As consumer electronics sales slow amid economic uncertainty, companies are prioritising profitability by offering premium models and leveraging new technologies to enhance product offerings to grow their revenues.
This report comes in PPT.
With forecast sales of consumer electronics slowing down amidst economic uncertainty, companies are focusing instead on profitability rather to gain market share. The change in business strategy has meant more premium models, pushing up retail value sales.
New technologies will enable companies to enhance their product offerings and entice consumers to pay more for innovations, helping to combat a slowing demand for electronic products. Manufacturers are banking on tech innovation to drive demand.
While affluent consumers are willing to pay a premium for high-end models or for premium brand names, price-sensitive consumers especially in emerging markets are looking for brands that offer value for money products.
Harnessing the power of AI to enhance user engagements by creating products that are more customisable, tailoring features and interfaces to individual preferences. The shift towards AI integration will help create products with higher perceived value, helping companies to grow their revenues and increase their profit margins.
Companies are increasingly offering customisation options to fulfil consumer demand for unique products. The customer-centric approach allows companies to gather real-time insights and quickly adjust their offerings, enhancing user experiences and fostering brand loyalty.
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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