coronavirus While the pandemic may be easing, supply chain cost constraints and hybrid work culture as well as other such macro trends are affecting consumer technology and durables. Since the pandemic, a new work culture has emerged in many global economies, resulting in new use cases for consumer electronics and durables indoors and outdoors, as well as boosting categories such as laptops, tablets and wearables Is.
A new champion appears
Over the past year, there has been a surge in demand for connected, multi-purpose gadgets that empower users by saving time, adding value and providing deeper insights into their performance and productivity. With two key aspects: wearable health and multifunctionality, it has huge potential for brands and retailers. In this unprecedented time, most individuals consider it “very important” to be in good mental and physical fitness.
Wearable technology has become a necessity and consumers are now accustomed to consciously measuring their pulse rate, heart rate and number of daily steps as well as continuing to challenge themselves to get fitter.
This has resulted in a high demand for tech-enabled gadgets that provide users with information on a variety of health parameters ranging from sleep quality and blood sugar levels and steps taken to burn calories.
With monitors that evaluate sleep, blood pressure and blood-oxygen levels, health trackers and personalized diagnostics, which were already on the rise before COVID-19, have seen tremendous expansion as a result of this increased interest.
How marketers can keep their edge
Tap into the growing demand for devices that reflect newly connected consumers. Create wearables that integrate into Internet of Things or devices and provide multiple functions at once. It is important to add value by empowering end consumers with brand-new use cases.
Technology companies have effectively captured the market share by detecting this trend. As a result, leadership teams must strive to capitalize on the increased demand. Connected gadgets, for example, are a new area of interest that allow consumers to connect to the Internet of Things via wearables attached to a variety of other home products. This could provide an opportunity for companies that span multiple platforms to increase shopping baskets by cross-selling linked products. Some companies are already implementing this approach. It allows merchants to upsell and cross-sell, showcase different technologies as part of the same ecosystem, and even place linked gadgets as promotional packages.
Securing the first mover advantage in wearables
Globally, comparing sales of smartphones with wearables We can see that each smartphone is assigned a . There’s still a lot of room to grow before connecting to Smartwatch or Health & Fitness Tracker. However, this lower baseline, coupled with rapidly increasing consumer interest, shows ample opportunity for significant gains in the year ahead.
Consumers looking to upgrade to a category after their original purchase should be considered by brands. Consumers may have purchased their first item as an investigative purchase, which in many circumstances reveals a poor willingness to spend the higher price. They are looking to do business now that they are confident about the use case, with an increasing number of customers upgrading and exchanging a working product rather than exchanging a broken one. Wearables, dishwashers and vacuum cleaners are examples of such categories.
– Anant Jain, Head of Market Insights, gfk India
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