How AI and IoT are revolutionizing the consumer tech market in 2024

According to Salsify’s ‘2024 Consumer Research’, the modern consumer 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 technology in India was limited to phones, laptops and other electronic goods like TVs. However, the landscape has evolved dramatically. The strong influence of technology in our daily lives has led to a major transformation in consumer preferences for technology, led by virtual reality (VR), internet of things (IoT), augmented reality (AR) and artificial intelligence (AI).

Globally, India’s population is showing the fastest-growing trends in consumer technology, attracting businesses from all over the world. In today’s hyper-connected world, consumers have become more discerning about the cost of the electronic gadgets they buy, looking for devices that offer better performance, durability, and reliability. With the evolution of customer experiences, trust in brands has also become an important factor. According to online review statistics, 95 percent of consumers read reviews before buying a product, while 67 percent say they wouldn’t trust a high rating unless it was accompanied by numerous reviews.

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

Changing consumer preferences have also led to a significant transformation in their view of home entertainment. For example, televisions dominated the home entertainment segment until a few years ago. Now, with the growing interest of the mid-range segment in creating home theaters, it offers a wide range of possibilities for laser TVs. As a result, traditional, bulky projectors have given way to slim models and ultra-short throw (UST) projectors.

As mentioned earlier, Indian consumers value quality over price. They look for up-to-date technology, whether it’s visual quality, sound quality, or the software version they’re using. They also prefer the latest specs. An example of this is one of Formovie’s fast-selling models, the Formovie THEATER Ultra Short Throw 4K projector. Most of the satisfied customers said that the key factor in their decision to buy it was the stunning features of the device that they read about in reviews and heard about from existing users. Its ALPD® 4.0 RGB+ technology, 4K resolution, 2800 ANSI lumens and 107% Rec.2020, Dolby Vision support, along with an impressive 15W quad speaker system tuned by Bowers & Wilkins, were the standout features that they appreciated.

Apart from online reviews, consumers also prefer hands-on experience when it comes to relatively new and luxury products like projectors. That’s why we launched a dedicated Formovie Experience Lounge in Bandra West, Mumbai, where potential customers could see the amazing capabilities of projectors in action. The response we got from them was nothing short of amazing. Many consider it to be similar to a test drive before buying a new car.

From the manufacturers’ perspective, the use of advanced technologies like AI, ML and IoT help them develop better products that are aligned with changing customer preferences and offer better services to users. Understanding the unique requirements of Indian consumers will lead to the creation of new products that meet their specific requirements.

We have already seen several future concept gadgets that are set to be unveiled at major tech fairs in the coming years. We are also witnessing the growing trend of wearable devices, including rings, replacing smartphones. Similarly, more AI and VR-based tools will evolve. For example, most modern UST projectors offer 4K resolution, providing rich colors and realistic contrast ratios. In the future, there will be an increasing demand for watching content in 8K resolution. There will also be a demand for 4D and 5D cinemas at home. With the level of technological integration that we are witnessing, all these advancements and more are not impossible.