As sales in consumer appliances and electronics moderate, brands must differentiate by delivering on key trends in the highly consolidated industries. Sustainability and connectivity remain key areas of investment, and wellness has emerged as a key trend accelerated by the pandemic. Effective brand partnerships can creatively and efficiently improve sustainable practices, enhance functionality of connected devices, and support consumer wellness, driving sales through value-add differentiation.
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In a time when technology penetrates almost every aspect of consumers’ lives and consumers report increased stress levels when engaging with technology, brands must design devices and systems supporting consumer wellness to drive demand. Product categories that support wellness, such as fitness wearables, are projected to experience strong sales growth over the forecast period as they encourage healthy behaviours, monitor health metrics and assist those with mobility limitations. Additionally, technology can support wellness through the simplification of tasks. For example, robotic vacuum cleaners that avoid and inform users of pet waste provide time savings and contribute to a more hygienic home environment.
In regions with developed economies, household ownership of appliances and electronics is high, and brands can differentiate their products and systems in a crowded market through improved energy efficiency and reduction of waste, pollution and emissions from the use and disposal of the device. When consumers are looking to upgrade their devices, companies that offer advanced energy monitoring connected apps and energy-efficient products may gain market share in highly consolidated industries through the first-mover advantage, bolstering the brands’ reputation by appealing to the consumer’s desire to live a sustainable lifestyle, and offering significant cost savings to competitors.
One of the potential benefits of partnering with another brand is increasing the number of points touched within consumer systems, enhancing the value of the good to the consumer, and differentiating the product from competitors that develop products from a siloed perspective. For example, the number of partnerships between smart cooking appliances and meal kit delivery services has proliferated as the partnership makes eating healthily convenient for consumers. Users choose from a selection of nutritious recipes, have the ingredients delivered to their home, prepare the meal with pre-proportioned ingredients, set cooking settings using the smart appliance, and receive auto-deliveries for future meals, reducing efforts significantly.
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.See All of Our Definitions
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