Since its invention in the early 1900s, the humble vacuum cleaner has emerged as an indispensable part of the modern household. Amid busy lives and humanity’s renewed interest in personal hygiene, vacuum cleaner sales is booming like never before. What type of boom, you ask? Industry experts in market research and analysis, Technavio, peg this at an assuredly accelerating CAGR through 2016-2021 with the eventual market size set to peak at USD 16.20 billion by the year 2021. Read report.
Building it Better- Rising Above the Horde
Premier vendors, including Bissell, Dyson, Electrolux and Techtronic Industries are the frontrunners in an attempt to build the perfect vacuum cleaner. And, per the aforementioned report, technological innovations and the addition of refreshingly helpful features will offer individual product offerings the visibility and following in an already chock-a-block market. Take iRobot’s Roomba for example- controlled by smartphones, handsfree operation for two hours before auto-recharging self and getting back to work. Finally, informing owner about task completion with push notifications. Delightful? Yes?
Unique value proposition is the prerequisite that spells success in the global household vacuum cleaner market. The success stories are defined by the OEM’s ability to innovate and execute the same within a reasonable timeline.
Affordability without Compromises- Smart yet Cost Conscious
Thanks to the economies of scale, vacuum cleaners are set to cost less and be a lot more affordable. Most are also mindful of allergies, airborne bacteria and viruses and will sport HEPA filters to keep their operators safe. Those irritating power chords will be a thing of the past with wireless operation and totally reworked vacuum cleaner cabinets will feature voice recognition and interactive touchscreens. Importantly, tiny motorized wheels that follow the operator at a safe and acceptable distance will also potentially put an end to person-on-vacuum cleaner violence as well. Massive innovation, without bulking up the price tag.
Keeping the costs low is imperative. With simple floor scrubbers and polishers nipping at their heels, the OEMs must be shrewd when it comes to prices. Costs will also be a deciding factor in geographies where manual help costs less than the unit price of a mid-range vacuum cleaner.
The Sales Pitch- Reaching Out to the Target Audience
To avoid being swept away by the competition, vacuum cleaner vendors must reach out to the potential customers in time. The popular promotional avenues such as online B2C platforms, omni-channel retailing and Digital Marketing strategies will get the brand its due share of recognition and drive active sales. Herein too, the OEMs can innovate- strategic product positioning, offering a wide product portfolio and outsourcing manufacturing to low-cost offshore sites, helps improve the brand’s competitive edge and keep the ensuing costs low.
Good ole’ marketing is passé. The modern consumer base can be found on fast wi-fi networks and the latest smartphones. Reaching out to them digitally is more impactful and saves on potential costs that could be incurred on the setup of infrastructure and hiring of sales and support staff. The best way to beat the competition is to evolve, and fast!!
The Technavio Advantage- Dirt on All Things Vacuum Cleaner
Technavio, the premier market research company has put together a comprehensive market research study that minutely explores the global household vacuum cleaner market and speculates on emerging trends through 2017-21. Care to be in the know? FREE samples and fully customized reports can be easily downloaded.
