As consumer habits change, so will the future of furniture. Large-scale production of furniture is inevitable. Because labor costs are rising and there is a lack of skilled workers, prices will decline. Small and medium businesses will find their profit margins eroded. As a result, many SMEs will fade away. But what should retailers do? How can they adapt to these new trends? Here are three strategies to help you make the most of the changing furniture industry.
Smart Furniture. This type of furniture allows you to charge your mobile devices, surf the internet, and listen to the news without leaving your seat. It is becoming an increasingly popular market and some industry analysts even consider it the future of furniture. While many consumers are turning to online shopping for their furniture, brick-and-mortar stores will remain essential. After all, most people still prefer to see and touch products before they make a purchase. This is why smart furniture will have a significant impact on the furniture industry.
Online Furniture Retailers: Increasing their presence online helps them increase customer engagement and remote sales, and they can further strengthen their brick-and-mortar strategy by bringing more customers into their stores. Research shows that 75 percent of consumers conduct research online before visiting a brick-and-mortar store, so boosting their online presence will ultimately help to drive more customers to the brick-and-mortar location. As a result, furniture retailers should consider retooling their strategies to balance their online and in-store experience.
In addition to the new ways to sell furniture online, brick-and-mortar retailers should also think about developing immersive experiences that encourage the customer to buy and own the products. For example, retailers should create physical showrooms that allow people to try out their furniture. They can also partner with other brands to sell their products in a single location. The future of furniture retail lies in their omnichannel strategy. The biggest players in the furniture industry are making investments in creating a world-class online and in-store experience.
Changing consumer expectations are driving innovation in the furniture industry. Today’s shoppers want pieces that fit a specific space. Configurable products can help furniture enterprises meet these demands. But they require well-managed product data. If the data is not properly managed, customers may end up confusing themselves and ordering the wrong items. Product Information Management can help furniture manufacturers adapt to the changing demands and channels. Better product data can improve their business in many ways.
Personalized experiences are becoming a must for consumer-driven furniture retailers. Consumers today want furniture that is truly unique to them and reflects their individual styles. They are willing to spend more for furniture that is personalized, so retailers may need to take this trend into account. This will likely include more customization, individualized service, and personalized products. So how can they do this? The Future of Furniture is Now