According to a new market research report the home security solutions market, on the whole, is expected to reach $34.46bn by 2017, growing at a compound annual growth rate of 9.1%*.
The growth in the home security sector has been driven by the rise in global crime rates, as well as an increase in technological advancements. This provides a wealth of opportunities for trade professionals to benefit from which, in turn, helps merchants increase sales.
Merchants need to be savvy about stocking the right product mix, and understanding the latest standards to help to secure a successful year in 2015.
According to statistics one in every five people in the world own a smartphone. For many people they are the preferred way of doing everything - from shopping for goods and services to keeping track of their home security. This trend is rapidly increasing consumer demand for digital security products, such as digital door locks, and app controlled alarms and CCTV kits.
As well stocking digital products it’s also important to retain a good mix of traditional security solutions, and to make sure you understand the industry standards required when talking to your customers.
By stocking the right mix of security products that also satisfy the latest standards, merchants can meet the demands of their customers and increase sales in 2015.
* Markets and Markets.
Dave Herbert is head of marketing at Yale.