The consumer electronics market consists of the sale of electronic goods including video products such as television, navigation products, digital camcorders and accessories, e-Readers, DVDs and Blu-ray players, and audio products such as MP3 players and appliances, home theater sound systems and musical instruments, musical instruments and portable electronics, and others. The IT/consumer electronics e-commerce market contains revenue generated by institutions through the sale of this video and audio electronics. Ecommerce refers to businesses, companies and individuals who sell goods or services electronically.
COVID-19 Scenario Analysis:
- The emergence of COVID-19 has severely affected almost all industries across the world. Further, lockdown restrictions on movement have disrupted the supply chain but gave opportunities to the detector industry and have positively impacted the growth of the IT/consumer electronics e-commerce market.
- The COVID-19, has led to a severe economic impact on the specific areas. Besides, professional organizations face difficult situations where it will need to make in-depth decisions on how to effectively control their business through these difficulties.
- In addition, the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, current market forces, and significant interventions of governments are noticeable.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run, the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected to improve the growth of the market in the upcoming year.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Consumers are Shifting from Offline to Online Shopping:
Globally, about 53% of the world population (over 4 billion people) are connected to the Internet, and almost all (92.6%) go online using their mobile devices. Connecting to the Internet has created an opportunity to shop without a problem - anytime, anywhere. The availability of the internet, mobile technology, and digital technology are changing the consumer shopping experience. With consumer confidence in building high-quality products including electronics on the Internet, the number of online consumers is increasing dramatically. Therefore, with more penetration of online shopping into consumer lives, the e-commerce electronic market value is expected to increase only but not decrease.
Lack of Communication Platform Covering the End of the Delivery of Electronic Goods Purchased Online:
The lack of an end-to-end communication platform for online electronic delivery is a major challenge for the growth of the IT/consumer electronics e-commerce market. In addition, trade is more important than what is needed, and in developing countries, there is a major barrier to operation. In India, e-commerce sales can bring to only about 200 cities in which means that a large portion of the population is not available. The performance of goods is very different in each country. The differences include spatial planning infrastructure, delivery options, delivery method, and inventory storage. These are sustainable business challenges that are determined to expand beyond the borders. In addition, catering services for the same day-to-day delivery, as well as managing applications for simultaneous spatial change, is another major ongoing food challenge for retailers. These factors, therefore, hinder the growth of the consumer electronics market.
Augmented Reality (AR) Technology Enhances Online Shopping Experience:
AR technology is an online shopper's 'uncertainty' solution to a product that wish to purchase online. AR solutions allow customers to visualize products in real-time, from the comfort of their homes. 3D viewing with AR provides an opportunity for customers to see what products might look like in their space before committing to a purchase. It can try different options and choose the best product. It reduces the hassle of retrieval/exchange of products and saves time and cost. AR helps online retailers greatly reduce returns by providing a ‘try-before-you-buy (TBUB)’ digital experience. For example, an augmented reality tool that allows customers to view a product in real-time. It helps customers to move around and see the products, that can be seen in the natural environment. Also, customers can change product colors and finishes.
Key Benefits of the Report:
- This study presents the analytical depiction of the global IT/consumer electronics e-commerce market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of global IT/consumer electronics e-commerce market share.
- The current market is quantitatively analyzed to highlight the global IT/consumer electronics e-commerce market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global IT/consumer electronics e-commerce market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Global IT/Consumer Electronics E-Commerce Market Research Report:
- Which are the leading market players active in the IT/consumer electronics e-commerce market?
- What would be the detailed impact of COVID-19 on the IT/consumer electronics e-commerce market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the IT/consumer electronics e-commerce market?
- What are the projections for the future that would help in taking further strategic steps?
IT Consumer Electronics E-Commerce Market Report Highlights
By Product Type
By Business Model
By Pricing Model
Key Market Players
Amazon, Walmart, Alibaba, Newegg, JD.com, Wis, eBay, Amazon.com, Inc., Costco, BestBuy, AliExpress, Shopify