E-Commerce Furniture Market 2024: Digital Shopping Trends & Global Growth Opportunities

"The Business Research Company recently released a comprehensive report on the Global E-Commerce Furniture Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The e-commerce furniture market size has grown strongly in recent years. It will grow from $32.21 billion in 2023 to $34.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to a shift toward online shopping, changes in regulations, fluctuations in disposable income, aging populations, and changing household structures.

The e-commerce furniture market size is expected to see strong growth in the next few years. It will grow to $46.80 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to mobile commerce growth, growing consumer awareness regarding eco-friendly materials, personalization trends, globalization of supply chains, and partnerships. Major trends in the forecast period include sustainable and eco-friendly furniture, expansion of e-commerce platforms, omnichannel retailing, augmented reality (AR) and virtual reality (VR).

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Market Drivers and Trends:

The widespread use of smartphones is expected to propel the growth of the e-commerce furniture market going forward. Smartphones are portable electronic gadgets primarily designed for communication, internet access, and various applications. The use of smartphones is increasing due to their convenience, versatility, accessibility to Internet services, and the proliferation of apps. E-commerce furniture retailers optimized their websites and developed mobile apps to provide seamless browsing and purchasing experiences on smartphones and tablets. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021. This figure increased by over 2 million at the end of March 2022, resulting in 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the widespread use of smartphones and mobile devices is driving the growth of the E-commerce furniture market.

Major companies operating in the e-invoicing market are increasing their focus on developing advanced e-invoicing solutions, such as ONESOURCE e-invoicing, to boost their revenue in the market. ONESOURCE e-invoicing is a software solution designed to streamline electronic invoice management and ensure compliance with global e-invoicing regulations. For instance, in October 2023, Thomson Reuters Corporation, a Canada-based media company, launched ONESOURCE e-invoicing for multinational businesses. It provides clients with a pre-built suite of integrations that connect financial systems, such as common enterprise resource planning (ERP) systems. The technology automates the end-to-end compliance process. It centralizes and standardizes the compliance workflow to ensure accurate, on-time digital filings. This centralized platform leverages technology to streamline electronic invoicing management for multinational businesses, providing a single access point to manage e-invoicing compliance, reduce costs, simplify data management, and save time through automated e-invoice validation and data enrichment.

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Major Key Players of the Market:

Walmart Inc., Amazon.com Inc., The Home Depot Inc., JD.com Inc., Lowe's Companies Inc., Inter IKEA Systems B.V., Coupang Corp., Wayfair Inc., Anthropologie LLC, Ashley Furniture Industries Inc., Steelcase Inc., HNI Corporation, Dunelm Group plc, La-Z-Boy Incorporated, Knoll Inc., Ethan Allen Interiors Inc, Westwing, Hooker Furniture Corporation, Cdiscount.com Inc., Bassett Furniture Industries Inc., CB2, Hayneedle Inc., Cymax Group, Tmall.com, Bygghemma Group First AB

E-Commerce Furniture Market 2024 Key Insights:

• The e-commerce furniture market size is expected to see strong growth in the next few years. It will grow to $46.80 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• The Widespread Use Of Smartphones And Mobile Devices Fuels Growth In The E-Commerce Furniture Market
• Technological Integration Transforming The E-Commerce Furniture Market
• North America was the largest region in the e-commerce furniture market in 2023

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