However unsurprisingly, the retail market of home appliances is growing more effectively with the development in the economy, increase in disposable income and modernization. The retail area of any country is growing more effectively and the seller also playing effective role in making this market more profitable with their efficient working and introduction of the new products. The retail market of this region is rising more significantly and gaining the views from the customers as in the modern era the consumers are shifting more extensively from social platforms to online platforms for buying anything while sitting at any place as the retailers are turning up their business into an online platform due to which they do not have to maintain the huge stock physically. Online platform is proved an effective platform for this type of retailing as in home retailing the buyer sells only home related appliances which includes Big Ticket, electrical homewares and several others which are hard to maintain as they required huge space. Moreover, urbanization is fueling this market in an aggressive manner in the coming years.
According to the report analysis, ‘Home Retailing in Singapore, Market Shares, Summary and Forecasts to 2022’ states that some of the major key players which are currently functioning in this domain more effectively for acquiring highest share includes IKEA, Harvey Norman, Sheng Siong, Cold Storage, qoo10, FairePrice, Tangs, Takashimaya, Muji, Bhg and several others. Moreover, the report also offers important information related to the major key players and depth analysis of the latest trends in consumer shopping, covering the factors driving shopping, consumer insights, and market dynamics. Not only has this, the report also covers major retailers in home category group with their product proposition analysis and market positioning in 2017 with recent major upgradations and developments.
The retail market of this region is forecasted to grow at a CAGR of 3.0% during 2017-2022 with the significant improvement in housing market set to operate sales to 2022. Moreover, significant increase in the disposable income fueling this category sales in the coming years. The activity of renovation in the Singapore also drove the sales of this category in the retail market in 2017. Whereas, the homewares sales to register a robust CAGR of 4.1% during 2017-202. With the increase in the sales in the near future the retailers are introducing their online platform businesses which provide huge varieties of the product and solve the problem of storage. The sales of home appliances with the help of online channel the market will grow in a fastest manner in the coming years.
The key player IKEA is the market leader for home sector sales in 2017 and qoo10 grew the fastest during 2016-2017. Whereas, the key players are searching and forecasting the behavior of consumer in the home category for identifying the best opportunities which become more fruitful for both the buyer and seller. Therefore, in the near future the home retailing Singapore market will grow more significantly over the decades with the formation of effective strategies and policies by the key player for attaining handsome amount of market share.
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Ankur Gupta, Head Marketing & Communications