Establishing B2B Strategies by Attending Global Exhibitions in North America and Europe
[Asia Economy Reporter Sunmi Park] Cho Joo-wan, President of LG Electronics, has been traveling between the United States and Europe since the beginning of the year to discuss ways to expand cooperation with client companies. He judged that in order to provide LG's unique outstanding customer experience, it is essential to increase customer touchpoints by expanding global B2B (business-to-business) sales channels and enhancing collaboration with client companies. He urged employees of LG's local subsidiaries to focus on providing excellent customer experiences by advancing integrated solutions such as software and services based on differentiated products.
LG Electronics President Jo Joo-wan has been visiting Europe and the United States consecutively since the beginning of the year. The photo shows President Jo attending 'ISE 2023,' Europe's largest display exhibition held in Barcelona, Spain, where he is reviewing the mid- to long-term strategies and current issues of the B2B business.
In January, President Cho discussed the automotive electronics business (VS) with strategic partners such as General Motors (GM) and Magna at CES 2023, the world's largest electronics and IT exhibition held in Las Vegas, USA. Following that, from February 2 to 8, he visited Barcelona, Spain, and Atlanta, USA. In Barcelona, Spain, he attended ‘ISE 2023,’ Europe’s largest display exhibition. LG Electronics set up a 1,184㎡ exhibition hall featuring various spaces such as hotels, stores, offices, schools, virtual studios, electric vehicle charging stations, and hospitals, showcasing customized display solutions for each space.
At this venue, President Cho observed how competitors introduce optimal solutions for each space to understand industry trends and the latest technology developments. He also toured a local theater equipped with LG Cinema LED with the CEO of the global cinema chain ‘ODEON’ and discussed ways to expand strategic cooperation. President Cho instructed the employees of the Information Display (ID) division who accompanied him on-site, saying, "We must deeply study the core value chains for each customer group to provide LG Electronics’ unique outstanding customer experience,” and “We need to discover values that customers have not yet considered through differentiated displays as well as customized integrated solutions.”
LG Electronics plans to focus on strengthening software and service capabilities that can meet diverse customer demands to further expand its display business in the global market this year. In particular, it plans to increase orders for integrated solutions by providing profitable services using its self-developed cloud-based ID service platform, ‘LG Pro:Cloud.’
President Cho then moved to Atlanta, Georgia, USA, to attend ‘AHR Expo 2023,’ the largest HVAC exhibition in North America. There, he met with major clients and customers to discuss ways to expand cooperation. LG Electronics has established strategies to enhance competitiveness in air conditioning systems by strengthening innovative HVAC technologies using artificial intelligence (AI), energy-saving high-efficiency solutions, and smart home platforms including remote control. President Cho said on-site, “To become the number one player in the global HVAC market, we must showcase outstanding customer experiences based on advanced home appliance technologies,” and “Let’s expand our number one position in system air conditioners not only in advanced markets but also in growth markets.”
To diversify its profit structure, LG Electronics recognizes the need to expand its business in the B2B sector. Currently, continuous investments, mergers and acquisitions (M&A), and strategic collaborations are underway to expand B2B business not only in the BS (Business Solutions) division specializing in B2B but also in various fields such as infotainment, electric vehicle powertrains, and automotive lighting systems in the automotive electronics division, as well as system air conditioners and built-in appliances in the H&A division responsible for home appliances.
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