The electronics industry is thriving, especially as the world witnesses an upward trend in purchasing customer electronics. From essential communication to productivity and even entertainment, having at least a smartphone has become vital in today's world. This trend will keep momentum as more people see electronics as a necessity and not an option.
However, as the demand for consumer electronics such as smartphones, wearables and personal computers soar, so do the brands meeting those demands. To stay ahead of the competition, you need to tap into the latest trends in the electronics industry.
As part of our commitment to helping electronics wholesalers and retailers, we have researched the latest electronics industry trends and provided tips on how to harness them to grow your business.
1. Expansion of the consumer's electronics market
Consumer electronics refer to appliances and devices designed for personal use. They are typically intended for information, communication and entertainment.
Electronic devices in the consumer electronics market are:
Smartphones
Laptops
Tablets
Wearables
Desktops
Home appliances
Smart TV sets
Games consoles
Other consumer electronics devices include service robots, health and beauty treatment devices and 3D printers. These devices are becoming popular as consumers discover their importance and use cases.
As consumer electronics become cheaper, more available and with enhanced features, it will create a broad market for new entries. Buying electronics wholesale has become easy thanks to platforms like Trade in Tech.
The consumer electronics industry has rapidly increased, with the smartphone sector taking the lead. This increase is fueled by the demands of the world's growing population and the matching supply by existing and new smartphone manufacturers.
Electronics wholesale suppliers can leverage this trend by connecting with emerging markets. A platform like Trade in Tech makes that possible since it has members from all regions worldwide.
Since demand for consumer electronics is on the rise, retailers have many options. They can focus on accessories such as smartphone chargers and repair parts. These accessories will experience high demand as more people use consumer electronics.
2. Wearables are going to be in demand
Wearable devices are a recent addition to the electronic industry. They include popular devices such as fitness trackers, headphones and smartwatches. These devices are sought after due to the convenience and flexibility that they bring to users.
In today's market, there are different giants leading types of wearables. For instance, Samsung and Apple are the leading titans regarding smartwatches. However, Fitbit is a dominating brand for fitness trackers, while Shokz has some of the best bone-conduction headphones.
Despite the largest market share occupied by these large brands, there is still plenty of space for smaller brands and generic devices to operate.
Wholesalers can focus on a single wearable device or dabble into a few. The massive demand for all wearables means both options can be very profitable. Based on the current market condition, retailers can get more sales and profit margins from dealing in smartwatches. Predictably, the smartwatch segment, led by the Apple smartwatches, will double in demand this year.
3. Increased smart home adoption
At some point in the past, there was a difference between the digital and physical worlds. However, the line is becoming blurry with the emergence of smart devices. Many people now use smart devices in their homes and work areas for convenience and recreation.
For instance, it has become easy for people to connect their devices. This integration allows users to control their appliances from one device.
For instance, people can view their smartphone content on their television set. Other uses of smart devices integration include
Music playing
Light controls
Security
Temperature controls
The demand for smart devices is the driving force for the smart homes market. People are already used to having at least one smart device, typically a smartphone. When the need arises, customers will purchase other smart devices, such as smartwatches, smartphones and smart speakers and integrate them with their existing devices. There is even a growing demand for smart glasses.
These smart device markets are opportunities for retailers and wholesalers to exploit. Wholesalers must ensure they stock the latest smart devices as the industry is experiencing innovation regularly. On the other hand, retailers have to position themselves as the best retail sites for smart devices and offer comprehensive aftersale services.
4. VR/AR experimentation
Virtual and augmented reality will become mainstream in the coming months. The VR scene has witnessed massive innovations and is now getting adopted by many people. Some of the use cases for VR in today's world include
Gamified workouts
Virtual interactions
Immersive games
As VR/AR becomes commonplace, use cases formerly reserved for sci-fi movies and novels will become routine.
While the VR/AR space is still experimental, there are opportunities for risk-savvy electronics wholesalers and retailers. The sale of AR glasses, headphones, and game consoles designed for AR are three such options that they may wish to exploit.
Rise of robotics
Tech companies are now releasing robots for domestic use. These at-home robots have existed for a few years and are increasing in popularity for many reasons. The most obvious is cost. For most people, buying a robot to perform house chores is cheaper than hiring a domestic employee.
Other reasons include reliable service, smooth communication and convenience. We can expect to see the demand for service robots increase this year and beyond, especially in developed nations where labor costs continue to rise.
Wholesalers and retailers in the electronics industry can tap into this growing consumer electronics sector. Robots designed for household chores are becoming commonplace, with the demand increasing for robotics vacuum cleaners, dishwashers and floor cleaners. Many robots come with voice recognition and advanced features like laser-based functionality.
The future also offers a lot of promises in terms of robots for personal use. For instance, Amazon is working on a general-purpose home robot that will alert its owner to calls, provide entertainment and even provide companionship.
5. Health and beauty electronic devices
Another segment to watch out for this year and in the coming years is the health and beauty devices niche. Health and beauty devices took off during the pandemic when customers could not visit health or beauty centers. To meet their needs, they turned to electronic devices. Since then, the global beauty devices market has experienced a massive boost as more people turn to at-home beauty devices.
Consumers demand these at-home beauty devices due to their portability and ease of use. Buying these devices may also help them save cost on their health and beauty treatments.
Consumers are showing increasing preferences for things that are portable and easy to use. As new pandemic-inspired at-home beauty routines remain, these beauty devices continue to experience increased demand.
Electronics retailers have the most advantage here since few niche beauty brands exclusively focus on electronic beauty devices. However, they should consider offering expert advice and step-by-step instructions and addressing customers' concerns about using these devices.
For instance, many buyers worry about burns, blistering and other side effects from proper or improper use of these devices.
6. Higher connectivity
We have talked extensively about innovations in different consumer electronics industry segments. However, the underlying structure behind most of these devices is high-speed connectivity. Already, the world is making the switch from 4G to 5G.
While all smartphones can be used as WiFi hotspots, there is still demand for networking hardware such as routers, portable WiFi hotspot devices, bridges, hubs and the like. The bulk of the demand for these networking devices is usually from businesses. However, as more people adopt smart home integration, these networking devices will become necessary to allow swift integration of all devices.
The marketing opportunity for this segment could be higher, but it remains low since it is a niche market. However, with competitive pricing, strong marketing and high-quality service delivery, electronics retailers can thrive within this segment.
How to benefit from the latest trends in the electronic industry
The low barrier to entry in the electronics e-commerce sector has made competition stiffer. However, the consumption of electronic goods is also on the rise, enabling everyone to thrive within the electronics industry.
However, the key to benefiting from the emerging trends in the electronics industry is to improve your advertising, communication channels and delivery. These are key for businesses that want to thrive in 2023 and beyond.
While there are many ways to achieve these, most businesses will benefit from having an account with Trade in Tech. Trade in Tech is a global platform for electronics wholesalers and retailers to meet and make transactions. Wholesalers have access to ready buyers from around the world. This pool of willing buyers allows them to move inventory quickly and grow their customer base.
Retailers and resellers also benefit from having access to wholesalers and suppliers from manufacturing countries in Asia, Europe and North America and within their home country.
Wrapping up
The electronics industry constantly changes as the existing sectors offer devices with new features while nascent sectors produce more devices. Keeping track of these trends can help any electronics business stay ahead of the competition