EP 316 – Igor Vincetic – Electrolux – Convenience, Flexibility and Service

by | Mar 6, 2024

In an enlightening episode of the Asia Tech Podcast, ⁠Igor Vincetic⁠, the General Manager, Singapore at ⁠Electrolux⁠, shares transformative insights into the ever evolving home appliance industry.

Some of the topics that Igor covered in detail included:

  • The importance of innovation, customer-centricity, and sustainability
  • Innovative business models that focus on flexibility and convenience for consumers
  • Creating holistic customer experiences, prioritizing service and relationship-building to enhance consumer satisfaction
  • The necessity for companies to adapt continuously, keeping pace with changing consumer expectations and fostering a culture of agility and resilience
  • Electrolux’s dedication to leading the home appliance industry through innovative strategies, with a focus on sustainability and a customer-focused approach to business

Some other titles we considered for this episode, but ultimately rejected:

  1. Navigating Innovation and Sustainability
  2. The Evolution of Consumer Needs: A Commitment to Service
  3. The Future is Convenient
  4. Leading with Purpose
Read the best-effort transcript

Read the best-effort transcript below (This technology is still not as good as they say it is…):

Michael Waitze 0:04
Hi, this is Michael Waitze. And welcome back to the Asia Tech Podcast. Igor Vincetic the General Manager, Singapore, Electrolux is with us today. He’s already laughing at me… Igor, thank you so much for coming to the show. Let’s give our listeners a little bit of your background just for some context.

Igor Vincetic 0:21
First of all, Michael, thanks for having me really a pleasure, I will use this opportunity to wish all your listeners and we have seen this, you know, real, lots of them all over the world, you know, a lot of health, fortune and success in the Year of the Dragon. A little bit of my background. So I’m originally from Slovenia, where I grew up, I had quite a mixture of you know, educational mix, during my high school and, and then also University, I spent some time in the US sometime in China. Then I started working in Scotland ended up in Singapore, been here for 10 years in between jumped in Australia for one year. So that’s in terms of geographical landscape. I’ve been a few interests here and there, but my really background is home appliances. So I’ve been in home appliances now for 16 years followed those with BSH… so Bosch and Siemens home appliances, about five and a half in Europe, about 6 in Asia, combined with Australia, and the last year have been in Electrolux first as a director of category for Africa, Middle East Australia on Sanya. And now last six months as General Manager of Singapore.

Michael Waitze 1:22
So interesting, can I ask you what brought you to Singapore per se? And also just like growing up in Slovenia? What was that like? And what got you to Singapore,

Igor Vincetic 1:29
first of all, and Slovenia is a fantastic place to grow up. I mean, I always had I have you know, between childhood, it’s a really clean, safe, beautiful place. I grew up. But when I was in Slovenia, I was wondering what would happen if I grew up somewhere else. That’s always got me going. And I was raised as a traveler, and my parents always liked to travel. And I always wanted to explore other things. That’s why I went to us in high school. And I was after us, I want to try the other side. And I went to China. And after China, I was so excited about Asia, because I felt that’s where things will happen the next day, I want to be somewhere where things are happening, where I can make a difference when I can be part of that change. And that’s something that really drove me to go to Singapore. And he would ask my my best friends, my family. When I came back from China out with everybody, I will live in Asia, I will live in Asia, it took a couple of years to go back to finish my studies, etc. But yeah, I came back and then you know, I’m super happy I did. So

Michael Waitze 2:26
I love this idea of I want to be somewhere where things are happening. It’s such a great phrase, I think I may use that as the title for this episode, I want to jump into the home appliance industry as well, if you really want to be where things are happening. I mean, in every industry right now there’s this rapid change going on, whether it’s driven by work from home or technology or whatever is driving it, but there’s a lot of change going on, maybe you can share some of the things you’ve been in this industry for a long time. Now. Maybe you can share like a pivotal moment or two, or maybe some customer service needs that’s divined some of this shift in the way this industry is working in particular.

