In today’s fast-paced world, humanity is slave to its gadgets and gizmos. The household electronics market is huge, and is an enormous part of our lives. From the alarm clock, electric toothbrush, toaster to smartphones, the laptop and the Wi-Fi router, every nook and cranny of our collective existence has been infiltrated by these smart conveniences. And, the market is still booming!!
Only, there is a new sheriff in town when it comes to how we procure our gadgets. Online Shopping.
Consumer electronics are piggybacking on the e-commerce platforms; the latter was estimated to account for a gross business of about USD 27 trillion by 2020. As expounded in this comprehensive market research report from Technavio, internet shopping will primarily benefit from-
- the booming cross-border e-commerce market (the world is ONE marketplace)
- the declining rate of discounts offered on online retailing (profits are pooling up) and,
- the phenomenal popularity that online retailing commands in smaller cities.
Thus, e-commerce platforms began stocking electronic items in their online aisles and the curious customers picked their units right away.
Online Shopping- Brick & Mortar Shops are Passé
Buying off the internet, a risky proposition a mere decade ago is now an accepted fact. All types of personal and household goods are retailed off such online behemoths as Amazon, Best Buy, Dell, Staples, and Walmart, with the home electronics items catalog commanding the lion’s share of the attention. The 2017-2021 analysis from Technavio points at a phenomenal CAGR, and the dominant emergence of the countries from the Asia Pacific region as prime markets for online consumer electronics retailing. As the technology has improved, the target audience has scaled up proportionately.
Business Enabler- Going Where No Retailer Has Gone Before!
The boom in the online electronics retailing space is also a testimony of the acceptance of the e-commerce format by the wider audience, especially in third world countries. Traditionally, the Americas have led the pack, with one of the foremost online retailers, Amazon.com first dropping its roots at Seattle, Washington in 1994. An online entity such as Amazon can reach the remotest location on the planet (Timbuktu, is it?) and sell the internet user there the best electronic wares that money could buy. Meanwhile, the traditional retailer needs to open a storefront and print some fliers.
E-tailers are saving money on infrastructure, support staff and extensive promotions.
Importantly, they are lighting a very strong and undeniable beacon to the trends that will completely take over the market in a few years. Online electronics retailing will be the preferred sales route for technology giants and disruptive startups alike.
Expert Advantage- Technavio has your Back!
Technavio, the global market research leader, has an informed finger on the pulse of the global online electronics retailing market, and it has some insightful opinions and estimations to share. A sample of this comprehensive market study report can be downloaded for FREE or heavily customized to suit your individual corporate needs. Looking for a decisive edge? Technavio offers you just that.
