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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