The furniture industry has come a long way from manufacturing to selling with all its inhibitions. As the industries are grappling with the changes brought in by the pandemic, the furniture industry tycoons confirmed they were able to recover their losses by last year’s end. And this has been possible due to the rising need for home furniture for working remotely and the increasing adoption of the digital trend by the furniture sector. Those who were successful in identifying gaps flourished in the market whereas, those who were reluctant to go with the flow fell flat. Our furniture customization software offers digital solutions to brands willing to join the league of doing business and offer a top-notch experience to their customers.
Furniture Configurator Enables brands to Go Digital
For a long time, many brands have prevented themselves from adhering to the technological advancements in the furniture domain, but the pandemic has been a wake-up call for them. To survive in the market, brands need to comply with the changing customer behavior, as they are more comfortable using the internet, retrieving information, and shopping online. Furniture biggies must have a plan for the growing digital economy, new business models, and marketing channels for the survival of the stationary furniture trade. These trends have helped the brand stream through the tough times as the sector was estimated to reach $205,052 billion with a growth rate of 2.7 percent in 2021, and with the rising inclination towards online shopping, the industry will boom in the years to come. There are various factors involved in the tremendous ballooning of the furniture industry, and it certainly allows the maximum chance of being extensively optimistic. Let us look at the factors prompting the growth in the furniture industry.
Here are the trends booming the furniture sector:
- Rising of Home Furnishing
Home furnishing was struggling to establish itself for years. Besides, increasing lockdowns across the globe halted most of the purchases outside of the essential commodities. However, as home isolation requirements increased, people shifted their demand from essential for some luxury goods. The need to self-entertain was very high, thus increasing the chances of establishing a home furnishing domain. As retailers identified and adapted to the shift and consumers stayed at home, the industry changed. Stay at home orders created the necessity to make “home” serve many new functions. Home emerged as the place where we work, live, entertain, educate, and unwind. And for many, that meant a transition to how we lived at home.
The technology start-up Store Analytics, for example, shows which added value Beacons, purchasing apps, and Apple Watch can offer for the service quality of a furniture store.
- Increasing “Work from Home” Culture
Due to rising home quarantines, the demand for working remotely increased overnight; as a result, people were forced to buy comfortable office tables and chairs and work. In fact, the boom in the market is so immense that, according toBusinessWire, the global home office furniture market is expected to grow at a CAGR of 7.5% during 2020-2026. As per the report, working from home is attributed as one of the several key drivers to growth. Researches have shown that home office furniture peaked in July—5 months into the pandemic, and while the trends fluctuate, subcategories and related searches are still higher than previous year averages.
Since remotely working professionals have been beneficial for the companies, it is reported that many companies will adopt hybrid remote policies to capitalize on the profitability and flexibility offered in a remote workforce. Therefore, it would be appropriate that the focus on home furnishings continues to stay prevalent. As new employees enter the remote workforce, home office furniture will be pertinent.
- Surging Digital Business Model
When all the physical stores were shut, people could still buy a thing from brands, which was only made possible due to the transformation in the digital business model. In addition to this shift, the emphasis on social commerce and its ability to fuel online shopping further fuelled up the growth in the furniture business. More than half of social network users in the U.S. are just on their mobile devices and would rather complete purchases easily within a single app. Therefore, brands had to find a dealbreaker that would entice customers, and hence, digital solutions. These advancements enabled them to offer a seamless experience to customers. Likewise, our furniture design software offers brands a chance to enhance their user experience with its in-built digital technology so that they could convert their potential customers into a loyal buyer.
As one of the first in the industry,IKEA began experimenting with Augmented Reality applications a few years ago. In September of this year, the company launched the new “Ikea Place” app. Social commerce is an avenue to enhance the shopping experience and lead consumers from the product discovery process to purchasing. This works particularly well for retail lifestyle categories such as furniture and provides another avenue to catch consumers that may not have been willing to shop in person.
- Emerging Hybrid In-Store and Online Options
Sure, digital and online businesses are booming in the market, but having only one model business model can cause set back to a brand. It is always advisable to have an online presence and brick-and-mortar stores so that you are physically available for your customers and always contact you via social media. This blending caters to the demands of both worlds. You can let your customer design their products online using technology and let them choose and visualize different colors, patterns, sizes, and contexts for their furniture online as well as during the in-store experience.
The German furniture retailerMACO Möbel is one of the pioneers in the production of living environments. The company relies on an exceptionally designed furniture exhibition and expert advice. Helping the customer see the product as they will see it in their home helps drive more sales in both environments, and most of that can be done with CGI and 3D visuals. This allows the company to re-use and re-purpose images and avoid creating specific room scenes and catering to specific customers. The more customizable an experience is to each unique customer, the higher the ROI to be reaped.
From the facts and figures mentioned above, it is evident that the furniture industry is set to get bigger in the coming days. This is the right time to invest in the sector and stream through the various privileges of going digital. The design your own furniture online by iDesigniBuy offers lucrative opportunities to brands that are willing to capitalize on the trend. It provides all the necessary features required to go digital and boost your business.