The consumer electronics industry is extremely dynamic with products, both new and old, undergoing rapid changes and spawning innovations. For example, the iPod transformed the way people listen to music and, in turn, revolutionized the design, manufacture and use of consumer electronics. Today, every possible customer need can be assuaged with an amazing array of tablets, smart phones, 3-D TVs, cameras that project images and GPSdevices in the market. These devices and new technologies are changing the way people interact, consume entertainment,manage their finances and organize their lives.
With social media driving recent trends, why would the consumer electronics industry stay away? Currently, the consumer electronics industry is gearing up to respond to unprecedented developments in social media and digital content delivery. This drives growth and encourages competition in the consumer electronics industry. Emerging concerns of sustainability and regulatory issues are also factors that have shaped the industry. With a rapidly fluctuating industry landscape and increasing consumer demand, product lifecycles are shrinking and many devices are slowly moving towards obsolescence. Marketing and promotions have morphed into an absolute necessity as new products need to quickly find their way into the market and immediately capture interest. As a result, consumers that were just spoilt for choice earlier are bewildered and overwhelmed instead. This is easily apparent when one considers the growing importance of shopping tools such as comparative engines and social media recommendations.
While there is no doubt that this is an exciting time with abundant growth opportunities for the consumer electronics industry, companies will need to handle increasing complexities in manufacturing. Consumer electronics manufacturers need to tighten forecasting, sourcing, distribution and inventory management strategies. What’s more, in order to succeed in the extremely competitive CEspace manufacturers must bring a more refined and sophisticated approach to Supply Chain Management.
So, what capabilities do you think these companies would need to better understand and respond to consumer demands of today? And, more importantly, what innovations would you like to see in your electronic devices?
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