Remember that iconic episode in F.R.I.E.N.D.S, when Monica is finally wrapping up that apartment of hers so that she and Chandler can get married and move in together? The whole gang of friends had moments that belonged in that home- and letting it go- even for something better, was enough to create mixed emotions, not only on screen, but in the viewers’ minds as well.
The little touches that make a home so integral to our lifestyle are a part of popular culture everywhere. And they have been referred to in many a cultural context. In today’s world, homes are a reflection of those living in them.
A few decades back, decorating a home happened very slowly or over time, and was not prioritized much. But now, people decorate their homes with a theme in mind. They create their dream homes as soon as they can.
In fact, millennials prioritize home décor on their to- do lists over many other things. After all, home is where the heart is, as they say. Your home, today, is a reflection of you. In the pursuit of beautiful homes, inside out, retailers have started to offer goods and services as well.
Products ranging from knick knacks to necessities are all being sourced and sold by retailers, online and offline. Home décor has become a successful international industry now- thanks to e-commerce. When before people had to travel to shops and stores to buy home furnishings and décor, now all one needs to do is click a button.
The Indian market for home furnishings is estimated at a whopping $35-billion. This market includes, home décor, accessories, furniture and many other categories that are already present in cloud sphere. The international market is much larger and growing exponentially as well.
With such a disruptive opportunity, e-commerce players are joining the home décor bandwagon to earn profits. Names like Urbanladder, Fabfurnish, Pepperfry, etc, are dedicated to servicing the home décor market in India. Apart from these niche players, online marketplaces like Flipkart, Snapdeal, etc are also involved in the home furnishings market.
The home furnishings sector is full of potential. And you dear retailer are well aware of this fact. But as appealing as it sounds furnishings markets are not easy to get into. The home furnishings industry has been governed by a few offline players for a long time. And logistics do make a difference when home furnishings or décor is concerned.
In spite of this fact, ecommerce companies are successfully selling their merchandise to people. The most relevant questions that you as the retailer might hit upon when incorporating home furnishings in your catalog go something like- can we do justice to all the parties involved as far as price is concerned? What are the parameters to recreate the same experience online that people get offline? How can we be sure our product is the best there is?
At IntelligenceNODE, we have had the privilege of working with some of the leading online players in this space. And our experience made us realize that the most important areas of interest, from a retailers’ perspective, are about pricing and logistics.
As the system works these days, sourcing products from established and seasoned vendors is the way to go for etailers. In this scenario, as an etailer, maintaining listings and details is a necessity. Which is why, you dear retailer, will have a lot of data that you just need. This is now your asset.
Because this data will help you manage your greatest advantage- pricing. With a little analysis, you will be able to find out seasonal trends, changes in demand, etc, ahead of time. And once this is sent to vendors, they will automatically be able to create their inventories accordingly.
Optimizing pricing and merchandising will help you to ultimately optimize vendor contracts on margin negotiation, thus benefitting yourself as well as the vendors involved. You can fine tune the individual profits that each person involved receives, while still maintaining the quality of your product.
Having a recommendation tool telling you how to proceed with each consumer, you will also be able fine tune your customers’ dashboards- creating a very desirable front end. We know that as a retailer, you have already taken steps to go ahead and make your product special.
The home furnishings market is finally receiving its due share of interest online. The Pepperfry ad demonstrates this very well.
It is time to take the solution to the masses. And we stand with you!