The consumer electronics industry is highly competitive, and businesses must remain resilient amidst market fluctuations to succeed, and this requires a combination of foresight, agility, and adaptability.
The consumer electronics industry is constantly changing and evolving with new technologies and innovations emerging every day. In 2020, the industry saw a significant shift towards online sales due to the COVID-19 pandemic, with a 44% increase in online consumer electronics sales. As a result, companies must be resilient and proactive in addressing their clients’ changing demands and preferences. This can be achieved through a deep understanding of their customers, developing answers to their problems, investing in Research & Development, and using IoT and digital development for their products. By utilizing these strategies, businesses can stay competitive, innovate, and survive in the fast-changing consumer electronics market.
Understanding Customers & Creating Solutions
In today’s highly competitive business landscape, staying resilient is critical for success. To achieve this, it is crucial for businesses to understand their customers’ requirements and preferences. This can be accomplished through market research, which has been shown to increase revenues for various brands. Additionally, analyzing consumer behavior and monitoring industry trends can provide valuable insights into what customers want. By creating products and services that meet their needs, businesses can remain competitive in the market and increase customer loyalty.
The consumer electronics industry is all about solving problems, whether it be making life more convenient, enhancing productivity, or improving entertainment. Therefore, we at Haier focus on identifying the pain points and peeves of our customers and developing products and services that address them to the hilt. This helps us in customer acquisition as well as in long-term customer retention. This kind of self-awareness on our part assists us in building a loyal consumer base.
Today’s consumers have a high awareness level with a strong value-for-money judgment. A customer-centric approach, proper customer care service, and improved features of products can drive demand in a more sustainable manner by aligning the organization’s approaches with customers’ requirements throughout the product lifecycle.
Investing in Research and Development
Research and development (R&D) is crucial for staying competitive in the consumer electronics industry. By investing in R&D, businesses can stay ahead of the curve by developing new technologies and innovations that keep them relevant in the market while improving their existing products and services and making them more efficient, user-friendly, and cost-effective.
Moreover, businesses can attract and retain customers, even amidst market fluctuations, if they have a well-rounded, up-to-date product portfolio with incorporated technologies that are suited to the present marketplace offerings. For instance, Haier has been at the forefront of the smart home revolution, launching a wide range of smart home appliances that are connected to the internet and can be controlled remotely. Our customers can operate their Haier devices using only one app on their smartphones called the Haier Smart app developed by us.
Leveraging IoT and Digital Development
The Internet of Things (IoT) and digital development are two major trends that are shaping the consumer electronics industry. According to research, the Internet of Things (IoT) module market in India grew by more than 264% in the second quarter of 2022 and is expected to expand at a compound annual growth rate of 13.2% by 2025. IoT involves connecting devices and appliances to the internet to enable data exchange through remote control, while smart homes leverage IoT technology can automate lighting, heating, and security. The IoT technology is one of the benchmark features of our Kinouchi air conditioners with smart features allowing you to monitor and operate the unit with your smartphone or your smart devices, such as Alexa and Google Home, using only voice commands.
President,
Haier Appliances India
Digital development involves leveraging technology to enhance the user experience and create more efficient and effective products and services as it helps to offer customized recommendations and streamlined services. Haier utilizes digital development to create more value for our customers by offering after-sales services that are more convenient, personalized, and accessible to the users.
In conclusion, the consumer electronics industry is highly competitive, and businesses must remain resilient amidst market fluctuations to succeed, and this requires a combination of foresight, agility, and adaptability. By understanding their customers, creating solutions to their problems, investing in R&D, and leveraging IoT and digital development, businesses can stay competitive and relevant in the market.
(This article is authored by Satish NS, President, Haier, India)
