The Global Household Appliance Market is expected to grow by $120.36 bn during 2023-2027, accelerating at a CAGR of 5.23% during the forecast period. The market is driven by many factors.
The first one driving the global household appliances market is the increase in technological advancements. Technological advancements have led to the development of smart appliances and are expected to drive the growth of the household appliance market during the forecast period. Appliances, such as washing machines, dishwashers, and refrigerators, are experiencing rapid growth.
Secondly, rapid urbanization, growth in the housing sector, rise in per capita income, and improved living standards, stimulate a surge in need for comfort in household chores and a change in consumer lifestyle. The increasing number of nuclear families has also increased the dependence of users on household devices and hence is expected to significantly drive the home appliances market. Housing activities have always been there, and appliances like these are making life easier hence increasing the demand for these products.
Thirdly, the inclination of consumers toward eco-friendly & energy-efficient appliances further boosts the market growth. Refrigerators are generally operated continuously throughout the year, and therefore, annual energy consumption is an important issue associated with the product. Energy star-rated refrigerators are in high demand as they are installed with efficient compressors, insulation, and defrosting features that help improve their energy efficiency.
Moreover, factors, such as government initiatives for energy-efficient appliances, are expected to facilitate the adoption of energy-efficient appliances in recent years.
Faced with the opportunity, how you can start your journey in the household appliances industry?
Step 1: Before investing in any business, you are expected to do your feasibility studies first.
You should write what the industry looks like. For the home appliances industry, you need to approach those who are already into household appliances and ask them some relevant questions, as to which ones are in high demand because it is what consumers want that you can give to them. They are the reason why you are in business.
Step 2: You need to be full of the knowledge of the existing brands in the home appliances market or existing companies you are dealing with.
Step 3: Instead of patronizing new sources, you need to be aware that a
majority of brands or manufacturers have their own representatives in your market. You can patronize them for your business and take time to visit them and find out how you can consistently get your stock from them. Remember they have their terms and conditions which are flexible.
If you want to become a home appliances importer yourself, try to go for manufacturers’ products that come with a warranty.
Some brand representatives are always willing to give you a credit facility only if your sales performance meets their requirements.
Step 4: Think about how you want to impress your customers when you enter the store, and what functions the store should perform, and then list functional areas and items needed to display and/or to use. Plan out how you will use each square foot of floor space. Plan for fluid flow. Make sure that workers and customers can easily move about in the space. Make a drawing of the space with precise measurements.
And your shop must be big enough to accommodate your stock. You must make the shop comfortable or presentable. If your shop or warehouse is not well-ventilated, then you may need an air-conditioner installed there.
Step 5: Products Selection for Your Store
The right product selection powers energetic growth not only of large companies but propels small businesses. Before considering what product to sell, determine what market you want to sell to. sales success requires offering the right product in the right place at the right time and for the right customer. If your customers aren’t buying, your consideration will be in vein. So first you need to think about what kind of customer you want, then you’ll be able to determine their needs. Your product selection doesn’t have to appeal to all of the population but it should be something you can convince a large percentage of shoppers they need. If your products only appeal greatly to some people, it may not be enough to sustain a business.
It is quite essential for household appliances to do a market analysis on what kind of products cater to customers as well as how to plan and implement their marketing activities. The analysis should encompass the competitors, customers, and products. You need to know what kind of products your competitors offer, for which price and to whom. Besides, you need to know existing and potential customers about their preferences for design, function and sizes. Market analysis can be done by conducting interviews, surveys and studies as well as by using focus groups.
Step 6: You have to determine how much you want to invest as a new entrant into this venture. Try to do all you can to announce your presence. Try to think of the promotional items you can afford to attract patronage and reward loyal customers because this is a highly competitive business.
Your taking your ideas and turning them into reality doesn’t mean you need to figure everything out on your own. There are plenty of online marketing tools available to make your job as a small business owner easier.
Besides, to position yourself for success, you can also tap into the expertise of those who are experienced in the home appliances world. Ask around friends and family who have dabbled in small business, go online and connect with a mentor, or if you don’t know where to start.
Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.
From big successes to large letdowns, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.
