Don’t Lose The Accessory Sale
The best waiters will remind me to “save room for one of our great deserts” while I’m looking through the menu. McDonald’s even has it right. “Want a hot apple pie with your Big Mac?” No good menswear store would let a customer out the door without showing a selection of shirts and ties that match the patron’s new suit. Every clothing purchase I make from Chico’s comes complete with jewelry that my associate assures me “makes” the outfit. I wouldn’t buy skis without the bindings or a fishing rod without a reel.
Yet, according to the CE Accessories Market: Insights and Opportunities study conducted by ebrain for the Consumer Electronics Association, 61 percent of all consumers in our industry purchase accessories at a different store and at a different time than where they bought the primary device. That means that nearly two-thirds of our customers leave without everything they need to fully enjoy their new product. Sure, some of those primary purchases—from iPods to large flat screen TVs—are made in warehouse clubs or big box retailers where customers receive little or no assistance in guiding their purchases. That gives independents a tremendous opportunity to add profitable accessories to their sales.
The accessories business is booming. The study forecasts an 11 percent growth in the category this year to $11.12 billion. While $6.14 billion will be in battery sales, other accessories will amount to nearly $5 billion in revenues for those savvy enough to go after that part of the business.