SEOUL, South Korea - LG Electronics (066570. KS) will introduce ThinQ UP 2.0, its latest addition to the home appliance market, at IFA 2023.
The new series focuses on personalization and "servitization," highlighting a shift from traditional hardware solutions.
Why It Matters:
LG's ThinQ UP 2.0 is more than an upgrade; it represents a shift in the home appliance sector.
LG's new approach underscores an industry-wide movement toward customization and service-based solutions by aligning with current technology trends and consumer demands.
By integrating innovative subscription services, it aligns with current technology trends and aims to meet evolving consumer demands.
The Key Points
- Personalization: LG ThinQ UP 2.0 enables devices to learn and adapt to user preferences. Unlike traditional products with fixed features, this series offers continuous updates tailored to individual needs.
- Pre-delivery customization: The customization process begins before the products reach the customer, such as through a "Life Pattern Analysis" survey conducted for the washing machine. Further customization extends to appliances like LG's latest InstaView under-counter freezer.
- On-Device Chip: A DQ-C chip developed by LG and a new operating system enable further personalization, which can be managed via touch displays or the ThinQ app.
- Servitization: LG offers services that reduce household chores, including specialized laundry care and automated reordering. The subscription model provides flexibility with terms ranging from three to six years.
The Big Picture:
LG's move toward servitization and personalization with ThinQ UP 2.0 is part of a broader trend toward Home as a Service (HaaS).
The shift from product-centric to service-based models represents a different approach to improving the user experience in the home appliance industry.
According to Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company, the new offering marks the beginning of a journey into the HaaS era.
Products with ThinQ UP 2.0 capabilities are currently available in the South Korean region, demonstrating the company's commitment to personalized solutions that fit customers' lifestyles.
IFA 2023 (Hall 18, Messe Berlin) visitors from September 1-5 can experience LG's ThinQ 2.0 devices firsthand.
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