We live in an era where technology is driving every aspect of our lives and the way we communicate and interact with others and the goods that we create. Digitization and intelligent communication has transformed the way consumers discover, assess, and make purchases. There has been a strong focus on production, distribution, and R&D because of the increased investments the industry has attracted over the years.
India has potential to climb seven spots up to clinch the fifth position in the world’s largest consumer durables market within the next decade. The Indian consumer durables market is predicted to reach USD 20 billion by 2020, according to a recent report by the India Brand Equity Foundation. Increasing disposable incomes, easy access to credit, and increased affordability of the products due to all-year-long aggressive discounts are considered to be the major reasons for huge demands. Increasing electrification of rural areas and wide usability of online sales are also aiding the demand.
The consumer durables market in India is undergoing a massive change. There are certain technology trends that have the potential to disrupt the future of consumer durables markets in India.
With better connectivity worldwide and easy access to internet, the consumer’s perceptions are changing due to exposure to global technologies and lifestyle. With the click of a button the accessibility of information for consumers is facilitating better information flow and understanding of technologies, which has further resulted in better usability. With comfort and convenience being the crucial drivers, consumers are seeking better-designed and better-technology products. So the focus has been both on functionality and aesthetics.
The principles of intelligent innovation are the key now. The R&D teams have to identify the unaddressed needs and come up with products relevant to the targeted segment. The products should be easy to operate, should be tastefully designed, and be innovative enough that they have something new to offer. The purpose is to drive innovation to improve the daily life of the consumers without being too complicated at the same time.
Energy efficiency will be the fundamental force driving the growth of consumer durables space in the near future. Consumers nowadays feel responsible toward the environment and are seeking energy-efficient products. Addressing key customer requirements and providing technologies and solutions that consume low power, requires low service, be affordable and environmental friendly as well, is key to establish a strong brand association and be successful in the highly competitive industry. To stay ahead of the competition and differentiate their products from others, companies will have to increase focus on developing energy-efficient and eco-friendly products.
The concept of Internet of Things (IoT) is growing rapidly in both scale and accessibility. Almost every individual today is seen to carry one or more wi-fi-enabled device. Whether it is an office, airport, train, bus, hotel, or home, wi-fi facilities are everywhere, enabling us to stay connected. It has just become an indispensable part of our lives.
IoT is nothing like it was just a few years ago. The amount of internet-connected devices has vastly expanded over the past decade and devices that previously only had a few functions are now becoming more and more advanced. Everything from watches to light bulbs, refrigerators to even water purifiers are now capable of wireless communication. IoT is going to be the next big thing in the coming years, and help brands develop more personalized and highly advanced products.
There has been technological disruption witnessed in all categories of business, and consumer durables sector too has not fallen short of joining this revolution. The smart convergence of data technologies and personalization leading to smart appliances will mark the changing trends in this segment in the coming days too.