Igor Vincetic 2:59
Yeah, I think a lot of people say, you know, COVID really changed things. Okay, I don’t look over it as change things, I look at COVID as speed up things, because those changes were coming anyway, yeah, just sort of put it in fifth gear and brought them much faster than what we expected. But why the change is coming from is just because when you look at what customers are and who our customers will be over the next 10 years, so just a different generation, Gen Z generation, if you look at next 10 years, who’s going to control the budgets of the households, Gen Z, probably 60 to 70% of the budget will be controlled by them. And this is a different mindset. And we as producers, as manufacturers, brands, we have to adjust to what consumer wants, and those things have changed rapidly. COVID has helped with that, in terms of speeding it up. But the whole landscape is very, very different than it was you know, 510 years ago, just the speed is significantly different. But if we zoom in just on two or three things, I would say convenience and flexibility are now becoming really the focal points. If you’re not managing those two things you’re going to miss out on the Gen Z generation.

Michael Waitze 4:10
Can I ask you this though? How and again, my daughter, I’m guessing is Gen Z, she’s 22 years old 23. This year, Rachel, she’s like right in the middle of Gen Z. And I feel like when I look at her life, it’s gonna look nothing like my life look like at all actually, in a way that I think is super positive. But from your perspective, right, because you spend all day thinking about this and looking at this, how is we talk a lot about the future of work, but how about the future of living the way we live our lives everyday? How does that look different to you?

Igor Vincetic 4:39
Yeah, I think that this generation is a lot about, you know, I think when we look at our parents and ourselves, we talked about practicality and solving. Yes, convenience becomes and flexibility becomes such a much bigger thing I think they look at to get away from mundane tasks to be more focused on what they really want to do. So I think just washing your dishes, washing your clothes cutter, that’s not not something that really excites this generation.

Michael Waitze 5:05
They’ve never excited me either to be fair, but go ahead.

Igor Vincetic 5:08
You know, but you hadn’t sort of more of a need to do it. These guys are more about, you know, information about fast paced things. They want change consistently. I was just reading an article, I think it was a few days ago. This is the first what was the phrase they use? Digital innovative generation. Yeah, it’s way too many native languages. And they said, Look, you know, remember the flip phones and you know, dial up internet, while they don’t?

Michael Waitze 5:35
Do you remember that? Yeah, they don’t.

Igor Vincetic 5:37
So that, I think, you know, really had me going like, wow, you know, this is a really completely different mindset of this generation that’s coming. And you know, we as a business as a company, it’s not that you have only products that mirror that in terms of you know how the caterers, right, but they have to form the entire business in terms of capture that those customers.

Michael Waitze 5:54
So I just want to share, I want to share an anecdote with you to get back to this Gen Z thing and kind of make a little bit of a joke. But then I want you to talk about this, right? Because I do think the way that a company that’s 105 years old, like integrates innovation into itself, in and of itself is a really interesting story. Let me tell you a quick story about my daughter, when she was probably five or six years old, right? We had a phone in the house that was wireless. It wasn’t a cell phone, it was just wireless, but we had cell phones. And I remember telling her a story. I’m like, you know, when I was a kid, the phones had wires on it, you could only talk on the phone in the room where it was. And she was like, why don’t anybody live? Like, she doesn’t make any sense at all. And then when she got her cell phone, she’s like, I don’t understand how anybody lived without a cell phone. So the whole lifestyle is different. But you were just about to talk about this innovation, right? How does a company because I talk about this a lot in the insurance space 150 years old, and and doing things the same way forever? How do you integrate this innovation to the company? Is it direct innovation? Is it like a separate entity? How does all this stuff work? And then how does it what’s the result?

