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How to start and expand in modular furniture & home decor business?

09-16-2021 07:05 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: YourRetailCoach

“Necessity is the mother of invention” resonates well with the modular furniture and home décor industry in the last few years. The wants and demands of consumers have changed drastically, and while they always need furniture, the way they look out for furniture has opened windows for new growth opportunities in this sector. The increasing dependence on comfort offered by smart furniture and obsession with design and décor has perpetuated a massive increase in sales of furniture and home décor in every segment. As per surveys conducted earlier this year, the furniture and home décor industry would continue to be one of the fastest-growing segments of e-commerce sales this year. Online furniture retailers have blossomed to become Unicorns of the New World. Let us look at the factors responsible for this:

1. Shift to Digital Niche:

The rise of e-commerce in the modular furniture industry has created unprecedented growth waves in the last five years. Consumers are on the lookout mainly on social media platforms for collections of contemporary furniture and home decor online that will be delivered to their doorstep while they sit in the comfort of their home. As a result, the modular furniture business ( ) is paving new ways to showcase their products online to customers so that they can easily visualise how a particular piece of furniture will look in their new home in realistic photo quality. In addition, by leveraging AI, automation and IoT, the modular furniture industry will be able to fully automate its workflow and accelerate time-to-market to cater to the increasing demands.

2. Increase in demand for Customizations

Choosing the right furniture for your home from the varied options available can be a daunting task. The younger generation moving to their small spaces expect so many bits and pieces to come together and complement each other while they decide on the perfect fit for their homes. Brands today are placing more investments in product customizations with an aim to enhance customer experience.

3. Smart Furniture

With the onset of the millennial generation, furniture is no longer what it used to be in our traditional homes. Consumers now demand modular furniture that is multi-purpose, portable and technology-driven, especially due to smaller living spaces. These serve several varied functionalities such as charging mobile, browsing the Internet, listening to podcasts or the news to meet the changing lifestyle demands. Brands are now utilizing Google home and Alexa functionalities in their furniture pieces to meet the expectations of their tech-savvy consumers.

With rising levels of disposable incomes and urbanization, consumers are looking to make their living spaces more decorative and artistic. In addition, the advent of the e-commerce industry ( ) has made the home décor industry more available and convenient to buy. Let’s look at the main growth drivers in this domain:

1. Building Customer Trust through Personalization

Consumers have become inclined to believe living and workspaces are a reflection of their personalities. With the influence of social media platforms, they are aware of home fashion trends and gravitate towards brands that help them create spaces that reflect their identity and offer personalized services. Customers seek inspiration and motivation and find verbal cues online as they gear towards making their space as personal as can be. Brands must now be prepared to satisfy customers seeking that small detail of a Spanish chic mantelpiece or the big detail of a Bohemian mood setting.

2. Sustainability of Products

With the increasing disposable income, consumers not only want to consume more but also consume better and more responsibly. As a result, consumers gravitate to home décor brands that are involved in upcycling, recycling, and experimenting with alternative materials. Replacing plastic with renewable raw material holds more traction than ever in the market today. As the demand for recycled home decor products grows, it has become a large segment; the market and price and value offers flexibility. Using heritage, storytelling and adding more essence to the value chain can make your products stand out to the consumers.

Home décor and furnishing are a booming industry and hold a lot of potential for generations from the increasing number of young consumers who are social, visual, and digital. Modular furniture and home décor industry brands must deliver fast, convenient, and personalized shopping experiences to be at the forefront. They now have the power to engage with customers online and offline with revenue-generating opportunities.

If you have a furniture business or are planning to start a furniture ( ) and home decor business but don’t know how to do it. You may take consultation from your retail coach. Furniture and home decor Industry experts at your retail coach will help you to establish and expand your business. They will assist you as an extended hand by turning your dream business idea ( ) into reality.

Get advise for Retail Business Consulting :

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YRC is a Management Consulting Company, especially for the B-C Sector.
Our expertise lies into designing of Standard Operating Procedures (SOPs), Franchise Development, Strategy & Operations services, Process Audits & Training.
We help companies to organise their operations and expand through best management practices.

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