In the electronics and home appliances segment, the lockdown has left the retailers loaded with unsold inventory. Some companies have said that they may have to cut the employees’ salaries for a few months to keep things stable. The industry has missed out on the sales this year, which happens by the end of March and summer sale. There was a major loss for the industry as not many customers were buying their electronic products.
Few retailers have started selling it online through their websites. The industry is also seeking a reduction in GST rates to enhance affordability for consumers and profitability for retailers. There are more buyers online than offline which can be profitable for the retailers.
The industry is expected to experience a considerable sales loss in the future, according to an analysis of the Indian market in appliances and consumer electronics by CARE Ratings. It also says that even if the spread of the pandemic is curtailed, it is expected that the consumer’s sentiments will remain unfavorable and the demand muted.