How was life in 2020?
But for some industries such as IT related companies, 2020 was a year of growth and success!
However, for the rest of the world, last year was to ponder upon how businesses can be well-tailored to cope up with the unpredictable and unwanted happenings such as COVID-19.
2020 was a year full of obstacles and opportunities starting with the spread of a deadly pandemic that struck the entire world to impacting the consumer behavior, the shifting attitude of consumer relationship with brands and products, and ultimately the manufacturing trends. The furniture sector is not any exception!
Let’s walk through the new trends that have emerged within the furniture sector during the past year and going to stick around in 2021.
Online stores are winning the race:
E-commerce is already spearheading the US market with a 10.7 percent of its share in the total retail sales. Globally, almost 16.4 percent of the total retail sales have been generated through E-commerce, and most expectedly, it may surpass $6.5 trillion by the end of 2023.
Owing to the pandemic situation in Pakistan, the rise of E-commerce specifically in Furniture industry has been observed. The retailers, in order to defend supply chain from any disruption, have opted for digitalization of their businesses. Resultantly, the on-store sales seem to be diminutive while online sales have reached a pinnacle.
The stark imbalance between on-store and online sales is highly dependent on the lockdown situation in the country. The stricter the lockdown, the more online sales it will sprout out. Besides the lockdown situation, convenience and no stress of haggling combined with the ease of getting your product at your doorstep is the cherry on the top.
Well, the good news is that E-commerce is here to stay for long!
During the past couple of years, people are prone more towards buying customized products. In E-furniture market, products that speak about the customer's taste and personality or the products that settle down well with the overall décor of the space is a dominant trend nowadays.
Among the emerging types of furniture during the past few years is the inclusion of wooden shoe-racks, wall-length mirror and consoles and wall shelves. The variability of designs, colors and type of material is completely customizable to give customers liberty to add in personal touch to the product that they are purchasing.
The trend of customized furniture is proliferating, and it is not going to fade away in the upcoming year, hence, the sellers need to be more aware about their client’s demographics, social media behaviour, interest, and purchase history.
With the rampant soaring population across the globe, space scarcity has become a grave problem forcing people to dwell in small homes and workplaces. Countries worldwide are shifting from extravagant furniture to convertible furniture solutions that occupy less area and are multipurpose when it comes to the usability.
To address the space constraint in Pakistan, furniture manufacturers are coming up with multi-purpose movable articles such as shelf cum study table and stools cum storages that doesn’t cost you an arm and a leg and also have twofold purpose.
Free shipping service:
Free shipping is no more a bait to prey customers, or a perk seller can throw in to sweeten the deal. Almost 43 percent of the online customers in US expect a free delivery on each purchase they make with a fast delivery that don’t take more than three days to reach to them. In Pakistan, customers expect the same and probably, free shipping along with prompt delivery could be the new norm by the end of 2021.
E-furniture is striving to adapt to the new trend even though the manufacturing process is way timing-consuming than other business models. Free shipping of hefty movables is a hard call for furniture sellers; however other perks such as discounts, free giveaways, and free items can do wonders for the sellers.
What does these trends translate into for E-furniture?
The trends discussed above are permanent and would profoundly shape up the business dynamics from physical sphere to online sphere where businesses would have more access to reach out to the clients and get more conversion as well as challenges of acute nature would come forth, for instance: intense competition.
For E-furniture, Pakistan's prevailing situation stirs up a kaleidoscopic blend of online and physical business platforms, widening up more opportunities and options for the sector to grow.
With fingers crossed, let's welcome the New Year.