The CE Accessories Market: A Hidden Giant
Within the physical store environment, new technologies and data mining techniques help retailers to strategically merchandise and arrange products. The classic example of this strategy entails placing batteries near the corresponding device requiring power. Sophisticated retailers take this to the nth degree and optimize stores for maximum attachment sales.
CEA consumer behavior research reveals that a significant portion of accessories buyers make spur-of-the-moment (17 percent) or quick decision (less than one hour – 34 percent) purchases. At 51 percent of all accessory buyers, these segments rely heavily on in-store information sources, such as the information found on the packaging of accessory products (47 percent) and in-store displays (34 percent). Thanks to strong CE growth, new product introductions, changes in consumer behaviors and changes to retail channels and how accessories are sold, the CE accessories market has prospered. Despite the good times enjoyed by those playing the role of hidden giant, nothing is more dangerous in the CE industry than resting on its laurels. Manufacturers and retailers in the accessories space are wise to continue studying key short-term and long-term growth drivers to ensure success today and tomorrow.