Even though 2020 was very challenging due to the pandemic, it opened doors for new opportunities and innovation for the consumer durable industry. The first few months of lockdown were more challenging than the latter half of the year and proved to be favorable for those who could adjust to the evolving market realities. Once the unlocking started, it created new demands which led to the emergence of new product innovations. Customer centricity became the foremost priority as the white goods industry innovated new technologies for purification and sanitization, which are inevitable in the new normal.
Many industries have been impacted badly due to the pandemic but, it would be safe to say that the consumer durables industry is showing growth trends from a long-term perspective. According to a report, the home appliances and consumer electronics industry, (not including mobile handsets), is expected to increase by 50 lacs i.e Rs 1.5 lakh crore by 2025, from the present Rs 1 lakh crore. The reasons for the same could be more stable disposable incomes, rural electrification, more than ever focus on work from home policies, and the government’s plans to offer production-linked incentives (PLI) to establish more and more manufacturing plants in India. With such potential growth opportunity, the industry and the brands are required to keep an extremely close watch on ever-evolving consumer needs, to drive their product innovations, and truly thrive in the post-pandemic world among their competition.
Here are the key consumer durable industry trends that are likely to be witnessed in post-pandemic world:
Post pandemic consumers have become health conscious more than ever and want the technology to empower them for that. According to Deloitte, the venture funding for health technology innovators has nearly doubled in 2020 as compared to 2019.
Connected health monitoring devices that help to track the number of vital signs such as:
The pandemic created an acceleration of funding for innovators with alternative forms of care delivery, such as remote monitoring and virtual health. Virtual health is here to stay and will continue post-pandemic as well, but industry decision-makers will need to find a way to maintain its current speed as in-person visits resume.
The lockdown had many people without housemaids which lead them to take care of household chores on their own and managing offices from home at the same time. There was a substantial increase in the amount of time spent on household chores, which led to eating precious time that can rather be spent with family, or on self-development or professional activities. Now consumers are more inclined to invest in automated, technologically superior products that can ease their lives. Product categories such as washing machines, vacuum cleaners, microwaves, dishwashers will see a spike in demand as people aim to become more self-reliant and look for more convenience. Products that provide storage facilities like refrigerators will continue to have more demand as people now look for more storage and less frequent purchase. Cooling products like ACs, Air coolers, Air purifiers will have increased demand as more people would need cooling in multiple rooms, as they continue to work from home.
Brands should consider that the fact that though energy consumption is bound to increase, the consumer will have an eye on energy-efficient products.
This pandemic has changed work perception across the world and remote work is here to stay. Gone are the days when hiring talents were restricted to geographical constraints. But the only way this kind of setup can work long-term successfully is with uninterrupted conferencing technology. When you can communicate consistently and easily without any interruption, distance doesn’t matter. In the business world, the technologies or the brands that will impact our lives the most, in the next year and coming years will be those that will empower and enable people to shift and adjust to the new work-life balance.
This pandemic led to many people losing their jobs and pay cuts which happened across all industries and many are still suffering due to the same. Hence consumer durable industries brands will have to focus on cost innovation so that they develop products that offer quality products at an affordable price. In the coming years, we believe consumers will look at value for money products, which are need-based primarily, with quality as a key aspect.
Boredom grapples everyone during lockdown where people are restricted to indoors. The major source of entertainment was TV and mobile and the quest for more options was created. Naturally, people got inclined towards old gaming favorites and companies responded with smart twists to old devices and even some new releases in the gaming arena. Gaming devices like the Nintendo Switch console were the most obvious source and have been in huge demand since the beginning of the pandemic. We expect to see a continued focus on great gaming experiences in the coming years as well.
The government has been encouraging to “Make in India”, and has launched several schemes to promote the same. It is believed that this movement will continue to gain further momentum. Indian brands should be independent for the future since consumers too have shown an affinity towards homegrown products.
In a CX report 2021, it was found that malfunctioning technology was one main source of anger in the consumer technology industry. There was a lot of negative conversation around tech brands due to cracked smartphone screens, defective smartwatches, crashing applications, and from this, the other brands can get lessons on how to make their customer experience delightful. Only those brands who will make their customers feel heard along with technological advancements will have an advantage over the competition post-pandemic.
The Pandemic may have transformed the buying process from offline to online, but particularly in the white goods industry, there will always remain the need for touch and feel. Post pandemic offline buying experience will again see a considerable boost and hence brands need to strike a balance in the growth of their offline and online presence. They should have an Omni-channel ecosystem for ensuring a smooth buying experience for its consumers whether offline or online.
