The first one of those key factors driving the global household appliances
market are 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 machine, dishwasher, and refrigerators, are experiencing rapid
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 the
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
Thirdly, inclination of consumers toward eco-friendly & energy-efficient
appliances further boost 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 the recent years.
With all those driving factors, the global household appliance market size is
expected to grow by USD 21.76 billion during 2020-2024.
Faced with the opportunity, how you can start your own journey to household
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 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
Step 2: You need to be full of knowledge of the existing brands in the home
appliances market or existing companies you are dealing with.
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 how you can consistently get your stock from them. Remember they have their
own terms and conditions which are flexible.
If you want to become home appliances importer yourself, try to go for
manufacturers’ products that come with warranty. Some brand representatives are always willing to give you credit facility
only if your sales performance meets their requirements.
Step 3: 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
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 installing there.
Step 4: 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 preference for design, function and sizes.
Market analysis can be done by conducting interviews, surveys and studies as
well as by using focus groups.
Step 5: 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
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.
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.