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Consumer technology products are constantly evolving, and with each new development, supply chains must adjust to meet changing demands.
Five trends in consumer technology and how they’re reshaping supply chains.
- Longer Product Life Cycles: Consumers are becoming more environmentally conscious, leading to a shift towards products that last longer. This trend has the potential to reduce waste and create new revenue streams for companies that offer repair and refurbishment services.
- Smaller, Faster, Lighter: As devices become smaller and lighter, they take up less cargo space and allow companies to optimize their container utilization. This trend also has an impact on storage solutions and can be an opportunity to streamline supply chains.
- Internet of Things: The increasing interconnectivity of devices is driving the growth of the Internet of Things (IoT), which has the potential to revolutionize the way we live and work. Consumer technology companies must find a balance between the desired product lifetime and the developments resulting in the IoT that are bringing this lifetime down.
- A Shift in Sourcing: The global chip shortage caused by the pandemic has led European companies to move sourcing and manufacturing closer to home markets. This trend can limit risks, shorten supply chains, reduce transportation costs, and improve time to market.
- Sustainability: Consumers are increasingly looking for more sustainable options in all categories, and consumer technology is no different. This trend can lead to reduced waste and a more environmentally friendly industry.
As these trends continue to shape the consumer technology industry, companies must adapt their supply chains to meet changing demands. By embracing new technologies and focusing on sustainability, businesses can stay ahead of the curve and succeed in a rapidly evolving market.
