How AI and IoT are Revolutionizing the Consumer Tech Market in 2024

According to Salsify’s “2024 Consumer Research,” a modern consumer’s buying journey is expected to have three key stages: awareness, consideration, and decision. This is reflected in every product they choose, especially in the consumer electronics sector. For many years, consumer tech in India was limited to phones, laptops, and other electronic goods like TVs. However, the landscape has dramatically evolved. The strong influence of technology on our daily lives has catalysed a major transformation in consumer tech preferences, led by Virtual Reality (VR), the Internet of Things (IoT), Augmented Reality (AR), and Artificial Intelligence (AI).

Looking globally, the Indian population is displaying the fastest-growing trends in consumer technology, attracting companies worldwide. In today’s hyperconnected world, consumers have become more discerning about the cost of the electronic gadgets they purchase, seeking devices that offer superior performance, durability and reliability. As the customer experience evolves, confidence in brands has also become an important factor. According to online review statistics, 95 per cent of consumers read reviews before buying a product, while 67 per cent say they wouldn’t trust a high rating unless it comes with numerous reviews.

With the significant increase in the number of online shoppers in India, online stores are also using technological advancements to cater to individual needs in the diverse cultural demographic. The retail sector, overall, is embracing innovative technologies to offer immersive and personalized experiences unlike anything seen before, potentially revolutionising the retail industry as a whole.

The changing customer preferences, it has also resulted in a major transformation in their outlook on home entertainment. For instance, television sets ruled the home entertainment segment until a few years ago. Now, with increased interest from the middle-level segment in setting up home theatres, it offers ample opportunities for Laser TVs. As a result, the traditional bulky projectors have now given way to slim models and ultra-short-throw (UST) projectors.

As mentioned earlier, Indian consumers prioritise quality over pricing. They seek updated technology, whether it’s in visual quality, audio quality, or the version of software used. They also prefer the latest technical specifications. This can be exemplified by one of Formovie’s fast-selling models - the Formovie THEATER Ultra Short Throw 4K projector. A majority of satisfied customers said that the key factor driving their purchase was the stunning features of the device, which they read about in reviews and heard from existing users. Its ALPD® 4.0 RGB+ Technology, 4K Resolution, 2800 ANSI Lumens, and 107% Rec.2020, supporting Dolby Vision, along with an impressive quad 15W speaker system tuned by Bowers & Wilkins, were standout features that they valued. 

Along with online reviews, consumers also prefer a hands-on experience when it comes to relatively new and luxurious products like projectors. That is why we launched a dedicated Formovie Experience Lounge in Mumbai's Bandra West, where potential customers could witness the remarkable capabilities of the projector lineup in action. The response we received from them was nothing short of extraordinary. Many consider it similar to a test drive before buying a new car.

From the manufacturers’ point of view, the use of advanced technologies like AI, ML, and IoT is helping them develop better products that align with changing customer preferences and offer improved services to users. Understanding the unique requirements of Indian consumers will lead to new products that cater to their specific demands.

We have already seen some future-oriented concept gadgets that are set to be revealed in the coming years at major tech shows. We have also been witnessing the increasing trend of wearables including rings that are replacing smartphones. Similarly, more AI and VR-powered tools will evolve. For instance, most modern UST projectors offer 4K resolution, providing rich colours and lifelike contrast ratios. In the future, there will be a growing demand for content viewing in 8K resolution. There will also be a demand for 4D and 5D cinemas at home. With the kind of technological integration we are witnessing, all these advancements and more are not impossible.