The electronics sector is one of the many industries that witnessed significant growth online in 2020 with the pandemic and that has continued to see growth in 2021. With ecommerce up across the board, online electronics sales reached new heights last year – and many more records will be broken in the years to come.
Computers and consumer electronics represent 22% of all retail ecommerce sales.
As the state of the pandemic continues to shift, what does the future hold for the electronics industry? If your brand falls into this category, how can you ensure you’re staying ahead of a rapidly evolving marketplace with successful conversion-driving strategies?
In this article, we’ll dive into the latest electronics industry stats and trends for online brands, how the coronavirus pandemic has impacted this industry, and tips and strategies for electronics industry brands in 2021.
The State of the Electronics Industry
2021 electronics industry trends & stats:
- Computer & consumer electronics industry brought $156.5 billion in online sales last year
- 18% growth in 2020 after overall spend grew just 1.7%
- Consumer electronics are expected to reach a record $74.86 million in online revenue in 2021
- By 2025, digital revenue from consumer electronics will pass $88.3 billion
- Electronics digital ad spend is forecasted to grow 28.2% to hit $14.93 billion in 2021
COVID-19’s impact on the electronics industry:
- Amazon.com was the top online electronics & media store in the US last year, bringing in over $61.3 million in revenue in this category. BestBuy.com followed at $16.71MM, followed by Apple ($14.2MM), Walmart.com ($10.3MM), and Target.com ($4.3MM)
- Consumer electronics saw nearly 16% revenue growth in 2020
- Electronics & media category bringing in nearly $93.8 million in total revenue
- 40% of global electronics brands say consumer electronics were the industry impacted the most by COVID-19
Ecommerce strategies & tips for electronics brands:
- Electronics make up the biggest category for online back-to-school shopping, with the average household spending around $274 on electronics or computer-related equipment for back-to-school
- Depending on your product, your electronics brand may have a wide variety of potential target audiences to focus on. Utilizing keyword research can help ensure that your campaigns encompass all possible experiences and intentions.
- Many electronics items can have a high average order value, which some consumers are still wary about as we exit the pandemic. Offering free or discounted shipping if you don’t already is a great way to help guide a shopper from prospect to customer.
Sources
- Insider Intelligence, Ecommerce Powers Consumer Electronics Sales.
- Statista, Consumer electronics retail e-commerce revenue in the United States from 2017 to 2027.
- eCommerceDB, Electronics & Media market in the U.S.
