With our crystal ball in the shop, TWICE has turned to experts and executives across the consumer electronics industry for what trends and challenges they see on the horizon for the industry. James Fishler, Senior Vice President and Head of Home Entertainment Division, Samsung Electronics America, was gracious enough to share his insights again, and what follows is our exclusive Q&A with him about 2024.
TWICE: In 2024, what are the emerging trends in the consumer electronics industry that you believe will have the most significant impact on consumers?
James Fishler: This year, we are really seeing the industry changing. Turn on any news channel, and you’ll see firsthand the latest reports about fears of a recession and concerns over inflation. Our research finds that while the majority of shoppers feel secure in their jobs and in control of their financial future, almost 80% agree that the economy seems unpredictable.
But that isn’t stopping people from making purchases – rather, it’s shifting their perspective, and driving them to look for more quality products with better value. In fact, 51% of buyers say the quality and value of a product is more important than its price. Most purchase intenders report they are looking for premium brands and don’t intend to “trade down” for a lesser product at a better price.
We’re also noticing that people want more choices to find the right products that fit their lifestyle, and to extend beyond the “traditional” living space. That’s why Samsung is committed to offering even more screens, more sizes, and more connected experiences.
Just recently, we introduced new innovation options ranging from the ultra-large 98” QLED 4K TV with some pretty incredible reserve and early order promos, to The Frame TV in a 32” size with more bezel choices. We’ve innovated to create The Terrace, a weather-proof TV that you can set up outside to watch everything you love even on the sunniest of days – or The Freestyle, to project your entertainment with you on the go. We expanded the value that we’re delivering with enhanced features like the Samsung Gaming Hub portfolio, which now offers nearly 3,000 games that you can play right from your smart TV or monitor – no console required. Knowing that sustainability is playing an even bigger role in purchase habits, we’ve also invested in more eco-friendly packaging and innovations like the SolarCell Remote.
We recognize that no two people are the same. So while it can be challenging to check every box, we’d like to think that we have a little something for everyone – and no matter which TV they may choose, buyers can shop with confidence that they’re getting the best value from the #1 Global TV brand for 17 years running.
TWICE: What can consumer electronics retailers do to maximize their efforts early on in 2024?
Fishler: I think certain shopping trends that emerged over the past few years are here to stay – especially those that make shopping easier and more convenient. The option to buy online, pick-up in store (BOPIS) is the perfect example – you can simply visit Samsung.com, customize your product, reserve it, and pull up to your local retailer to pick-up curbside when it’s ready. In my book, it’s a huge win!
And, I’m seeing how more retailers are shifting away from the traditional brick-and-mortar storefront to make their spaces more experiential – which we love and are offering our support. We’re even doing that in our own retail store as well. Today, you can check out the Samsung 837 space in New York City’s Meatpacking District to get hands-on time with our full suite of products in a connected setting. You can actually experience how your favorite products seamlessly work together, with our SmartThings technology at the center, and envision how they could be personalized to work better for you in your own home.
TWICE: Generally speaking, what do you think the biggest changes in the consumer electronics industry will be for 2024 – and beyond?
Fishler: We’re expecting to see personalization become an even bigger trend. At Samsung, we’re focused on developing innovative products that can genuinely enable more connected, intuitive, and personalized experiences. Our TVs are designed with this in mind, helping bridge connectivity with customization. As an example, The Frame is intentionally designed to let you enjoy all of your favorite content while complementing your personal style. You can choose from several different customizable bezel styles to best match your aesthetic, mood, or even occasion. And with the Art Store, you can select from hundreds of professionally curated art collections to find inspiration and bring your favorite pieces directly into your home. Do you prefer viewing your content in a different way? Check out The Sero, which has a rotating screen so you can switch things up. Or if you need a TV for your outdoor space, there’s The Terrace with either Partial Sun or Full Sun technology.
This focus on personalization extends to many other products too. Just look at our Bespoke home appliances, which can be customized from top to bottom so you can build your dream kitchen with everything from Wi-Fi to White Glass and beyond. Or, our Samsung Galaxy mobile devices – whether you’re looking for a Galaxy Z Fold4, a Galaxy Z Flip4, the Galaxy S23, or S23+ – there are so many options for you to choose the tech that best suits your day-to-day.
TWICE: What innovations can we look forward to from Samsung in 2024? Any sneak peeks ahead of CES 2024?
Fishler: We can’t give anything away just yet! But we encourage you to check TWICE for all the news, including Samsung updates, during CES 2024!
See also: Executive Insight: Samsung In 2023 – A Retrospective
