing Director of OKIE Electronics spoke to Electronics Maker about OKIE products, markets and competitive advantages.
1. What inspired you to start OKIE Electronics and how has the journey been so far?
Since 2008, I have invested a lot of time in trading smartphones and other electronic devices, which made me realise how much I love gadgets and entertainment and how important they have been to my professional and personal growth. After working in this industry for a few years, I observed a substantial gap in the market for innovative products, specifically in tier 2 and 3 markets, such as TV and sound systems.
To address this need, I established OKIE Electronics in 2019 with the objective of providing superior quality products at competitive prices. Our comprehensive range of TVs, spanning from 24″ to 86″ with state-of-the-art features and exceptional display and speakers, was created with this in mind. Considering the smart TV market’s growth, estimated to be near 80,000 crores, we perceived a lucrative opportunity to offer premium quality products to these markets.
In addition, OKIE Electronics has achieved its goals with amazing success despite the pandemic’s difficult business climate. By the end of the fiscal year 2022-2023, we have sold close to 1 lakh TV sets in 7 states, which is an accomplishment that we are extremely proud of. Therefore, our contributions to the industry and the provision of quality products to our valued customers have been a source of great satisfaction for us.
2. How are the products offered by OKIE Electronics different from other players in this segment?
At OKIE Electronics, we believe in understanding the needs and preferences of our audience and providing them with products that cater to their specific requirements. Our approach towards product development, innovation, customer satisfaction, and customisation set us apart from our competitors in this segment.
Additionally, we understand that TVs are the primary source of entertainment in most households, and good sound quality is a must. Therefore, our TVs are equipped with specially fitted Boom sound technology that offers a purely cinematic experience to our users. This unique feature distinguishes our products from others available in the market.
Moreover, our commitment to introducing the latest technology in the market at an affordable price is another factor that sets us apart from our competitors. We strive to bring the latest technology available in metros to smaller cities at a quicker rate than others in the market. This helps us stay ahead of the curve and offer our customers the best possible technology solutions.
3. How has the smart TV industry evolved over the years and how do you see it growing further in the years to come?
The evolution of the Smart TV in the electronic industry has been remarkable in recent years. Initially, Smart TVs were perceived as simply another entertainment device; however, they have since progressed to become much more versatile. The outbreak of the Covid-19 pandemic brought about a shift in how we consume content on TV sets, and Smart TVs have transformed into infotainment devices, providing access to news, educational content, and even virtual meetings.
Moving forward, the Smart TV industry is poised for even more ground-breaking innovations. The integration of 8K and OLED technology has significantly improved picture quality, providing a more immersive viewing experience for audiences. Additionally, the incorporation of gaming technology with Smart TVs has opened a new realm of entertainment, enabling gamers to enjoy their favourite games on a larger screen.
Furthermore, the integration of Smart TVs with smart home devices has facilitated the control of household appliances such as lights, thermostats, and security systems, effectively making Smart TVs an indispensable component of the smart home ecosystem. The inclusion of touch panels on Smart TVs has further enhanced the user experience, making navigation more intuitive and convenient. Overall, the future of the Smart TV industry appears promising, and I am eager to witness the new developments that will surface in the coming years.
4.Views on the scope for innovation in the TV segment
The TV segment has seen significant innovations in recent years, and the scope for innovation is still immense. The introduction of 8K resolution TVs has taken picture quality to new heights, with four times the pixel density of 4K TVs, resulting in sharper and more detailed images. Additionally, HDR has become increasingly popular on smart TVs, offering different formats to choose from such as HDR10, Dolby Vision, and HLG, providing more vivid colours and contrast.
Furthermore, OLED and QLED screens have also brought a revolution in picture quality, providing better colour accuracy and deeper blacks. The TV segment is not only focusing on picture quality but also on enhancing the viewing experience. With gaming becoming increasingly popular, smart TVs now come with advanced gaming features like low input lag, high refresh rates, and game-specific settings, ensuring an immersive gaming experience.
Moreover, Smart Home Integration is becoming more prevalent, with smart TVs acting as a hub for other smart home gadgets, enabling voice control of your TV, and connecting with other devices in your home. Therefore, the TV segment is ripe for innovation, and manufacturers are constantly improving and introducing new features to make the viewing experience more immersive, convenient, and enjoyable.
5. What are the key markets for OKIE Electronics? What kind of demand has been observed and why?
We are currently focusing on the offline markets in South and West India, with a targeting tier 2 and 3 cities. We have established our presence in over 2500 retailers and have observed a significant surge in demand from these regions. Moving forward, we intend to further expand our operations in these areas.
Our market research indicates that the rise in internet accessibility and the growing need for entertainment and infotainment content has resulted in a surge in demand for consumers to upgrade their electronic devices. We have observed substantial potential in the TV sector, where consumers are seeking cutting-edge features to enhance their viewing experience.
We firmly believe that the TV segment presents ample opportunities for innovation. For instance, 8K resolution TVs deliver four times the pixel density of 4K TVs, resulting in sharper and more detailed images. In addition, smart TVs featuring different HDR formats such as HDR10, Dolby Vision, and HLG are becoming increasingly popular. OLED and QLED screens are also gaining traction in the market.
Moreover, the gaming industry is growing rapidly, and a lot of smart TVs now come equipped with advanced gaming features such as low input lag, high refresh rates, and game-specific settings. Lastly, smart home integration is becoming more critical, and smart TVs are becoming more interconnected with smart home systems, enabling voice control of your TV to a virtual assistant or turning on the AC or altering the ambience of the space.