Riversong India is a subsidiary of leading mobile phone developer – IMG Technology Group. Founded in 2015, they started their journey in India in December 2017 through e-commerce platforms.
In less than three years, the brand has been able to reach their end consumer through 8000 + MBOs and SIS. The product portfolio of the brand ranges from audio products like sports wireless earphones, headphones, speakers, fitness wearables like smart fitness trackers, smartwatches, etc., smart home appliances like smart bulbs, smart plugs to charging cables, portable chargers, IT peripherals like mice, etc. The brand is further expanding its product portfolio with the launch of a new range of premium products in the home audio segment. In an interaction with Jayanta Ghosh, Editor-in-Chief, DeviceNext, Mr. Manvendra K Chandola, CEO, Riversong India, elaborates about Industry overview- current scenario, growth prospects and expansion plans of Riversong.
Q. We have seen during lockdown, team Riversong strategies its approach and achieved a great milestone, how did you manage to motivate your team during this difficult Situation?
Riversong entered the Indian consumer- tech industry with a long-term plan of capturing the smart devices and accessory market. Working towards new strategies and execution puts us in a great position to achieve our goals. We achieved a great milestone of 7.22 Cr recently. This was the consequence of the right form of the product mix and distribution strategy. It is crucial that we demonstrate trust in our team in the current scenario and periodically hold sessions on how to remain effective, facilitate engagement and seek feedback. We are shifting strategically and planning to strengthen Riversong’s position in 2021.
Q. Last year, we have seen some great products from Riversong, like Motive Smartwatch and few other products. What’s your plan for upcoming products? Are you planning to enhance the smartwatch categories or planning to expand your Audio categories also?
Motive & Motive plus smartwatches have been a great success. Our first smart-watch comprises of all the key features a smartwatch should have. It is sleek, fashionable, power packed with all features and designed for smartphone users. The upgraded version of Motive is in the final stage of development and will be launched soon. We are continuously working towards delivering quality products to our consumers by tapping smart gadgets with improved and innovative technology. We are now oriented towards the Audio category, where the product starts from INR 299 to INR 14,999. The products speak for themselves and we cater to all segments in this category. As a constant effort to meet our consumers need, we will continue to add more products
Q. How’s the journey since its inception in India?
We at Riversong India, are catering to the consumer needs as per their requirement and choices and we have seen strong growth in the industry. We have been an organized player in the Indian consumer-tech market for the past few years. We began to build our distribution channel from January 2019 onwards. During the H1-2019, our average sales amounted to INR 1.5 Cr per month. In H2-2019, we had an average sales of INR 3 Cr per month. In the current calendar year before the pandemic, we had INR 4 Cr per month and post unlock scenario, we crossed the benchmark of INR 7 Cr in September 2020. We look forward to continue building a strong position in the Indian market. Next year, 2021, is definitely going to be the year when Riversong will strengthen its visibility in the industry.
Q. What are your thoughts on the Home audio and accessories market in India?
The Indian consumer technology market is rising at a rapid rate, with an expected growth of up to $1.9 billion by the end of 2020. India has an enormous opportunity for the growth of new brands and products as we see a significant shift in consumer behavior in the Indian technology industry. The market has grown at robust rate especially in the consumer audio accessories segment. With the constant evolution of audio technology, we have recognized the demand void for smart devices and accessories and are now introducing revolutionary devices to meet the need gap. We have recently introduced a new range of premium products in the home audio segment with the aim to provide the best in quality, consistent and unique audio experience to our customers. There has been an rise in demand for home and personal audio products, and we are working round the clock to provide an exceptional and immersive audio experience for our audiences.
Q. What exciting products will we see from brand Riversong in near future?
The journey so far has been gratifying and we are certainly going to launch a large number of products in the near future. As of now, our key focus is on the recently launched Home Audio segment. These products are available in the market in 2.1, 4.1, single and double tower and we are constantly expanding our footprints and developing many more products in this category as well. We aim at delivering the best quality and innovative products to our consumers and while talking about smart gadgets, we are focused on TWS. We have recently launched our new series in TWS category i.e. Air Pro, Air S and a few more products will be launched in coming months.
Q. Tell us about Riversong’s channel strategies and partner programs.
We have a 3-Tier distribution system in PAN India. Our first phase of distribution strategy to appoint Super Distributors in each state, is at its final stage. The Town and Retail coverage is in the process, which we are aiming to complete by March 2021. Our go-to-market strategy is to provide high quality products to our distributors and get our products placed in a bigger sector. Riversong currently have a retail base of 14k retailers, and we have a target to hit 25K retailer base by the year 2021.
