The stock of Amazon.com, Inc (NASDAQ:AMZN) closed at $1,187.38 losing 0.27% in yesterday’s trading session. Amazon has moved ahead to embrace the low-cost approach in the smart speaker market. The rivals intend to follow suit by slashing prices in their respective Echo voice-activated speaker lineups in a bid to put up with the fierce competition Amazon has posed them.

The steep decline experienced in line with the consumer electronics device is not an  uncommon phenomenon. According to the Consumer Intelligence Research Partners, the prices of the smart speakers have in the course of this year moved down by about 50%.

Companies around the globe are with the passage of time exploring various ways to help them push the prices of their products higher. One of the working strategies has been the addition of new and exciting features to win over the hearts of customers.

It is the holiday season once again though and cross trends are spurring price declines. Amazon seems to be showing consideration for its wide customer base. It is for that reason that it has resolved to cut down on the prices of its Echo devices. The new move was going to help the company generate higher sales as well as help expand its customer base.

One analyst opined, “Beyond playing music, checking traffic and getting the news, the functions of these crop of smart speakers is limited. Without huge demand for smart lights and appliances that would make these speakers more valuable, it will be a while before consumers see them as necessary as their smartphones, TVs and computers.”