What Ali Rizvi teaches about digital transformation

We very strongly as a brand believe in FTR which is first time ride. So we take our time, we try to build the brand in a way where each and every center is a profit center basically. From GPS navigation devices to wearables, tell us about the Garmin story. In 1989, two engineers, Gary and Min, formed this company. So Gary and Min, they formed together a company called Garmin. So the journey for Garmin is basically it's into marine, it's into aviation, it's into outdoor fitness and automotive.

It has been a transition where Garmin was globally known for its portable navigation device. We still exist in that category but due to in-dash navigation system as well as Google Maps and a lot of other portable navigation system in your phones, our volumes came down drastically. Garmin reinvented itself and came into sports, fitness, recreational, outdoor segment. And we changed the whole game and starting from, so I give you an example, Garmin shares came down from US$120 per share to US$15 during Great Depression. And now it is back to 80s level.

So when it comes to smart wearables and fitness devices, what kind of growth potential do you see? We see a huge potential in countries especially like India. I give you a reason. India is a capital for maximum number of diabetic patients. And what doctors generally say to a diabetic patient is basically do bris walk. What is the definition of a bris walk? A lot of people do not know this but it's very important to understand that your heart rate should go up. So our technology, our product helps in improving the lifestyle of people actually.

And specially sedentary lifestyle to active healthy lifestyle. That is what our products helps. So, you know, you have been in India for some time now. What is your business and marketing strategy in a market where wearables is a very niche product category, right? So I think what we have done in last three, four years is get the fundamentals right. That is something which is very important. What we have done is we launched two brand stores. One is in Delhi, one is in Bangalore and we would be expanding further so that people could

come and experience the brand. We could explain to the customers what are there in the devices. That is one we did. We established two service centers in India. Then we launched toll free number where customer could call and speak about what exactly their experience is, how exactly if they need some assistance, software assistance or a hardware assistance. At the same time, we tied up with certain key players like for example, tie up with Helios, tie up with Just in Time, tie up with Shopper Stop.

This helps us in reaching out to masses where we could explain the product. At the same time, we are available at e-commerce platform like Amazon, Flipkart, Myntra. We want to have strike a balance between online channel and offline channel. Okay. So, you know, you are a seasoned marketer. So, what is the kind of challenge that your community is facing today? And, you know, at a time when the consumer is hyper connected and you know, their attention spans are really low. What is the key challenge that your community is facing?

See, one is to open a brand stores. The best way is to open brand stores where the customer get a feel of all the product range that we have. The rental cost is really, really high. For example, I would love to have a brand store in, say, Select City Walk. But that really, I get restricted. The reason is due to maybe high rental cost and stuff that we, it's a challenge for us basically. But we are trying a level best. We have opened two brand stores. We plan to have more. So, that is why we want to, we do not want to rush.

We do not want to open 50 brand stores and then scratch our head that, oh, where is the profitability? And then start closing down those stores which is not profitable. We want, we very strongly as a brand believe in FDR which is first time right. So, we take our time, we try to build the brand in a way where each and every center is a profit center basically. And that is what we are trying a level best. Currently, yes, there are challenges as in every business we have. Combinators available at crazy low price.

But, where we have advantage is we strongly believe in superior quality. And that is what we want to take it to the customer that this is what is the difference between XYZ brand and Garmin basically.