Impact on Audio Industry due to COVID-19 and Lockdown
The global pandemic has been disastrous on the world businesses and economy, and India is also facing similar challenges. Due to the virus scare and nationwide lockdown in the country, the economy is gradually declining. Although the decisions taken by the government are for the betterment of mankind, the suffering of the Indian economy can’t be neglected. The various industries in India have come at a halt.
Let alone the sales, their production is also at a pause. However, the effects of the pandemic and consequential lockdown have given hope to a few industries. Their sales might get a hike once this pandemic is out of the country. The Audio Industry is one of them. It is expected that if e-commerce deliveries resume, then 50% of business will be back on track. But for that bloom to happen, the audio industry needs to start their production soon.
Like the other industries, the Audio Industry has also supported the decision and initiatives of extended lockdown by the government. However, the sector needs to resume its sales and production capacity soon. It is expected that social distancing will soon be a norm even after the pandemic is over. People will continue to stay at indoors and avoid public places due to the uncertainty. They would prefer to enjoy entertainment from the safety and comfort of their homes.
The audio industry will play a major role at that time and can provide people with the right type of appliances to bring their music and party at home to maintain social distancing and enjoy at the same time. They just need to be ready with the appropriate measure to meet the demands, because once the import starts again, the market will flood with personal and home audio segment which might cause a problem to the Indian Audio Industry.
The gadgets of the audio industry were necessary even when crowds were a thing unlike now. People still were dependent on these gadgets. And now since they are more aware of the situation, they would need these gadgets more, because life and work go on even post a pandemic. The probability of these products now being used both indoors and outdoors is increased and will continue to be the case in the near future. The future sales of these products will be an unparalleled growth and will reflect soon in the Indian Economy.
Recently, many tech companies have witnessed a major fall in business however; they have managed to rise again. The audio industry is still capable of rising again in the same manner. The audio industry now has goals to conquer which were nowhere visible to their horizon 4 months back so it would definitely be a tough battle to conquer. The companies need to deliver premium products to their consumers. Individualism will be more influential in the future based on the present scenario so the gadgets need to provide great service. Once this lockdown is lifted, people definitely will need these gadgets but they will think twice before spending their money. So the companies need to make sure to showcase their best products.
Although the recessionary fear will be looming in the market, people will still be willing to spend on quality products that are in need. The situation is expected to be better for the big brands of the audio industry. The smaller brands will take time to sail through this problem. The key which the brands need to follow is to market their product to the right targeted audience. This will help their products to deliver the experience to their consumers.
Maintaining the sales and marketing of their products post this pandemic is not the only challenge for the brands. Their competitors will also be launching a new range of products with various qualities. Understanding the market strategy of their competitors and performing better in the market will also be a big challenge. The competition will be tough in the brands launching products with similar features. What needs to be paid attention is that the game will not be taken over by the cheapest manufacturers but by the best manufacturers. The challenge will keep the brands on its toes and the growth will certainly get its space in the industry. The brands need to focus on the fact that their consumers stick to them and not move on with their competitors.
The pandemic has impacted the entire world and affected the Indian economy as well. For Audio industry, there is still a hope to recuperate. If the audio industry works properly, they can tackle this problem as a minor roadblock and can come back on the right track. Technology is one of the biggest things in the world to solve issues. It will bring back the economy on track soon. Right strategies and patience is the key.