The consumer electronics and home appliances market is highly driven by customers’ preference for innovative and smart products. As disposable income and people’s standard rise, so does the demand for convenient electronics and home appliances. Therefore, high-quality materials and user-friendly designs together with innovative and different functionalities become the benchmarks for consumer’s evaluation.
Continuous launch of new software products, and constant upgradation to the technologies are foreshadowing the growth of the market. Among the common types of electronics and appliances, the audio-visual appliances segment has the largest share of approximately 65% in the consumer market due to the rising demand for telecommunication products such as television, laptop, smart phones, speakers, smartwatch and headphones.
On the other hand, the increasing demand for innovation also poses challenges for the industry, including energy efficiency demand, the shift towards eco-friendly products, and the rise in duplicated products. As people are more concerned about their safety, they gravitate toward purchasing products with positive reviews from credible ecommerce platforms which provide promotions and discounts. Today, the global consumer electronics and appliances market is majorly held by various multinational brands supported by local and international suppliers.
Electronics & Media is the largest segment in Canada and accounts for 28% of the eCommerce revenue in Canada while Furniture & Appliances accounts for 16%.
In the Household Appliances market, the largest segment is the small appliances with a market volume of $3.52bn in 2022 in Canada and 40.2% of total revenue will be generated through online sales by 2022.
In 2022, there were over 27 million eCommerce users in Canada, accounting for 75% of the Canadian population. This number is expected to grow to 77.6% in 2025.
Among social media users who spend more than 13.5 hours a week, 65% of them check social channels for online reviews, user-generated content on social media, and review blogs before buying a consumer electronic product.
Artificial intelligence (AI) can be said to be one of the biggest waves in the world of business and technology, partly thanks to the advancement of technological factors referred to...
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The closure of brick-and-mortar stores during the pandemic and the cancellation of business events have prompted the electronics industry to take on other marketing strategies to present and launch new products. Leading manufacturers have been flexible in adapting these presentations to promote brand awareness and communicate with their target consumers and distributors.
Another shift that is worth noting is that toward a teleworking model that demands the working of cloud-based software programs. With the rising demand for better quality control, electronics manufacturers need reliable and secure systems to efficiently maintain their operations, foster communication within their teams and among suppliers, distributors, and retailers, and manage their inventories and product catalogs on a global scale.
In the post-pandemic world, digital transformation is expected to become a common practice across all industries, making it easier for manufacturers to communicate with consumers and implement better distribution strategies.
01. The crash in the global supply chain during the pandemic reveals major discrepancies and flaws in inventory management. Supply chains within the appliance sector were pushed to the limit due to the rising demand in the smart appliance sector. The dependency of the sector upon major exporters, namely China was fully exposed, as global shipping contracted, pushing up prices and delivery times.
The question posed is how manufacturers and distributors ensure secure supply chains even in the most undesirable situations. An AI-powered and automated supply chain data and inventory management system have the potential to mitigate risks in a fluctuating and crisis-prone global environment. Today, a fully redesigned network, processes, and technology stack have transformed the inventory system to ensure scaling sales go hand-in-hand with a scaling distribution.
Connect with us to learn how we can transform your business02. The significant shortages of multiple manufacturing components, coupled with increasing demand for those supplies from other sectors, means that it is extremely important to predict and understand fluctuations in demand within the sector. Digital transformation can help boost integration of various systems, leading to better accessibility of data and more applicable insights for better decision making.
Machine Learning and AI play a vital role in predictive analysis within the consumer products and retail space by tracking, gathering, managing, and analyzing real-time data to shape an appropriate response. Demand-Driven Predictive Forecasting (DDPF) is said to boost forecast accuracy by 30% to 35%, reduce inventory by 20% to 25% and increase revenue by 3% to 5%. Businesses who have committed to digital transformation will be the best prepared to weather the storms and react accordingly.
Connect with us to learn how we can transform your business03. Besides all the disruption and challenges, the pandemic unfolds an opportunity to explore the digital landscape to provide innovative experiences to consumers. Within the rapidly moving appliance sector, businesses have to come up with new plans and progress to accommodate changes and truly get creative and innovative.
The rise of digital showrooms, also known as virtual showrooms, holds great promise for B2B appliance sales, as well as the B2C landscape. 70% of consumers think self-service technologies that reduce the need to interact with retail staff improve the retail shopping experience. With the aid of technology, customers can virtually view and shop the products from the comfort of their home. Digital showrooms can also help improve sustainability of a business by reducing the cost and required resources of physician trade shows or stores.
Connect with us to learn how we can transform your business01. The crash in the global supply chain during the pandemic reveals major discrepancies and flaws in inventory management. Supply chains within the appliance sector were pushed to the limit due to the rising demand in the smart appliance sector. The dependency of the sector upon major exporters, namely China was fully exposed, as global shipping contracted, pushing up prices and delivery times.
The question posed is how manufacturers and distributors ensure secure supply chains even in the most undesirable situations. An AI-powered and automated supply chain data and inventory management system have the potential to mitigate risks in a fluctuating and crisis-prone global environment. Today, a fully redesigned network, processes, and technology stack have transformed the inventory system to ensure scaling sales go hand-in-hand with a scaling distribution.
02. The significant shortages of multiple manufacturing components, coupled with increasing demand for those supplies from other sectors, means that it is extremely important to predict and understand fluctuations in demand within the sector. Digital transformation can help boost integration of various systems, leading to better accessibility of data and more applicable insights for better decision making.
Machine Learning and AI play a vital role in predictive analysis within the consumer products and retail space by tracking, gathering, managing, and analyzing real-time data to shape an appropriate response. Demand-Driven Predictive Forecasting (DDPF) is said to boost forecast accuracy by 30% to 35%, reduce inventory by 20% to 25% and increase revenue by 3% to 5%. Businesses who have committed to digital transformation will be the best prepared to weather the storms and react accordingly.
03. Besides all the disruption and challenges, the pandemic unfolds an opportunity to explore the digital landscape to provide innovative experiences to consumers. Within the rapidly moving appliance sector, businesses have to come up with new plans and progress to accommodate changes and truly get creative and innovative.
The rise of digital showrooms, also known as virtual showrooms, holds great promise for B2B appliance sales, as well as the B2C landscape. 70% of consumers think self-service technologies that reduce the need to interact with retail staff improve the retail shopping experience. With the aid of technology, customers can virtually view and shop the products from the comfort of their home. Digital showrooms can also help improve sustainability of a business by reducing the cost and required resources of physician trade shows or stores.
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