Supply and Demand of Smartphone Accessories

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Supply and Demand of Smartphone Accessories

As the society grows to be more developed and advanced, new inventions are created frequently. One of the greatest creations of technology is what we currently call a smartphone. Smartphones are very popular nowadays that in fact, there are several releases of new models from different brands in just one year. As sales of smartphones skyrocketed, the same thing happened to smartphone accessories. There has always been a need for phones and it just evolved to a better version which is the smartphone. However, smartphone accessories are new and are just starting to get widely acknowledged.

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According to Khawaja (2018), in India alone, smartphones are estimated to grow at a compound annual growth rate of 2.6% from 2014 when it started to get popular until 2020. The same thing can be said about smart phone accessories because the growth in the smartphone market is directly proportional to the growth in the smartphone accessories market. The main target market of this commodity are mainly smartphone users that are categorized as follows; Cellular Generation – ages 18 to 24, they grew up with cell phone awareness, Transitioners – ages 25 to 34, this category is divided between the cellphone knowledgeable group and the other which is not and the last one is Adult Adopters – age 35 or older, this group was exposed to cellphones later on in life (Comscore, 2007).

Factors attributed to the rise in smartphone accessories sales are smartphone sales, wireless accessories, irregular electricity, social trends, technological advancements and strong distribution networks. Since several smartphone brands are becoming affordable to the society, more consumers are able to spend money on the accessories that come with it. Wireless accessories such as wireless headphones and chargers are indeed a game changer. People can go about their daily chores without having to worry about untangling wires. The release of power banks or battery packs are very useful especially for people who travel a lot, this product can be called a smartphone accessory necessity. Power banks are helpful too especially on areas that have irregular power distribution. Social media has also played a big part in the increase in smart phone accessory sales. With this platform, people are constantly aware of what is currently trending. Social media has also made it easier for everyone to purchase the latest accessories online. Technological advancements together with a strong distribution network has opened the door for new products in the market which are widely accepted by consumers. The factors mentioned led to the increase in smartphone accessories’ popularity. A lot of distributors and sellers decided to market new and improved accessories and the prices became affordable because of the increase in supply (Khawaja, 2018).