The expansion of E-commerce has genuinely revolutionized the way we buy things. In this 200 billion dollars empire, the Online Furniture Business is proliferating with Indian players competing against global giants in a novel way.
The growth of the e-commerce industry has now stepped up into a fast pace with growth rates surging across the charts. From tins to telescopes, the e-commerce industry has boldly made its presence felt in every nook and corner of the consumer product space. So, let's look at what the Online Furniture Business has in sleeves to stand out from the other saleable.
Online Furniture Business: The Advent of the Revolution
The e-commerce revolution has reached out to millions of people across the nation, garnering support across all age groups. People find it hard to go outdoor to buy stuff; some may feel it is a waste of time, rather than spending the time to travel to places to get gadgets and apparel; people are now magnetizing their eyes towards the e-commerce sector. This revolution has now bestowed and is seeded in the furniture segment as well. The trend has brought to the likes of online Furniture retailers like Urban Ladder, Pepperfry, Homepolish, and Ikea to venture into this flooding market. Each firm has developed its framework to capsize the consumer market, which has emerged along with the positive note in an embracing fashion. This wonderful article by Amanda Lauren tells us where do the interior designers look to buy their furniture from.
The Fundraisers
In this high paying market, it is essential to specialize in your style by trying to provide products to customers who love potential pieces made for them. Indian startup Urban Ladder, founded by IIM graduates, has now received funding of approx INR 102 crores to enhance their services; meanwhile, Pepperfry has roped in funds and investment from Goldman Sachs and Zodius Technologies of close to about INR 600 crores. They are using this money to establish more distribution centres across the Tier-1 and Tier-2 cities in the country. This funding will undoubtedly help in strengthening the Logistics field of these companies. Pepperfry CEO, Mr Murty has openly declared that their business has accelerated its growth with a potential increase in its market value which will grow from 32 billion in 2016 to 71 billion $ in 2020. Meanwhile, Homepolish, the US firm, and Interior designer has raised funds of about 20 million dollars to step up their business. Though they are finding it difficult to sweep through the Indian market, they are sure to democratize the industry with their designs.
The Future Scope
One may feel that, amongst the online retail segments, the furniture section may find it challenging to garner revenues, unlike the mainstream parts. As you can see, though the online Furniture store holds less than 1% of the total revenue generated through the e-commerce sector of the country, it is growing at a compound annual growth rate (CAGR) of 20%. Domination along the field may seem difficult at the moment, but with the systematic growth projected, they are sure to make inroads strengthening the financial backbone of the nation. The future scopes for the sector are quite high, and with improved funding, they are estimated to surpass the growth rates in the future. Sanjay Gupta of Urban Ladder explains in this video about the future of online furniture business.
The Strategies
Be it in any field, it is essential to devise your different plans to shine in your area. Companies bank upon the various strategies to outrun potential rivals. Fresh content and designs are now the mantras to success in growing consumer product segments. As you can see, firms like Pepperfry, UrbanLadder are banking on enhanced funding and market size to seize the open market by improving their customer services. Some players like the Homepolish is relying mostly on their designs, and targeting audiences to compete against other players. With responsive websites and sparkling user-interfaces, these firms are establishing their unique strategy pyramids.
Digital Battlefield of the Online Furniture Business
With the advent of the Digital India plans, the e-commerce sector is expected to grow furthermore in the coming years as well. With projected higher growth rates, they are sure to establish themselves towards the path of development. But, at the same time, the surge of potential rivals in the sector is also a significant concern. To compete against the regional and global players in the digital field is undoubtedly an uphill task for nourishing startups with lower budgets. Social media use is helping out these firms to communicate with the consumers and helps them to get to know what they want from them. They are prioritizing in branding to retain their target customer base. Social media marketing and branding through their mobile applications also play a significant part in neutralizing the digital battlefield amongst these big players.
The Void Experience
The most common issue faced by these online retailers is that they do not provide the "touch and feel the effect" which most of the buyers seek to. This challenge may seem to be a significant setback for these online furniture players. For this, the companies are investing heavily in the non-metro cities where there's minimum penetration of organized retail players in the market to garner the trust of the customers who're already confident of shopping online. The companies have established their businesses across the significant Tier-1 cities and have begun to expand across Tier-2 cities as well. These companies are coming up with enhanced customer services to attract more potential buyers as well. These companies are trying their best to fill out that void real hand experience of shopping online.
The Takeaway
The stakes are high with inflated funding across segments to overcome the challenges in the e-commerce sector. The present Digital India campaign and the demonetization of currencies to instigate digital payments have indeed paved the way for these e-commerce giants to remould the consumer market. Also, the offer provided helps customers save a little money in their pockets.
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