Igor Vincetic 6:52
I think the first thing your company would not survive 105 years without innovation? Absolutely. That’s one thing. And I think that’s, you know, great length, how the company is run, but you have to look at I think much more holistically these days and innovation than you did maybe 1015 years ago, 1015 years ago, you had to make sure that your product is competitive, that you have, you know, innovation, which is interesting, exciting. And you know, you have some marketing appeal to it, and then go to the market and position benchmark cetera. And so now it’s much more than that, you know, I think understanding consumers and analyzing consumers is the key. And the amount of resources we spend, in terms of consumer insights is unbelievable, because we really want to know what consumer wants, sometimes the consumer doesn’t even know what he wants, we really put a lot of emphasis on that. And then the park is not enough product is just one piece of the puzzle. The puzzle has a lot of parts, if you want to put them together, or them have to fit. So you have to really look at holistic experience in terms of service in terms of delivery, in terms of how are you going to hone that relationship? How are you gonna build a relationship with the customer, the customer doesn’t want only the product, they want the relationship with the brand, they want the brand that has a purpose. So you have to look at all this sides. So you can get a piece of the puzzle together. And we’ll have a success story. And I think that’s how we electrons try to look at it, you know, it’s not enough. Our products are good, they’ve always been very good. You know, we have great ratings on the products, all the tests where we are, you know, winning, we have a lot of design awards, etc. But I said, this is not enough, we have to do more than that. And that’s what we’re trying to do.

Michael Waitze 8:29
So how do you do that? How do you build this relationship? Right? And how do you engage with people in a way that makes them feel like that product is differentiated? Not again, not because of the features that the product has, but because of the way it’s served to them? And then maybe you can also reference this way that makes it more convenient, or more flexible as well, right? Like, I remember when cars first started having leases, I was like, that’s interesting. But who’s gonna do that? Do you what I mean? So you’re right. It’s not just the product, it’s everything around and maybe dig a little bit deeper into how some of those things work?

Igor Vincetic 8:58
Yeah, this is you know, where Amanda comes in and looking at what who consumers are and where you know, their purchasing power is going and how the world is shaping up, we came up with an idea which really caters to those two things flexible and convenient. That’s really the essence. And then the key of the story. While everybody has to buy a product unknown. I think probably from our generation, we come from sight, hey, we want to own everything. Yeah, doesn’t really want to do that. Necessarily, in all the cases they want to have the flexibility, flexibility is more important than ownership to them. And that’s where we came up with the good girl abandon, which is basically a subscription platform for electronics product, which means you can just say hey, I’m gonna have a product for six months. I’m going to pay you six months every month fee and after six months, I want to upgrade I want to change I don’t want to have this product anymore. I’m moving to a new apartment. While I’m expanding my family. I need a bigger fish. After six months I want to upgrade to a bigger fridge or you know I want to have a new hygiene function because my sick husband, my kid has an allergy so I want to update when you wash machine, and you can have that flexibility. So I think that’s the key, really civility and convenience. And the convenient parts really comes in this product is owned by electronics, which means we are doing everything for you, which means we’re bringing the products, we will install the product, we will maintain the product, we will come and change the product for you. So that’s where it’ll be the convenience part comes in. So you have both both flexibility and convenience.

Michael Waitze 10:23
Can I ask you this? What is it like? I’m always curious about this internal versus external relationship, right? In other words, saying to customers, we’re going to make it more convenient for you, we’re going to make it more flexible for you makes perfect sense. But inside an existing company. And I remember when I used to work at Goldman Sachs, like just getting something new done was so hard, because most of the equity trading desk where I worked was like, we don’t do it that way here kind of things are just getting them to us, like a new thing was hard enough than just getting the views in the way that I wanted them to. What is it like internal versus external, getting people to kind of buy into this idea of, we’re not selling it anymore? We’re kind of just doing it on this rental or partial basis? Do you know what I mean? Like, how hard is that?

Igor Vincetic 11:02
Oh, it’s always difficult. I think in big companies, you know, this kind of revolutionary ideas are always a little bit, you know, difficult because you have certain levels of approvals, etc, that you have to go through. And I think practically Swedish heritage, the open mind, etc, really helps here. You know, we we embrace ideas. And I think also we are really well aware of the times we live in changes are not optional, right. So I think, you know, having those two things, having an open mind with the company, as I think Swedish heritage helps a lot with this, you know, really embracing new ideas, and just being aware of the times that we live in, I think those two things really made a big difference. And and before, you know, I go any further, I want to mention two guys here. Think graph and horror, who really sort of taking this baby from a cradle and made it work and you know, up and running, they did a really good job. And I think they really helped pass a lot of the hurdles on the way.

