Focus On Accessories Can Increase Sales Nine Percent
The Consumer Electronics Association’s “The CE Accessories Market: Insights and Opportunities” report is one of our favorites of the year because the current sales and forecast numbers directly apply to how retailers can improve their businesses.
Last year, consumers spent an average of $402 on their most recent CE device, with an extra $62 going to related accessories. That comes to more than 15 percent of the total purchase. That’s the good news, and will get even better as sales associates continue their focus on including accessories with every major product and as retailers push installation services, which opens the door for even more accessories.
Now for the bad news. A whopping 82 percent of consumers buy accessories after buying their primary CE device. Even worse, 61 percent of consumers buy those accessories at a different location. That means retailers are losing about nine percent in sales of products that customers want but buy at another store. The reasons are many: consumers have a fixed price in mind for their primary purchase and don’t want to exceed it, they think they can buy it cheaper elsewhere or they’re not aware of what accessories are actually available, to name a few. At the end of the day, that translates to about nine percent in lost business.