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What are the key challenges in the consumer electronics industry in 2022?
How has the consumer electronics market changed over the last two years?
What challenges will consumer products leaders face in 2024?
What are the biggest challenges facing the consumer products industry?
Dino Paic. The last two years have significantly impacted the consumer electronics market, especially with lockdowns and disrupted consumer electronics supply chains. These disruptions are unlikely to be resolved quickly or effectively, primarily because of the new challenges, such as finding adequate labor and increasing costs of all kinds.
Insight. Sailing the Digital Seas: Navigating Key Trends Shaping the Consumer Electronics Industry in 2024. As the world continues to grapple with uncertainties tied to inflation and supply chain disruptions, the consumer electronics industry is navigating challenging, even uncharted waters.
Feb 17, 2022 · Across the consumer electronics sales categories, computers (+34%) and TV sets (+12%) have grown much faster than smartphones (+1%) in the past three years globally, likely due to COVID-19 restrictions and more time spent working and learning from home.
While winning approaches to 2024 may revolve around fundamentals like price, volume, and mix, consumer products leaders will also likely confront newer challenges like generative AI, weight-loss drugs, or emerging regulations. Learn more in our 2024 consumer products industry outlook.
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- US Consumer Products Research Leader
- juscook@deloitte.com
- Economic and Supply Chain Instability
- Shifting Consumer Behaviors and Demands
- Business Model Innovation
- Sustainability: A Catalyst For Business Innovation
- Strategic Priorities For Consumer Products Companies
- Leverage A Supply Chain Ecosystem
- Predict and Prepare For Consumer Shifts
- Transform Business Models
- The Next Phase of Growth For The Consumer Products Industry
Overall economic uncertainty and supply chain instability are creating unpredictable markets in many sectors. Consumer products companies are only as strong as their ecosystems, so if their supply chain networks are disrupted, their business operations suffer. There is strong evidence of the fragility of global supply chains throughout the pandemic...
Empowered consumers were already demanding more personalized digital experiences prior to the pandemic, but COVID-19 shifted that consumer behavior into high gear with the dramatic acceleration of online shopping and tailored delivery methods. This trend is expected to continue beyond the pandemic, as many consumers have become so accustomed to the...
Several companies have had to quickly alter their business models to expand or to simply maintain operations in the past year. New ‘born digital’ companies are quickly gaining market share in the expanding digital marketplace as they redefine how consumer products companies meet consumer expectations. Digital innovators have the transparency and da...
One of the main forces driving changes to both consumer behavior and significant business innovation is the topic of sustainability. People care if the companies that they deal with align with their personal values. For many, that means choosing companies that consider social sustainability, environmental impact, and use sustainable, ethically-sour...
While consumer products companies continue to face extraordinary challenges, there are three strategies businesses can use to address each of the issues outlined above:
In a traditional consumer products value chain, the ecosystem is largely static. Moving forward, this needs to change in order to achieve supply chain agility and transparency. In today’s complex supply chains, logistics collaboration is critical to reduce total cost and improve service to customers. Strong ecosystems can help businesses reach out ...
The prevailing sentiment in traditional consumer products companies used to be “one size fits all.” That’s not the case anymore. Consumer behavior has changed dramatically, and today people are demanding safe, fast, transparent, personalized, and sustainable products, services, and business practices that align with their personal values. Today's d...
The traditional consumer products business model consisting of building scale and share under the banner of well-known brands, no longer delivers reliable growth. If anything, the pandemic has demonstrated how quickly everything can change. It has rapidly accelerated trends that were already growing exponentially, and has completely reshaped the co...
Consumer products companies are building resilient, transparent supply chain networks, responding to rapidly evolving consumer values, and adopting innovative, sustainable business models to drive the next wave of growth in the consumer products industry. Watch the webinar now to learn how SAP and its partners are helping consumer products companie...
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2024 Consumer Electronics Trends. Predictions and Projections for the 2024 Consumer Electronics Industry. In the ever-evolving realm of technology, each year brings forth a wave of innovation, redefining the boundaries of what's possible.
There are three key challenges –challenges of immediate concern and which the consumer electronics supply chain needs to address in order to deliver the right product, in the right quantity, at the right price, place, and time. Geographical Concentration. The world’s largest chip makers continue to largely depend on manufacturing centers in ...
