The retail industry of electrical category is growing rapidly with the more urbanization in the economy and growing need for renovation in the office and home premises. Moreover, with the growing need for electricals the major retailers are exploring the business on the e-commerce platform which provides extensive variety of products of similar nature at a reasonable price with different durability and sizes. In the recent era the market of electricals are dominate with the extensive usage of smart devices as the key players are doing significant development in the technology of product making which resulted effective products of health related. Moreover, the growing population and upgradation in the various aspect of the economy will lead the market growth of this retail category. Furthermore, the internet penetration is also fueling this industry more significantly and the effective working of key players is playing significant role and resulted extensive growth to this category of retail market in the near future.
According to the report analysis, ‘Electricals Retailing In Hong Kong, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are presently functioning in this market with more developed technologies for attaining the highest amount of share and defeating the extensive demand of potential consumers `includes Broadway, Fortress, Apple, ParknShop, Amazon, Suning, Dell, DFS, Muji, Wing and several others. Whereas, the six of the top 10 retailers registered a down in sales in 2017. Not only has this, the report also cover so many analysis and details which includes changing economic and demographic factors, macroeconomic factors, latest trends in consumer shopping, market dynamics and several others. Moreover, retail sales with the qualitative as well as quantitative insights of changing retail dynamics in this category of retail.
The electricals sector in Hong Kong produced consistent negative growth during 2012-2017 because of the economic plunge and decreasing household utilization. Whereas, the retail of Hong Kong market is forecasted to rise at a CAGR of 3.5% during 2017-2022. Development and upgradation in the economy with the significant increase in the disposable income fueling the sales of this category in the recent trend and forecasted to grow even more in an auspicious manner. The online retailing grew more significantly to become the second highest channel of distribution as the specialist retailers lose their share in this category of retail. However unsurprisingly, the huge population of young adults and rising the usage of smart devices drives the online sales of electricals in Hong Kong retail market more significantly. In addition, the retailers are resulting the growth through the surging online sales meanwhile in-store sales lag.
The key players of electricals retailing in Hong Kong are investigating the numerous opportunities which are benefitted for both the consumer and retailers whereas, many of the online retailers are adopting the even pricing method for increasing the sales of electricals and for acquiring the highest amount of share by exploring the business premises on the online platform. Therefore, in the near future it is expected that the electricals retailing in Hong Kong will grow more significantly with the extensive development in the strategies and policies of the key retailers on the e-commerce platform over the decades.
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Ankur Gupta, Head Marketing & Communications