The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact.

Besides, the technological advancements have led to the development of smart appliances, which are expected to drive the growth of the household appliance market during the forecast period.

From the perspective of consumers, their inclination toward eco-friendly & energy-efficient appliances further propels the household appliances market. Refrigerators are generally operated continuously throughout the year and energy consumption is an important issue associated with the product. Energy star-rated refrigerators are in high demand as they are installed with efficient compressors, insulation, and defrosting features that help improve their energy efficiency.

With all those driving factors, the global household appliance market size is expected to grow by USD 21.76 billion during 2020-2024.

Faced with the opportunity, how can you start your own journey to the household appliances industry?

1. Get to know the brands and existing companies in the home appliance market.

You need to know about the existing brands in the home appliances market or existing companies you are dealing with. Instead of patronizing new sources, you need to be aware that a majority of brands or manufacturers have their representatives in your market. You can patronize them for your business and take the time to visit them and find out how you can consistently get your stock from them. Remember they have their own terms and conditions which are flexible. If you want to become a home appliances importer yourself, try to go for manufacturers’ products that come with a warranty.

2. Approach those who are already into household appliances.

You need to approach those who are already into household appliances and ask them some relevant questions, as to which ones are in high demand because it is what consumers want you to give to them. Also, you can do market research by visiting malls or stores to find the reasons why those owners or distributors are in business.

3. Select the right product for your store

Household appliances owners need to do a market analysis on what kind of products cater to customers as well as how to plan and implement their marketing activities. The analysis should encompass the competitors, customers, and products. You need to know what kind of products your competitors offer, for which price and to whom. Besides, you need to know existing and potential customers about their preferences for design, function and sizes. Market analysis can be done by conducting interviews, surveys and studies as well as by using focus groups.

Sales success requires offering the right product in the right place at the right time and for the right customer. If your customers aren't buying, your consideration will be in vein. So first you need to think about what kind of customer you want, then you'll be able to determine their needs. Your product selection doesn't have to appeal to all of the population but it should be something you can convince a large percentage of shoppers they need. If your products only appeal greatly to some people, it may not be enough to sustain a business.

4. Impress your customers when they enter the store

Think about how you want to impress your customers when they enter the store, and what functions the store should perform, and then list functional areas and items to display and/or to use. Plan out how you will use each square foot of floor space. Plan for fluid flow. Make sure that workers and customers can easily move about in the space. Make a drawing of the space with precise measurements.

And your shop must be big enough to accommodate your stock. You must make the shop comfortable or presentable. If your shop or warehouse is not well-ventilated, then you may need an air-conditioner installed there.

5. Determine how much you want to invest as a new entrant

You have to determine how much you want to invest as a new entrant in this venture. Try to do all you can to announce your presence. Try to think of the promotional items you can afford to attract patronage and reward loyal customers because this is a highly competitive business.

Your taking your ideas and turning them into reality doesn’t mean you need to figure everything out on your own. There are plenty of online marketing tools available to make your job as a small business owner easier.

Besides, to position yourself for success, you can also tap into the expertise of those who are experienced in the home appliances world. Ask around to friends and family who have dabbled in small business, go online and connect with a mentor, or if you don’t know where to start.

Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.

From big successes to large letdowns, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.