Technological advancements, rising economies, and evolving consumer lifestyles have led to consumers upgrading their existing appliances to smarter versions or opting for newer categories that offer better experiences. This has opened up huge opportunities for businesses operating in the home appliances sector. But, to unlock the industry potential, businesses need to understand the need gaps and frequently come up with the right products that cater to customer demand.
An Indian MNC with annual revenue of more than USD 1 billion consulted Redseer to understand consumer expectations from the home appliance market to expand a product line. Redseer was asked to take note of market trends such as effectiveness, diversity, sustainability, stylish design, and smart functionality of home appliances.
Redseer outlined steps to understand consumer preference and identify what product lines should be expanded aggressively. With a clear understanding of which category of consumers have been targeted, the effectiveness of the pitch and product viability was evaluated.
Further, action-oriented insights were developed to know why our client is more dependable compared to others. This suggested that an original idea will help you stand out and be prominent in a market full of saturated ideas. Speaking of brand position, this stands as the strongest competitive advantage.
Analysis of the market noted that product demand is being driven by factors including the growing penetration of smart homes, rising home improvement projects, and rapid developments in IT and wireless communication.
Taking note of the set of strategies and actions offered by Redseer, to be implemented at different stages of the product development life cycle, the client was able to introduce compelling and competitive products. This further led to customer retention and a sustainable growth.