Michael Waitze 11:55
Yeah, like it this gets into my philosophy of no one succeeds alone, if you know what I mean. Absolutely,

Igor Vincetic 12:00
absolutely. I mean, you know, those guys deserve all the credit, they didn’t really, you know, the heavy lifting? Because as you mentioned, the beginning is always hard. Yeah, this is basic entrepreneurial story inside of a big enterprise.

Michael Waitze 12:13
Yeah, I know the exact feeling. I always wonder about alternative forms of distribution. So if you’re gonna build a different service mentality, if you’re gonna build kind of a different product, right, from a business model standpoint, do you also look at a maybe we should work with like a rental portal, where people are changing their locations all the time. And if they’re providing alternative services, maybe one of those services are these white goods, or home appliances as well, if we work with them, then every time somebody moves in, we can offer it through them as well as part of this rental service. Does that make sense at all? It does.

Igor Vincetic 12:46
When we look at the lavandin, or the subscription model, it opens up so many different opportunities for us, which we were not able to explore before. And that’s I think, a really good thing for us. And when you look at Singapore, you know, Singapore is a big expat community AllCloud, this ex pro one was two years, and then renting everything, furniture, lamps, carpet, home appliances, etc, it makes a lot of sense for them, because buying this selling them etc, again, wouldn’t fit into the flexibility and convenience that they want. So Singapore is actually a very good hub from that perspective, as well, as you know, a lot of locals, when they maybe they buy an apartment, which is offline, they have to wait for one or two years. So you don’t want to buy the coverage. If you don’t need it, you can just upgrade once you move, or you can just decide to purchase one single. So it gives you that flexibility. So there’s a lot of partners that you know, we are interested in some of them we already working on some of them, we’re discussing some of them, you know, we’ll probably work down the road. But what you mentioned is also very interesting, you know, partnering up with somebody who can offer a holistic solution. So you move into an apartment, you want to rent, you know, furniture, carpet, you name it, lamp, whatever you want. And then you can apply it’s the same time, because then again, this fits into the flexibility and convenience, but it’s very convenient if somebody comes in and just gives you all the things at once. You don’t have to talk to 15 different parties. You don’t have to, you know, look online, etc. You have one point of contact, and you can do all at once. That makes a lot of sense. Yeah,

Michael Waitze 14:11
I mean, I’m really fortunate, right? Because on the platform of the Asia tech podcast, I get to talk to a bunch of guys and gals that are building new companies. And we’re all building new business models. And it just reminds me of an episode that I published recently with the guy who runs Renly, that’s why I popped up in my head. And what rental is trying to do is I don’t know if you’re familiar with them, Dominic Shaka red Swisscom. Anyway, what they’re trying to do is change the way renting happens and make it more convenient. Even building a FinTech into which they’re financing some of this stuff, they could probably also provide financing for this too, as kind of an integrated service is what I was thinking. I can introduce you to them later if you don’t already know them. But I just thought that was kind of interesting because it opens up the mind to like all these new and interesting possibilities as opposed to just having a showroom just having a sales force and then just selling the products and being done with it. Yeah,

Igor Vincetic 14:59
absolutely. That’s right. I’m interesting you mentioned because I was just listening to this podcast before we started. He’s good, I thought the same like, oh, this could be interesting for me. I didn’t get to finish it, but definitely will be listened to. Now, when you look at the way, this just changes the mindset and opportunities that this opens, it’s really, you know, a big playing field. Yeah, because not too many different opportunities, the way you can approach the customer, and what is also really important for us build the relationship with the customer, so that you have this constant relationship with the customer. We’re making his life easier, better, more flexible, more convenient, etc.

Michael Waitze 15:33
Yeah, I mean, my mind is just racing with the possibilities for other forms of distribution, which we don’t have to go into now. But it just makes me think, like, the old way of doing stuff for every business is now different. And for this business, for sure. Is there a technological angle as well that you had to consider when you were building this out working with your team thinking about? Do we have the right tech stack in place to be able to handle not just this one new idea that we have, but every idea that we might have as well, that then we can integrate into our business? If that makes sense?

