According to Statista, the consumer electronics market is currently valued at US$1,062 bn globally and is expected to grow by (CAGR) 2.51% till 2027 ― Sustained development of technology leading to better and more affordable products will continue to trigger consumer purchase decisions. Furthermore, robust supply chains, suitability to eCommerce, and higher profit margins will continue to spur the success of this niche via online sales channels.
Success in the competitive eCommerce market hinges on purpose-built features of a platform that allows all platform participants to perform their respective roles effectively, intuitively, and efficiently. Marketplaces built for Electronics need the following features to navigate key complexities in the niche ― fostering value-driven experiences and seamless operations.
Consumer Electronics are offered by multiple brands, with a list of varying models, leading to a plethora of options resulting from permutations and combinations. Furthermore, multivendor marketplaces can scale to provide a long list of products. Buyers need to search for their desired products accurately, efficiently, and conveniently. Advanced search option with keywords and filters amplifies buying experience, leading to higher conversions.
With multiple options available, buyers can be spoilt for choice and may be less inclined for making impulse purchase decisions. Moreover, their decision can be further stalled by the product availability at the same price point, by multiple brands, or by surplus product features to choose from. Abandoned cart management helps marketplace businesses target buyers that have already gone through the consideration phase and lead them to conversions.
An eCommerce imperative ― the availability of product returns helps gain buyer trust and stimulate buying decisions. Moreover, since performance is crucial to the overall experience provided by products in the consumer electronics niche, the returns feature gives the option to the buyers to ascertain this crucial parameter before accepting the product for long-term use.
The scope of consumer electronics is vast. The Admin can define the products sold on the platform by reserving the privilege to curate products and their variants exclusively with the Admin(s) of the marketplace. With this option, the admin can choose to list products considering shipping limitations, or business branding. Furthermore, it also ensures consistency across the platform
Product Reviews are a crucial thread in consumer interaction with their peers and the business. It helps buyers to ascertain the experience of their peers and discern through the marketing promotions of the product, gauging its suitability to their needs. Additionally, reviews also aid the Admin to understand the performance of offered products and sellers to get consumer feedback. Added parameters for detailed reviews can help achieve these desired objectives, more effectively.
Leverage extensively customizable underpinnings of Yo!Kart and the support of an in-house proven and experienced team to personalize your platform with precision. Meet distinct or evolving business needs throughout the eCommerce lifecycle. Maximize impact, enhance business competitiveness, or stand out with a tailored platform in the online Consumer Electronics space
Newegg, a leading marketplace focused on Consumer Electronics has pioneered success in the Niche. With a Net Revenue of $2.37 bn it has earmarked the space as an attractive opportunity for new entrants.
Read our in-depth guide to build an electronics marketplace like Newegg with analysis on its operative models & explanation on a stepwise process