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LED smart lighting

SWOT Analysis of the LED Smart Lights Industry: Illuminating the Key Opportunities and Challenges

The rising demand from residential and commercial segments opens up new growth opportunities for LED smart lighting companies in the years to come. As a result, the market competition in the LED smart lighting category has been skyrocketing at an unprecedented rate with several companies competing to produce and sell innovative LED smart lighting solutions for household, administrative, and business uses. As exciting as this new segment in the lighting industry looks, it is not completely free of glaring issues that must be tackled. Experts at Infiniti Research conducted a comprehensive SWOT analysis to help companies identify opportunities and address issues and key challenges in the sector.  

Looking for the right market access strategies in the LED smart lighting sector? Request a free proposal from our industry experts.

LED smart lightingStrengths of LED smart lights: Smart innovation

A decade back, who would have thought that technology will enable controlling light bulbs with the help of a smartphone! Using LED smart lighting technology, bulbs can connect to a smart device using wireless technology. Motion sensors can also be set up on these lights to switch them on or off based on a person’s proximity to the sensor. Such innovations give the user complete control of their lighting system and this is one of the major benefits of LED smart lights. Another major benefit of LED smart lighting technology is the reduced electricity consumption. Due to the increased sustainability, smart LED lights manufacturers can expect greater government incentives to support their operations. Although this is a breakthrough innovation, the setup of these smart bulbs is as simple as it can get. Once the bulb gets inserted into the light source, all it takes is to download an appropriate app and set up the wireless connectivity, making it simple and easy to use.

Weaknesses of LED smart lights: Barriers to market entry

Since this technology is relatively new, not a lot of people are aware of these bulbs. Furthermore, some of the top companies producing LED smart lights also deal with conventional bulbs, making this a tough market to battle against.  As such, smart lighting companies must focus more on the tech-savvy population, especially millennials who have an affinity towards such innovations. Moreover, as the pricing of these bulbs are on the higher side, there are greater chances of reluctance from customers to buy this product. Another important drawback of an LED smart bulb is that not all of these bulbs follow the same setup process. While most models use wireless technology to connect, some of them may require additional hubs or switches to function as expected. Such complicated installation processes make it even more difficult to make such technology mainstream.

Gain smart solutions to combat key business challenges. Get in touch with an industry expert from Infiniti Research.

Opportunities for LED smart lights: Market expansion and growth

The rising government incentives for energy-saving products is an opportunity for LED smart lighting companies to expand their business operations by making more products available to the market. Factors such as rapid urbanization and the rising need for mobility could also largely fuel the growth of this industry. Furthermore, companies in the sector can also plan to move beyond catering to domestic needs and expand at an industrial or organizational scale. As a greater number of companies are trying to incorporate sustainable practices and the benefits of longer-lasting bulbs is a key incentive to attract corporate clients.

 

Threats facing LED smart lights: Traditional products remain market dominants

The lighting industry is characterized by cut-throat competition, with market players offering similar products and aiming to be leaders in the smart lighting segment. However, traditional bulbs continue to dominate the market with only a small population of buyers for smart bulbs currently. Moreover, the traditional lighting options are much cheaper than the smart lighting solutions, making it a more favored segment among buyers. Another major barrier is the complications involved in the set-up and usage of smart bulbs. Due to the relatively complex procedures involved, buyers may choose to go with the traditional options available.

Want to know more about the market trends and strategies to gain a better foothold in the LED smart lighting industry?

SWOT Analysis

Infiniti’s SWOT Analysis Solution Helped an E-commerce Company Enhance their Online Sales by 44%

The increasing use of internet and smartphone has fueled the growth of the e-commerce business. Also, the recent improvements in technology including automation and chatbots have opened up a world of possibility for online retailers to enhance their operational efficiency and delight their customers. These advancements have even made it easier for e-commerce companies to keep track of all the latest market events and their competitor activities. Therefore, to succeed in today’s digital age, e-commerce companies are expected to innovate and respond to the ongoing market changes to meet consumers’ needs at a much faster pace, while complying to government requirements, maintaining ethical, and adopting sustainable business practices. Therefore, companies are partnering with firms like Infiniti Research to conduct a SWOT analysis.

Complex business issues require more in-depth research and thorough analysis before the decision-making process. Request a FREE brochure to know how our SWOT analysis solution helps you in making knowledgeable business decisions.

Business Challenge

With erratic changes to the market, competitor’s new advertising campaigns, and new government policies, the client, a leading e-commerce company in Ireland was facing threats in expanding their business. The company’s failure to identify market opportunities and threats was a major roadblock that prevented them from creating attractive products and pricing models to generate revenue. Therefore, with SWOT analysis, the client wanted to identify the well-performing areas of their business  and examine their weaknesses.

They approached Infiniti Research to leverage their expertise in offering SWOT analysis solution. With Infiniti’s SWOT analysis solution, the client wanted to examine their internal strengths and weaknesses, opportunities for growth, and mitigate threats. Furthermore, the client wanted to develop business strategies and future objectives related to business expansion.

Solutions Offered 

The experts at Infiniti Research conducted a detailed study of the internal and external environment of the company and the e-commerce business. They helped the client identify potential threats and opportunities in the market. Also, by analyzing their competitors, the experts at Infiniti Research helped the client understand how their competitors were using the market opportunities to their advantage.

Identification of the company’s strengths and weaknesses further helped them to determine how to allocate their resources in a way that will result in the highest possible potential for revenue growth and profitability. Moreover, Infiniti’s SWOT analysis solution presented a fair knowledge about market opportunities, which helped the firm take advantage of emerging opportunities to gain new business, market shares, and access to capital. With Infiniti’s SWOT analysis solution, the client was able to increase their online sales by 44%.

action-artisan-burnt-1145434Also, Infiniti’s SWOT analysis solution helped the client to:

  • Take advantage of their strengths
  • Address their weaknesses
  • Capitalize on new market opportunities before their competitors
  • Deter threats in the market and take actions to mitigate them
  • Develop business goals and strategies for smooth expansion

Recognizing the business opportunities and threats well in advance will help organizations in gaining a competitive advantage. Request a FREE proposal to know how our SWOT analysis solution will help your company survive this stiff competition and make smooth market expansions.

What is SWOT analysis? 

A SWOT analysis methodology is used for documenting internal strengths and weaknesses in a business, as well as external opportunities and threats. By focusing on the key factors influencing your business, a SWOT analysis helps you understand where your business has a competitive advantage and what issues you should be addressing. Essentially, a SWOT analysis is a roadmap for how you should move forward with your business, which opportunities you’re missing out on, and what challenges you should tackle.

Untitled designWhat are the elements of a SWOT analysis? 

Strengths – Identifying your organization’s internal capacities and resources. This element of SWOT analysis describes the core competencies of a business, strategic factors that may make a certain business more likely to succeed, and areas where the business may have advantages over other similar businesses.

Weaknesses – Identifying your organization’s internal weaknesses, including employee turnover, sales performance, branding strategy, cash flow, and more. Once weaknesses are identified, a business can take steps to lessen the impact or turn them into strengths.

Opportunities – Opportunities are events that have the potential to increase profits. Identification of new trends that complement your products or services and new software that will help streamline your workflow can be regarded as business opportunities.

Threats – Unfavorable changes to laws, higher taxes, and changes in consumer preferences are some of the possible threats. Identifying a threat helps the business manager to limit its impact. Threats further include factors such as tough competition, strong branding by other companies, and an unstable economy.

Our SWOT analysis solutions have helped various companies to achieve their business objective. CONTACT us to know more about our services.

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