Electronics and appliance specialist retailers collaborate with financial institutions to offer customers low-cost EMIs (Easy Monthly Instalments) and flexible payment options. Given the high price of electronics and appliances, customers have shown an increasing preference for purchasing through EMIs.
Growing competition from other channels, mainly internet retailing, is preventing electronics and appliance specialist retailers from seeing a better performance, as consumers are going online in search of bargains. The main reason is the increasing relevance of online marketplaces, which are responsible for enlarging the product offering and offering competitive prices.
Nowadays, nearly every household already has a television and refrigerator, as well as other appliances. To increase value sales, retailers need to motivate consumers to buy new products.
Reliance Digital from Reliance Retail remained the leading retail brand in electronics and appliance specialist retailers in 2018. Competitive pricing and offers on a par with the major online marketplaces, such as Flipkart and Amazon, helped drive its sales.
Croma, the flagship brand of Infiniti Retail, owned by Tata Group, continued to be amongst the fastest growing retail brands in electronics and appliance specialist retailers in 2018. This is because consumers have strong faith in Tata Group and associate its brands with quality and affordable pricing.
Consumers increasingly prefer to shop at multi-brand outlets, especially for electronics and appliances. As consumers become more price-conscious, they are attracted by the choice of brands and product offerings at different price points in multi-brand outlets.
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This industry report originates from Passport, our Retailing market research database.