Igor Vincetic 16:04
I think what when you look at these kind of ideas, when you start analyzing them, they will look fantastic, and lots of opportunities, etc. Sure, but there’s a lot of background work, you know, one part is tech, tons of operational stuff, etc, which sort of everything has to come in together. So you can really, really have that idea. In terms of tech, of course, yes, in the tech, I would say a lot online in terms of how you manage it. But then also offline, how do you manage the operational part? Yeah, so I think those two parts, obviously, we do a lot of synergies, how do we combine our businesses so that they can act together as one as much as possible? So it gives us some synergies, and some it’s a efficiencies as well. Every time you tackle any kind of venture outside of your normal business. It’s a big undertaking. Yeah.

Michael Waitze 16:49
Can you also talk about getting customer feedback, anytime you launch a new business, you talked about being like a startup inside of a bigger company, just finding product market fit is actually really important for most startups. And if you think about it, like a startup, talk to me about the type of customer feedback you get, and then what that loop is like, into how you change or adapt that product to better serve them.

Igor Vincetic 17:08
Yeah, we look at customer feedback very seriously, in all lines of business, not just in something in your future, we look this on a monthly basis. KPIs, reviews, ratings are something that we talk about consistently, because that’s really showing us how well we’re doing as a company, how well our products are doing and how well our services are appreciated. That really enables us to sort of give direct feedback. So when it comes to abandon, we’ve done quite a bit also outside of just looking at reviews within the study with NUS with the students to find out, you know, can they can they, you know, help us particularly because this generation is the Z generation coming coming up. So they have, you know, very different views from that from their side, we also look at, you know, the reviews we’re getting from customer existing customers, you know, how do they value, particularly our service? Because our products, we know, our products are very good, right? You know, a lot of reviews on our products, we have a lot of experience our products, so products, we are relatively confident, but then how do we add on service? How do we add value that with our flexibility and convenience, that we’re providing that service, and that’s something that’s really important. And that’s something where we are learning and improving in terms of new business, that’s sort of the new part, the product process, and it’s a fantastic product. So something which is quite straightforward.

Michael Waitze 18:27
Are the customers surprised when they get this new level of service? Like To be fair, I haven’t bought my own my own home appliances in years. But if I bought a new refrigerator, which I’m considering doing, I would always worry like, Oh, something happened, or I need to change locations or something like that. Who do I call? And are they really going to be able to help me? I love hearing these stories where somebody calls where they’re anticipating bad service, and they just get someone going, yeah, we’ll take care of it. Where do you live? What time can I be there? And all this kind of stuff. So what kind of feedback? Do you get on that? Where the customers are? Like, that was kind of amazing. Because I didn’t expect it. You know what I mean?

Igor Vincetic 19:01
Yeah, services is one of the most important things, you know, I guess I’m gonna deviate from the question just for a second before I got a question, hey, you know, how do you want to differentiate Electrolux from other brands, the business because essentially, you know, you walk into a store, it is a sea of white washing machines, what’s the difference? They have this function that function. And I always tell them, there’s two things how I want to differentiate and not by myself, but how we elect to differentiate ourselves. One is the purpose behind the brand. So we have very clear purpose. We know who we are, we know who we want to be and what the purpose of the brand is. And I’m not going to talk details about this. And number two is the service. How do we treat our customers when they have a problem? How do we provide something excellent them? Those are two things that will differentiate us from everybody else in the industry. That’s where we want to be listed above and in the manner that comes even as a more important part because the product is in our ownership. So we want to make sure that at all times you’re getting the best use of that product. So if anything goes wrong if there’s maintenance needed, or if there’s something that needs to be fixed, we want to make sure that we do this in due time, very professionally, and the customer has a really, really good experience. And of course, every time that we do this well, and then when you know, I think, large majority of the time we do really well, the feedback has been overwhelmingly positive. Customers who have positive experience with the service team, which sometimes is not the best thing that you call the service thing, but those customers they do when they have positive experience are significantly more loyal to the brand, because they know Electrolux, hey, they’re fantastic products that are lasting really well. And if something goes wrong, I have this great service in the background is going to come and fix the problem. So they have a full peace of mind. And that’s something that really goes a long way.

