The shift to e-commerce continues in consumer appliances. E-commerce platforms see appliances as a growth opportunity, while consumers like the convenience. However, physical retailers are fighting back by providing on-the-spot services and a frictionless experience. Moving forward, high inflation is expected to favour those e-commerce platforms which can offer higher discounts and greater convenience.
This report comes in PPT.
The pandemic has accelerated the channel shift from physical to online retail. With consumers valuing access to a wider product assortment and price comparison, competition is becoming fiercer. For consumer appliances, the e-commerce channel could soon be dominant in developed economies.
To resist the shift to e-commerce, physical stores are innovating. They have implemented innovative in-store services strategies, such as extended warranty options, store payment plans, an interactive experience and professional consultation from staff. Easy-access pick-up locations are also available to drive online traffic back to physical stores.
Capitalising on consumers’ interest in making their homes more comfortable, major retailers are actively promoting appliances. Ikea launched a smart air purifier and the Matter ready smart speaker in its push towards appliances. E-commerce giants from China are increasing their partnerships with appliance brands to make the online purchase of major appliances frictionless through free shipping and free returns.
Historic analysis has shown that high inflationary environments have a long-term impact on the appliances industry. High commodity prices and materials shortages will push up appliance prices. Retailers will be forced to change their inventory strategies to prepare for unpredictable consumer demand.
Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.See All of Our Definitions
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