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How to Augment a Furniture Business?

Know the causes why physical furniture business is suffering. What are the ways to mitigate it?
BY Jaspreet Kaur
Feature Writer, BusinessEx
Nov 14,2018

A retail business sustains on the footfall that it receives in its showroom or shop. The rate of the footfall is indicative of whether the business is rising or falling down. Unlike other businesses, furniture business is a wholly physical business where sparks of digitalization have not entered much. Although the meagre intervention of the digitalization has slowed down the furniture market, thus, the sales figures are also decreasing in the furniture business.

In order to augment the furniture business and prevent it from further setbacks, it is vital to learn new skills to attract customers and in turn, increase profits.

The Reason Why the Sales Figure are Leaping Down

Online sales of the furniture are the major cause for the decreasing physical furniture market. The expensive rates of the furniture and then, the emergence of the online market- both the things have come as big blows on the physical furniture market. Besides online sales and expensiveness, the other causes of decremented furniture business are-

  1. Tech-savvy Consumers

The present generation is tech-savvy and therefore, it fully utilizes the available resources. Apart from buying expensive furniture and fixtures, they quest for cheaper, as well as qualitative options, and thus, purchase furniture after much speculation.

  1. Online Shopping

Online shopping comes with its own ease as multiple and diverse things can be purchased at one stop as well as at ones own convenience. Unlike physical market, one does not have to move from one place to another so as to buy furniture. In online shopping, varied kinds of furniture are available ranging from brands to prices.

  1. Excessive Discount on the Furniture

Many entrepreneurs resort to catering high discounts on the furniture so as to grab customers attention. This strategy yields momentary profits but in the long run, it decreases the profits as customers incline to purchase products at discounted rates only.

Owing to which, the overall value of the products degrades because of excessive discount offers on the furniture.

How to Grab Customers Attraction Back on the Physical Furniture Business

Currently, the furniture market is earning good revenue and thus, coming out as a niche player in the industry. The statistical report by Statista states, Revenue in the Furniture Homeware segment amounts to US$1,399m in 2018. Revenue is expected to show an annual growth rate (CAGR 2018-2022) of 17.2%, resulting in a market volume of US$2,636m by 2022. User penetration is 5.2% in 2018 and is expected to hit 7.8% by 2022.

This comes out as a motivator for entrepreneurs who seeking furniture business for sale and investment. In order to stabilize the business, the entrepreneurs need to bring back the customers. This can be done by following below-mentioned tips.

  1. Tailored Services

Modern customers have individualistic needs and thus they ascertain something unique, handy and inexpensive. As a result, offering them customized services is a great way to attract them and in turn, make up their mind to procure the furniture.

  1. Augment Customer Experience

In order to increase footfall, showroom owners should work on customer experience. The moment the customers enter the showroom, the entrepreneur should provide them with an entertaining, smoothening and engaging atmosphere. By putting extra efforts on the interior and providing personalized services, this goal can be attained.

Follow these tips to augment a furniture business.

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