Electronics and appliance specialist retailers continued to see the effect of Generation Z entering the workforce. With higher disposable incomes, Generation Z, a group of digital natives, is used to satisfying their purchasing needs online affecting traditional retailers dependant on foot traffic for their sales.
Consumers are increasingly seeking smart appliances to incorporate into their connected lifestyles. Electronics and appliances manufacturers will seek to include advanced technology and connectivity features to existing products, while others will seek to develop new appliances to add to their portfolios.
Online retailers intensified competition with store-based electronics and appliance specialist retailers, leading to a second wave of store closures after a challenging 2017. As online sales of electronics and appliances continue to rise, store outlets and selling space are expected to decrease as a direct result of diminishing foot traffic.
Best Buy retained its leadership of electronics and appliance specialist retailer in the US, as it continued to gain value share. A strong online strategy has been the key to expanding the company’s omnichannel footprint, allowing it to thrive in an industry where Amazon remains the strongest competitor.
For the first time since it opened its first store in 1861, Bloomingdales will start selling major electronics and appliances in store and online. The initiative will support the retailer’s rotating pop-up “The Carousel”, which includes a curated selection of products and unique in-store experiences for consumers.
In early 2018, Best Buy announced its plan to significantly reduce the number of Best Buy Mobile stores across the US. The move is in line with consumers increasingly seeking a broader electronics and appliance portfolio at a store versus shopping at a single product, in this case mobile-exclusive, store.
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