From documenting our lives to the world around us, cameras have changed how we capture and preserve moments. Dating back to the early 19th century, the concept of ‘camera’ has evolved since then, from basic pinhole devices to digital marvels. Nikon, an imaging technology company, has been a player in the camera industry for, reportedly, 100 years. Established in 1917 in Japan as Nippon Kogaku K.K., the company initially focused on optical lenses and equipment. It wasn’t until the late 1940s that Nikon produced its first camera, the Nikon I, marking its entry into the consumer camera market. Since then, Nikon has introduced cameras such as the Nikon F series, which is believed to have played a key role in shaping professional photography worldwide. Recently, Nikon launched the Z6III model, priced at Rs 2.48 lakh, which inherits features from its high-end predecessors, the Z9 and Z8 models. It features an EXPEED 7 processor, in-camera RAW support, N-Log videos, a partially-stacked CMOS sensor, and advanced autofocus with improved subject detection. These capabilities aim to make it ideal for precise and creative photography, especially in challenging lighting conditions.
In 2024, the projected revenue for India’s digital cameras market is $1.4 billion, with an expected compound annual growth rate (CAGR), for 2024-2028 being 2.76%, as per market research firm Statista. Comparatively, China leads globally with a revenue of $6,147.0 million in the same year. Per capita revenue in India for 2024 amounts to $0.96, and by 2028, the market volume is anticipated to reach 15.3 million units, for the digital cameras sector.
In a conversation with BrandWagon Online, Sajjan Kumar, managing director, Nikon India, talks about the company’s new launch, marketing strategies, and its venture into the healthcare sector, among others. (Edited Excerpts)
What are the company’s expectations for FY25, about revenue and profit?
Our top line for FY24 closed at nearly Rs 965 crore, achieving an eight per cent year-on-year growth. For FY25, we have set a target of around Rs 1060 crore, aiming for a close to 10% growth.
What are Nikon India’s marketing strategies for effectively reaching its audience, and how does the company integrate online and offline channels in its approach?
In modern marketing, particularly digital marketing, it’s essential to reach out to consumers who are spread across the country. I believe social networking services (SNS) and digital platforms are effective mediums to connect with your target audience based on their interests. Through these platforms, one can share information about what their organisation offers.
Recently, we launched the ‘My Nikon’ app, designed for our customers. When consumers buy a product, they can use this app to address any related needs. For instance, they can inquire about specific lenses or accessories, and follow professional influencers, directly, through the app to see what content they are generating and how they can improve their photography.
The app also features a QR code scan for product registration. Customers can manage warranty processes, check how much warranty is left on their product, and purchase extended maintenance contracts (EMC) if needed. If a product requires service, updates and customised notifications are provided to the user.
Beyond digital marketing, we are also heavily invested in workshops. This year, we are planning to conduct more than 700 workshops tailored to customers’ interests, including wildlife, fashion, portrait, landscape, and nature photography. These workshops can range from one to four days, and will be held in over 250 cities across India, ensuring we reach customers where they are, rather than expecting them to come to major cities.
Last year, the company saw 35% growth in sales during festive seasons, what are the expectations for this fiscal year?
This year, we expect a similar strong performance. The festive and wedding seasons, which contribute around 35% of our annual revenue, are key periods for us. Although April saw high sales, May had fewer weddings. From August onwards, we anticipate increased activity, starting with Onam in Kerala, followed by Durga Puja, Ganesh Chaturthi, Diwali, and the wedding season. This quarter is expected to be a major driver of our business.
What is Nikon India’s marketing split between different segments, and how does it leverage influencers and social media marketing in its approach?
We have a mix of online and offline activities, including workshops, influencer engagements, and on-ground events. Engaging with professionals in the field is crucial because they need to try out the product first. We are selling solutions to consumers, not restricted to a ‘fancy box’, so that professionals can be convinced that it will solve their difficulties and meet their expectations. Therefore, we conduct demos and activities, both at retail outlets and digitally.
Influencer marketing is an integral part of our digital strategy. We have over 140 influencers who play a crucial role in our marketing efforts. These influencers are the ones generating the main content, attracting a large number of followers. They are the creators and artists, while we provide the products that enable their creativity. Our products become complete when these influencers use them, showcasing their potential through the content they generate. This collaboration helps elevate our products by highlighting their capabilities through the influencers’ art forms.
In terms of distribution, what is the split between online and offline?
We sell exclusively through offline channels. Although our products are available online, our dealers manage online sales without direct brand engagement.
What are the other product innovations and launches we can expect? What is the revenue split between B2B and B2C products?
Our customers are spread across the country, including various zones for partners. Our routine activity involves reaching out to every corner to ensure customers can try and use our products, enabling them to make informed decisions.
Our B2B products are utilised across various sectors, including media houses, production houses, and rental services.
Rental houses, production houses, and media houses, collectively, contribute nothing less than 10 to 12%. However, the majority comes from B2C.
Considering Nikon India’s venture into the healthcare sector during Covid-19, how much innovation and growth have you seen and what are the expectations?
Regarding our healthcare offerings, Nikon India has a range of biological microscopes and other related products. We’ve been growing in this segment year-on-year, and aim to expand our presence further. Healthcare is a strategic focus area for us, with government attention and demand from research institutes, hospitals, and other sectors. We’ve established teams and are conducting demos, both at our branch offices and customer sites to showcase our capabilities. Currently, the healthcare segment contributes about five per cent to our turnover, but we anticipate substantial growth. Our projected CAGR is promising in this area.
Follow us on Twitter, Instagram, LinkedIn, Facebook
