Signals Analytics, an advanced analytics platform that leverages external data to uncover market trends and predictive insights, is unveiling its Consumer Electronics Market and Category Overviews. Ingesting data from more than 13,000 sources, the offering provides deep and cross-category analysis that helps business leaders understand what is driving innovation and consumer demand.
The pandemic changed how people connect with family and friends, how they shop, and where they work, and all of these changes have created a stronger reliance on personal technology. In fact, data shows that consumer electronics companies had higher profits in 2020, which is reflective of consumers’ continued purchasing of electronics.
“In recent years, no industry has experienced innovation at such an unprecedented rate as consumer electronics,” said Guy Cohen, Chief Product Officer at Signals Analytics, which was recently acquired by Kenshoo. “Signals Analytics’ new consumer electronics solutions enable manufacturers to pinpoint exactly which product benefits consumers are prioritizing and what is on target customers’ minds, and then cater offerings to fit those needs.”
Analytics identified several key trends that consumer electronics brands can capitalize on now to gain competitive advantage:
Consumers want more ways to monitor their health at home. Sleep tracking, heart rate monitoring, and blood pressure monitoring are all sustained trends, and saw a spike in consumer discussions early in the pandemic; social media chatter about heart rate monitors was up 626% in the last year.
Increased screen time has created widespread concern about eye health. Signals Analytics found that eye health is an emerging benefit within patent applications; it is up 22% year-over-year and has also dominated discussions among key opinion leaders – up 240%.
Sustainability matters to consumers – even for tech products. Year-over-year, product sustainability claims are continuing to increase, and at the same time, consumer discussions regarding environmental impact and sustainability have grown 151%.
Unlike other consumer markets, consumer electronics products have a long innovation cycle, making early trend-spotting imperative. Powered by patented natural language processing (NLP), Signals Analytics leverages predictive technologies that perform at greater than 90% accuracy. With deep-dives for the below categories, brands in these spaces can make informed decisions about which products in a portfolio to push, and where and how to do it, knowing the insights they are using are accurate and relevant.