“Transitioning Furniture Business Online” – Omnichannel Specialists YRC Explain Why

“Transitioning Furniture Business Online” – Omnichannel Specialists YRC Explain Why

The rise of numerous online furniture brands and marketplaces reflects the shift in how furniture is now sold and delivered to customers.

PUNE, MAHARASHTRA, INDIA, May 14, 2024 /EINPresswire.com/ — The emergence of a large number of online furniture brands and marketplaces is a glaring indicator of the change in how furniture is sold and delivered to customers today. In this communiqué, retail and eCommerce consultants of YRC share insights on why it has become important for brick-and-mortar furniture businesses ( https://www.yourretailcoach.in/industries/retail-furniture-furnishings-consulting/ ) to ride with the tide and take their business online.

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𝐔𝐧𝐝𝐞𝐧𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐨𝐟 𝐄𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞

Retailers cannot shy away from eCommerce especially. ECommerce transformed how value is delivered to customers in the furniture industry. The influence of eCommerce on furniture retailing was a late arrival but it stayed. The option of buying furniture online was an instant charm with many customer segments. A suitable example of this is the segment of working professionals. Most of the people in this segment stay away from their home cities and need easily accessible solutions. It reduces their burden of looking for furniture showrooms/stores in cities new to them. Also, people from younger generations, a fast-growing demographic segment, tend to be more acquainted and comfortable with the nuances and developments in online shopping.

𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞 𝐨𝐯𝐞𝐫 𝐕𝐚𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧

Oftentimes, the edge of convenient shopping offered by eCommerce is undermined in the furniture business citing the reason of validation required by customers. However, that is not universally valid for all customer segments, product groups, and sometimes, even brands. For example, reputed brands are trusted for their product quality, services, and information supplied on the product pages of their websites. If a product turns out to be defective, it can be returned or replaced. This is what trusted brands do. The same holds for simple products like plastic furniture where the stakes are low. Brands with local logistical presence also have the advantage of being able to put convenience over validation. They can deliver in short periods and customers have a scope to interact directly with a company or its authorised representatives.

𝐄𝐱𝐭𝐞𝐧𝐝𝐞𝐝 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬

Online furniture stores can offer a wider range of merchandise than traditional furniture showrooms.

ECommerce retailers can offer such products on their websites that are still in warehouses or transit. This empowers them to offer a more extensive product mix as against traditional stores that are limited by spatial capabilities. The use of furniture inventory management software adds wings to this advantage.

Then there is the factor of holding costs and efforts. Online furniture brands can offer merchandise that is not even in their physical possession yet. This infers that goods with zero holding costs or efforts (internal) can also be listed for sale. This is a powerful advantage considering the challenging nature of furniture inventory management.

The next benefit to eCommerce-based furniture stores is their potential ability to sell heavy or bulky products directly from inventory warehouses or workshops optimising inventory handling requirements and comparatively lesser efforts on furniture showroom layout planning. Physical stores may also adopt the same strategy. However, customers who visit stores to purchase any heavy-duty furniture do so for the reason of validation. This demands traditional retailers to have such products (even as samples) in their stores or arrange for customer visits to their workshops or warehouses. In eCommerce, buyers are aware in advance that they do not have the option to physically check a product before buying. That concern is addressed with brand assurances and return/replacement policies.

As experienced omnichannel consultants, YRC maintains that with all these flexibilities, eCommerce furniture brands can provide more product choices to customers.

𝐂𝐨𝐬𝐭 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬

Ecommerce players save on overhead expenses emanating from rentals (showroom/store) and other operating expenditures involved in running a physical storefront. Online furniture brands are able to pass on this benefit to their customers. Cost benefits also arise from optimised inventory handling requirements. ECommerce players can also keep an eye on competitor pricing as product prices are displayed on the websites/apps of each brand. This creates a scope for all the players to keep their prices competitive and in tune with the prevalent market rates. The use of analytics tools further empowers eCommerce businesses to assess and improvise their pricing strategies in the context of various internal and external factors including competition. This enables them to have a more dynamic pricing model. ECommerce eliminates the need for traditional intermediaries creating more potential margins than in physical retailing benefitting both business and customers in the form of additional room for discounts and profits. However, all these cost benefits cannot be achieved without a robust furniture store business plan.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐍𝐞𝐰 𝐌𝐚𝐫𝐤𝐞𝐭𝐬

New market development helps businesses quickly achieve scale and growth. It is a strategy adopted to offer the same or similar products but in a new market geography. For example, if a gaming furniture store is catering to its target segments in one country, having one more state to cater to with the same offerings creates the opportunity to generate additional business volume. By adopting the eCommerce route and developing the necessary business systems (e.g. logistics), this store can start catering to new market locations within a short time. Other strategies like opening a new branch or franchising take more time making eCommerce the more efficient option. Having online sales channels also gives an edge in competing against the highly effective furniture rental business models.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 98604 26700
consult@mindamend.net
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