Refrigeration has become the most essential food storage technique in developed countries. Refrigerators are key features of any kitchen and form an integral part of the home appliances market. The refrigerators market includes revenues generated by entities that design, manufacture, and sell refrigerators. The market includes sales of household refrigerators which are electrical appliances used to preserve food at cold temperatures. The refrigerators market covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. In 2022, the Asia Pacific was the largest region in the refrigerators market followed by Western Europe.
The global refrigerator market is expected to grow at a CAGR of 5.70% between 2023 and 2028, reaching a value of USD 157.6 billion by 2027. Another report states that the refrigerator market size exceeded USD 100 billion in 2022 and is expected to witness 7% CAGR from 2023 to 2032. The global refrigerator market size was reported to be valued at $68.72 billion in 2022 & is projected to grow from $71.55 billion in 2023 to $103.96 billion by 2030.
If you want to enter the market in the latter half year, how can you start your own business?
Firstly, before investing in any business, it’s important to have a good understanding of the existing brands in the home appliances market or existing companies you are dealing with. To gather valuable information, you can visit representatives for your business and take the time to learn how you can consistently get your stock from them. Keep in mind that they have their own terms and conditions which may be flexible. If you’re interested in becoming a home appliances importer yourself, consider going for manufacturers’ products that come with a warranty.You should also interact with customers and calculate the per unit economics. Don’t undermine the need for official documentation and calculate the risks involved.
Secondly, select the right products for your business. 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 vain. 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.
Household appliance store owners need 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.
Thirdly, you have to determine how much you want to invest as a new entrant in 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 other methods to make your job as a small business owner easier. For example, you can also tap into the expertise of those who are experienced in the home appliances world. Ask around to 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.
Lastly, think about how you want to impress your customers when your 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.
With the global refrigerator market expected to grow in the coming years, it’s a great time to consider entering the business. By doing your research and consulting with experts, you can make informed decisions and create a successful business. It’s important to consider factors such as the business structure, liabilities and profits, how the business would fit in your investment portfolio and create a diversification plan. You should also interact with customers and calculate the per unit economics.
Smeta is a home appliance manufacturer with 20 years of industry experience. Based on its deep insights into the market, Smeta produces products that are cost-effective, popular in the market, and profitable for dealers. If you have any questions, please feel free to ask.
