[IFA2022] Ryu Jae-cheol, LG Electronics Vice President, "Upgrading the Entire Customer Experience Journey with 'LG ThinQ'"

Press Conference on the Eve of the Opening of 'IFA 2022' on the 1st

LG ThinQ ? Solution Diagram. (Photo by LG Electronics)

[Berlin, Germany = Asia Economy Reporter Moon Chaeseok] "'LG ThinQ' is an advanced smart home platform that makes customers' daily lives smarter and more convenient the more they use it. We will evolve it into the best solution that can upgrade the entire customer experience journey beyond just product usage."

Ryu Jaecheol, Vice President and Head of LG Electronics H&A (Home Appliance & Air Solution) Business Division, emphasized this during a press conference held in Germany on the 1st, a day before the opening of 'IFA 2022.' At the event, Ryu explained the more convenient smart home platform LG ThinQ and the strategy to lead the global home appliance market. IFA 2022 is the largest home appliance exhibition in Europe, expected to attract about 1,900 companies and 240,000 visitors.

LG ThinQ serves as the hub for 'UP Appliances,' which LG Electronics unveiled earlier this year. UP Appliances refer to home appliances that can be upgraded with new functions through LG ThinQ even after purchase. Vice President Ryu said, "So far, we have released 18 products as UP Appliances and provided about 100 upgrade contents. UP Appliances have not only dramatically increased the number of LG ThinQ users but also offer differentiated customer value, with the upgrade content usage rate approaching 50%."

To enable existing appliance customers to use UP Appliance services, upgrade functions are also provided for ice water purifier refrigerators, robot vacuum cleaners, and mop-specific robot vacuum cleaners. Vice President Ryu emphasized, "By creating UP Appliances together with customers, we will continuously upgrade truly necessary functions and services through LG ThinQ, showing the evolution of home appliances up close."

LG ThinQ is strengthening connectivity by increasing linked devices. Vice President Ryu said, "LG ThinQ utilizes various Internet of Things (IoT) devices such as Apple HomeKit, Aqara, and HeyHome to provide diverse inter-device linkage scenarios that customers need. We will continue to develop LG ThinQ focusing on providing customers with 'F·U·N (Fantastic, Unique, Never-before-seen)' experiences."

The localization strategy has also been successful, especially with rapid growth in Europe. It shows strength particularly in the high-end tier led by premium products and the rapidly growing large-capacity product segment. Regarding the European business status, Vice President Ryu said, "We are driving business growth by expanding product lineups suitable for the European market with high energy efficiency and space utilization, including the ultra-premium built-in kitchen appliance 'Signature Kitchen Suite.' Demand for new appliances such as stylers and dishwashers continues to increase, and small appliances like cordless vacuum cleaners are also contributing to growth."

At IFA 2022, LG Electronics introduced a new product with enhanced energy efficiency for the European market's main product, the '2-door top refrigerator with bottom freezer' (domestic name: Modern Edge Refrigerator). Compared to LG Electronics' existing A-grade refrigerator, which meets the highest European refrigerator energy rating strengthened last year, the new product reduces annual power consumption by 10%.

Regarding the business strategy for the remaining year, Vice President Ryu said, "The second half will not be easy due to uncertainties caused by recent unstable international situations and unprecedented inflation. We will overcome the crisis by prioritizing customer value, leading with competitive premium products, and strengthening innovative products in the mid-to-low price market to respond to demand polarization, thereby enhancing our core business competitiveness."

Meanwhile, at IFA 2022, LG Electronics unveiled the new refrigerator 'LG DIOS Objet Collection MoodUp,' which upgrades the space atmosphere by changing product colors with just a touch. About the new product, Vice President Ryu said, "We aimed to create a product that satisfies diverse customer preferences and rapidly changing trends, marking a milestone in the history of space appliances. The MoodUp refrigerator is a hyper-personalized 'empathic appliance' that enhances the value of space and adjusts the atmosphere to the customer."

The MoodUp product overcomes the limitation of conventional appliances whose colors are fixed at the time of manufacture. It allows users to freely change colors with just a touch on the ThinQ app, influencing the space atmosphere. Vice President Ryu said, "From the first refrigerator in Korea in 1965 to this MoodUp, LG Electronics has been writing the history of refrigerators through continuous innovation. We will do our best to provide customers with differentiated experiences never seen before."

He added, "Through innovative products reflecting customer preferences, such as the next-generation shoe care solutions 'Styler Shoe Case and Shoe Care,' the new concept table-type air purifier, and 'PuriCare Aero Furniture' showcased at IFA 2022, we will present a new lifestyle."

This content was produced with the assistance of AI translation services.