Coway has continued growing with its new business model that combines rentals and services, and now it pays attention to the need for new differentiated strategies in response to the fierce competition in markets. In 2015, Coway developed premium products and service values, strengthening its competitiveness by applying IoT to service development. For a new leap, it has established a new corporate vision of ‘The Life Care Company,’ going beyond the boundary of environmental appliance service business. Coway will continue putting forth every effort into improving customers’ quality of life and pursuing happiness through ‘Life Care’ that creates a clean environment and healthy life habits.
Developing Premium Products to Secure Growth Engines
The entry barriers of the premium market are high, but once you advance into it successfully, you can secure high competitiveness. Coway pursues premium strategies as a new approach for continuous growth.
Customized Solutions in Combination with IoT Technology
The direction that premium strategies pursue is to provide a combination of service and products that apply smart technology and IoT for which consumers would willingly pay. To this end, ‘IoCare (Internet of Care)’ which is an IoT-based life care solution of Coway connects various environment appliances and expands the boundary of smart home care service to every corner of living environments. With IoCare business strategies established in 2015, IoCare products have been released based on the research, service development, and business agreements with the Ministry of Industry, Trade, and Resources, etc.
Taking the Lead of Consumer Trends with Premium Products
Coway has continued pursuing premium strategies. In 2015, it focused on developing premium products and solutions, putting forth every effort into R&D for more convenient and healthy life of customers. To strengthen premium values, Coway will continue developing premium services combined with products.
2015 Main Products
Air Purifier – IoCare (AP-1515A)
An air cleaner model that adopts IoCare system for the first time Showing indoor/outdoor fine dust concentration and hazardous gas concentration visually; operated automatically depending on the level of pollution
Automatic sterilization water purifier IoCare (CHP-470L)
Automatic sterilization with electrolysis sterilizing water from the water channel to the storage, tank, and outlet
‘Green Plug’ function that analyzes use patterns automatically and saves power during the time of less use
Automatic sterilization & humidification air purifier (APMS-0815C)
Humidification system of 0.0001 micrometer fine water molecules smaller than hazardous substances that creates a pleasant sleeping condition rapidly with rich humidification
Air Purifier – IoCare (AP-1515A)
An air cleaner model that adopts IoCare system for the first time Showing indoor/outdoor fine dust concentration and hazardous gas concentration visually; operated automatically depending on the level of pollution
Automatic sterilization water purifier IoCare (CHP-470L)
Automatic sterilization with electrolysis sterilizing water from the water channel to the storage, tank, and outlet
‘Green Plug’ function that analyzes use patterns automatically and saves power during the time of less use
Automatic sterilization & humidification air purifier (APMS-0815C)
Humidification system of 0.0001 micrometer fine water molecules smaller than hazardous substances that creates a pleasant sleeping condition rapidly with rich humidification
A recent hot issue in the electronic appliance industry is IoT, which is a technology that connects various things including home appliances to sensors and communication functions via the internet. When IoT is applied to home appliances, a company can develop customized solutions by collecting and analyzing customers’ product use data easily.
Coway has developed ‘customized care’ service by combining IoT and big data with rental items, going beyond the boundary of rental and maintenance. As of April 2015, the smart care service shows the condition of air in a customer’s place by means of IoT technology and provides a customized solution depending on the level of pollution.
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