About 64 percent of American adults own a smartphone of some kind and 3-D printers are going mainstream, reflecting the trend that more consumers are using electronic gadgets and gizmos on a daily basis. There are converters to charge smartphones in cars, wall outlets with USB ports and garage doors that can be controlled via Wi-Fi. As technology continues to advance, consumers’ desire for connectivity is growing. That demand offers greater opportunities for selling home electronic items and accessories.
To understand the opportunity in home electronics for home improvement retailers, Hardware Retailing polled 1,000 consumers on their home electronics shopping habits. The data shows that consumers are purchasing home electronics items from stores other than businesses like Best Buy. While only 26 percent of respondents have ever purchased a home electronics item at a home improvement store, 50 percent of consumers say they would consider doing so—revealing selling opportunities for retailers like you.
Applied to Retail: Consider adding small electronic items to your inventory and growing the niche to capitalize on consumer interest. Electronics make great last-minute buys and have relatively high margins. Read more about these products and some retailers who excel in the niche.