The consumer electronic industry
The consumer electronic industry was valued 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.
The greatest trends of the consumer electronic industry
The electronic sector is affected by a high degree of innovation.
The electronic sector is affected by a continuous development within technology.
A development of smart products has emerged, which can be used by all types of consumers despite their technical abilities. These products are for instance Smart TVs and smart speakers.
An increase in the ability to develop electronic devices, which consumers are able to cross-function with other devices. This reduces the human workload.
Moreover, the focus on sustainable production has also increased.
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.
The growing tendency of e-commerce
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 lock downs 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.
Best practices and solutions
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.