The electronics industry is advancing rapidly with no sign of slowing down. As the market becomes more advanced and saturated, it’s vital for electronics businesses to update the way they work and the way they sell to remain relevant and agile.
According to Amazon, dishwashers sold 31 times more than before Covid19 and robotic vacuum cleaners 33 times more than before the shutdown (Source- Financial Express). More than 60 days of lockdown, a massive business slump and huge episodes of uncertainty looming over the electronic industry. One way to revitalize is for brands and retailers to take advantage of the spike in online retail demand that the lockdown has triggered. The accelerated dynamics in e-commerce (of new and existing online customers) observed as a result of the lockdown is an opportunity that should be seized.
Since the “how” question has crossed your mind, read on.
Consumer Trends: The Post Covid
For the average Indian consumer, a lot has changed in terms of behaviour and preferences. Understanding these trends can help brands decide which products to focus on and use online.
- The need to work / study from home has led to investment in additional work systems, especially for larger families who previously only worked on one work system.
- A new category has emerged ‘Household items’ – For non-essential products for many people such as ovens, microwaves, dishwashers, eyebrow hair removal sticks, epilators have now become indispensable due to social distancing norms that prevent access to human helping aids, creating the need for “convenience in housework”
- Home entertainment is no longer a luxury, but a necessity and will continue to be a key area as people will continue to make arrangements to go out in public.
How can brands navigate the online storm?
- The consumer electronics e-commerce market is clearly buoyant. Products that didn’t seem so popular (robotic dishwashers / vacuum cleaners) are becoming increasingly important for consumers. So how do you use it?
- Definitely put your hygiene in the background: While this may be the most mundane thing, it is the most important of all, especially when it comes to improving visibility. Make sure your A + content is there and your brand is stored on online marketplaces. Buyers want to make informed purchases. As a brand, be sure to identify your product highlights from reviews, compile or update an existing list of frequently asked questions, and respond to customers as they communicate with them.
- Fix short-term inventory and plan for long-term Omni channel: Of the many reasons online consumers cite for abandoning their shopping cart, some of the most common excuses revolve around compliance issues. Hence the use of third-party automation and logistics, including the It would be beneficial if market-driven options like (Fulfilment by Amazon) take care of supply chain issues. Or the specific conversion of certain non-functional retail stores into “dark stores” or “hybrid stores” to enable a “click-and-collect” order fulfilment model.
- Make sure your digital content takes consumer concerns into account: Build consumer confidence by communicating the introduction of security measures, especially regarding contactless delivery + contactless installation and contactless service. For example, brands like Sony, Samsung, Panasonic, Haier and Godrej Appliances etc. They use live chat, WhatsApp, DIY videos and real-time home help, and publish content that allows consumers to check their devices for themselves. Also, don’t wait for the tide to turn; take action now to encourage consumers to make a call to action.
Go for Results-Based Media – Going forward, look at every rupee spent from an ROI perspective, which means that all of your digital marketing efforts should drive market intent and consumers to action. In addition, the digital spending mix should make up a significant proportion of the spending on the eComm platform. Aside from search, there are many Audience Ads on the market that you can opt for once on the platform and even off the platform. Through partnerships like Flipkart X Disney Hotstar, for example, one can target the Flipkart audience for Disney Hotstar content or use Amazon’s upcoming DSP to develop more realistic market audiences on the Internet. Essentially, consider all of the expenses that drive the incremental or exponential growth of your business.
Conclusion
E-commerce with its almost double-digit growth will play a major role here. Aspects of “digital commerce enabled” and dare to jump to the moon more than ever.
Too many of us are intimidated by the term “ecommerce” and treat it as a separate entity when you should actually consider it as part of your regular business. #EcommerceEssentialHai, it just has a few other rules, but it definitely deserves a valid seat at the table.
Let FinPlus transform your traditional industry to allow your customers to order anytime, anywhere with personalized self-service and complete transparency on online Marketplaces. Get in touch with us today.
