The need for speed in the home appliance market
Speed to market is critical for companies across a variety of industries. It is essential for the consumer electronics business. From wearables and smartphones to televisions and laptops, the revenue of the global consumer electronics market will reach US$1.28 trillion in 2023, he estimates by Statista. In 2022, the market recorded a slight contraction due to smartphone saturation and a decline in consumer spending due to the economic slowdown. , high inflation, and high energy prices. Statista says that although the consumer electronics market is recovering, competition is increasing and companies are under pressure to secure market share, capture consumer attention, and provide a superior customer experience. It is pointed out that there are.
In addition to intense competition, the era of “on-demand” means that consumers demand instant gratification and want their needs met immediately. In this environment, optimizing time to market can make a big difference. This gives consumer electronics companies a competitive advantage over their competitors and ensures a vital reputation for innovation and meeting customer demand. Seasonality is a factor in certain segments of the market. For example, television demand spikes around major sporting events. An optimized supply chain provides businesses with the agility and flexibility they need to respond to seasonal demands in a timely manner and maintain market share.
To stand out from the competition, consumer electronics companies must provide a better customer experience today than ever before. End customers expect a seamless buyer's journey, including on-time delivery of products and visibility into order tracking. This is supported by a streamlined supply chain that leverages data and leverages end-to-end visibility.
The future of speed to market: Balancing speed and sustainability
Advances in technology and changing customer demands will continue to further shape speed to market. End customers already expect a wide range of products both online and in stores. Studies such as IBM's Business Value Institute repeatedly show that in-store shoppers want to be able to shop quickly and efficiently. Online, consumers expect to be able to find the right product and get it quickly. According to Statista, 41% of shoppers worldwide expect to receive their online purchases within 24 hours.
However, there is an increasing need to balance speed with sustainability. A 2022 CGS survey found that 79% of consumers currently believe sustainability is important, and 42% prefer sustainability over fast shipping. A 2022 First Insight study found that many companies have yet to catch up with growing consumer interest in sustainable shopping. Supply chain agility, flexibility, and sustainability must work together to enable companies to customize supply chain velocity to customer preferences and meet their sustainability goals. This will be a key consideration for businesses in the coming years.
New challenges and opportunities for businesses will continue to emerge. However, companies that optimize their speed to market by streamlining their supply chains will be in a better position to adapt and successfully navigate future trends and scenarios.