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Welcome to the post-Covid 2020s and the furniture business has never seen so many uncertainties shifting the landscape and threatening established businesses. But keep in mind that the Chinese alphabet character that represents risk also represents opportunity. So here are a few opportunities and trends for furniture entrepereneurs to keep in mind in this unstable business climate.
How Digital Buying Is Taking Over The Furniture Biz
The first trend to bear in mind is that while most people still buy their furniture in-store there is a digital shift taking place the focus on social commerce and its ability to fuel online shopping is part of the shift more than half of social network users in the united states are only on mobile devices and would prefer to complete purchases easily within their social browsing session or within a single app session on their phone.
This means that furniture retailers must do a better job finding future buyers within their Facebook or Instagram or TikTok browsing session and seamlessly bringing them into a buying funnel.
Social users will increasingly resist transferring to other websites or having an interrupted or a disjointed experience which is usually a deal breaker for shoppers on social media.
Furniture retailers must find new ways to improve and speed up the online shopping experience and guide the consumer from the product discovery on social channels all the way through to the final purchasing process. This approach works especially well for lifestyle retail categories like furniture and it provides opportunity for retailers to reach those who resist in-person shopping trips.
Additionally, furniture retailers should be cautioned how this ongoing digital transformation will be critical to supply chain success in a time of supply chain uncertainty.
Big brands retailers and manufacturers must be agile in order to keep up with fluctuating demand and furniture manufacturers will be tasked to be able to fully streamline their workflow and accelerate time-to-market by leveraging automation.
This in turn leads us to a second trend: personalization in furniture purchasing.
Post-Covid, furniture retailers are finding that increased consumer emphasis on personalization goes hand-in-hand with the move to digital shopping. Personalization will be the key differentiator for retailers as younger generation buyers begin to buy homes and move out on their own.
For furniture companies this means creating made-to-order production workflows that allow them to respond to demand rather than stockpile furniture and wait for buyers.
Successful retailers and manufacturers should be able to not only deliver customized and bespoke pieces quickly but also better control the cost and quality of their final products. This will accomplished by leveraging automated workflows trends.
Another trend to keep front of mind is how cash and carry is preferred by the younger generation. Younger shoppers who believe in the importance of social commerce will often favor and desire a cash-and-carry option that reflects a more direct-to-consumer model which is consistent with the previously noted trends.
Keep in mind how its recently been revealed that three-quarters of online consumers expect to be able to buy directly from a brand or retailer whilestill receiving the same level of engagement and service they would get from a brick and mortar store. Furthermore, nearly half of consumers are now seeking to buy products from a brand on a regular basis and even more expect to buy more products directly from a brand in the future with traditional retailers and direct to consumer brands competing for market space online.
The takeaway here is that the consumer is going to be more in control and can afford to have higher expectations about their shopping experience with direct-to-consumer brands frequently expecting to have an advantage because they can cut out the middleman and offer lower prices. This means that in order for traditional retailers to compete, they must exceed the customer’s expectation in terms of experience and service.
For those seeking to come into the furniture sales space or even starting a furniture store business, you need to know who your potential customers are and your furniture store needs to specialize in specific niches or even cater to wealthy consumers seeking one-of-a-kind designs built specifically for their home or business.
For those furniture entrepreneurs to increase earning potential they must be ready to bundle related accessories such lighting fixtures and electronics appliances most often bought by their prospective customers. But do not forget to focus on your customer profile and find out more about where and what this type of customer views online and what social platform they are most likely to use. Information is the lifeline of your furniture biz going forward, not promotions or gimmicks or design trends.
