The furniture industry has come a long way in procuring the maturation of market in all its inhibitions. Peculiarly after the pandemic attack throughout the world, every commodity of every market got affected with the complete lack of transportation and E-commerce service. Yet, the tycoons of furniture bazaar say, that even though the industry has suffered a huge loss, they were able to recover a reasonable amount of net projected income at the end of the year 2020. This was not a surprise at all because industry was estimated to reach $205,052 Billion Dollars with the growth rate of 2.7%, and it surely did reach the target.
Founder and CEO of WoodenStreet, Lokendra Ranawat, says, “There are various factors involved in the tremendous ballooning of furniture industry and it certainly allows the maximum chance of being extensively optimistic.” Top reasons listed here as per Lokendra Ranawat:-
1. Consumer Behavior is affected acutely
Since the pandemic, people have restricted their outdoor activities to the minimum because they already have a handy access to all the necessary services that they might need at home. The major reason behind such convenience is that companies across the nation provided work from home to their employees and it has fetched the maximum offline market purchasing to the online market purchasing resulting in the rise of work from home furniture and living room essential furniture shopping after the lockdown. Some intellectuals may argue that this arrangement is not for the long term but it has affected the consumer behavior for the unforeseen future, because everybody needs to remain healthy and alive.
2. Product preference has changed massively
Till now the chances of buying a designer furniture over an ergonomic were more but now the preferences have changed. The reason is simple, the Comfort. People who have moved to their village and other remote areas experienced the uncomfortable working posture while working and it lead to the purchasing of comfortable chairs, recliners and sofas over the aesthetic and design aspect. This has triggered the manufacturing of such ideal furniture product that have a complete configuration of comfort, aesthetics and design. This is yet another reason behind furniture industry being an optimistic for the year 2021.
3. The nature has driven the choices in furniture and Home decor
It is quite believable that after such massive natural calamity, people have shifted their focus on associating themselves more and more amongst the nature. This development of interest towards nature has given birth to nature possessed apartments and home decor for a healthy lifestyle, perhaps another reason is popularity.
Furniture like pots, planters, patio furniture, garden furniture and wooden benches are popular across the various e-commerce furniture retailers online. Other than this a major change is acknowledged in the purchasing preference is prioritizing the engineered and refurbished wood over other wood materials, because the question of sustainability is much larger than the pleasure of human kinds.
4. Indian Government has continuously supported the innuendo of “Make in India”.
The potential growth of a country’s economic stature is measured by the expansion and development of industries in every sector along with the percentage of exports and imports executed on daily basis. The Gov. of India has always supported the self-manufacturing because it will provide high revenue, employments and maximum export to the world. This has provided a prodigious support to “MANUFACTURING” concerning Indian Furniture Market in financial year 2020 to 2026.
Recently, one more initiative was launched by the government under the name tag, “Vocal for Local”. The intention behind this scheme is to support all the local retailers and manufacturers across the nation, which is very beneficial for the furniture industry to expand and grow into the roots.
5. Efficient Logistics and thorough connected E-commerce networks
One of the major reasons behind furniture industry being optimistic is logistics. The supply chain of furniture firms has improved a lot in last five years as the network established by other e-commerce companies like amazon, Flipkart, snapdeal and various other companies during the last 10 years in Indian market is exemplary. The prompt delivery service across even the remotest towns and cities have been made possible just because the demand has proliferated concerning the furniture units.
The furniture Industry has gained the momentum and is growing at an exponential rate in India as well as globally. The mammoths of the industry like Godrej, IKEA, WoodenStreet and Urbanladder have been expanding their “Direct to customer” relations by establishing various experience store in copious parts of the country.
Lokendra Ranawat concludes, “Expansion was a major drive for us, and we redirected our efforts to create an omnichannel network to increase the accessibility of our furniture range” during a Tie-con business meet at Mumbai. The growth aspect of furniture industry is immense and endless because the demand seeking comfortable furniture that are also in trend and blends perfectly well with your home decor, will never end.”