Smart ID Group Co, manufacturer and distributor of “anitech” consumer electronics and home entertainment products, has launched the first certified IOT plug, expecting sales of Bt450 million and sales volume of 50 per cent share in 2020.
Pitchayen “Thomas” Hongpakdee, Chief Executive Officer of Smart ID Group, said that the company was affected by the new Thai Industrial Standards Institute standard because its position lies between government and consumers.
As a manufacturer, the company has to increase the price in accordance with higher cost. At the same time, it needs to take consumers into account. The company has decided to slightly increase the product price to avoid posing too much burden on the consumers.
Looking ahead, the company chooses to develop product quality and decrease fire incidents caused by sub-standard plugs.
With eSIM comprising stable software and hardware, the plug is the first that passes Thailand Industrial Standard and will be launched in September.
The innovative product is connected to electric appliances and controlled by smartphone from anywhere with Internet connectivity. The user can set a timer to turn appliances on or off.
“In 2017, the company sold 200 pieces of consumer electronics and home entertainment products worth Bt300 million, a 25 per cent increase from 2016. The marketing budget of Bt45 million for 2018, accounting for 10 per cent of forecasted revenue, mainly focuses on innovation development in the second half of year.
The company aims to penetrate the market of IOT smart plug, which is high-line product. The company targets a sales volume of at least Bt450 million at year end, which will be Bt150 million higher than last year and capture 30 per cent market share in Thailand. Furthermore, the company aims to become the innovation leader in Thailand and take over 50 per cent market share within 2020,” Pitchayen said.