Consumer electronics is a rapidly changing industry. With the latest innovations in technology, there are more and more electronics goods coming out. Major electronic brands are regularly coming up with newer products with better configurations and capabilities. An estimated $23 billion was spent in the consumer electronics industry in the year 2020, even when the market was down due to the impact of the covid pandemic. The most interesting thing about this spend is that a huge part of it was through the eCommerce sector, totaling about 43% of the sales done online. Even though 2020 remained a very turbulent year for various industries, the e-com sector enjoyed a whopping 130% growth during this time.
Electronics goods have been sold online for a long time now, even before the pandemic boom of e-com in general. As of late, electronics is one of the biggest sectors in eCommerce, which consists of about 22% of the overall retail e-commerce sales in the US. By 2020, consumers largely turned to buy things online as most physical stores remained closed. There was also a nervousness among people to go shopping in person with the safety concerns on interacting with other people. This acted as an ideal backdrop to capitalize on selling electronics goods online.
Selling electronics through e-com
If you are selling electronics goods, then it is important to consider various things to succeed. Among all these, you have to first work out what type of electronics you sell, do in-depth consumer research, and also try to understand the market competition. You also have to work on the price point to be competent and ensure it properly reflects the products you offer and the business. Here are some other considerations to make while you plan for the e-com of electronics.
- Wholesale vs. dropshipping
When thinking of displaying your electronics products online at the portal or at marketplaces, you need to consider whether you resell these items by purchasing wholesale or considering drop shipping. Dropshipping is the safest way as it may not require much capital or operational overhead. Dropshipping is basically considered as a safer and smarter way for small businesses too. However, when the demand for your product increases and the consumers expect a quicker delivery of products, delivery time may be a challenge in the dropship.
Another critical aspect of electronics e-commerce is to have a clear insight into how to ship the products. As we know, electronics are very delicate goods which require a very careful and planned delivery service. You have to also work on effectively handling returns. It is important to associate with a trusted and professional delivery partner for logistics if you want to succeed in electronics e-commerce. Good server support is also essential to run an e-store, for which one can rely on the services offered by RemoteDBA.com.
As with conventional businesses, marketing is the backbone of e-commerce selling too. You should know who your ideal customers are and the most effective ways to reach them.
Here is a real-time example of how HP Inc, one of the pioneers in electronics goods like computers and printers, expanded their market through e-com marketing. The company lately opened five online stores in the Asia-Pacific region, whereas their new platform supports multiple stores on a global scale. E-com marketing focuses on the individual shoppers to the small-scale businesses in the region, whereas HP Asia offers a localized experience across geographies.
However, this mission is quite challenging for a multinational company. Above all, the HP team also tried to control omnichannel project management and CRM, which needed a more comprehensive support platform online. In this case, the solution they found was to use Magento Commerce as their platform to deliver the right local experience to attract customers of various backgrounds. With Magento, HP created many online e-com stores across various regions with exclusive content management, customer service, payments processing, etc., with language translation for regional services.
As a result, about 23% of additional customers came onto purchase online rather than relying on the physical stores. This migration to online had also recorded an excellent user experience for the online shops as well as the Asia-Pacific HP employees.
Electronic e-commerce products
We can see that consumer electronics is a huge market with various items to consider if you are planning e-commerce to arrange things.
- Gadgets: This is the fastest-growing sector in consumer electronics. For example, smartphone sales have reached about five million+ units in 2020, which is steadily growing. However, while dealing with gadgets, one thing to remember is that trends come and go in a blink of an eye, and it is important to stay updated.
- Computers: Three-fourth of the US population own computers, and it is clearly a winning product in the electronics market. However, it is also important to consider that there are plenty of options for consumers while they buy a computer. As an online seller of consumer electronics, you need to have a very strong and sustainable strategy to stand out in the competition.
- Smart home solutions: This is another sector that has been gaining in popularity lately, and by the year 2025, smart home solutions are expected to reach their peak. This is a combination of technologies and various electronics products to help the everyday life and chores easier for people. There are many trending products in this sector now powered by Amazon Alexa, Google Nest, etc.
- Gaming consoles: During the time of covid, when people were locked inside the house, the gaming industry grossed about $174.9 billion. It is a massive industry which enjoys rapid growth over the last several years.
- Spare parts: There is fast-expanding marketing for electronics spare parts like that for computers, smartphones, gaming console add-ons, and more. This is, in fact, more of a B2B market which puts forth an opportunity for the electronic e-com businesses to build healthy industry relationships with other electronic businesses for mutual benefits.
So, while thinking of an electronic e-com business, it is good to first carve your niche and plan where you want to focus on. There are many advantages and disadvantages to each one of these. In order to make the best choice, one may consider the investment they are planning for and what type of target audience they are planning to address.
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