Consumer Purchasing Behavior for Electronics Post-COVID
Besides its challenges, the optimist would realize that the COVID, in a way, helped individuals in contemplating the necessities of families for a sustainable and connected life. Though purchasing patterns are disrupted in unprecedented ways due to pandemic effects, the situation is expected to be on track within months for most except for big-ticket purchases, which will be pushed out to later 2021. As the demands surging for the essential products and piled up stocks, especially smartphones, keep running out of stock, many companies stream their supply chain to restart their operations and be back on track. Even though the world’s largest consumer products manufacturer resumed its operations and factories operating at 70% capacity, the industry has taken a hit due to its supply chain disruption, causing an acute shortage of components. As the supply chain de-risking has begun already, many companies are planning on mid and long-term projects to produce their products with more infusion of touchless and contact-less features and technology to meet the renewed needs of the consumers. Consumer Purchasing Habits A study reveals that the new normal situation post-COVID classifies three major purchasing behaviors like early, a year later, and never. In the early category, online shopping for essential household items and purchasing liquor or beer is the priority. Considering the need, there could be a huge demand for the following products with embedded smartness in the short term like refrigerators, water purifiers, air conditioners and purifiers, washing machines, robotic vacuum cleaners, toiletry products, etc. Sensors are going to be the most consumed parts of smart integration and appliances. Dual tags that combine sensors with RFID or other ID provisions for authentication, traceability, and tracking will also be important. Consumer electronics shopping behavior on post-COVID lists would be for bigger ticket purchases, such as land, vehicles, interiors, and smart interactive gadgets, such as televisions, tablets, gaming consoles, cameras, and wearables. The rapid innovation and adoption of connected and energy-efficient products have created disruptive opportunities across the globe. Companies are forcing themselves to evolve their products with the latest technological advancement for homes, offices, and mobility. India’s Price Effectiveness It’s a favorable time for India’s capabilities to support the design-led manufacturing of such consumer electronic products. The government’s focus on ease of doing business and liberal incentive packages announced for investments in electronics is an additional benefit. The large and young talent pool and proven track record in software development are key enablers. Syrma’s wide expertise in providing design and manufacturing solutions in smart LED lightings, smart locks, and other intelligent solutions, along with years of strong expertise in handling RFID solutions and wearables, makes us an able partner for potential customers. Backed by 40 Years of Expertise We contribute our 40 years of design and manufacturing expertise spanning multiple diverse markets. We look forward to discussing how we can deliver world-class products for OEMs across the globe. We understand our home Indian market, familiar with its vast regulatory and selling environments. We foster growth opportunities within India through our strong technology incubation ecosystem. We also assist global OEMs in entering the Indian market by leveraging the local supply chain and favorable operating environments for cost reductions. Our flagship Chennai location opened in 2006 and lies within a Special Economic Zone (SEZ) for electronics manufacturing, offering economic incentives for imports and exports. This primary facility is within 90 minutes of the Chennai seaport and 20 minutes to the international airport. Additional road and rail connectivity links to the rest of India and beyond and infrastructure advantages with faster import and export clearances. We also have labor force flexibility, both technical and manual, to scale to demand rapidly. To learn more about this topic, please contact us.