According to Google Trends, the search for ‘virtual assistant’ has hit a five-year high recently. Nobody knew what was coming in 2019 and lockdown made us realize how important the perfect home setup is. There has been an ever-increasing rise in demand for innovations ranging from kitchen gadgets that make your life easier to at-home health solutions. Many companies have showcased new home products equipped with artificial intelligence technology, including automated sanitization and cleaning robots at the recent Consumer Electronics Show. In the coming years, we can expect to see more home innovations like this on the market. Demand will continue to rise as consumers are still adapting to the post-Covid world and look for ways to make their life easier.
A large percent of Indian households still do not have access to electricity, internet, and neither the capacity to pay high electricity bills. So, the brands should try to create future systems based on alternative resources to cover these markets also and Eco-friendly products should definitely be targeted for the same.
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Read moreEvery business has customers and every business has the chance to improve its business by growing its customer base. Since […]
Read moreDo you know if your business has a customer focus? Although it might seem like a difficult question to answer, there […]
Read moreAuthor Profile Nitish Kaul Nitish is a CX Solutionings Expert at DialDesk. He has helped provide our customers with fantastic […]
Read moreYou might think that creating the “ultimate customer experience” is all about making sure your customers are happy. If a […]
Read moreKeeping prices competitive is essential for any business. Having this information can make the difference between having a successful business […]
Read moreAs any business grows and expands, it’s common to focus on scaling operations. Certainly this is true, but sometimes companies […]
Read moreNo matter how much you love your product, your customers will always know better than you. Learn to listen and […]
Read moreSometimes, companies will promote themselves as experts in customer retention, but what does this mean? Customer retention is the main […]
Read more“Listen to your customers before they listen to your competition.” – Julian Hall When was the last time you looked […]
Read moreLost sales and lower-income are not the only indicators of abandonment. Abandonment even results in a loss of clients for […]
Read moreIf you are in charge of retaining your company’s customers, you know the feeling of sadness when you hear customers […]
Read more“Your most unhappy customers are your greatest source of learning.” – Bill Gates A customer is the backbone of every […]
Read moreIn the past few years, businesses were falling all over themselves to get a chatbot up and running for their […]
Read moreYou’re doing all the right things. You’re friendly, you’re responsive, you’re on top of customer issues and you’re constantly delivering […]
Read moreAuthor Profile Nitish Kaul Nitish is a CX Solutionings Expert at DialDesk. He has helped provide our customers with fantastic […]
Read moreCustomer service KPIs (Key Performance Indicators) are the tools that help you understand how your customer service is performing. KPIs help you identify if you’re meeting your business goals, how well your agents are performing, and how your customer satisfaction is trending. They’re important because they provide actionable data you can use to improve your customer service.
Read moreLet us say that you own nothing but sheep. So one day you are out grazing the flock and all […]
Read moreNo matter what industry your business is in, every business has the same goal: Keeping your Customers! Customer retention is […]
Read moreAn effective ticketing system tracks and manages customer interactions, and makes it easier for support departments to manage their efforts. Data gleaned from these help agents provide personalized service and streamline operations, which helps support staff coordinate their efforts and automate tedious (and often time-consuming) tasks, facilitating both personalized service and faster resolution.
Read moreAuthor Profile Deepak Kashyap A CX expert, keynote speaker, and author, Deepak Kashyap has over 25+ years of experience. His […]
Read moreGlobally, the E-Commerce Market is expected to reach USD 16,215.6 billion by 2027, growing at a CAGR of 22.9% during […]
Read moreOrganizations need a resilient strategy for customer retention that makes sense in relation to current market conditions. Many companies are already prioritizing customer experience as it can be more profitable, yet it is still important for organizations to look ahead and identify any changes coming ahead of competitors in the market, who might not have made the same move yet.
Read more“Customer experience” has been an important aspect of business marketing strategy since the beginning of the 21st century. Businesses have been shifting towards a “customer-first” mentality, where their goals align with improving customers’ happiness and satisfaction by taking into consideration all that they think and feel, rather than focusing solely on financial gains. To achieve this customer-centric approach, businesses have taken advantage of technologies to determine customer emotions at a deeper level.
Read moreOn the whole, it is best to be quickly responsive when it comes to consistently responding to leads. Ready responsiveness helps expedite client requests, which will save you money on several levels. You’ll have access to a larger pool of customers while keeping uninterested consumers from slipping away and ultimately decreasing your number of potential sales. Please read the blog below that pertains directly to the benefits of kick-starting your lead response times today!
Read moreThis blog will help you take a closer look at what cloud telephony is and How does Cloud telephony work to benefit your business. It also makes it easier for employees to collaborate, share knowledge, and for companies to track conversations in real-time.
Read moreCustomers are the mainstay of businesses in all industries. Therefore, having a dedicated tool for delivering superior customer service is essential to ensure cordial bond with them for consistent growth.
