Overall Furniture and Home Décor market in India stood at more than ₹1 lakh Cr in FY'22P. Will India continue to foster online furniture and home decor market in the Future?

1.Newer Technologies in Furniture Manufacturing, Designing & Marketing

3D Printing

3D printing is already much more widespread than we think. These machines, , generally work by depositing and gluing layer by layer tiny grains of some material such as plastic, ceramics, glass, metal, and even concrete. It belongs to a type of manufacturing called additive manufacturing, in which three-dimensional geometries produced on a computer (a CAD drawing or a three-dimensional model) are transposed into reality utilizing only the exact amount of material needed and creating shapes that would be unimaginable for a human being to manufacture.

When talking about furniture, the options are also profuse, from printing connectors and junctions for shelves or benches to making complete furniture.

Augmented Reality

Augmented Reality enables furniture designers and manufacturers to superimpose virtual objects in a real environment.
Augmented reality applications serve to place the desired objects in a real space, giving a better sense of scale, design, color, and how the ambiance will look after furniture placement.
The features, dynamics, ambiance of the furniture of the offline store are replicated in the virtual stores with the augmented reality.

Artificial Intelligence (AI)

Artificial Intelligence (AI) can be used in furniture design with a generative concept.
This innovative strategy enhances human resources by using algorithms to automate design logic.
The system control can formulate thousands of iterations on predefined parameters and orders pre-established by the consumer to arrive at the most appropriate design solutions.

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2.Work from Home Culture after the Pandemic is giving boost to the Online Furniture Market.

The work from home culture in India due to the pandemic has led to an increase in demand for furniture. With more people spending extended periods of time at home, the need for comfortable and ergonomic furniture has become more important than ever before.

Many people have had to set up home offices or workstations to accommodate their work-from-home requirements. This has created a surge in demand for office chairs, desks, and storage solutions. Additionally, with families spending more time at home, there is an increased need for functional and comfortable seating options, such as sofas and recliners.

Furthermore, the closure of physical retail stores during the pandemic has also driven consumers towards online shopping, which has made it easier for them to browse and purchase furniture online. This has further boosted the demand for furniture as consumers are now more comfortable buying furniture online.

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3.Growing demand for home decor products from Tier 2 and Tier 3 cities

Growing demand for home decor products from Tier 2 and Tier 3 cities is attracting more suppliers to the market and enhancing their bargaining power.

Tier 2 and Tier 3 cities are experiencing significant economic growth and rising incomes, which is leading to an increase in discretionary spending on lifestyle products such as home decor. As more people in these cities are becoming aware of home decor trends and styles, they are looking to decorate their homes with unique and modern products. The availability of online shopping platforms retailers such as Pepperfry and Urban Ladder are focusing on reaching out to small towns by improving their supply chain capabilities, broadcasting TV commercials, providing easy payment options such as COD, and offering coupons and discounts.

The trend towards urbanization and the growing number of young professionals in Tier 2 and Tier 3 cities is also driving demand for home decor products. Younger consumers are more design-conscious and willing to spend money on home decor products to create a personalized and stylish living space. Companies that are able to offer affordable, trendy, and high-quality products to these markets are likely to succeed in the long run.

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.Our Solutions are driven by qualitative and quantitative evaluation of markets across diverse Sectors and Geographies. We assist clients in their objectives related to market entry, product pricing, Product-fit evaluation, competition benchmarking, forecasting business planning and financial planning.

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