Michael Waitze 20:42
So when you’re innovating, and you’re implementing kind of new service models and new business models, you must have at some point had to look outside the industry, right? If you think it’s a differentiating factor to look at other companies that may have been doing this before you decided to do it, are there avatars out there that you looked at and said that’s kind of what we want to be like, so that our customers think about us at this level? Yeah. Does that make sense?

Igor Vincetic 21:04
Yeah, I’m not sure there’s, you know, one or two companies I’d like to point fingers at, I think it’s more of a general direction, but we’re observing, you know, you’re looking at things, you know, you I’m not sure if you were one of them, but everybody used to own records, you know, used to, you know, record, we collected different things, we owned things, etc. Now, we don’t own anything anymore. You pay subscription to Netflix, you pay subscription to Spotify. People just don’t want that anymore. Yeah, it’s weird. It’s weird. If somebody told you 15 years ago, hey, or 20, or even 10 years ago, for some of these things, you have no way, you know, just because it’s not happening. Just the mindset mindset has changed. People don’t have that need anymore, hey, I have to own everything, I’m happy to pay for the service I need. And as soon as I stop needing it, I want to stop paying, or you know, as soon as I want something else. And that’s gonna happen sooner or later, I want to have flexibility. So I can change my course direction. Yeah. And I will also look at the longevity of our products, etc. And we build products to last a very, very long time, we’ve observed a lot of customers don’t really want to own the product for such a long time. So having a subscription model is very sustainable for us. Because we can take this product back, which is in a very good condition, and give it to somebody else who wants to rent it again. Yeah. So that also a very sustainable approach to home appliances. Because if you buy a product, and after six, seven years, oh, there’s something else. And I would like to upgrade any dysfunction, my family’s bigger, etc. And you want to change what you do with the park. So I think this works proper customers very well have worked towards the direction. And there’s a lot of I think companies that do this kind of models very well. But I think the trend here is very clear, I think you’ll appreciate

Michael Waitze 22:38
this actually quite a bit. One of my friends, I think like a year and a half ago bought what I’ll call an aspirational brand, and they bought their hairdryer. And it is beautiful to look at. But after 18 months, it broke. And they can’t get it fixed because they don’t even know who to call. So it’s this beautiful thing that sits somewhere and can’t be used. And it’s an aspirational brand, I think you’d be able to figure out who it is. But when I was a kid, and I told you this during the event, this is true. My mom bought an Electrolux vacuum cleaner. And I think she used it for like 30 years.

Igor Vincetic 23:10
And it’s such a great story. And so great your process. Unfortunately, we have many customers who use the products for 1520 years, and look at you know, our new products. They also built last year very, very long time. But we also have realized that some people just don’t want to use it for very long. And since sustainability is really the core of our business, I think again, this is probably a little bit you know, kicking in the Swedish heritage. So we are really all about sustainability, it’s in our DNA, this is a great way to help those customers, you don’t have to work not 30 years, if you don’t want to, of course you can if you want to, but a lot of customers don’t, and you can still, you know, refurbish that product, and somebody else can use it for next 510 years.

Michael Waitze 23:47
One of the reasons why I want to have this conversation with you, though, is just for that reason, it’s because and again, just to get back to this aspirational brand that I was discussing a moment ago, they don’t know what to do with the product, now they have nothing, they have nowhere to give it back nothing to do that. I don’t even know if it’s recyclable. So whether you give it back or not this idea that you mentioned 10 or 15 minutes ago about customer engagement. If somebody buys one of your products and electronics product today, they know what to do with it because of this new service environment that you’re building in this service business that you’re building. And that makes it so much easier to own it or to have it depending on how you want to describe it. Because I know not if something goes wrong, but if I don’t need it anymore, I know what to do with it. That’s even more important, right? And I guess it gets back to the flexibility and convenience you were talking about. It’s just one example of it. But that’s why I want to have this conversation to say at least there’s someone to call.

