• Observes rise in sales by 15% this festive season over last year
• 15% estimated growth in online sales by the end of F.Y 23
• Home locker demand expected to grow at CAGR 30% in the next 3 years
Godrej Security Solutions, a division of Godrej & Boyce, the flagship company of the Godrej Group, has announced that it is aiming to clock 40% of its annual sales in the ‘home lockers’ category by the end of this fiscal. The brand also revealed that it plans to grow its ‘home lockers’ category at a 25% percent CAGR for the next 3 years while the safety lockers market is growing at CAGR of 30%.
The brand shared key market insights on the emerging trends around home lockers category. There is an increasing demand for fire resistant products due to increasing traction of fire incidences in high rise residential apartments. Besides, the demand from metros and Tier-I markets, there is an increase in demand of safety lockers from Tier-II and Tier-III markets. Furthermore, it stated that due to low penetration of safety lockers in household segment the potential is large leading to growing rise in demand.
The brand also shared trends that emerged in 2022, one of which includes growing demand for big volume safety lockers bigger than 25 litres is on the rise. In addition, consumers are looking for safety locks with combination of digital pass code and biometric and good interiors. Another interesting trend that emerged was due to the fast urbanisation and penetration of internet, consumers are looking for smart safety locks, connected to smartphones via WI-FI and applications that can send messages and alerts for authorised and un-authorised access. With growing consumers’ demands, Godrej Security Solutions offers lockers in the home and commercial segment with diverse variants like digital, biometric and fire resistant lockers. The lockers are aesthetically designed with features like secondary relocking device, strong double walled construction for added security. Godrej Security Solutions is looking to foray into the hospitality segment where one of the key focus areas will be to tap into the hotel segment and provide lockers that can be placed inside the rooms. Godrej Security Solutions see this as a huge opportunity to further scale up the commercial segment business.
Mr. Pushkar Gokhale, Business Head at Godrej Security Solutions said, “As India is set to embrace the New Year, we are approaching 2023 through a combination of innovative product launches, marketing campaigns, and fabulous offers around home lockers category. This category account for 35-40% of our annual sales. This year, the domestic safety locker market has witnessed growth due to the increasing awareness about high-tech security systems among residential end-users. As a result, we witnessed a 30-40% increase in demand for home lockers category this festive season over last year. Similarly, owing to the comfort of buying safety lockers from ecommerce platforms, we witnessed a much larger demand coming from ecommerce channels this year. However, we still feel that safety lockers category adoption is at a very nascent stage. At Godrej Security Solutions, having the largest market share in the home lockers category, we intend to strengthen our reach through Omni-channel platforms in 2023.”
Godrej Security Solutions, being one of the largest and most reliable brands in home safety and security solution offerings enjoys 80% share of the entire industry in India. With a strong demand coming from metros and Tier-I markets, there is a significant increase in demand contribution of safety lockers from tier-II and tier-III markets as well.