Despite the strong growth of e-commerce, offline retail remains important for consumer electronics. Consumer regions like Latin America and Middle East and Africa still prefer to see and try products before buying while consumers are also looking for more immersive store experiences to try new tech products. E-commerce is still expected to outgrow offline channels as consumers become more accustomed to the experience.
This report comes in PPT.
After seeing sales decline in 2022 and 2023 due to economic uncertainties, manufacturers decided to stop competing on price, but rather focus on high-value products to build a wider profit margin. Innovation in new features such as AI will become a focus over the forecast period.
E-commerce has proven itself as an effective growth tool for new market entry, helping brands build awareness quickly without having an extensive offline distribution network. Noise and boAt relied on e-commerce to enter the Indian market and are now in the top six brands.
Consumers in Latin America and Middle East and Africa still prefer to see and try the product before making any purchase decision. Lack of trust in delivery mechanism and online payment further contribute towards their preference for offline retail.
Consumers are looking for a more immersive experience while shopping in stores, allowing them to try new tech in an interactive environment. Electronics shopping is no longer just buying products but also a leisure activity for consumers.
Asia Pacific remains the strongest market for e-commerce, as many consumers are already comfortable with the platform and enjoy the many options of products at different price points.
Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.
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