Igor Vincetic 24:35
Yeah. And this links back to just you know, a couple of minutes ago, I was mentioning two things on purpose or in service. Yeah, that’s where we go hand in hand. And this is about our purpose. Our purpose is about sustainability. It’s about looking at the future. Now it’s about you know, being lower world a better place not only with just hate as a product which is going to help you day, but in terms of being conducted business as a whole in terms of how we produce products. Got materials we use? Where do we source components? How do we deliver products, our products to us? How do we recycle these products? How do we reuse the parts refurbished, etc, we want to look at the holistically. And that’s really something we’re purposefully looking said,

Michael Waitze 25:12
I could not agree with you more. And I want to say this too, if the future of work is changing, if the future of the way we live is changing, the future of the way we interact with the products that we buy, and that we love, is also in the process of changing. And part of that is this idea of sustainability. I don’t just want to throw it away and have it sit in a landfill somewhere, I want something positive or as positive as possible to happen to it. And I don’t think that’s just a Gen Z thing. I think even my generation late late baby boomers are thinking, I do want to leave the earth in a better position than when I arrived. One last thing I’m gonna let you go, if you look forward, five years out, seven years out, what other kinds of innovations and changes do you see coming? Or is it a double down and tripling down on this service, convenience and flexibility that we’ve been discussing this whole time? I

Igor Vincetic 26:01
think, obviously, changes to change is imminent, we talked at length about this. I think convenience is something that’s going to become even more important. It’s really, really important. It’s not just the practicality, but convenience, and not convenience, or product, convenience of an overall experience. Yeah, because they’re two different things. People think, oh, it’s really convenient, because I can use it and then you know, cooks instead of me, or it gives, you know, washes instead of me or automatically reads the stains and adjusts. That’s just once more but yeah, I think that when you look at these two territories, flexibility, and convenience, and particularly convenience, it has to be a holistic view illness, and this holistic view might change, it’s probably going to expand further. So I think it’s not going to change from coming something else. But it’s going to expand even further along and experience in terms of building a relationship, I think it’s going to be much more into Hey, is this relationship more convenience, I think relation is going to be much bigger part convenes, in my opinion. I mean, obviously, it’s as good guests, as anybody else is going to remain at the core of it is just going to be a bigger umbrella of the things that have to fit under the convenience to really make a difference work

Michael Waitze 27:09
for our customers. Okay, I have to ask you one more thing. Are you excited about this idea of this evolving mindset change around how to deal with customers and deal with products, and also enabling the people with whom you work to say, you can have a new idea. And we’ll see if we can implement it if we think it’s going to work. But we’re willing to try it as opposed to saying we’re going to manage from the top down as opposed to kind of side to side, if that makes sense. Because it’s exciting to be in a place that’s innovative all the time, right?

Igor Vincetic 27:35
Yes. And I think as you’ve noticed, I’m driven by excitement, sort of my view, I can tell that’s why I’m asking it. Look, I wouldn’t be able to work for a company where you wouldn’t five on assignment. Of course, not every idea can be put into line sure sure know how it is, you know, one small idea, which might not be even good and working in the right direction, sparks another idea, another idea, another idea. And then we discussed and we shave before remote, and then we get to something that’s really good. Yeah, don’t have that initial spark, maybe none of this happens. So me as an employee, as a leader in our company, I really want to empower that part. Part of that is also enabling people to make mistakes enable people to try things out. It’s never just, you know, easy winning story, which you usually see, at the end. There’s a lot of female mishaps here and there, but you have to allow that if you want to come up with really good new ideas, and sometimes new ideas like completely new business, sometimes just a small process or a small operational change, etc. But those things are really, really critical for us. And I said, you know, and I’m repeating myself, we are in times of change, we need to change, we have to keep that in mind. We need to evolve further. And I think, you know, I’m not sure if you mentioned or somebody mentioned this during our last conversation, you know, I think 50% of the companies that are today, you know, major players Yeah, well, not the next 10 years. They will change. Yep. That tells you immediately. Okay, we have to we have to follow the follow the trends. We have to follow the consumers. We have to be more agile, we have to change. Exactly.

Michael Waitze 29:08
Igor Vincentic, General Manager, Singapore Electrolux. That was awesome. Thank you so much for your time today. I really appreciate it.

Igor Vincetic 29:14
Absolute pleasure talking to you, Michael. Thanks for having me.



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