According to data from GfK-NielsenIQ, Air conditioning sales In the first half of 2024, online sales increased by 62% in value versus 30% offline, compared to the previous year. Washing machine sales increased by 15% online year-on-year, while offline growth remained stable, while for laptops, sales increased by 7% online but fell by 3% offline. For tablets, online purchases doubled in value versus 18% growth in physical stores.
Industry executives said the gap in sales growth between online and offline for these electronics products was never so wide: It used to be 4 to 6 percentage points higher online, except during the Covid period when offline stores They were closed.
“Gone are the days when the internet was just the channel for essential products,” said Anant Jain, director of customer success (technology and durables) at GfK India, a NielsenIQ company.
Many people are looking at the offline market and buying online to get a good deal and convenience, he said. “Also, the average selling price of categories such as air conditioner, washing machine and laptop is relatively higher than others. This has driven the overall growth of sales value in the online channel.”
Overall, consumer electronics sales grew 17% online during the January-June period, compared with 12% offline. This was when sales growth by volume, or number of units sold, offline was two percentage points higher, at 12%. Within the online marketplace, value growth in consumer electronics was higher than volume growth, indicating that people are buying more premium products from retailers. E-commerce platforms and the brands’ direct-to-consumer channels.
“The resistance to buying premium models online is no more,” said Satish NS, president of electronics firm Haier India. “Many young consumers shop online forgoing the tactile feel. But ultimately, for the vast majority, price is the more important deciding factor than convenience,” he said.
Even in the smartphone space, there is a shift towards buying premium models online. Summer sales on online channels helped Smartphone industry rebound in the April-June quarter, when offline sales were severely hit as severe heatwaves kept people at home.
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