The consumer electronic industry was valued at 1 trillion dollars in 2019 and is expected to grow by 7% between 2020 and 2026. The most common types of products which will drive the market growth are smartphones, home appliances, etc. The telephone industry is the largest segment within the electronic industry and in 2019 it accounted for 48% of the worldwide consumer electronic revenue.
Based on the above trends it is relevant to ensure that your products are differentiated from your competitors. You can differentiate your products by using a dynamic pricing engine and by ensuring a sustainable manufacturing process etc.
Due to the continuing development of the internet, the consumers are expecting to have the option to buy products online. A study conducted by Digital e-commerce shows that the consumer electronic industry reached 3,4 trillion dollars in online sales during 2019.
Online shoppers are especially buying consumer electronic products from online retailers such as Amazon or Walmart. During the pandemic of COVID-19, the online sale has increased even more, due to the lockdowns and changing consumer behaviors.
The consumer electronic sector is representing 22% of US retail e-commerce in 2020, which makes it the largest industry within the US market.
In order to survive within the consumer electronic industry, your firm must ensure to provide prices, which are competitive in the market.
By applying a price comparison software, such as PriceShape, your firm is able to monitor the competitors. Moreover, you will gain an insight into their pricing history and stock status. These data will among others make you more prepared to decide, which pricing strategies to apply in the market.
Get competitive through accurate competitive data and dynamic pricing.