by Surefront on Jan 20, 2023 9:39:36 AM
Surefront is a Unified Product Collaboration Platform with PIM, CRM, and PLM solutions. It's a centralized data home where stakeholders can freely share product information and assign access permissions. Most integrations are supported in Surefront, but none are needed. Our articles often focus on one aspect of our unified PIM, PLM, and CRM platform. With Surefront, each solution seamlessly works together to achieve a guaranteed 10x ROI for every customer.
Electronics store sales are bouncing back. Global inflation, production and shipping delays, and lockdowns led to last year’s sales slump. After decreasing by 21.1% in 2022, the global market for consumer electronics is predicted to reach $723.6 billion in 2023. That’s a 31.9% increase over2022. What’s led to this surge in purchases from electronics stores? Last year’s sales slump is the number one factor, since much of this year’s growth is simply the industry recovering from that hit.
But consumer electronics retailers are also making some savvy moves to gain market share in 2023. Let’s take a look at trending electronics categories and what they mean for the future of consumer electronics.
Online electronics retailers win in 2023
This year, the US will be the only country other than China to see online sales hit the trillions, with projected online sales of $1.05 trillion in the US alone. And, for every $100 spent by consumers, about $20 is spent online. So, what does this mean for online electronics retailers? Consumer electronics is fourth on the list of all of the top items most purchased online in 2022.
Even during the global sales slump of 2021, consumer electronics online sales exceeded $100 billion. Consumer electronics was Amazon’s largest sales category in 2021. Although that number took a dip when consumers came out of lockdown in 2022, we’ve already seen a full recovery that continues to trend upwards in the new year.
Trending categories in consumer electronics
Consumer electronics aren’t immune to the shifts in customer preference that impact other retail verticals. Although electronics stores see fewer fluctuations than, say, an apparel retailer, the market is still influenced by new players and technologies. With that said, smartphones will be the top performing category again this year, comprising 30.3% of sales to reach $218.9 billion at electronics retail stores.
Oberlo reports that mobile phones and accessories will be closely followed by:
So, what about the electronics retail categories we keep hearing so much about, like voice search, augmented reality, or electronic beauty devices like LED face masks? Alexa and voice search haven’t generated the market dominance that analysts hoped they would, but smart home gadgets are on the rise. Robot vacuum cleaners, mops, home security systems, and Tile devices will pick up where Alexa left off, generating excitement for customers… and sales for electronics retailers.
What’s next for electronics stores?
Like the rest of the retail industry, electronics retail stores will be heavily influenced by the demand for sustainability. A growing 41% of retailers plan to be transparent with consumers about their social impact vision, goals, and progress in the new year. Electronics retailers will continue seeking out more sustainable raw materials to use in the production process and implementing recycling programs to reduce their carbon footprint.
To provide consumers with the supply chain information they now demand, consumer electronics retailers will depend on technology to facilitate supply chain transparency and reporting. Some will lean on technology borrowed from blockchain. Others will focus on retail software that facilitates supply chain compliance through universal visibility and easy reporting, such as Surefront.
You don’t want your data to be siloed. Your company’s CRM, PIM and PLM solutions shouldn’t operate in a vacuum, either. Surefront is a Unified Product Collaboration Platform to power growth and ROI. Our patented PIM, CRM, and PLM solutions streamline the omni channel sales, merchandising and product development processes. By combining these essential functionalities, Surefront creates a single source of truth throughout your product lifecycle, sales and listing processes.
The results? Up to 150% more revenue per employee and a 40% shorter product development cycle is just the beginning. Try our 10x ROI calculator to see your company’s potential profits. Or, skip the noise and book a custom demo with one of our unified product collaboration management experts today. The retail industry evolves quickly and has a lot of moving parts. We do all of the research, so you don’t have to. Stay ahead of market fluctuations, trends and new features by subscribing to our Unified Product Collaboration Management Blog.