Jan. 29, 2023 / Industry News
Home appliances cut across, kitchen, bathroom, bedroom, living room, dinning
and so on. Opening an appliance store for home can be very lucrative, but it
isn’t easy, which demands huge capital and entrepreneurial skills.
Before we dive into the question that how you can start your own business in
the household appliance industry, we first explore those key factors driving the
global household appliances market.
1. Technology Development
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 machines, dishwashers, and
refrigerators, are experiencing rapid growth.
2. The Inclination
The inclination of consumers toward eco-friendly & energy-efficient
appliances further boosts 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
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 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
Moreover, factors, such as government initiatives for energy-efficient
appliances, are expected to facilitate the adoption of energy-efficient
appliances in 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 can you start your own home appliances
business in 2023?
1. Estimate your startup costs
You will need some idea of how much money it will take to get your business
up and running. As a distributor, your single biggest expense will be inventory.
This means that your startup costs will vary widely depending on what you are
planning on selling. You will also need a place of business, office equipment,
and some warehouse equipment
You have to determine how much you want to invest as a new entrant into this
2. 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 appliance store owners 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.
3. Market your product to potential customers
You should know what the industry looks like. For the 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 in business.
Try to do all you can to announce your presence and think of the promotional
items you can afford to attract patronage and reward loyal customers because
this is a highly competitive business.
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
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 to be installed there.
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.
The last but not least, you can turn to us for information. SMAD B2B team is
staffed by professional sales person who have been in the industry for many year
and can grasp the trends appearing in the market. Look forward to your