your password has been reset successfully, Please login again.

How Is Online Market Boosting Home Furnishing Business?

The internet facilitates in augmenting the online home furnishing business
BY Jaspreet Kaur
Feature Writer, BusinessEx
Nov 28,2018

With the shifting lifestyle, the living standard of the people has changed. Alongside, the way of manifesting affluence has altogether changed. Earlier on, the home which is a determiner of ones lifestyle used to be simple and soberly decorated. While now, the home is beautifully embellished and reminiscences are cherished in the home space.

Even, millennials invest money and time in decorating their home as they prioritize a home over other luxury items. In the revamping process, young demographic quests for unique modern home furnishing articles which can enhance the home interior. With the onset of the internet, purchasing home furnishing items has become a zealous activity now as one does not have to step out and search for a home furnishing business. Like apparels, home furnishing items can also be purchased from the internet. E-commerce websites are the biggest boosters to initiate online home furnishing business. Through e-commerce websites, retailers reach a vast and diverse population and offer home furnishing items at a reasonable rate. Furthermore, the online furnishing business supplies all kinds of items from gewgaw to home essentials.

According to Ken Research, The furniture market in the country has been immensely driven by a substantial growth in the real estate, tourism and hospitality sector over the years. The furniture market has experienced a substantial growth in the last few years. There are several factors which have led to this growth such as a surge in real estate and housing activity, increasing growth in the information technology and services sectors, growing affluence both in the urban and rural areas and a higher proportion of middle-class Indians aspiring for a better lifestyle.

2 Factors That Are Boosting Online Home Furnishing Business

The home furnishing market is economically rising upward and shored up by other sectors. Owing to which, the emergence of the internet act as an amplifier to escalate the furnishings market. There are chiefly various factors to contribute to this disruptive strategy. To grasp these factors, it is significant to recognize these factors.

  1. Determine The Price

Pricing is an important aspect to determine while initiating an online home furnishing business. In the virtual dimension, managing a business is altogether a different thing, unlike traditional furnishings business. Essentially, people buy furnishing items from e-commerce website which takes 2-3 days in delivery. These items are not directly transported from a retailers workshop. Many times, the retailer picks the goods from a vendors shop and then, delivers it at customers address. Accordingly, the retailer has to determine the price so as to make enough profit for himself as well as the vendor.

  1. Changing Customers Preferences

When the retailers offer services to an ignoramus demographic, then it becomes difficult to manage varied customer needs and offer the latest products in regularity. Thus, the retailer should make note of the goods that are foremost in the customers choice and also, the products which are piled in the warehouse. Compiling the stock and documenting the product sales facilitates in gauging the unforeseen events. These unforeseen events can be change in customer preferences, inflation in market rates, and competition from opponents. Thus, prepare a strategy so as to effectively mitigate the effects of these unfortunate events.

The above-mentioned factors help to boost the online home furnishing business.

Please add your Comment
SIMILAR Articles
July 19, 2019
As Shopclues has failed to attract buyers, the company has devised another plan to avert losses. It ...More
By Jaspreet Kaur
July 18, 2019
 Being an entrepreneur, one wants to have a fool-proof social media strategy, which can generate ins ...More
By Jaspreet Kaur
July 18, 2019
Inflation in fuel prices, high-priced parking and landing expenses and overdue debt are some of the ...More
By Jaspreet Kaur
July 16, 2019
OYO Workspaces has decided to price its seats at INR 7,999 and INR 6,999 respectively and further ta ...More
By Jaspreet Kaur
July 16, 2019
Gathering money is a daunting job for startup owners; after all, building others’ interest and trust ...More
By Jaspreet Kaur
July 15, 2019
By implementing AI, accurate results can be achieved and further, physical disadvantages such as man ...More
By Jaspreet Kaur
July 12, 2019
Recently, Flipkart has begun revamping its platform by shifting its focus on sellers and consumers. ...More
By Jaspreet Kaur
July 10, 2019
SVIC has mainly targeted Indian companies in technology and IoT niches namely, speech-tech firm, Gn ...More
By Jaspreet Kaur
July 09, 2019
The move has been counted as an initiative by Flipkart to assist its sellers, which largely comprise ...More
By Jaspreet Kaur
July 06, 2019
In Union Budget 2019, Finance Minister, Nirmala Sitharaman talked about spheres that the Modi govern ...More
By Jaspreet Kaur
July 06, 2019
  Copying someone else’s business idea is good as long as an entrepreneur applies his own innovation ...More
By Jaspreet Kaur
July 04, 2019
As an entrepreneur starts thriving in the market, he gradually begins earning more than his usual r ...More
By Jaspreet Kaur