Smart devices are becoming increasingly popular, they are everywhere with humans, either in their homes, offices, or even in their pockets, however, failing to identify the potential market for the product can result in reduced dominancy of an organization. For addressing this issue and tapping into undiscovered potential, the company’s stakeholders turned to Research Nester for helping them understand the new market.
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A leading East-Asian technology company, that already has established its hold in the region and had a long successful business history. When new companies entered the Asia market. The company faced a major setback and could not manage to hold its current market position.
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The company intends to make a comeback by increasing the market share by at least 8% by the end of 2035 and mark its dominance as the largest share-holding organization in the smart devices market.
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Research Nester provided its regional market research solution to assist the company in understanding its competition and assessing the demand of smart devices in the market in Asia.
Research Nester analyzed all the other key players in the market and the demand for products offered by the companies. This enables the company to build effective strategies for improving its product reach in 5 prime regions, including India, China, Korea, and Japan. The company gained a market share of around 62% during CY2022, up from 58% in CY22021. The company did a sale of 100 billion yen in Southeast Asia in FY 2022. Furthermore, in FY 2023, the company achieved a sale of 2.38 trillion yen in Japan alone.
Similar product launches by other competitive players in recent years imposed a huge challenge for the company. Moreover, during the COVID, the demand for smart devices increased, and other companies raised their competition which was disrupting the sale of the organization. Research Nester evaluated that the demand for various smart devices, such as voice control devices jumped by 30% in 2020. There was a huge opportunity to fill, in the smart devices market, people were getting engaged to more comfort. Moreover, the high use of the internet during COVID boosted the efficiency of these technologies. The leading technology companies change their marketing strategies and were developing partnerships with the regional government to boost their market share in Asia Countries. To cover any shortcoming, the company seek the help of Research Nester to develop the best strategy for their business growth. The Research Nester team of consultants and analysts discovered that the organization fell short in the following significant areas:
Here, owing to the advent of the latest technologies, the company is incapable of keeping up with the pace. This is also causing a drop in the demand for the product. The competitive analysis and benchmarking is helpful in comparing the standard of the product.
Research Nester did a detailed study on the business portfolio of other companies, so the organization can become aware of its competition. This evaluation helps the company to find the perfect partner for the new collaboration. With the new partnerships, the company enters into the home appliances market in Southeast Asia, which will increase the company’s portfolio. Moreover, these local partners will help strengthen the customer relationship. The few areas which required special focus of our client were:
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