With a whole host of different product categories to consider, it can be difficult to know what to stock. Will new product lines take off or should you promote the tried and tested ranges?
With consumer interest growing, we believe smart home security solutions should be a key priority for branches looking to maximise sales throughout the spring and summer months. Below I outline the top reasons why:
Research has revealed that the smart home market is expected to reach $58.68bn in value by 2020*, and 8.4bn connected objects are already in use**. These figures highlight the potential of the smart home market - and with home security being listed as one of the leading drivers for adoption; opportunities in this sector are huge. This provides a lucrative new revenue stream for modern merchants to tap into.
Increased awareness and demand
Demographic and lifestyle changes, plus the continued desire to invest in homes, means that consumers are always on the look out for something new and have the financial means to buy into the connected home.
Smart technologies have the capability to make lives easier and have become much more widespread thanks to the falling cost of components and increase in competition. What’s more, with the majority of consumers owning a smartphone, this has changed the way we interact with household objects, making smart devices more accessible.
Developing housing market
The government has shown considerable commitment to growing the housing market with the introduction of various Help to Buy schemes, and the number of new builds is now at a seven year high***. This boom in the housing sector has fuelled growth in the home security market, thus providing opportunities to sell smart devices for first fit as well as the retrofit market. It’s also important to note that smart security isn’t seen as a luxury for modern homes, with 62% of Brits thinking you can make any home smart****.
Preference for professionals
Research highlights that many people prefer to use professionals to install smart security products, rather than trying their hand at DIY. This represents a significant opportunity for skilled tradespeople and, by making customers aware of the demand for professional installation and stocking a range of the most popular smart devices, merchants can make the most of opportunities in this area.
To maximise security sales over the spring and summer months, merchants should consider stocking smart solutions to make the most of the emerging market and meet consumer demand.
Stephen Roberts is marketing manager for Yale.