Top five Trends that the consumer electronics industry will experience in the coming years
Pricing strategy and ease of communication are parts of effective strategy As determined by the electronics industry. They are not wrong, s there competition between the companies is intense, and customers review get inclined towards innovation, Pricing, and Compatibility factors.
For the last ten years, the telecommunication industry has experienced an electronic revolution. Intense business rivalry led to Furious innovation that eased the digital economy. Digital economy Supported technological advertisement and improvement of gadgets including Smartphones, TV, fridge, security systems, and eco-friendly devices.
In 2019 Research Organisation TRBC Reported that The electronics and electrical market WILL reach 3 trillion dollars by 2023.
This report also states the top 5 trends In the Global economy in the coming five years.
- Inclusion of online virtual assistant like Alexa
Electronics brands are integrating their products with IoT technology that empowers them to produce a cloud of products. You can control the device with a dedicated app. It makes the operation easy and improves the comfort factor.
Virtual assistants like Google Home and Alexa form an integral part of the technological revolution. Electronic Evolutions Project there machine learning and AI abilities Control functionality of ultra-modern household appliances. This concept is gaining popularity in the USA. There is no doubt that demand for electrical Appliances has increased over time. Adoption of technologies is going to increase by the next two years.
- marketing strategy based on Omnichannel proves to be effective
In 2021 any manufacturer with electronic goods can’t Risk having a weak online presence. With the popularity of Smartphones and mobile technology, Electronics market players cannot have a traditional brick-and-mortar store.
Companies need well-organized and responsive dynamic websites. Websites don’t only attract the target audiences, but also affect the Sales funnel And brand recognition. Business strategies like retail communication channels pay homage to evolve customer needs. Moreover, the Internet sources Provide information about cost-effective strategies to meet customer requirements.
- Outsourcing product designing
OEM is gradually shifting Product development and design process electrical And electronic gadget producers. According to TRBC, product designing is going to reach 157 billion dollars in the next two years. It is one such business activity that gets outsourced to reduce operational costs and transform variable costs into fixed costs. Many manufacturers now resort to Sourcing from China in order to reduce their manufacturing expenses and increase profits.
- Virtual reality in the consumer electronics industry
Virtual reality is one such trend as accepted by the industry giants to increase operational efficiency. Augmented reality gets termed as simulation, integration, and digital design in the electronic manufacturing industry. Virtual reality empowers businesses to Inspect design and set achievable rates, eliminating defects in the production phase. Considering the growth rate of the consumer electronic industry, TRBC States that augmented reality has White scope shortly.
- IoT Technology dominates the household appliance industry.
Preference for smart TVs gets driven by the demand for Inbuilt Personal devices and networking functionality. Smart TV combines the aspects of A traditional TV and laptop. It is a television that has integrated functions for net surfing, VOD functionalities. Smart Tv offers Direct Access to video streaming services like Amazon Prime and Netflix.
To maximize their market capital, TV dealer, producers are entering the smart TV market. Ihs Technology reported that nearly 48.5 % of the Smart TVs exported, and the number will rise by 136 billion in 2021.