The key elements of a post-Covid growth strategy for the consumer technology and durables sector
LONDON, UNITED KINGDOM, May 12, 2022 /EINPresswire.com/ — In an article published on Business Reporter, GfK, a business intelligence provider for the global consumer industry, explains what strategy the consumer technology and durables sector needs to follow to maintain growth in the face of adverse market conditions. Unlike other sectors, the consumer technology and durables industry has seen a sharp drop in sales post-pandemic, with a decrease in its value growth rate to 2 per cent from a record 12.2 per cent in 2021. Some of this growth, however, can be recovered, GfK claims, by data-driven strategic decision-making and an ability to adapt to a fast-changing environment in an agile manner.
While Covid had a positive impact on the consumer technology and durables industry thanks to a spike in sales of tablets, wearables, coffee machines and the like during lockdowns, there are now a couple of trends that have a negative effect on the industry, including the growing inflationary pressure, disruptions in the supply chain and declining consumer confidence. There are, however, a couple of strategies that can help the manufacturers and retailers of durable consumer products to stay on top of their game and keep the negative impact of emerging trends to a minimum. One way of achieving this is to revamp existing consumer goods product lines to include more sustainable and premium items, as surveys suggest that consumers are ready to pay more for products that tick the boxes of responsible shopping. Equally important to a sales growth strategy are offering customers seamless omnichannel shopping experiences and satisfying their desire to get more connected via IoT-enabled consumer goods.
About Business Reporter
Business Reporter is an award-winning company producing supplements published in The Guardian and City AM, as well as content published on Business Reporter online hubs on Bloomberg.com, Independent.com, Business Insider Germany and Le Figaro, delivering news and analysis on issues affecting the international business community. It also hosts conferences, debates, breakfast meetings and exclusive summits.
Headquartered in Nuremberg, Germany, GfK is an AI-powered, always-on intelligence platform and consulting service for the consumer products industry, globally, which is revolutionizing real-time access to critical knowledge.
+44 20 8349 4363
email us here