Read moreCustomer engagement and retention have been a serious concern in the insurance industry. Most companies keep on searching for how to enhance customer engagement in the insurance industry and in this blog post, you can find some of the useful tactics that can help the insurance industry maintain a cordial relationship with its existing customers.
Read moreFind the proven strategies for how to measure customer expectations to maintain a positive experience of your customer with your products and services.
Read moreCustomer experience is a key factor in creating a successful brand. When it comes to marketing, then it would not be wrong to say that technology offers us the opportunity to manage the customer experience in several respects.
Read moreThis guide help you engage & retain your customers with no hassles and make you learn how to manage customer complaints seamlessly for quick resolution.
Read moreIf you want to delight your customers at every touchpoint, then you need to have a robust ticket management system that offers you omnichannel customer support.
Read moreCustomer satisfaction act as the primary catalyst in pushing a company forward, and ensuring repeat business. However, companies cannot create their customer service strategies based on vague data or few interactions and can only trust quantitative data.
Read moreThe Consumer Electronics industry in India, which was valued at $10.93 billion in 2019, is expected to reach $21.18 billion […]
Read moreBrands are increasingly focusing to become more customer-centric and elevate customer experience to improve customer satisfaction, loyalty, and lifetime value. […]
Read moreIf you’re mapping or want to track your customer journey, there are plenty of things to be kept in mind […]
Read moreCustomers are the bloodline of any business. Without them, there will be no reason to continue the business. Even more […]
Read moreNo matter how small or big your business is or what it does, voice communication is a critical element of success.
Read moreAuthor Profile Varuna Raghav As a CX and marketing specialist, Varuna Raghav has more than 15+ years of experience to […]
Read moreSales closing is a make-or-break moment. No matter how hard you work and how well you design solutions for customers, […]
Read moreDo you want to make your business communications efficient and cost-effective? In this blog, we will explain to you how […]
Read moreIf you have a sales team that works on-field or is working remotely to generate sales for you, then you […]
Read moreOrganizations worldwide often wonder what the difference is between a customer relationship management (CRM) system and an enterprise resource planning […]
Read moreNew technology comes fast and goes, even faster. These days, there’s a new app or widget every week promising to […]
Read moreAccording to research, over 70% of all customers who leave a company for its competition have no problem with the […]
Read moreYou need to keep updating your customer strategies to ensure that they are happy with your products & services. Everything […]
Read morenstant Inbound is a game-changing sales prospecting strategy that enables you to connect with more prospects, faster and allows you to be more productive and make more money.
Read moreLast month, a miracle happened. Your company’s video went viral. Lead volume shot up by 500%. You were pumped and […]
Read moreIf you ask many business executives, they would say their customer service contact center is a necessary expense and it […]
Read moreEven if you have the best product in the world, your business is doomed to fail if no one knows […]
Read moreDuring the initial years, outsourcing was only used for basic processes such as data entry and payroll processing. However, as […]
Read moreCustomer experience and contact centers, in particular, are great starting points to implement artificial intelligence (AI) solutions since they are a large […]
Read moreBrands & retailers build better customer service systems by removing the guesswork of what customers want. A SaaS platform for customer engagement combines chat, voice, and social media for one cohesive customer service experience.
Read moreIt’s the age of the customer and the world’s biggest brands are duking it out every day for a greater […]
Read moreUnderstanding the various touchpoints you have with your customers is key to delivering memorable customer experience. Once you’ve mapped out your […]
Read moreAs a business head or business owner, you need to find ways to grow your sales and revenue. Exploring different […]
Read moreAuthor Profile Nitish Kaul Nitish is a CX Solutionings Expert at DialDesk. He has helped provide our customers with fantastic […]
Read moreMarketing teams spend a lot of time, effort, and money to create compelling campaigns, optimize them to generate leads, set auto-responders […]
Read moreThis blog help you get the niche and specific Customer winning map by suggesting necessary tools, focus areas and changes to sell like a champion.
Read moreEmail marketing is one of the most important components of customer engagement. Whether it is a webinar email or a […]
Read moreWe have collected some information, I think very useful information regarding changing scenarios of sales in the times of SM […]
Read moreIf figuring out how to grow and effectively manage an In-House team seems like a huge obstacle and will largely […]
Read moreResearch shows that 69% of buyers accepted a call from new salespeople in the past 12 months, and 27% of sellers admit […]
Read moreProviding a stellar customer experience has been a cornerstone of business practically since spending and consumption have existed. However, now […]
Read moreCustomer service reports not only provides you an overview of all customer service requests received from your customers but also […]
Read moreMany companies, including yours, might find outsourcing to be a good idea as there is so much to be gained […]
Read moreIrrespective of the customer’s location, call centers play an important role in delivering reliable customer experience on a daily basis. […]
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