The consumer electronics market has changed drastically over the last few years. Consider, yesterday\u2019s hot items like GoPro cameras, smartphones, and iPods are today\u2019s everyday products. Kindles and tablets are routinely given as gifts \u2013 to children. Not to mention, consumers are shopping the electronics market in completely new ways. As a result, retailers and manufacturers have had to up their game in order to compete and win their share of the audience.
\nTo win greater sales begins with understanding the customer. Studies have shown that it takes consumers weeks, even months, to make a consumer electronics purchase. Since many of the products are big ticket items, consumers spend a significant amount of time doing research, checking online reviews, and maybe even going into stores to see it in person. By the time they are ready to make a purchase, they know exactly what they want. What\u2019s left to decide is where to buy it.<\/p>\n
If you\u2019re like us, there\u2019s a good chance you\u2019ve gone into a store to test a product, only to head to Amazon shortly after to make the purchase. And we\u2019re not alone. In recent years, the consumer electronics category has become the largest online shopping category in the United States, accounting for 21% of total online sales according to market research firm Euromonitor. Though this obviously benefits online retailers like Amazon, the zero-sum nature of shopping means buying online costs traditional brick-and-mortar retailers like Best Buy, h.h. gregg, Inc., and even Sears.<\/p>\n
In order to survive during these times, brick-and-mortar retailers have had to rethink their business models and marketing efforts. Some have changed their focus to building their own online business. Others have partnered with key suppliers to offer a store-within-a-store, like the \u201cSamsung experience shops\u201d at Best Buy. And pretty much all retailers have taken steps to improve the in-store experience by making it easier for consumers to navigate their stores and enhance their merchandising and marketing \u2013 all in an effort to drive more robust store traffic.
\nThis change in the industry has had a major impact on manufacturers as well. Manufacturers need to be more cautious about the products they go to market with, knowing that retailers are being more selective and savvy when it comes to their purchases. Brands today need to communicate key differentiators through their marketing efforts, while creating compelling merchandising messages and displays.
\nHere are a few suggestions we would offer to retailers and manufacturers looking to stand out\u00a0through their consumer electronics marketing\u00a0within this overcrowded marketplace:<\/p>\n
The biggest advantage brick-and-mortar stores have over online retailers is the experience. When you shop, you have the chance to touch, feel, and experience the product. Retailers and brands should seek any and all opportunities to get their products in the customer\u2019s hands. It\u2019s a lot harder to head online when your hands are full.<\/p>\n
If you want to see how well incentives work, look no further than Black Friday and Cyber Monday. Each has become a holiday unto itself, and it\u2019s for the simple reason that shoppers love getting a deal. Try implementing promotions such as \u201cOnline October\u201d where certain items are price discounted to match major online retailers. You can also offer consumer discounts for shopping in-store vs. online, or exclusive coupons. Though some retailers are doing this, making it a regular occurrence will condition your customers to not consider online shopping immediately.<\/p>\n
Brands need to take more chances. Walk the aisle of any major electronics store and you\u2019re hit by product after product, each with their own small info card. The studies show consumers do the research. What they don\u2019t show is how you get someone to research your product in the first place. A disruptive, attention-grabbing display is your first chance to make an impression. Be bold. Remember, you\u2019re competing against not only other brands, but time as well. You need to make this sale while your product is still hot.<\/p>\n
Apple has created many products that have failed or become obsolete within months of their release. Yet, Apple maintains market share because people love and believe in the Apple brand. When people love your brand, they\u2019re far more likely to believe in the products you release and will look for your products first. Yes, this is not an easy thing to achieve but is essential if you\u2019re looking to make your mark in this marketplace.
\nSuccess in the consumer electronics marketing space isn\u2019t easy, nor is it especially lasting. Consumers are fickle folk, prone to changing minds at the drop of one bad online review. Winning customers and keeping customers is a commitment that can seem impossible, but by providing clear and concise reasons why a person should choose your shop or product, you\u2019ll give your brand its best chance at success.<\/p>\n","protected":false},"excerpt":{"rendered":"
How consumer electronic retailers & manufacturers can stand out in this hyper-competitive marketplace. The consumer electronics market has changed drastically over the last few years.…<\/p>\n","protected":false},"author":8,"featured_media":4908,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","post-grid"],"jetpack_featured_media_url":"https:\/\/responseblog.wpengine.com\/wp-content\/uploads\/2016\/01\/ConsumerElectronics-218766175.jpg","yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n